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. Monaco is the richest country in the world when measured by GDP per capita.
As per projections by IMF for 2021, United States is leading by $6,033 bn or 1.36 times on an exchange rate basis. The economy of China is Int. $3,982 billion or 1.18x of the US on purchasing power parity basis.
According to the IMF, the wealthiest nation in the world 2022 for GDP per capita was Luxembourg, with a sum of $127,673. For the sake of comparison, while the US has an overall GDP of $26.19 trillion, its GDP per capita is much lower at $75,180 than tax havens like Luxembourg, with a GDP per capita of $127,673.
Here is the full ranking of the richest countries in 2023, according to their per capita GDP. Luxembourg, one of the smallest countries in the EU has a population of 634,000 and is the richest country in this ranking with a per capita GDP of nearly $130,000.
China makes up 18.45% of the total global economy. The top two richest countries in the world combined harbor 42.38% of the world's economy. The third richest country in the world by GDP is Japan at $4.937 trillion in GDP and a $39,285.2 GDP per capita.
The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states.
While the United States has consistently had the world's largest economy for some time, in the last fifty years the world has seen the rapid rise and fall in relative terms of the economies of other countries while the share of the United States has also risen.
Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $234.5 billion.
There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.
The cost of living in China can vary by location and type of purchase. On average, China's cost of living is 45% lower than the U.S according to Numbeo. Rent in China is 60% lower than the U.S. on average.
1. Ireland [ GDP-PPP: 145,196 dollars, Population: around 49 Lakh 61 thousand] Foremost richest country in this significant list of wealthiest countries 2023 is Ireland. This small country became the most prosperous country in the world in 2023.
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.]
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
Driven by industrial production and manufacturing exports, China's GDP is actually now the largest in terms of purchasing power parity (PPP) equivalence. Despite this growth, China's economy remains strictly controlled by its government where there are accusations of corruption, unfair dealings, and falsified data.