The world is full of diversities and variable cultures. Wherever we go in the world, we find different types of people and their lives. Some people are rich and some are poor. Same goes with the countries also. Among 194 countries in the world, some are highly rich and some are very poor. Today, we will discuss the top 10 richest countries in the world. We will also know about the net worth of these countries.
1. United States
The United States(US) is one of the most powerful countries in the world. It is situated in the North America continent. The US is considered as the richest country in the world in terms of economy. According to the calculation of McKinsey & Co. 68% of the total global net worth is held by the US alone. Whether in terms of technologies or higher standard of living, the US tops in every field.
The rank of the United States in terms of population is 3rd. It is behind China and India in population size. The US is also the third largest country in terms of area. At present, the US has total private wealth of USD 68.8 trillion.
Talking about the biggest competitor of the US, then it is China. In 2022, the US defeated China to become the richest country in the world. In both, US and China, 10% of the population owns 2/3rd of the total wealth of these countries. The US is also the home of 735 billionaires.
China holds the 2nd position in the list of top 10 richest countries in the world. It is also the most populous country in the world followed by India. China’s official name is People’s Republic of China. It is situated in East Asia. After Russia, China is the second most largest country in terms of geographical area. In 2021, China had beaten the United States to become the richest nations in the world. The net wealth of China in 2022 is $23.3 trillion. With 539 billionaires, China is the second country having the most billionaires in the world.
Japan is very ahead in terms of new technologies and inventions. According to the IMF, Japan is the third wealthiest country in the world. This island nation situated in East Asia is the 11th most populated country in the world. It has a total population of 125.8 million. The net wealth of Japan is estimated to be $20.1 trillion as of 2022. According to Forbes, Japan is the home to 40 billionaires.
Officially known as the Federal Republic of Germany, Germany is the 4th most wealthiest country in the world. As of 2022, Germany has a total wealth of $8.9 trillion.
In terms of geographical area, it is the 7th largest country in Europe and 63rd largest country in the world. With a population of 8.4 crore, Germany is the 2nd most populous country in the Europe continent.
5. United Kingdom
The United Kingdom (UK) is an island nation of Europe, consisting of 4 countries- England, Scotland, Northern Ireland and Wales. It ranks 6th on the list of top 10 richest countries in the world.
India seems to be a great competitor to the UK in terms of economy. In 2021, the Indian economy was only 0.1 trillion dollars less than the UK economy. It is expected that India will surpass the economy of the UK by the end of 2022.
According to the IMF, India has the sixth largest economy in the world. The Indian economy was Rs.135.58 lakh crore in 2020-21. The IMF has predicted that India’s economy will reach $5 trillion by 2027. In India, the number of billionaires has reached 166 in 2020-21.
Forbes has put India on the third position in the list of countries having the maximum number of billionaires. The first two positions in this list are occupied by the United States and China respectively. Mukesh Ambani and Gautam Adani are two of the most famous billionaires in India. Also, Mukesh Ambani is currently India’s richest man and 12th richest man in the world.
France, another European nation, has made its place in the list of top 10 richest countries in the world. The country is very famous for its renowned wines and sophisticated cuisine. The capital city of France, Paris is a world famous tourist place. Paris is recognised as the city of romance and is famous for its classical arts, museums and monuments. As of 2022, the total wealth of France is $5.8 trillion. France has a total population of 67.4 million. The country is also home to 43 billionaires.
Italy is the 8th wealthiest country in the world. At present, its economy is almost 2 trillion dollars. Like many other countries, Italy was also struggling to recover from COVID-19 loss. However, it managed to reach the pre-covid economic output by the end of 2021. The total wealth of Italy is $3.8 trillion as of 2022. The total population of the country is 59.6 million. According to Forbes, there are 52 billionaires in Italy.
Canada is the second largest country (area – wise) in the world after Russia. It is also the second North American country after the US which is in the list of top 10 richest countries in the world. With a wealth of $440.9 billion, Canada is the 9th wealthiest nation in the world. The number of billionaires in Canada is 64.
10. South Korea
Officially known as the Republic of Korea, South Korea has the 10th largest economy in the world. It is situated in the East of Asia. South Korea has 41 billionaires, according to Forbes. The world famous brands like Samsung, Hyundai, LG and SK Hynix originated from South Korea only.
Conclusion:- The rankings of countries can be changed according to increase and decrease in wealth of the nations. The new technologies, the equal distribution of wealth, good quality of human capital, infrastructure development, capital accumulation etc contribute a lot in making a country rich. The more the countries will focus on these aspects, the more they will develop. However, it is a difficult task for other countries to surpass the economy of the top three richest countries (US, China, Japan) of the world. For developing countries, it will not take less than 100 years to reach the position of the US and China. Till then, let’s see which countries change the dynamics of the top 10 countries in the world.