In this article, we discuss 21 richest countries in Asia. If you want to see the top 5 richest countries in the region, check out 5 Richest Countries in Asia.
As per the OECD, Emerging Asia has demonstrated resilience amidst global uncertainty. The economies within the region, including the ASEAN-10 countries, China, and India, have effectively navigated the challenges posed by the COVID-19 pandemic, Russia’s aggression against Ukraine, and a global economic slowdown. This can be attributed, in part, to pertinent monetary and macroeconomic policies, strong export performance, and robust domestic demand in certain nations. The average GDP growth rate for Emerging Asian countries is projected to rise to 5.3% in 2023 and 5.4% in 2024. As for ASEAN, the average real GDP growth is expected to reach 4.6% in 2023 and 4.8% in 2024, slightly weaker compared to 2022 but still displaying resilience based on the OECD Development Centre’s projection framework.
According to the Asian Development Bank, it is anticipated that inflation will ease in the current year and the following year, gradually approaching levels observed before the pandemic. The projected figures indicate that headline inflation will decelerate to 4.2% this year and further decline to 3.3% in 2024, compared to 4.4% recorded last year. The inflation outlook for the region is expected to be influenced by higher interest rates and persistently elevated commodity prices. Across all subregions, except for South Asia, headline inflation is expected to decrease this year. However, in South Asia, the depreciation of currencies in Pakistan and Sri Lanka is contributing to higher import and domestic prices, leading to inflationary pressures.
The World Bank recently noted that policymakers in South Asia, particularly those dealing with substantial external debt, face challenging trade-offs as they address currency pressures. Allowing currencies to depreciate may initially seem unfavorable since it leads to higher foreign debt-to-GDP ratios, increased debt-servicing obligations in local currencies, and domestic inflationary pressures. Consequently, some countries have utilized their foreign exchange reserves to stabilize their currencies. However, this approach becomes limited as reserves reach critically low levels. Raising domestic interest rates alone often proves insufficient in countering these pressures. For instance, the State Bank of Pakistan has significantly increased its policy rate from 7% to 20%, but the currency still depreciated by 27% since June 2022. This depreciation-inflation cycle has resulted in negative real interest rates in Pakistan. Similarly, in Sri Lanka, despite an 11-percentage-point hike in the official interest rate, the real interest rate remains negative.
On the other hand, the Asia-Pacific region is expected to experience increased growth, as stated by the International Monetary Fund. The main drivers behind this growth are projected to be China’s recovery from the economic impacts of the pandemic and the “resilient” growth seen in India. This positive outlook for the Asia-Pacific region comes at a time when the rest of the world anticipates slower growth due to tightened monetary policies and the ongoing conflict arising from Russia’s invasion of Ukraine.
Some of the top companies originating from Asia include Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Alibaba Group Holding Limited (NYSE:BABA), and Sea Limited (NYSE:SE). However, in this article, we discuss the wealthiest countries in the Asian region.
Our Methodology
To determine the wealthiest countries in Asia, we analyzed data from Credit Suisse’s Global Wealth Databook 2022. This database calculates wealth (as of 2021) based on the value of financial and non-financial assets while subtracting debt. We selected the 21 richest countries in Asia based on total wealth, ranking the list in ascending order of wealth.
It is worth mentioning that wealth rankings are complex and multifaceted, and no single methodology can perfectly capture all aspects of a country’s wealth. Therefore, it is important to interpret rankings with caution and consider multiple sources and indicators to obtain a more comprehensive understanding of a country’s economic strength. The methodology used in this case solely relies on financial and non-financial assets while subtracting debt. It does not consider other factors that contribute to a country’s overall wealth, such as natural resources, infrastructure, human capital, or the economic potential of the country. These factors can significantly impact a country’s economic strength and may not be adequately captured in the wealth calculations.
For example, Qatar’s abundant natural gas reserves have been instrumental in driving its economic growth and prosperity. The nation has effectively utilized its resources to cultivate a strong economy. Furthermore, Qatar’s relatively small population has contributed to higher per capita income levels. However, as per Credit Suisse’s report, Qatar’s total wealth in 2021 was trumped by Pakistan, a country that faces a multitude of economic challenges, including a large population, political instability, and infrastructure constraints. Hence, while it may surprise readers that our list considers Pakistan as richer than Qatar as of 2021, our rankings are based solely on total wealth. This list doesn’t account for the above mentioned factors that also significantly impact the economic standing of a country.
Richest Countries in Asia
21. Qatar
Total Wealth in 2021: $445 bn
The State of Qatar, situated in Western Asia, is a nation whose major city is Doha, where more than 80% of its people live, and whose terrain is primarily a flat, low-lying desert. In recent times, Qatar has become a significant player in the Arab world, having acquired middle power status due to its abundant resources, expanding global media group, Al Jazeera Media Network, and its reported financial support for various rebel groups during the Arab Spring. In 2021, Qatar’s total wealth came in at $445 billion, making it one of the richest Asian countries.
20. Kazakhstan
Total Wealth in 2021: $523 bn
The Republic of Kazakhstan, which straddles both Central Asia and Eastern Europe, is a landlocked country. While it is officially secular, the majority of the population practices Islam, but there is also a significant Christian community among ethnic Russians. Kazakhstan wields considerable economic and political influence in Central Asia, largely due to its oil and gas industry, which dominates the region, and its vast mineral resources. In 2021, the country’s total wealth came in at $523 billion, making it one of the wealthiest countries in Asia.
19. Kuwait
Total Wealth in 2021: $545 bn
The State of Kuwait, located in Western Asia, is an emirate in the Persian Gulf and an Arab state, with Islam being its official religion. It is a developing nation that boasts a high-income economy, thanks to its significant oil reserves, some of the world’s largest. In fact, the Kuwaiti dinar is considered the world’s highest valued currency. The country’s total wealth in 2021 came in at $545 billion, making it one of the wealthiest nations in the region.
18. Malaysia
Total Wealth in 2021: $615 bn
Malaysia is situated in Southeast Asia, with Kuala Lumpur serving as both the national capital and largest city, as well as housing the federal government’s legislative branch. The country is characterized by its multiethnic and multicultural makeup, which has a significant impact on its political scene. The economy, which has historically relied on natural resources, is diversifying, with growth in science, tourism, commerce, and medical tourism sectors. Malaysia has a newly industrialized market economy and holds membership in various organizations, including ASEAN, EAS, and OIC, as well as the Commonwealth, APEC, and the Non-Aligned Movement. Malaysia’s total wealth in 2021 stood at $615 billion, making it one of the richest nations in the Asia Pacific region.
17. Pakistan
Total Wealth in 2021: $640 bn
Pakistan, recognized as the Islamic Republic of Pakistan, is located in South Asia. It holds membership in various international organizations such as the United Nations, the Shanghai Cooperation Organisation, the Organisation of Islamic Cooperation, the Commonwealth of Nations, the South Asian Association for Regional Cooperation, and the Islamic Military Counter-Terrorism Coalition. Additionally, the United States has designated Pakistan as a significant non-NATO ally. In 2021, Pakistan’s total wealth stood at $640 billion. It is one of the richest countries in Asia.
16. Vietnam
Total Wealth in 2021: $985 bn
Vietnam, officially known as the Socialist Republic of Vietnam, is situated in Southeast Asia. Its capital city is Hanoi, and the largest city is Ho Chi Minh City. Despite being a developing nation with a lower-middle-income economy, Vietnam has experienced remarkable economic growth, making it one of the fastest-growing economies in the 21st century. Vietnam is a member of several international and intergovernmental organizations, including ASEAN, APEC, CPTPP, the Non-Aligned Movement, OIF, and the WTO. Vietnam’s total wealth in 2021 was $985 billion, making it one of the richest Asian nations.
15. United Arab Emirates
Total Wealth in 2021: $994 bn
The United Arab Emirates (UAE) is located in Western Asia, specifically the Middle East. Arabic serves as the official language, and Islam is the country’s official religion. The UAE possesses substantial reserves of oil and natural gas, ranking among the world’s largest. Notably, the government does not impose income tax on its residents. In terms of global influence, the UAE is regarded as a middle power. It holds membership in various international organizations, including the United Nations, Arab League, Organisation of Islamic Cooperation, OPEC, Non-Aligned Movement, and Gulf Cooperation Council. The United Arab Emirates is one of the richest Asian countries based on total wealth.
Businesses from countries such as the UAE are expected to present competition to well-established Asian companies like Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Alibaba Group Holding Limited (NYSE:BABA), and Sea Limited (NYSE:SE).
14. Bangladesh
Total Wealth in 2021: $1,022 bn
Bangladesh, officially known as the People’s Republic of Bangladesh, is situated in South Asia. The country played a crucial role as a founding member of SAARC and holds membership in the Organisation of Islamic Cooperation and the Commonwealth of Nations. Within the Indo-Pacific region, Bangladesh is considered a middle power, possessing moderate influence and significance. In 2021, Bangladesh total wealth came in at $1.022 trillion, making it one of the richest Asian countries.
13. Turkey
Total Wealth in 2021: $1,142 bn
Turkey, officially referred to as the Republic of Türkiye, is a country that spans across two continents. Its main territory is situated on the Anatolian Peninsula in Western Asia, while a smaller portion is located on the Balkan Peninsula in Southeast Europe. With its strategically important location, Turkey holds the status of a regional power. The country has experienced a consistent growth in tourism throughout the 21st century, making it a significant contributor to the economy. In 2021, Turkey’s total wealth stood at $1.142 trillion, making it one of the richest countries in Asia.
12. Thailand
Total Wealth in 2021: $1,341 bn
Thailand, known officially as the Kingdom of Thailand, is located in Southeast Asia. The capital and largest city of the country is Bangkok. Thailand holds the status of a middle power in international affairs and played a crucial role as a founding member of ASEAN. It achieves a commendable ranking in the Human Development Index, indicating high levels of social and economic development. Thailand is recognized as a newly industrialized economy, with prominent sectors including manufacturing, agriculture, and tourism. In 2021, Thailand’s total wealth was $1.341 trillion, making it one of the wealthiest Asian nations.
11. Israel
Total Wealth in 2021: $1,564 bn
Israel, officially known as the State of Israel, is situated in Western Asia. The country operates under a parliamentary system with proportional representation, and the head of government is the prime minister, who is elected by the Knesset, Israel’s unicameral legislature. Israel holds the status of a developed country and is a member of the OECD. Israel is one of the richest Asian countries, with total wealth amounting to $1.564 trillion.
10. Singapore
Total Wealth in 2021: $1,766 bn
Singapore, officially referred to as the Republic of Singapore, is a maritime Southeast Asian country. Despite facing initial challenges and having limited natural resources, the nation swiftly progressed to become one of the prominent Four Asian Tigers. Singapore’s remarkable development was primarily driven by international trade and economic globalization. It established strong ties with the global economy through free trade, maintaining minimal or no trade barriers, export-oriented industrialization, and significant inflows of foreign direct investments. The country also amassed substantial foreign-exchange reserves, assets held by sovereign wealth funds, and became recognized as a tax haven. Notably, Singapore stands as the only Asian country to hold a AAA sovereign credit rating from all major rating agencies. It is one of the richest Asian countries, with total wealth in 2021 rounding up to $1.766 trillion.
Similar to Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Alibaba Group Holding Limited (NYSE:BABA), and Sea Limited (NYSE:SE), Singapore serves as a prominent hub for Asian businesses.
9. Saudi Arabia
Total Wealth in 2021: $2,073 bn
Saudi Arabia, known officially as the Kingdom of Saudi Arabia (KSA), is located in Western Asia. Riyadh serves as its capital and largest city. Saudi Arabia has emerged as one of the world’s leading oil producers and exporters. It holds the status of both a regional and middle power. With a commendable Human Development Index, the country provides tuition-free university education, does not levy personal income tax, and offers a comprehensive universal healthcare system. In 2021, Saudi Arabia’s total wealth stood at $2.073 trillion, making it one of the richest countries in Asia.
8. Iran
Total Wealth in 2021: $2,292 bn
Iran, officially referred to as the Islamic Republic of Iran, is situated in Western Asia and is also known historically as Persia. The country’s major cities include the capital city Tehran, Mashhad, Isfahan, Karaj, Shiraz, and Tabriz. Iran holds the status of a regional and middle power, strategically positioned within the Asian continent. It played a pivotal role as a founding member of the United Nations, the ECO, the OIC, and the OPEC. Iran possesses significant reserves of fossil fuels, including substantial natural gas and oil reserves. It is one of the richest Asian nations, with total wealth in 2021 amounting to $2.292 trillion.
7. Indonesia
Total Wealth in 2021: $3,405 bn
Indonesia, officially known as the Republic of Indonesia, is a country located in Southeast Asia and Oceania. Despite having a large population and densely populated regions, Indonesia is characterized by extensive areas of wilderness that contribute to its exceptionally rich biodiversity. The country holds the status of a regional power and is recognized as a middle power in global affairs. It actively participates in multilateral organizations, including the United Nations, World Trade Organization, G20, Non-Aligned Movement, Association of Southeast Asian Nations, East Asia Summit, D-8, and the Organisation of Islamic Cooperation. In 2021, Indonesia’s total wealth stood at $3.405 trillion, making it one of the richest Asian countries.
6. Hong Kong SAR
Total Wealth in 2021: $3,492 bn
Hong Kong, known officially as the Hong Kong Special Administrative Region of the People’s Republic of China, stands as a prominent global financial hub and ranks among the most advanced places worldwide. It boasts the highest concentration of skyscrapers globally and its residents enjoy remarkably high life expectancies. Hong Kong operates under a market economy that places emphasis on services, with features including low taxation and a commitment to free trade. It is one of the richest Asian nations, with total wealth amounting to $3.492 trillion.
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Disclosure: None. 21 Richest Countries in Asia is originally published on Insider Monkey.