Updated May 29, 2023
Introduction to Richest Countries in the World
For ages, the countries have been fighting with each other for two things – power and money. Each is trying to take its economic growth to such heights that the competitor country cannot touch it.
A country’s wealth is through these economic indicators –
- Consumer Purchasing Index
- Gross Domestic Product
- Purchasing Manager’s Index
The world’s richest countries defined these factors. But factors like GDP alone cannot determine a country’s wealth. The population and annual wage also play an essential role. Even the countries with significant wealth have citizens that are living in poor conditions. Similarly, some of the poorest countries have several rich people as their residents.
The technological revolution has enabled a massive chunk of the world population to access economic opportunities and improve the countries’ GDP. But the world’s economy is of its weakness after a few years. In 2022, many negativities impacted the world, like rising inflation, stock market crash, contraction of global wealth, and economic uncertainties.
According to one of the global reports, the world saw value gains in household financial assets for three years, but in 2022, there was a drop of over 2%. But still, some countries stay strong and are at the top of the list of richest countries in the world.
Top 5 Richest Countries in the World
Here is the list of the richest countries around the globe:
#1 Luxembourg
Luxembourg is a European country with a population of 6.4 lacks as of 2021. Its GDP is $ 8,550.62 cr. While per capita GDP is US$131,782. The country is on the list of one of the wealthiest countries. This result is because of the low population and rising GDP. Luxembourg produces a significant amount of steel. After the country got recognized as one of the richest countries in the world, companies like Skype and Amazon opened up their regional offices there.
#2 Switzerland
Switzerland is a country in Central Europe home to several high peaks, lakes, and villages. As of 2021, Switzerland had a population of 87 lakhs with a GDP of $ 80,064.02 cr per capita GDP of $94696. It is one of those countries which is for its multiple inventions. There are several well-established industries, and owing to a significant number of millionaires, the country is one of the richest countries in the world.
#3 Ireland
Ireland, a part of Europe, stands at the 3rd position in the list of wealthiest countries. Its population was 50.3 lakhs as of 2021, with a GDP of $50,418.26. The per capita GDP of Ireland is $94556, which indicates that the economy there is growing fast. This country has doubled its GDP over the last 10 years, but its tax system is still notorious.
#4 Norway
Norway is a Scandinavian country in Europe and is for its deep coastal fjords, mountains, and glaciers. Its population stands at 54.1 lakhs as counted in 2021, and the GDP is $48,217.49. The per capita GDP of Norway is $82,240, and it is currently counted as one of the richest countries in the world. It stands at the 4th position, and economic growth is booming quickly. The condition of this country has quadrupled every day, and it is to be the country with the largest oil exporting business.
#5 USA
The country was surely going to make the list of the richest countries in the world. The USA, one of the most famous, is for its busy life and classy lifestyle. Its population is 33.19 crores, while the GDP is $23.32 lakh cr. And the per capita GDP is $68309. We all know that many rich people are from the USA only, and there are plenty of places for billionaires to invest.
Future Predictions
- According to the prediction, China will be at the top of the list of the world’s richest countries. Its economy in the upcoming 30 years would see a powerful boost. Its per capita income would be US$17,769, whereas the GDP would be US$24.62 trillion.
- According to the statistics, the United States of America will stand in the 3rd position by 2050. The GDP would be $22.27 trillion, and per capita income would be approximately $55,134.
- By 2050, one of the richest countries in the world will be India, and it will stand in the 3rd position. Its GDP would go up to $8.17 trillion, and the per capita would be $5,060.
- Japan would take the fourth position as its GDP would go up to $6.43 trillion, and per capita income would be $63,244.
- Germany will take up the fifth position in 2050. Its GDP would reach $3.71 trillion, and per capita income would be around $52,683.
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