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The world has over 200 sovereign nations. There are a handful that possess larger gross domestic products (GDP) compared to others. This write-up will contain a list of the top 10 richest countries in the world as of 2023.
The statistics we’ll be using will be based on the GDP of each country. We will also discuss how each country has amassed its wealth over a period of time. The numbers will be based on information provided by the International Monetary Fund in the previous year.
1. United States
The United States has a GDP of approximately $25 trillion. It remains one of the largest in the world due to creating an entrepreneurial environment. People work hard to succeed, even if it means working long hours.
However, the United States houses several universities responsible for advanced research to ensure changes for the better both domestically and internationally. The United States has plenty of industries that contribute to its GDP.
Its highly educated and skilled workforce is also one of the biggest pillars to the American economy. Even though its population consists of less than five percent of the world’s, it generates more than one-fifth of the globe’s income.
Even in the next half century, the United States is expected to maintain its top spot despite China looking poised to overtake.
China is the second richest country in the world. As of 2023, it has an estimated GDP of $18.3 trillion. Despite having one of the fastest growing economies in the world, China still falls short on the list for being the richest country.
Nonetheless, it is expected that their GDP is expected to grow close to 5 percent by the end of 2023. They have already been on target with their expected growth, even though they have missed a recent prediction target in recent years.
China is looking to boost its private sector despite major changes being made in the government. The fiscal and monetary policies China may implement may also be worth watching.
The real estate market in China – which seemed weak in past years – may be also worth watching in an effort to resolve a housing problem going on in the country.
Japan has a GDP of close to $4.4 trillion. They have a reputation for creating eye-popping innovations. A handful of them have not been available for sale in markets outside of their country.
But nonetheless, Japan possesses a workforce that is highly skilled and qualified. Their consistent surplus in trades and international investments are also credited to their economic growth and their positioning as one of the world’s richest countries.
Japan wields considerable dominance in both the electronic goods and automobile markets. The country is the third-largest automobile manufacturer in the world. Their continuation of this will no doubt keep them high in the rankings for years or even decades.
Compared to other countries, Japan seems like they are way ahead of the game. Especially when it comes to innovations that no one else in the world has ever created.
Germany is the fourth richest country in the world (and the richest in the continent of Europe). The country boasts a GDP of close to $4 trillion. Their economy is more of a social market that utilizes open-market capitalism.
At the same time, they also provide a number of social services to its citizens. It is one of a few countries that challenges the United States in terms of entrepreneurship. It is believed to be the top country in the world in this category for many factors.
Germany possesses a highly skilled labor force, expertise in technology, and has a very strong infrastructure. Nonetheless, the country’s telecommunication, tourism, and healthcare industries are among some of the best.
Despite the dark cloud of recession seemingly hanging over Germany, business sentiment is looking good.
India rounds off the top five in terms of the richest countries of the world. Currently, they have a GDP of $3.5 trillion. It’s a well-deserved spot to be in and for good reason.
In the past decade, they have gained a considerable amount of foreign direct investment (FDI). The growth occurred due to policies that were implemented by the government. Their intent was to make India one of the top countries in GDP by 2022 (which they managed to do as of now).
They have plenty of thriving industries including the manufacturing and technology sectors. They also have one of the top ten largest economies in the world. The government has also ensured that their business environment was stimulated rather than throttled.
This included implementing reforms and reducing certain requirements for entrepreneurs. For example, the process of obtaining licensing for their business ventures is easier than ever.
6. United Kingdom
The UK is the sixth richest country in the world with a GDP of $3.2 trillion. Despite taking a sharp decline in 2020, it bounced back no less than a year later. Despite the “shallow recession” that started early this year, the British economy seems to be doing fine.
However, energy costs, increased taxes, and a potential worker shortage may seem to challenge that claim. One factor that doesn’t seem to get its brunt of the blame is the Brexit vote. Nevertheless, it’s unclear what the future might hold for the United Kingdom going forward.
PM Rishi Sunak is looking to boost the economy while promising to cut inflation. It’s unclear what the result will be. But we can bet that Sunak is confident that the UK will continue to grow and maintain its status as one of the richest countries in the world.
France has a GDP of $2.8 trillion. Their tourism industry is rock solid as it is considered one of the most visited destinations in the world. They also rely on imports and exports, which comprises nearly two-thirds of its GDP.
They tend to be one of the best countries to do business with. Not to be outdone, they are also home to over 30 different Fortune 500 companies. This EU country continues to be one of the most economically dominant in the region (aside from Germany).
The growth of their economy is nominal even though there have been occurrences of work strikes in recent days and months. Like the United Kingdom, France is vowing to do its part to combat inflation.
Canada has a GDP of $2.2 trillion. Their economy is mostly service-based. This long-time WTO member has also signed on to a series of free trade agreements (including the USMCA). Still, they boast a highly skilled workforce and emphasize coexistence between multiple cultures.
They are also enjoying a thriving economy while the government is making inroads for foreign investors to invest in their country. Recently, the Bank of Canada predicted that inflation will be taking a tumble. It has also witnessed a trade surplus at the start of the year, which was not expected to happen.
Canadian citizens in a recent poll are saying that they have a negative outlook on the economy. Even very few of them have emergency savings on hand, which may not bode well for them in terms of sudden expenses.
Russia has a GDP of $2.1 trillion. Their top ten ranking appears to be threatened (and perhaps for obvious reasons). Their ongoing conflict in neighboring Ukraine is further tarnishing their reputation in the international community.
Several countries have already implemented various sanctions on the Russian economy as punishment for antagonizing Ukraine. Russia is known for being one of the largest oil and gas producers in the world. There was scheduled to be a pipeline where Russia provided oil and gas to several European countries.
Its economy is expected to be dealt blow after blow for as long as the conflict with Ukraine rages on. Russia’s GDP is slated to tumble further and by the next few years, may not be in an updated version of this list.
Italy is the third largest economy in the European Union. It is also the 10th largest by virtue of its GDP (about $2 trillion). It’s one of the most influential countries in the entire continent as it is a member of several different global organizations (along with Germany, France, and the United Kingdom).
The growth in their economy is diversified. Their consumer goods industry is among one of the dominating driving forces behind it. In terms of their expenditures, more than 60 percent is from household consumption. The imports and exports percentages run neck and neck in terms of how it accounts for its GDP.
Using the most recent IMF figures, these are the top ten richest countries of the world. Some of them tend to hold on to their rankings in the future. Others are planning more growth for their economies.
And one country in particular will likely sustain more damage in the not so distant future. Watch this space for any major changes that may arise.