The richest countries in the world in 2024 - Vo Truong Toan High School

The richest countries in the world: – A country’s wealth is often measured through its Gross Domestic Product (GDP), which quantifies the total value of goods and services generated within its borders. Currently, the United States claims the status of the richest nation in the world, which is mainly due to its leading location in terms of GDP.

However, the economic position of a country can undergo notable changes due to various factors, such as changes in economic policies, changes in the dynamics of international trade and comparative transformations of governments.

The richest countries in the world

Comparing the wealth of nations is harder than you think. Countries with large populations tend to have larger economies, but that does not mean individual incomes are high. Dollar income per person is the most common metric for classifying countries between rich and poor, but it does not take into account international dissimilarity in prices. It also does not take into account how many hours people have to work to earn their salary.

To provide a more complete picture, The Economist has generated a global list using the latest available data on three measures: income in dollars per person, income modified by local prices and income per hour worked. See where each country ranks below.

Summary of the richest countries in the world

Qualification	The richest countries in the world
Year	2024
Category	Trends
Official website	Click here

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Richest countries in the world 2024

Which countries are the richest in the world? There are a number of performance indicators that can help you find the answer to that question. Each one will give you a slightly different answer depending on the type of wealth you want to measure. Gross domestic product (GDP), which measures the total value of all goods and services produced by a nation, is a widely used indicator of wealth. However, gross domestic product is easily affected by population (generally speaking, the larger the population, the higher the gross domestic product) and can increase misleadingly when comparing safe countries. Consequently, measures such as gross domestic product per capita and the closely related gross public wage (GNI) per capita are generally considered a more reliable proportion of a nation’s real wealth.

Gross Domestic Product Per Capita as a measure of national wealth

By analyzing the gross domestic product per capita of each country on the planet, it is possible to classify countries according to their abundance and then compare them with each other. However, it is essential to keep in mind that GDP per capita does not always correlate with the average salary of a country. For example, the United States’ per capita gross domestic product in 2019 was $65,279.50, but its normal annual salary was $51,916.27 and its median salary was $34,248.45. In fact, even the most well-off nations have some residents who live in need and, surprisingly, the less fortunate nations are home to several very wealthy occupants; However, it is a clear sign of the overall monetary well-being of a country.

Top 10 richest countries in the world (by GDP per capita, current US dollars – United Nations)

Country	Per capita (UN ’21)
Luxembourg	$130,590
Bermuda Islands	$112,857
Ireland	$99,701
Swiss	$92,406
Norway	$88,079
Cayman Islands	$83,806
USA	$68,574
Iceland	$68,215
Denmark	$67,384
Qatar	$66,106

GDP weakness: tax shelters and gross national income (GNI)

Gross domestic product values may be distorted from time to time by global strategic policies. For example, some countries (such as Ireland, Liechtenstein and Switzerland) are considered “safe havens” due to government decisions that favor unknown organizations. Unlike income that is generated entirely by domestic economic activity, a significant portion of what is recorded as GDP in these nations may actually be money sent through that nation by multinational corporations.

Many economists also track each nation’s Gross National Income (GNI) in an effort to offset the impact of these tax havens on GDP. The total value of all goods and services produced in a country is measured by this metric, which is very similar to GDP. However, it also adds or subtracts the money that enters or leaves the country through foreign businesses. This provides a measure of the health and wealth of an economy that is arguably more accurate as it takes into account activities in tax havens.

Top 10 richest countries in the world (by GNI per capita, Atlas method, current US dollars – World Bank)

Country	GNI per capita (Atlas method, current US dollars)
Bermuda Islands	$116,540
Swiss	$90,360
Norway	$84,090
Luxembourg	$81,110
Ireland	$74,520
USA	$70,430
Denmark	$68,110
Iceland	$64,410
Singapore	$64,010
Cayman Islands	$63,370

List of the 05 richest countries in the world

As of September 3, 2023, the US continues to occupy the first position in the list of most extravagant countries on the planet with a gross domestic product of $26.854 billion, followed by China, Japan, and Germany.

Here is the list of the 05 richest countries in the world:

YES NO.	Country	GDP (in USD)	GDP per capita (thousands of dollars)
1.	USA	$26,854 billion	$80.30
2.	Porcelain	$19.374 billion	$13.72
3.	Japan	$4,410 billion	$35.39
4.	Germany	$4.309 billion	$51.38
5.	India	$3,750 billion	$2.6

1. The richest country in the world: USA

GDP: 26,854 billion dollars
GDP per country per capita: $80,030
Annual GDP growth rate: 1.6%

Key points related to the first richest country in the world, the USA.

The United States retains its highest position as the world’s richest country from 1960 to 2023.
It is home to several major global corporations and financial institutions.
The United States’ GDP per capita is among the highest in the world, reflecting its high standard of living.
US stock markets, such as the New York Stock Exchange, are some of the largest and most influential in the world.
The country’s vast natural resources and agricultural productivity underpin its economic prosperity.

2. The second richest country in the world: Chin

GDP: 19,734 billion dollars
GDP per country per capita: $13,720
Annual GDP growth rate: 5.2%

Key points related to the second richest country in the world, China

China has the second largest economy in the world, after the United States, with a high nominal GDP.
It is a global economic power and a crucial player in international trade and manufacturing.
China’s rapid economic growth has been driven by industrialization, urbanization and export-oriented policies.
China is a leading exporter of goods, including electronics, machinery, textiles and consumer products, accelerating its economic growth.

3. The third richest country in the world, Japan

GDP: 4,410 billion dollars
GDP per country per capita: $35,390
Annual GDP growth rate: 1.3%

Key points related to the third richest country in the world, Japan

Japan has the third largest economy in the world, after the United States and China, with a high nominal GDP.
Japan is known for its cutting-edge technological and industrial prowess, which contributes to economic growth.
Japan is a world leader in manufacturing, particularly in the automotive and electronics sectors.
The country’s efficient infrastructure and transportation networks support its economic activities.

4. Germany

The German economy is known for its precision in industries such as engineering, automotive, chemicals and pharmaceuticals and places a strong emphasis on exports. It benefits from a talented workforce, powerful research and development initiatives and a strong devotion to promoting development.

GDP: 4.43 billion dollars
GDP per country per capita: $52,820
Annual GDP growth rate: -0.1%

5. India

India’s economy is distinguished by its diversity and rapid expansion, driven mainly by critical sectors such as IT services, agriculture and manufacturing, placing it fifth in the global GDP rankings by 2023. The nation uses its huge local market, a young and well-informed sector. workforce and a developing working class to drive its monetary development.

GDP: 3,730 billion dollars
GDP per country per capita (nominal): $2,610
Annual GDP growth rate: 5.9%

Frequently asked questions about the richest countries in the world

What are the 5 richest countries in the world?

The five richest countries in the world are: the United States, China, Japan, Germany and India. Among them, the US occupies the first position with a GDP of 26,854 billion dollars.

Which country has the best economy in 2023?

The United States is the largest economy in the world with a GDP of $26.854 billion. China and Japan rank second and third respectively. Here are the ten largest economies in the world as of 2023. The largest economy in the world is the United States with a GDP of 26,854 billion dollars.

Is India a rich country?

The Indian economy has moved from a mixed planned economy to a middle-income mixed developing social market economy with a notable public sector in strategic sectors. It is the fifth largest economy in the world by nominal GDP and the third largest by purchasing power parity (PPP).