The 25 richest countries in the world (by GDP and GDP per capita)

Which countries have the highest standard of living?

Although the fact that a country has money does not imply that it is managed correctly or directed to the welfare of its citizens, the economic capacity of a country is an important element in allowing the creation, maintenance and management of the different assets.

The services and infrastructures that each country enjoys or could enjoy are the result of an arduous process of research and development. A great deal of research has been carried out to evaluate which countries have the highest quality of life, taking into account, among other aspects, their economic capacity.

In relation to this last aspect, The twenty-five richest countries in the world are 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 many things.

Their culture, language, spirituality, ability to connect 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 may be referring to many things. when we talk about the level of wealth of a country we are referring to the economic sphere, to the abundance of money, goods, assets and/or possessions.goods, assets and/or possessions.

When comparing the level of wealth of different countries, groups or individuals, in addition to the above, the choice of the scale to be used to make the comparison comes into play. The level of economic wealth can be assessed in terms of aspects such as the total amount of capital available in each element being compared, taking into account its capacity, population and size when making the comparison, or comparing the standard of living of their populations.

The following is a list of the twenty-five richest countries in the world according to nominal GDP, followed by a second list of per capita GDP.

The twenty-five richest countries according to nominal GDP

Regarding total amounts of wealth (i.e. the amount of Gross Domestic Product or nominal GDP), regardless of how this 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 the following (values recorded in USD or US dollars).

1. United States

Considered the greatest power in the world, The United States has a GDP of $18,561,934 billion..

However, it is also true that this is a country of great inequalities. In inland areas, such as Detroit, poverty wreaks havoc.

2. China

Also known as the sleeping tiger due to its enormous economic potential, China is in second place with a GDP of 11,391,619 million dollars..

Japan

The country of the rising sun ranks third in terms of GDP wealth, with a GDP of approximately 4,730.3 billion dollars..

4. Germany

One of the main economic engines of Europe, Germany has a GDP of $3,494.898 billion3,494,898 million, which has earned it the fourth position in the ranking.

5. United Kingdom

The United Kingdom is in fifth position with a GDP of 2,649,893 million dollars.. On the other hand, this situation may change with the exit from the European Union.

6. France

The French country has a gross domestic product of 2,499,284 million dollars, making it the sixth richest country in the world in this respect.2,499,284 million, making it the sixth richest country in the world in this respect.

7. India

One of the powers with the highest economic growth rate, India's GDP reached 2,250,987 million dollars in 2016, making it the seventh richest country in the world. 2,250,987 million dollars, making it the seventh richest power at present. Elements playing against its economic growth are environmental crises and armed clashes with Pakistan and guerrillas.

8. Italy

Despite the effects of the crisis, Italy is in the eighth position in terms of wealth according to GDP, with around 1,852,499 million dollars.. It should be noted that this country has a pronounced inequality between the north and the south, with the first region being the richest.

9. Brazil

This beautiful country is in ninth position in terms of wealth, with a GDP of US$1,769,601 billion. But there are also areas totally isolated from public services that are considered minimal, and large pockets of poverty both in shantytowns and villages.

10. Canada

A GDP of 1,532,343 million dollars is what has earned Canada the tenth position on this list. It also has excellent public services.

11. South Korea

Despite its complicated situation with respect to North Korea, South Korea was the eleventh richest country in 2016. the eleventh richest country in the world according to the International Monetary Fund, with 1,404,383 billion dollars.. As negative points we must point out the extreme competitiveness in its business culture, which leads many people to suicide.

12. Russia

Another of the great superpowers, Russia is placed in twelfth position with a GDP of 1,267,754 million dollars.. However, wealth is concentrated in a few large cities, especially Moscow.

13. Australia

During 2016 Australia has ranked thirteenth in terms of GDP, with 1,256.64 billion dollars in its coffers.

14. Spain

Despite the effects of the economic crisis and the political imbalance, our country is in fourteenth position at the GDP level, with about 1,252,163 million dollars.

15. Mexico

The Mexican country is in fifteenth position with a GDP of 1,063,606 million dollars..

16. Indonesia

Indonesia, with 940,953 million dollars in GDP, is in sixteenth position.is in sixteenth position.

17. The Netherlands

The Netherlands had a GDP of 769,930 million dollars, being the seventeenth richest country according to the International Monetary Fund.

18. Turkey

With 735.716 billion dollarsTurkey was the eighteenth richest country in 2016.

19. Switzerland

Switzerland has a GDP of 662,483 million dollarswhich in amount of money in circulation makes it the nineteenth place.

20. Saudi Arabia

Saudi Arabia recorded in 2016 a GDP of 637,785 million dollarswhich is the twentieth position in the ranking.

21. Argentina

The twenty-first position in terms of the twenty-fifth richest countries is for Argentina, with a GDP of 541,748 million dollars.

22. Taiwan

Taiwan ranks twenty-second, with a GDP of $519.149 billion. 519.149 billion dollars.

23. Sweden

A GDP of 517,440 million dollars is what has made Sweden the twenty-third richest country in the world during 2016.

24. Belgium

Belgium is the twenty-fourth richest country in the world, with a GDP of 470.179 billion dollars.

25. Poland

The twenty-fifth place is taken by the Polish country, with a GDP of 467,350 million dollars.

The world's twenty-five richest countries by GDP per capita

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, i.e. the amount of money the country has without taking into account other factors. The amount of raw money that the country has is important, but if only this factor is taken into account, the information obtained is biased and limited, not knowing the real capacity of the population in general.

To solve this problem we can apply the GDP per capita, i.e. the relationship between GDP and the number of inhabitants, which allows us to average what a citizen receives per year from the gross domestic product, which gives us a better idea of the standard of living of the population in general. The twenty-five countries with the highest GDP per capita are as follows

1. Qatar

Qatar is the country with the highest per capita income, with 137,162 dollars per year per citizen. 

2. Luxembourg

Luxembourg is the European country with the highest per capita income in Europe, the second highest in the world, with an amount of 97,639 dollars per year.

3. Singapore

With a GDP per capita of 83,066 dollars per yearSingapore is in third place. This city-state located in the south of Malaysia bases its economy on exports, oil and as a financial center.

4. Brunei

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 dollars a year.

Kuwait

The fifth position in this ranking of the countries with the highest GDP per capita is for Kuwait, with an amount of approximately $70,686 per year..

6. Norway

With $67,166 per yearNorway's GDP per capita makes it the country with the sixth highest wealth per capita.

7. United Arab Emirates

The United Arab Emirates has a GDP per capita that places it in seventh position with 66,347 dollars per capita per year..

8. San Marino

The Serenissima Republic of San Marino, located in Italy, is another of the regions with the highest per capita income in the world, at 60,887 dollars per year.

9. Switzerland

Switzerland is one of the countries that, having one of the highest GDPs in the world, also has one of the best distributed, with a GDP per capita of 58,149 dollars per year.

10. Hong Kong

Hong Kong is in tenth place as one of the countries with the highest per capita income in the world, with an amount of 55,097 dollars per year.

11. United States

The power with the highest GDP in the world is also one of the countries with the highest GDP per capita, with a per capita GDP of 54,370 dollars per year.

12. Saudi Arabia

Saudi Arabia has a per capita income of 52,311 dollars per yearIt is the world's tenth largest economy.

13. Ireland

Ireland has a GDP per capita of 51,284 dollars per yearanother of the countries with the highest wealth parity.

14. Bahrain

The Kingdom of Bahrain, on the coast of the Persian Gulf, ranks fourteenth on this list with a per capita income of 49,020 dollars per year.

15. The Netherlands

The Netherlands, and specifically the Netherlands, is another country that coincidentally has one of the highest nominal GDPs as well as the highest GDP per capita, with 47,960 dollars per year in this second aspect..

16. Austria

With a GDP per capita of 46,550 dollars per yearAustria is another of the countries with the highest wealth parity, ranking sixteenth.

17. Australia

With a GDP that placed it in thirteenth position among the world's richest countries last year, Australia ranks seventeenth in terms of wealth distribution, with a GDP per capita of 46,550 per year.

18. Sweden

This country is also one of the wealthiest and best distributed with a GDP per capita of 46,219 dollars per year.

19. Germany

The economic engine of Europe ranks nineteenth in per capita income, with a GDP per capita of 46,216 dollars a year.

Taiwan

The gross domestic product at purchasing power parity values per capita in Taiwan is 46,036 dollars per yearwhich places this region in twentieth position.

21. Canada

With a GDP per capita of 45,723 dollars per yearCanada is in twenty-first position.

22. Denmark

Denmark is another of the countries with the highest per capita income in the world, with a GDP per capita of $45,451 per year. 45,451 dollars per year.

23. Iceland

Iceland has a GDP per capita of 45,26945,269, making it the 23rd country with the highest level of wealth in the population.

24. Belgium

The citizens of Belgium have a GDP per capita of 43,800 per year.

25. France

In twenty-fifth place, France has a per capita income of $41,018 per year. 41,018 dollars a years.

Bibliographical references:

• International Monetary Fund (2018). "Report for Selected Countries and Subjects."