There is an ancient proverb that conveys money can’t buy happiness. However, the reality is possessing a good amount of money can give you a sense of joy. Everything in the world costs money, which is why many of us want to live in a rich country that provides us with more earning opportunities.
When talking about rich countries, we have to consider several parameters. Only having a large economy doesn’t make a country rich, and you should remark that. The most useful measure of a country’s richness is its Gross Domestic Product per capita (GDP Per Capita). This figure gives us an idea of how much money a country’s government has to spend on a single citizen and can provide a higher GDP to a country, making it rich.
The report estimated that by 2020, global wealth will reach $514 trillion, an increase of 300% from $156 trillion in 2000. McKinsey & Co. The information was published after examining the national balance sheets of ten countries having over 60% of the global income.
In the October World Economic Outlook (WEO), the forecast for growth in the two largest economies (U.S. & China) was revised. The net worth of the U.S. grew to nearly $90 trillion, while in the world, the two enormous economies – the U.S. and China, rose to almost $90 trillion. Sixty-six percent of the wealth is concentrated among just ten percent of the wealthiest households. According to reports, around 68 percent of the global net worth is invested in real estate.
The unprecedented rise in the net worth of these countries is mainly due to the exponential rise in real estate prices, making the net worth outstrip the increase in the global gross domestic product (GDP).
The following post discusses the top 10 wealthiest countries according to GDP per capita in 2022.
- China has a $113 trillion GDP per capita
Regarding population, China has the largest population in the world and surpasses the United States of America.
As per IMF, China is the second-largest economy and is officially known as the People’s Republic of China. China has progressively unlocked the doors of its economy during the last four decades, leading to economic development and standard of living growth. China is in East Asia and is spread in five geographical time zones, with 14 borders, second only to Russia.
In a list of the wealthiest countries in the world, China has the first spot on the list and compared to other emerging markets, China ranked first among BRIC countries in GDP per capita.
- United States has a $50 trillion GDP per capita
The U.S. is the second most prosperous country in the world, with a net worth of $50 trillion. The U.S. is the engine of the world’s growth, ranking third in the world per size and population. After China, it is the second richest country in the world.
- Germany has a $14 trillion GDP per capita
As the second-most populous nation in Europe and the seventh-largest continent, Germany is officially known as the Federal Republic of Germany, having a net worth of $14 trillion. Germany’s highly skilled workforce exports vehicles, machinery, chemicals, and other goods to the rest of the world. According to the World Wealth Report, Germany ranks third among the world’s wealthiest countries.
- France has a $14 trillion GDP per capita
France is another European nation, and as a result, France is now ranked among the world’s top ten wealthiest countries, having a $14 trillion GDP per capita. The cuisine and wines of the country are among the best in the world. Its capital, Paris, has several fashion houses, museums, and monuments.
France’s economy has many private and semi-private businesses in all sectors. Defense and electric power generation are important sectors where government involvement is high.
- The United Kingdom has a $7 trillion GDP per capita
The island nation of Europe, the United Kingdom, consists of four countries- England, Scotland, Wales, and Northern Ireland, which is ranked fifth place on the list of the wealthiest nations in the world,
The U.K. economy depends on the service-oriented sector, especially in finance, insurance, and business services. After the Brexit resolution, the nation’s trade relationship with continental Europe has been exceedingly complicated.
- Canada has a $7 trillion GDP per capita
After the U.S., Canada is the second-largest country in the world after Russia in terms of total area, another North American country has grabbed a spot on the list of wealthiest nations in the world. Canada has a $7 trillion GDP per capita. A vibrant manufacturing and services sector and third-largest proven oil reserves make Canada one of the world’s top oil producers. Canada has a free trade relationship with the United States, and 75% of its exports are headed to the U.S. annually.
- Australia has a $7 trillion per capita
Known officially as the Commonwealth of Australia, Australia is the most populous country in Oceania. Australia is a service-based economy that has grown smoothly over the past few years. Due to its relatively minor population and abundant natural resources, Australia enjoys an excellent standard of living. Taking the recent reforms by the government will take the country even further on its development path. It is the seventh world’s largest country in area and the seventh most prosperous country.
- Japan has a $4 trillion per capita
Japan, an iland nation, is the eleventh most populous nation in the world and the eighth richest country. Energy imports are essential to Japan’s economy due to its scarce natural resources. Japan has created a strong manufacturing economy through cooperation between government and industry. The economy of Japan has begun to show signs of recovery, Since the global Great Recession and the loss of the decade of the 1990s.
- India has a $3 trillion per capita
According to the IMF, the Indian economy is the sixth largest in the world. According to the latest IMF predictions, the Indian economy is expected to reach 5 trillion by 2027. According to econometric models, India’s GDP per capita will trend around 1920.00 USD in 2023.
- Mexico has a $3 trillion per capita
Mexico is the tenth most populated nation in the world and is in 10th position in a list of wealthiest countries in the world, officially known as the United Mexican States.
Including the United States, the Mexican economy has transformed over the last 30 years into one of manufacturing with free trade agreements with 44 countries.
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