In this article, we will be taking a look at the 50 Richest Countries in the World by GDP.
Global Economic Outlook of Richest Countries
The global economy has been facing strong headwinds since the COVID-19 pandemic including the world’s richest countries by GDP. The major economic issues include high inflation, high interest rates, and geopolitical risks. Japan’s economic situation looks bleak and the country’s GDP has plunged during the last two quarters. Japan’s GDP shrank by 3.3% in Q1 2024 and 0.4% in Q4 2023 year-over-year. In the ongoing economic shift, Japan lost its position as the third-largest economy with its GDP at around $6.72 trillion, as of 2024. On May 9, Reuters reported that the Bank of Japan could raise interest rates if the yen drops sharply, leading to higher inflation. Recently, the Bank of Japan ended eight years of negative interest rates, changing the policy following decades of aggressive monetary easing. Japan’s new interest rate ranges between 0% to 0.1%. Japan’s central bank board member, Seiji Adachi, said that the bank can move towards increased interest rates if excessive yen falls persist. Adachi further added:
“We must by all means avoid raising interest rates prematurely. But by focusing too much on downside risks, we could see inflation accelerate in a way that forces us to tighten monetary policy sharply later on. As long as underlying inflation continues to head toward 2%, it’s important to gradually adjust the degree of monetary support reflecting economic, price, and financial developments.”
In the global economic shift, another major economy that has been in the limelight for fighting the recession is the United Kingdom. The United Kingdom has been surpassed by India, Russia, Indonesia, and Brazil as the richest countries in the world by GDP. The UK’s inflation is measured at 2.3% compared to 3.4% in the US and 2.4% in the eurozone. On May 27, Olli Rehn, the European Central Bank governing council member in a speech said that the inflation rate in the eurozone is falling in a ‘sustained way.’ Rehn further said, “The time is thus ripe in June to ease the monetary policy stance and start cutting rates.”
China, the largest manufacturing country in the world, has received an upgrade on its economic outlook from the International Monetary Fund (IMF). On May 28, the IMF reported that it has revised China’s economic outlook, increasing growth by 0.4 percentage points for 2024. As per the updated projection, China’s economy is expected to grow by 5% in 2024 and 4.5% in 2025. One of the major reasons for the upside in China’s economic growth is the downside expected in the property sector. Here is what the IMF’s First Deputy Managing Director, Ms. Gita Gopinath, said:
“The ongoing housing market correction, which is necessary for steering the sector towards a more sustainable path, should continue. The authorities have implemented various welcome measures to guide the property market transition, including recent policy announcements regarding lending support for affordable housing.”
The US economy is projected to have a 2.7% growth rate in 2024, a slightly higher growth compared to 2.5% in 2023. In 2025, the growth for the US is anticipated to decline to 1.9%. The chief US economist, Andrew Hollenhorst, in a CNBC interview, said that they are not seeing a soft landing in the US. Hollenhorst pointed, “We’re just not seeing (soft landing) it in the data.”
Overall, the global economy is set to continue growth at 3.2% during 2024 and 2025. In advanced economies, the growth is projected to stay under 2% in 2024 and 2025, while emerging markets and developing economies expect a 4.2% growth in 2024 and 2025. As per the IMF’s forecast, India will be the leading economy with an anticipated growth rate of 6.8% and 6.5% in 2024 and 2025, respectively.
China Vs United States: An Economic Tassle
China and the United States have been up against each other for decades now. China’s stellar economic growth has led the country to directly compete with the US economy. As per the IMF, China’s anticipated growth rate of 5% and 4.5% for 2024 and 2025 is almost double the expected growth rate of the US. However, the Chinese economy has been struggling with a property crisis, which has left a huge dent in the real estate market. On April 16, Reuters reported that the new home prices in China plunged by 2.2% in March 2024 from a year ago, representing the biggest decline since August 2015. The property downturn in China will lead to a 0.3 percentage point decline in Chinese GDP growth in 2024, as per the economists at ANZ. Whereas, property investment is expected to decline by 12% in 2024. Despite the downsides, China is on track to be the largest economy in the world by 2030. In addition, China is one of the richest countries in the world by net worth, having a total wealth of $85.10 trillion in 2021. The US had the highest total wealth of around $145.79 trillion, as of 2021.
The US economy is suffering from interest rate hikes and heading towards a potential recession. The expected growth of 1.9% in 2025 indicates recessionary risks. Moreover, the high inflation has kept the Fed to keep the interest rates between 5.25% to 5.5%. On May 21, CNBC reported that Fed Governor, Christopher Waller, pointed out that he would need to see several months of inflation data before deciding to lower rates.
Despite all the downsides, China and the US are two of the largest economies in the world and the richest countries by GDP.
Companies Backing the Largest Economies
Walmart Inc. (NYSE:WMT) is one of the largest retailers in the US. On May 16, Walmart Inc. (NYSE:WMT) reported its earnings for the first quarter of 2025. The company posted earnings per share of $0.60, surpassing consensus estimates by $0.07. Walmart Inc. (NYSE:WMT) reported a revenue of around $159.94 billion, beating estimates by $1.67 billion. Here are some of the comments from the Q1 2025 earnings call:
“Our results were stronger than we anticipated with sales growth of 5.7% and adjusted operating profit, up 12.9% in constant currency. All three operating segments performed well. The momentum we see across the businesses driven by growth in units sold and transaction counts, as well as market share gains, including general merchandise. These are not inflation-driven results. In the U.S., like-for-like sales inflation was about 40 basis points for the quarter, including mid-single-digit deflation in general merchandise and low-single-digit inflation in food and consumables. Together with our suppliers, we’re making progress lowering prices.”
Tencent Holdings Limited (OTC:TCEHY) is one of the largest tech companies in China. Tencent Holdings Limited (OTC:TCEHY) is supporting the economy through its next generation of low-carbon technologies. In March 2023, Tencent Holdings Limited (OTC:TCEHY) launched CarbonX to reduce its carbon footprint. The tech giant has committed over $28 million over the next three years to support innovative ideas that will focus on technology-based carbon removal. On May 23, Tencent Holdings Limited (OTC:TCEHY) reported that it will award a total of $14 million to 13 teams that won the first phase of the CarbonX program.
The world’s richest countries by GDP are backed by strong multinationals. With this context, let’s take a look at the 50 richest countries in the world by GDP.
Our Methodology
To compile the list of the 50 richest countries in the world by GDP, we shortlisted the countries based on their GDP (PPP) from the International Monetary Fund database. The countries with the highest GDP (PPP) are ranked in ascending order of their GDP, as of 2024. Purchasing Power Parity (PPP) figures are being used as PPP calculates the conversion of currency rates that equalize the purchasing power of different currencies by excluding the price level differences between countries.
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50 Richest Countries in the World by GDP
50. Ukraine
GDP (PPP): $515.95 Billion
Ukraine has a GDP of $515.95 billion and ranks 50th among the richest countries in the world by GDP.
49. Iraq
GDP (PPP): $530.86 Billion
Iraq has a GDP of $530.86 billion.
48. Czech Republic
GDP (PPP): $551.96 Billion
The Czech Republic ranks 48th among the world’s richest countries by GDP.
47. Israel
GDP (PPP): $552.15 Billion
Israel has a GDP of $552.15 trillion.
46. Peru
GDP (PPP): $566.58 Billion
Peru has a GDP of $566.58 billion in 2024 and ranks 46th among the countries with the highest GDP in 2024.
45. Hong Kong
GDP (PPP): $570.08 Billion
Hong Kong is one of the richest countries in the world by GDP and has a GDP of $570.08 billion, as of 2024.
44. Chile
GDP (PPP): $622.78 Billion
Chile is one of the richest South American countries by GDP.
43. Austria
GDP (PPP): $634.36 Billion
Austria has a GDP of $634.36 billion and is one of the richest countries in the world by GDP.
42. Kazakhstan
GDP (PPP): $693.42 Billion
Kazakhstan ranks 42th among the richest countries in the world by GDP.
41. Ireland
GDP (PPP): $712.06 Billion
Ireland has a GDP of $712.06 billion and is one of the richest European countries.
40. Sweden
GDP (PPP): $736.40 Billion
Sweden is another rich European country with a GDP of $736.40 billion, as of 2024.
39. Algeria
GDP (PPP): $768.52 Billion
Algeria is one of the richest African countries by GDP. Algeria has a GDP of $768.52 billion.
38. Singapore
GDP (PPP): $794.18 Billion
Singapore has a GDP of $794.18 billion, as of 2024.
37. Belgium
GDP (PPP): $803.17 Billion
Belgium is one of the richest European countries by GDP.
36. Switzerland
GDP (PPP): $816.46 Billion
Switzerland has a GDP of $816.46 billion.
35. Romania
GDP (PPP): $817.99 Billion
Romania ranks 35th among the richest countries in the world by GDP.
34. United Arab Emirates
GDP (PPP): $948.05 Billion
The United Arab Emirates is one of the richest Arab countries and has a GDP of $948.05 billion.
33. South Africa
GDP (PPP): $1.03 Trillion
South Africa’s economy is growing steadily and has a GDP of $1.03 trillion, as of 2024.
32. Colombia
GDP (PPP): $1.04 Trillion
Colombia ranks 32nd among the world’s richest countries by GDP.
31. Argentina
GDP (PPP): $1.24 Trillion
Argentina has a GDP of $1.24 trillion and is one of the richest South American countries by GDP.
30. Malaysia
GDP (PPP): $1.31 Trillion
Malaysia ranks 30th among the world’s richest countries by GDP.
29. Netherlands
GDP (PPP): $1.33 Trillion
The Netherlands is one of the richest countries in Europe by GDP.
28. Philippines
GDP (PPP): $1.39 Trillion
The Philippines has a GDP of $1.39 trillion, as of 2024.
27. Nigeria
GDP (PPP): $1.44 Trillion
Nigeria is one of the fastest-growing countries in the world and has a GDP of $1.44 trillion, as of 2024.
26. Vietnam
GDP (PPP): $1.56 Trillion
Vietnam is a small country with a high GDP of $1.56 trillion.
25. Bangladesh
GDP (PPP): $1.62 Trillion
Bangladesh ranks 25th among the richest countries in the world by GDP.
24. Pakistan
GDP (PPP): $1.64 Trillion
Pakistan has a GDP of $1.64 trillion, as of 2024.
23. Thailand
GDP (PPP): $1.64 Trillion
Thailand is one of the richest countries in Asia by GDP. Thailand has a GDP of $1.64 trillion, as of 2024.
22. Australia
GDP (PPP): $1.79 Trillion
Australia is one of the fastest-growing economies and has a GDP of $1.79 trillion.
21. Taiwan
GDP (PPP): $1.79 Trillion
Taiwan is well-known to be a semiconductor heaven. Taiwan has a GDP of $1.79 trillion, as of 2024.
20. Poland
GDP (PPP): $1.80 Trillion
Poland ranks 20th among the richest countries in the world by GDP.
19. Iran
GDP (PPP): $1.85 Trillion
Despite sanctions, Iran has flourished to become the 19th largest economy in the world.
18. Egypt
GDP (PPP): $1.90 Trillion
Egypt has a GDP of $1.90 trillion, as of 2024.
17. Saudi Arabia
GDP (PPP): $2.35 Trillion
Saudi Arabia is one of the fastest-growing economies in the region and has a GDP of $2.35 trillion, as of 2024.
16. Canada
GDP (PPP): $2.47 Trillion
Canada has a GDP of $2.47 trillion and ranks 16th among the world’s richest countries by GDP.
15. Spain
GDP (PPP): $2.52 Trillion
Spain ranks 15th among the richest countries in the world in 2024.
14. South Korea
GDP (PPP): $3.06 Trillion
South Korea has a GDP of $3.06 trillion in 2024.
13. Italy
GDP (PPP): $3.35 Trillion
Italy is one of the richest countries in Europe by GDP and has a GDP of $3.35 trillion.
12. Mexico
GDP (PPP): $3.43 Trillion
Mexico has a GDP of $3.43 trillion and ranks 12th among the richest countries in the world by GDP.
11. Turkiye
GDP (PPP): $3.83 Trillion
Turkiye has a GDP of $3.83 trillion, as of 2024.
10. France
GDP (PPP): $3.99 Trillion
France ranks 10th among the world’s richest countries in the world by GDP.
9. United Kingdom
GDP (PPP): $4.03 Trillion
The United Kingdom has a GDP of $4.03 trillion and is one of the largest economies in the world by GDP.
8. Brazil
GDP (PPP): $4.27 Trillion
Brazil has a GDP of $4.27 trillion, as of 2024.
7. Indonesia
GDP (PPP): $4.72 Trillion
Indonesia is the seventh richest country in the world by GDP.
6. Russia
GDP (PPP): $5.47 Trillion
Russia has a GDP of $5.47 trillion and is one of the largest economies in the world.
5. Germany
GDP (PPP): $5.69 Trillion
Germany has a GDP of $5.69 trillion and ranks fifth among the richest countries in the world by GDP.
4. Japan
GDP (PPP): $6.72 Trillion
Japan has a GDP of $6.72 trillion, as of 2024.
3. India
GDP (PPP): $14.59 Trillion
India is one of the fastest-growing economies in the world and has a GDP of $14.59 trillion.
2. United States
GDP (PPP): $28.78 Trillion
The United States ranks second among the richest countries in the world by GDP.
1. China
GDP (PPP): $35.29 Trillion
China has surpassed the US as the richest country in the world by GDP, with a GDP of $35.29 trillion, as of 2024. China’s economy is backed by a large manufacturing capacity as it is the largest manufacturing country in the world. China has a high growth prospect with a projected growth rate of 5% in 2024 and 4.5% in 2025, while the US is fearing recession with its projected growth rate of 1.9% in 2025.
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