In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
India has GDP per capita of $2,200. In 2021, India was ranked 145th in a list of 193 countries for which data was available. India was placed above Kenya and below the Solomon Islands.
The poorest country in the world is Burundi with a GDP per capita of $308, Sierra Leone with $472, and Malawi with $483 in 2023.
The top ten richest countries according to the IMF included Brunei, the United States and Norway. The leader of the list in 2022 is a small European country.
Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
The country's nominal GDP of USD 18 trillion is roughly six times that of India. China has historically had a larger population. And in the previous decade, China's real GDP growth outpaced India's by over 1.5 percentage points annually. However, the tables are set to be at least partly turned in the coming years.
According to China's National Bureau of Statistics, national gross domestic product per capita reached 85,698 yuan in 2022, or about US$12,741 based on the yuan's average exchange rate last year. That puts the country just slightly below the World Bank's high-income threshold of US$13,205, as of July 2022.
Iceland stands at the top of countries with the lowest poverty rates with a poverty rate of 4.9% in 2021.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
Singapore is the richest Asian country, with a per capita GDP of $72,794 (2021). The country has a highly developed economy that is focused on services, particularly financial services. Singapore is a major hub for international trade and finance, with a highly skilled workforce and a business-friendly environment.
New research commissioned by NAB reveals the economic opportunity in Australia's transition to a net-zero economy by 2050. The research, 'All Systems Go' by Deloitte Access Economics, finds around $20 trillion will be invested in Australia's economy out to 2050, regardless of whether we transition to net zero.
According to a recent report by Harvard University, “From economic complexity growth estimates, India is growing at the annual list at the rate of 7.9 percent as the fastest growing country for the coming decade.
Australia's outlook remains strong. The IMF forecasts the Australian economy will grow by 1.6% in 2023. This means Australia will again outperform other advanced economies, which are expected to grow by an average of just 1.2%. This follows Australia's solid 4.9% growth in 2021 and an estimated growth of 3.8% in 2022.
The United States of America is home to 735 billionaires
The Forbes 2023 rich list reveals that 2,640 billionaires of the world hail from 77 countries or territories. The country with the highest number of billionaires is, unsurprisingly, the US.
The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.
According to data from Forbes, the United States has the highest number of billionaires in the world with a total of 724 billionaires. This is followed by China with 698 billionaires and India with 237 billionaires. Germany and Russia complete the top five countries with 136 and 117 billionaires respectively.
Ukraine is the poorest country in Europe, with a GNI per capita of $3,500, while Moldova is the second poorest country with $4,600, Albania the third, with $5.200, the Republic of Macedonia comes fourth, with a GNI of $5,700, and Bosnia and Herzegovina the fifth poorest, with $6,100.
Turkey is a founding member of the OECD and G20, and is classified among the E7 countries, EAGLEs and NICs. As of 2023, Turkey's economy is the 19th-largest in the world by nominal GDP, and the 11th-largest by PPP. According to the IMF, Turkey has an upper-middle income mixed-market emerging economy.
Experience shows that poor management of natural resources, substandard governance, and under-investment in education and human resources are associated with slow growth rates and low real per capita income.