10 Richest Countries In The World
What are the richest countries in the world? Several performance indicators exist that can help unpack the answer to that question, each of which will result in a slightly different answer depending upon the type of wealth one seeks to measure. One widely used wealth indicator is gross domestic product (GDP), which measures the total value of all goods and services produced by a country.
The United States of America, China, Germany, Japan, and India are the largest economies in the world in 2024, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation’s economy.
Top 10 Largest Economies in the World 2024
10. Canada
The Canadian economy relies heavily on its abundant natural resources, encompassing oil, gas, minerals, and timber. Moreover, the nation boasts a thriving services sector, a well-established manufacturing industry, and a steadfast dedication to fostering innovation and technological advancements.
GDP: $2,242 billion
GDP By Country Per Capita (Thousands): $55.53
Annual GDP Growth Rate: 1.6%
09. Brazil
The Brazilian economy exhibits a breadth of sectors, encompassing agriculture, mining, manufacturing, and services. Notably, it is a prominent global hub for agricultural production and exportation. Several factors, including commodity prices, domestic consumption, and the advancement of infrastructure, shape the growth of Brazil’s economy.
GDP: $2,272 billion
GDP By Country Per Capita (Thousands): $11.03
Annual GDP Growth Rate: 1.5%
08. Italy
Italy boasts a highly developed market as the third-largest economy in the European Union. The nation is known for its influential and pioneering business sector and diligent and competitive agricultural industry.
GDP: $2,280 billion
GDP By Country Per Capita (Thousands): $38.93
Annual GDP Growth Rate: 0.7%
07. France
France is expected to have a GDP estimated at 2,920 billion US dollars in 2023. The economy of France is characterised by diversification, emphasising industries such as aerospace, tourism, luxury goods, and agriculture. France is renowned for its robust social welfare system, well-developed infrastructure, and substantial investment in research and development.
GDP: $3,182 billion
GDP By Country Per Capita (Thousands): $48.22
Annual GDP Growth Rate: 1.3%
06. United Kingdom
The economy of the United Kingdom comprises a blend of services, manufacturing, finance, and creative sectors. London functions as a worldwide financial centre, enticing foreign investments. The economic expansion of the UK is additionally shaped by its trade alliances and globalisation.
GDP: $3,592 billion
GDP By Country Per Capita (Thousands): $52.43
Annual GDP Growth Rate: 0.6%
05. India
India is ranked 5th in world’s GDP rankings in 2024. India’s economy boasts diversity and swift growth, fuelled by key sectors such as information technology, services, agriculture, and manufacturing. The nation capitalises on its broad domestic market, a youthful and technologically adept labour force, and an expanding middle class.
GDP: $4,112 billion
GDP By Country Per Capita (Thousands): $2.85
Annual GDP Growth Rate: 6.3%
04. Japan
Japan’s notable economy is distinguished by its progressive technology, manufacturing prowess, and service industry. Prominent sectors encompass automotive, electronic, machinery, and financial domains. Moreover, Japan garners recognition for its unwavering work ethic, pioneering technological advancements, and exceptional exports of superior quality.
GDP: $4,291 billion
GDP By Country Per Capita (Thousands): $34.55
Annual GDP Growth Rate: 1.0%
03. Germany
The German economy strongly focuses on exports and is renowned for its precision in the engineering, automotive, chemical, and pharmaceutical sectors. It derives advantage from its proficient labour force, robust research and development initiatives, and a pronounced commitment to fostering innovation.
GDP: $4,730 billion
GDP By Country Per Capita (Thousands): $56.04
Annual GDP Growth Rate: 0.9%
02. China
China has witnessed a notable upsurge in its economic progress, moving from the fourth rank in 1960 to the second rank in 2023. The Chinese economy predominantly hinges upon manufacturing, exports, and investment. It proudly possesses an extensive workforce, robust governmental backing, infrastructural advancements, and an expeditiously expanding consumer market.
GDP: $18,566 billion
GDP By Country Per Capita (Thousands): $13.16
Annual GDP Growth Rate: 4.2%
01. The United States of America
The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology. The United States enjoys a substantial consumer market, fosters innovation and entrepreneurial spirit, possesses resilient infrastructure, and experiences advantageous business conditions.
GDP: $27,974 billion
GDP By Country Per Capita (Thousands): $83.06
Annual GDP Growth Rate: 1.5%
