Table of Contents
In this article we can find a list with all the countries of the world ordered according to their nominal GDP . The first country on the list and therefore the country with the greatest economic power in the world is the United States. In second place would be the European Union if it were a country.
The GDP (Gross Domestic Product) is the economic indicator that measures the total output of goods and services a country, so it is often used to measure the wealth of a country.
Furthermore, it is one of the best indicators to see if a country is growing economically or is stagnant and destroying employment. If from one year to the next it produces more, it is having economic growth. This is measured by the rate of change in GDP .
The following is the 2016 ranking of countries by estimated GDP (according to the IMF ):
Country with Highest GDP
(millions of USD)
|28||United Arab Emirates||396,235|
|40||Hong Kong, China||273,658|
|96||Democratic Republic of Congo||30,639|
|101||Trinidad and Tobago||27,703|
|111||Bosnia and Herzegovina||17,828|
|114||Papua New Guinea||15,973|
|122||Republic of Congo||13,781|
|171||Central African Republic||1,538|
|175||Old and bearded||1,212|
|181||Saint Kitts and Nevis||767|
|182||St. Vincent and the Grenadines||720|
|188||Sao Tome and Principe||308|
|193||Syria||n / a|
Richest country in the World
Although the fact that a country has money does not imply that it is managed correctly or directed to the well-being of its citizens, the economic capacity of a country is an important element in allowing the creation, maintenance and management of different goods.
The services and infrastructures that each country enjoys or could enjoy is created after an arduous process of research and development. Multiple investigations have been carried out in order to assess which countries have the highest quality of life, taking into account, among other aspects, economic capacity.
In relation to this last aspect, the 25 richest countries in the world will be presented below.
Wealth, what is it?
The term wealth refers to a concept that can be very broad. When we talk about the level of wealth of a person or country, we can be referring to a lot of things.
Its culture, language, spirituality, ability to bond with others, acceptance and tolerance, level of well-being and happiness… However, in everyday language when we talk about the level of wealth of a country we refer to the economic sphere, the abundance of money, assets and possessions.
At the time of comparing the level of wealth of different countries, groups or individuals at stake, in addition to the above, the choice of the scale to be used to make such a comparison. And it is that the level of economic wealth can be valued in aspects such as the total amount of capital available in each element being compared, taking into account their capacity, population and size when making such a comparison or comparing the standard of living of their populations.
Below we present first the list of the twenty-five richest countries in the world according to nominal GDP, and then a second list with GDP per capita.
Best Economy in the World
Regarding total amounts of wealth (that is, the amount of Gross Domestic Product or nominal GDP), regardless of how it is distributed, the size and population of the country and the level of well-being of the population, the International Monetary Fund reflects that during 2016 the 25 richest countries have been as follows (values registered in USD or US dollars).
Considered the greatest power in the world, the United States has a GDP of $ 18,561,934 million.
However, it is also true that this is a country of great inequalities. In inland areas, such as Detroit, poverty wreaks havoc.
Also known as the sleeping tiger due to its enormous economic potential, China is in second position with a GDP of $ 11,391,619 million.
The country of the rising sun is in third position in terms of wealth according to GDP, with approximately 4,730.3 billion dollars.
One of the main economic engines of Europe, Germany has a GDP of 3,494,898 million dollars, which has earned it the fourth position in the ranking.
The United Kingdom is in fifth position with 2,649,893 million dollars. On the other hand, this situation may change with the exit from the European Union.
The French country has a gross domestic product of 2,499,284 million dollars, being the sixth richest country in the world in this regard.
One of the powers with the highest rate of economic growth, India’s GDP has reached $ 2,250,987 million during 2016, being the seventh richest power today. Elements that play against its economic growth are environmental crises and armed confrontations with Pakistan and with guerrillas.
Despite the effects of the crisis, Italy is in eighth position in terms of level of wealth according to GDP, with around 1,852,499 million dollars. It must be taken into account that this country presents a pronounced inequality between the north and the south, being the first richest region.
This beautiful country is in ninth position in terms of wealth, with a GDP of 1,769,601 million dollars. But there are also areas totally isolated from public services that are considered minimal, and large pockets of poverty in both slums and favelas.
A GDP of 1,532,343 million dollars is what has earned Canada the tenth position on this list. In addition, it has excellent public services.
Despite its complicated situation with respect to North Korea, South Korea was during 2016 the eleventh richest country in the world according to the International Monetary Fund, with 1,404,383 million dollars. As negative points we must point out the extreme competitiveness that exists in their business culture, which leads many people to suicide.
Another of the great superpowers, Russia is in twelfth position with a GDP of 1,267,754 million dollars. However, wealth is concentrated in some large cities, especially Moscow.
During 2016 Australia has placed in thirteenth position in terms of GDP, with 1,256,640 million dollars in its coffers.
Despite the effects of the economic crisis and the political imbalance, our country is in fourteenth position at the GDP level, with around 1,252,163 million dollars.
The Mexican country is in fifteenth position with a GDP of 1,063,606 million dollars.
Indonesia, with 940,953 million dollars in GDP, is in sixteenth position.
The Netherlands has a GDP of $ 769.93 billion, making it the 17th richest country according to the International Monetary Fund.
With 735,716 million dollars, Turkey was the eighteenth richest country in 2016-
Switzerland has a GDP of 662,483 million dollars, which amounts to number nineteen in terms of the amount of money in circulation.
Saudi Arabia records a GDP of 637,785 million dollars in 2016, which is the twentieth position in the ranking.
The twenty-first position in relation to the twenty-five richest countries is for Argentina, with a GDP of 541,748 million dollars.
Taiwan is ranked twenty-second, with a GDP of $ 519,149 million.
A GDP of $ 517.44 billion is what has made Sweden the 23rd richest country in the world during 2016.
Belgium is the twenty-fourth richest country in the world, with a GDP of $ 470,179 million.
The twenty-fifth position is taken by the Polish country, with a GDP of $ 467.35 billion.
Largest economy in the World
As we have said, the wealth and well-being of a country can be calculated in multiple ways.
The previous list reflected the twenty-five richest countries based on nominal GDP, that is, the amount of money the country owns without taking other factors into account. The amount of raw money that the country has is important, but if only that factor is taken into account, the information obtained is biased and limited, not knowing the real capacity of the general population.
To solve this problem, we can apply the GDP per capita, that is, the relationship between GDP and the number of inhabitants that allows us to make an average of what a citizen receives per year of the gross domestic product, which allows us to have a better idea of the level life of the general population. Let’s see below the 25 countries with the highest GDP per capita.
Qatar is the country with the highest per capita income, with $ 137,162 a year per citizen.
Luxembourg is the European country with the highest per capita income, being the second in the world, with an amount of $ 97,639 per year.
With a GDP per capita of $ 83,066 a year, Singapore ranks third. This city-state located in southern Malaysia bases its economy on exports, oil and as a financial center.
The state of Brunei, on the island of Borneo, is the fourth country with the highest per capita income in the world, with $ 79,890 a year.
The fifth position in this ranking of the countries with the highest GDP per capita is for Kuwait, with an approximate amount of $ 70,686 per year.
At $ 67,166 a year, Norway’s per capita GDP makes Norway the sixth richest per capita.
United Arab Emirates
The United Arab Emirates has a GDP per capita that places it in seventh place, with $ 66,347 per year per inhabitant.
The Serene Republic of San Marino, located within Italy, is another of the regions with the highest per capita income in the world, with $ 60,887 a year.
Switzerland is one of the countries that, having one of the highest GDP in the world, also has the best distributed, with a GDP per capita of $ 58,149 per year.
Hong Kong is in tenth position as one of the countries with the highest per capita income in the world, with an amount of $ 55,097 per year.
The power with the highest GDP worldwide is one of those that also have the highest GDP per capita, this being $ 54,370 per year.
The per capita income of Saudi Arabia is $ 52,311 a year, being the eleventh largest power worldwide.
Ireland has a GDP per capita of $ 51,284 per year, being another of the countries with the highest wealth parity.
The Kingdom of Bahrain, on the Persian Gulf coast, ranks fourteenth on this list with a per capita income of $ 49,020 a year.
The Netherlands, and specifically the Netherlands, is another of the countries that coincide in having one of the highest nominal GDP while having the highest GDP per capita, with $ 47,960 a year in this second aspect.
With a GDP per capita of $ 46,550 a year, Austria is another of the countries with the highest wealth parity, ranking 16th.
With a GDP that placed it last year in thirteenth position among the richest countries in the world, Australia is ranked seventeenth in terms of the distribution of such wealth, with a GDP per capita of $ 46,550 per year.
This country is also one of the countries with the highest wealth, the best distributed, with a GDP per capita of $ 46,219 a year.
Europe’s economic engine is ranked nineteenth in per capita income, at $ 46,216 a year.
Taiwan’s gross domestic product at purchasing power parity values is $ 46,036 annually, putting this region in 20th place.
With a GDP per capita of $ 45,723 per year, Canada is in twenty-first position.
Denmark is another of the countries with the highest per capita income in the world, with $ 45,451 a year.
Iceland has a GDP per capita of 45,269, making it the twenty-third country with the highest level of wealth in the population.
Belgian citizens have a GDP per capita of $ 43,800 per year.
In twenty – fifth place, France has a per capita income of US $ 41,018 per year.