In this article, we look at the 10 most powerful countries in the world in 2023. To dive deeper into how we reached these rankings and see the list of other powerful countries, go to the 25 Most Powerful Countries in the World in 2023.
10. India
Economic Strength Ranking: 5
Military Strength Ranking: 6
Political Influence Ranking: 28
Cultural Influence Ranking: 25
India is the world’s largest democracy, having a population of over 1.4 billion people. For a country its size, India has been an ‘underachiever’ compared to China. You can read more on that in our list of the least developed countries in Asia. But despite that, it remains a formidable economic and political force in the world. It is the fifth largest economy in the world with a GDP of over $3 trillion. Its thriving billion-dollar Bollywood film industry at home, and Indian diaspora abroad, have played a key hand in promoting India’s culture across the globe. The country is a member of groups like the G20, SCO, and BRICS, which gives it significant political leverage. India also boasts the sixth strongest military in the world.
9. Italy
Economic Strength Ranking: 8
Military Strength Ranking: 16
Political Influence Ranking: 9
Cultural Influence Ranking: 3
Another EU and NATO member country on the list is Italy. It is the 8th largest economy in the world, with a GDP of over $2.1 trillion. This has allowed Italy to be the world’s 11th biggest spender on defense expenditure. It also boasts two aircraft carrier warships, which only a few countries have. Italian cuisine and fashion have been trendsetters across the world for over a century now and are one of the reasons why Italy ranks as the third most culturally influential country in the world.
8. South Korea
Economic Strength Ranking: 10
Military Strength Ranking: 7
Political Influence Ranking: 15
Cultural Influence Ranking: 9
Unlike its neighbor in the north, Seoul’s robust economic and security partnerships with the United States and its allies have enabled South Korea to be one of the strongest countries in Asia and the world. It has a GDP of $1.8 trillion, and a GNI per capita of $47,400 – amongst the highest in Asia. Militarily, it ranks 7th in the world. It ranks 9th on the list of culturally influential countries. Over the last few years, Korean culture has taken the world by storm, whether it is pop music, movies, or food.
7. Russia
Economic Strength Ranking: 11
Military Strength Ranking: 2
Political Influence Ranking: 13
Cultural Influence Ranking: 20
Russia ranks 7th in our list of the most powerful countries in the world. Moscow’s power may have taken a hit due to western sanctions and the war in Ukraine, but it still manages to remain an influential country in world politics. This is mainly due to its large proven gas reserves. Militarily, it ranks 2nd but may quickly lose that spot to China due to a lot of its weapons and machinery getting outdated.
6. France
Economic Strength Ranking: 7
Military Strength Ranking: 5
Political Influence Ranking: 6
Cultural Influence Ranking: 2
France is ranked sixth in our list. It is the seventh largest economy in the world and ranks fifth in military strength. It has been ranked sixth on the 2023 Global Soft Power Index by Brand Finance. Culturally, it is the second most influential country in the world. French is the national or official language in at least 29 countries, including in Switzerland and Canada. France is also a permanent member of the UN Security Council with veto powers, through which it plays a key role in many global issues.
5. Germany
Economic Strength Ranking: 4
Military Strength Ranking: 9
Political Influence Ranking: 3
Cultural Influence Ranking: 7
Germany is Europe’s biggest economy, having a GDP of $4.2 trillion, and GNI per capita of $60,000 – the 15th highest in the world. Germany is home to some of the biggest car manufacturing companies in the industry, such as Volkswagen, Mercedes, and BMW. It ranks ninth in military strength. Both of these factors have granted Germany immense political and cultural influence over the region and the world. It is a member of the EU, NATO and G20.
4. Japan
Economic Strength Ranking: 3
Military Strength Ranking: 8
Political Influence Ranking: 4
Cultural Influence Ranking: 4
Japan is one of Asia’s most, and the world’s fourth most powerful country. This is due to its strong economic, military, political, and cultural influence. It is the world’s third largest economy with a GDP nearing $5 trillion. The Japanese Yen is the third most traded currency in the world. 6% of all foreign reserves in the world are held in yen. Japan has the third most powerful military in the world and is home to several armament manufacturing companies. Mitsubishi Heavy Industries being one of them, which recently signed a deal worth $2.8 billion with the government to produce long-range missiles to counter China’s military strength.
3. United Kingdom
Economic Strength Ranking: 6
Military Strength Ranking: 4
Political Influence Ranking: 2
Cultural Influence Ranking: 5
The United Kingdom is the third most powerful country in the world. Despite not being the superpower that it was before the first half of the 20th century, the UK has managed to retain its soft power and has a formidable military force. London, its capital, is considered as one of the world’s pre-eminent cities and is often regarded as a financial hub. Brand Finance’s 2023 Soft Power Index ranked the UK as the second most powerful country in terms of soft power. It continues to remain economically strong with a GDP of over $3 trillion. However, Brexit and political instability at home risks eroding the UK’s global power.
2. China
Economic Strength Ranking: 2
Military Strength Ranking: 3
Political Influence Ranking: 5
Cultural Influence Ranking: 6
China is the second most powerful country in the world, and that comes as no surprise. It is also fast catching up on the United States and is the biggest challenge to Washington’s global dominance. China’s GDP is close to touching distance with $18 trillion. Militarily, it ranks 3rd. Beijing is one of the highest spenders on defense expenditure, having spent over $200 billion in 2022. China has also developed its own stealth fighter jet, the J-20A, to match the US in stealth. Chinese Yuan holds a 3% share as a global reserve currency, with at least 8 countries considering the option of trading with China in Yuan, instead of the U.S. Dollar. This is evidence of China’s growing political power. In terms of cultural influence, China ranks sixth in the world.
1. United States
Economic Strength Ranking: 1
Military Strength Ranking: 1
Political Influence Ranking: 1
Cultural Influence Ranking: 1
There is only one superpower, the United States. That is evident from our metric rankings. The U.S. is ranked first in the world on economic strength, military strength, political influence, and cultural influence. The U.S. is the largest economy in the world, boasting a GDP nearing $25 trillion. The U.S. Dollar is the world’s dominant reserve currency, holding a 59% share in all foreign reserves held in central banks across the world.
This is testament of the power the United States has over the world. Militarily, the U.S. accounts for nearly 40% of all global spending on military expenditure. In 2022, it spent $761 billion on defense. It is also home to some of the world’s top armament manufacturing companies in terms of revenue. This includes Lockheed Martin Corporation (NYSE:LMT), Raytheon Technologies Corporation (NYSE:RTX), The Boeing Company (NYSE:BA), Northrop Grumman Corporation (NYSE:NOC) and General Dynamics Corporation (NYSE:GD). Politically, it has the largest voting share in the IMF, and is one of the permanent members of the UN Security Council with veto power.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a look at 10 Most Powerful Militaries in the World in 2023 and 5 Most Powerful Currencies in the World.
Follow Insider Monkey on Twitter.
