Top Ten Richest Countries Of The World 2024

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Here is a list of the Top Ten Richest Countries Of The World 2024. We will also learn about each country’s net worth.

Here is a list of the world’s richest countries in 2024. Whether the USA or China is richer has recently been a point of debate. In decreasing order, here are the world’s richest economies and countries.

Richest Countries Of The World 2024

In 2020-21, China became the wealthiest nation in the world, according to a McKinsey & Co report. Based on the national balance sheets of ten countries with more than 60% of global income, the report was published.

It is predicted that the global economy will grow from 5.9 percent in 2021 to 4.4 percent in 2022, according to the World Economic Outlook (WEO) published by the International Monetary Fund. In part, this is due to forecast markdowns in the world’s two largest economies (USA and China).

1. South Korea

According to the IMF, this will be the tenth largest economy in the world in 2020-21. Korea is a country in East Asia known as the Republic of Korea.

In the mid-20th century, South Korea was one of the poorest countries in the world. Since the Korean War ended, the country has experienced rapid economic growth.

Despite lacking natural resources, the country implemented an export-oriented economic development plan that included heavy investment in education and industrial facilities.

In what is known as the “Miracle on the Han River,” South Korea’s GNI per capita increased more than tenfold between 1970 and 2016. It is now $34,277 — more than twice the global average.

Globally, exports account for 42.2% of GDP, far more than the 28.6% average for all countries. Samsung Electronics and Hyundai Motor are among South Korea’s top exports, along with 15 of the 500 largest companies by revenue.

2- copyright

Another North American nation has joined the list of world’s wealthiest nations after the US. According to total area, it is the world’s second-largest country after Russia.

Although copyright is relatively sparsely populated, it has the largest landmass of any nation other than Russia and the 45th largest population.

Even though it has a low population density, copyright is a major economic power with the 13th highest GDP in the world.

Similar to the U.S. economy, copyright’s is market-oriented, dominated by services, and has a high standard of living. Over $11,000 is less than what the U.S. spends on its GNI per capita.

Despite the fact that most Canadians work in the service sector, the country’s vast oil reserves and other natural resources are an important part of its economy.

In addition to petroleum and gold, sawn wood is one of copyright’s largest exports. copyright exports 76% of its total value to the United States and imports 53%.

3- Italy

Italian economic output reached a level close to pre-COVID levels by late 2021, following a robust recovery from the pandemic shock. There are almost two trillion dollars in the economy now.

4- France

The wealthiest nation in the world, France, has also managed to take its place in the top ten. Known for its sophisticated cuisine and wines, the country is renowned for its wines. Fashion houses, museums, and monuments can be found in the capital, Paris. Last year, France lost ground in GDP comparisons, according to the IMF.

Despite two world wars and the decline of its colonial empire, France’s economy is now the world’s sixth largest economy by GDP.

The French are world-renowned for their cuisine, fashion, and language, and are the most visited country in the world.

Among the major industries in the nation are tourism, chemical manufacturing, technology, and energy.

The French GNI per capita of $38,680 exceeds the global average of $15,067 and is close to the OECD average of $38,992.

5- India

Based on IMF data, India has the sixth-largest economy in the world. Based on the latest IMF predictions, the economy is expected to reach 5 trillion by 2027.

6- United Kingdom

Four countries make up the United Kingdom, the island nation of Europe: England, Scotland, Wales, and Northern Ireland. According to the World Wealth Report, Europe ranks 6th among the wealthiest nations. A mere 0.1 trillion dollars separated the Indian economy from the UK economy in 2021, which stood at 3.19 trillion dollars. It is expected that the Indian economy will surpass this mark by the end of 2022, beating the UK’s economy.

With two world wars and the decolonization of large overseas territories, the United Kingdom, arguably the leading world power at the beginning of the 20th century, has taken on a smaller economic role since then.

In common with most OECD countries, the United Kingdom’s services sector dominates the economy and is highly globalized.

A major part of the economy is devoted to finance, aerospace engineering, and pharmaceutical manufacturing. Today, the U.K. has one of the highest GNI per capita of any country at $38,680, roughly in line with the OECD average of $38,992.

7- Germany

As the second-largest nation in Europe and the seventh-largest on the European continent, Germany is officially known as the Federal Republic of Germany. In terms of wealth, Germany ranks fourth.

In terms of GDP, Germany is the largest economy in Europe and one of the largest economies in the world. The standard of living in Germany is among the highest in the world, similar to that of other highly developed, service-oriented social market economies.

Compared to the OECD average of $38,992 and the global average of $14,459, the GNI per capita of the country is $45,127.

In the German economy, exports account for 46.1% of national output, far more than the 28.6% average for all nations.

Automobiles and vehicle parts account for 14.2% of Germany’s total exports, including Daimler, Volkswagen, and BMW.

Minerals, mechanical equipment, and chemical products are other major exports.

8- Japan

According to the International Monetary Fund, East Asia ranks 3rd among the world’s wealthiest nations. Among the world’s most urbanized nations, Japan ranks 11th in terms of population.

Many of Japan’s citizens now enjoy high incomes as a result of rapid economic growth after World War II.

As a result of the country’s highly successful car and consumer electronics manufacturing industries, economic growth was fueled in part. There is a GNI per capita of $39,526 in Japan today.

9- China

China is the world’s most populous nation. In 2021, it surpassed the United States of America to take the top spot on the list of the richest nations in the world. Currently, it is the second-largest economy in the world, according to the IMF. Located in East Asia, China is a country with 14 borders and is spread over five geographical time zones. It is the second most populous country in the world, after Russia.

10- United States

US GNI per capita is $54,151, making it one of the world’s wealthiest countries. Consumption of goods and services is much greater in the U.S. than production.

Compared to other countries on this list, the United States exported goods and services at 11.9% of its 2016 GDP, the lowest share of any country on this list.

Even though the United States is one of the richest nations, its life expectancy is relatively low. Due to the lack of universal health care, it may be the only developed nation without it.

It may be the country’s large wealth gap – one of the world’s largest – which prevents impoverished citizens from accessing necessary medical care.

In terms of size and population, the United States is the third largest country in the world. The country is now the world’s richest, beating China once again.