While the fact that a country has money does not imply that it is managed properly or directed towards the welfare of its citizens, a country’s economic capacity is an important element in enabling the creation, maintenance and management of different assets.

The services and infrastructure that each country has or could have are the result of an arduous process of research and development. A great deal of research has been carried out to assess which countries have the highest quality of life, taking into account, among other things, economic capacity.

In relation to this last aspect, the twenty-five richest countries in the world will be presented below .

Wealth… what is it?

The term wealth refers to a concept that can be very broad. When we speak of the level of wealth of a person or country, we can be referring to a great number of things.

Their culture, language, spirituality, capacity to bond with others, acceptance and tolerance, level of well-being and happiness… However, in everyday language when we talk about the level of wealth of a country we refer to the economic sphere, the abundance of money , goods, assets and/or possessions.

When comparing the level of wealth of different countries, groups or individuals, in addition to the above, the choice of the scale to be used to make such a comparison comes into play. This is because the level of economic wealth can be assessed in aspects such as the total amount of capital available in each element being compared, taking into account their capacity, population and size when making such a comparison or comparing the standard of living of their populations.

Below we first present the list of the twenty-five richest countries in the world according to nominal GDP, and then a second list with per capita GDP.

The twenty-five richest countries by nominal GDP

In terms of total amounts of wealth (i.e. the amount of Gross Domestic Product or nominal GDP), regardless of how this is distributed, the size and population of the country and the level of well-being of the population, the International Monetary Fund reflects that during the year 2016 the 25 richest countries have been the following (values recorded in USD or US dollars)

1. United States

Considered the world’s largest power, the United States has a GDP of 18,561,934 million dollars .

However, it is also true that this is a country of great inequality. In areas of the interior, such as Detroit, poverty wreaks havoc.

2. China

Also known as the sleeping tiger because of its enormous economic potential, China is in second position with a GDP of 11,391,619 million dollars .

3. Japan

The country of the rising sun is in third place in terms of wealth according to the GDP, with approximately 4,730,300 million dollars .

4. Germany

One of the main economic engines of Europe, Germany has a GDP of 3,494,898 million dollars , which has earned it the fourth position in the ranking.

5. United Kingdom

The United Kingdom is in fifth position with $2,649,893 million . On the other hand, this situation may change with the exit from the European Union.

6. France

The French country has a gross domestic product of 2,499,284 million dollars , being the sixth richest country in the world in this regard.

7. India

One of the powers with the highest rate of economic growth, India’s GDP has reached $2.25 billion by 2016, making it the seventh richest power at present. Elements that play against its economic growth are the environmental crises and the armed confrontations with Pakistan and with guerrillas.

8. Italy

Despite the effects of the crisis, Italy is in eighth position in terms of the level of wealth according to the GDP, with around 1,852,499 million dollars . It should be taken into account that this country presents a pronounced inequality between the north and the south, being the first richest region.

9. Brazil

This beautiful country is in ninth position in terms of wealth, with a GDP of 1,769,601 million dollars . But there are also areas totally isolated from public services that are considered minimal, and large pockets of poverty both in slums and in villages.

10. Canada

A GDP of $1.532 billion is what has earned Canada the tenth position on this list. It also has excellent public services.

11. South Korea

Despite its complicated situation with respect to North Korea, South Korea has been during 2016 the eleventh richest country in the world according to the International Monetary Fund, with 1,404,383 million dollars . As negative points we must point out the extreme competitiveness of its business culture, which leads many people to suicide.

12. Russia

Another major superpower, Russia is in twelfth position with a GDP of $1,267,754 million . However, wealth is concentrated in a few large cities, especially Moscow.

13. Australia

In 2016, Australia ranked thirteenth in terms of GDP, with $1.256 billion in its coffers.

14. Spain

Despite the effects of the economic crisis and the political imbalance, our country is in fourteenth position in terms of GDP, with around 1,252,163 million dollars .

15. Mexico

The Mexican country is in fifteenth position with a GDP of 1,063,606 million dollars .

16. Indonesia

Indonesia, with 940,953 million dollars in GDP , is in sixteenth position.

17. Netherlands

The Netherlands has had a GDP of $769.93 billion, being the 17th richest country according to the International Monetary Fund.

18. Turkey

With 735,716 million dollars , Turkey has been during 2016 the eighteenth richest country –

19. Switzerland

Switzerland has a GDP of 662,483 million dollars , which in terms of the amount of money in circulation makes it the nineteenth largest country in the world.

20. Saudi Arabia

Saudi Arabia registers in 2016 a GDP of 637.785 million dollars , which means the twentieth position in the ranking.

21. Argentina

The twenty-first position with respect to the twenty-five richest countries is for Argentina, with a GDP of 541,748 million dollars .

22. Taiwan

Taiwan ranks 22nd, with a GDP of US$519.149 billion .

23. Sweden

A GDP of 517.44 billion dollars is what has made Sweden the twenty-third richest country in the world for the year 2016.

24. Belgium

Belgium is the twenty-fourth richest country in the world, with a GDP of 470,179 million dollars .

25. Poland

The twenty-fifth position is held by Poland, with a GDP of 467.35 billion dollars .

The twenty-five richest countries in the world according to their per capita GDP

As we have said, the wealth and well-being of a country can be calculated in many ways.

The above list reflected the twenty-five richest countries on the basis of nominal GDP, i.e. the amount of money the country has without taking into account other factors. The amount of gross money that the country has is important, but if only that factor is taken into account the information obtained is biased and limited, not knowing the real capacity of the general population.

To solve this problem we can apply the GDP per capita, that is to say the ratio between GDP and the number of inhabitants that allows us to make an average of what a citizen receives per year from the gross domestic product, which gives us a better idea of the standard of living of the population in general. Let’s see below the twenty-five countries with the highest GDP per capita

Qatar

Qatar is the country with the highest per capita income, with $137,162 per year per citizen .

2. Luxembourg

Luxembourg is the European country with the highest per capita income, being the second in the world, with an amount of 97,639 dollars per year .

3. Singapore

With a per capita GDP of $83,066 per year , Singapore is in third position. This city-state located in southern Malaysia bases its economy on exports, oil and as a financial centre.

4. Brunei

The state of Brunei, on the island of Borneo, is the fourth highest per capita income country in the world, with $79,890 per year .

5. Kuwait

The fifth position in this ranking of the countries with the highest GDP per capita is for Kuwait, with an approximate amount of 70,686 dollars per year .

6. Norway

With $67,166 per year , Norway’s GDP per capita makes it the sixth richest country per inhabitant.

7. United Arab Emirates

The United Arab Emirates has a per capita GDP that places it in seventh position, with $66,347 per year per inhabitant .

8. San Marino

The Serenissima Republic of San Marino, located within Italy, is another of the regions with the highest per capita income in the world, with $60,887 per year .

9. Switzerland

Switzerland is one of the countries that, having one of the highest GDPs in the world, also has the best distribution, with a per capita GDP of USD 58,149 per year .

10. Hong Kong

Hong Kong ranks tenth as one of the countries with the highest per capita income in the world, with an amount of 55,097 dollars per year .

11. United States

The power with the highest GDP at the world level is one of those that also have the highest GDP per capita, being this of 54,370 dollars per year .

12. Saudi Arabia

The per capita income of Saudi Arabia is $52,311 per year , being the eleventh power worldwide.

13. Ireland

Ireland has a GDP per capita of $51,284 per year , being another country with greater parity in wealth.

14. Bahrain

The Kingdom of Bahrain, on the Persian Gulf coast, ranks fourteenth on this list with a per capita income of $49,020 per year .

15. Netherlands

The Netherlands, and specifically the Netherlands, is another country that coincides in having one of the highest nominal GDPs while having the highest GDP per capita, with 47,960 dollars per year in this second aspect .

16. Austria

With a per capita GDP of $46,550 per year , Austria is another country with the highest wealth parity, ranking sixteenth.

17. Australia

With a GDP that placed it last year in thirteenth place among the world’s richest countries, Australia ranks seventeenth in terms of the distribution of this wealth, with a per capita GDP of $46,550 per year .

18. Sweden

This country is also one of the richest, best distributed countries with a per capita GDP of US$46,219 per year .

19. Germany

The economic engine of Europe is in nineteenth position in per capita income, with $46,216 per year .

20. Taiwan

Taiwan’s gross domestic product at purchasing power parity per capita is $46,036 per year , which puts the region in twentieth position.

21. Canada

With a per capita GDP of $45,723 per year , Canada is in 21st position.

22. Denmark

Denmark is another country with one of the highest per capita incomes in the world, with $45,451 per year .

23. Iceland

Iceland has a GDP per capita of 45,269 , making it the 23rd richest country in the population.

24. Belgium

The citizens of Belgium have a per capita GDP of $43,800 per year .

25. France

In twenty-fifth place, France has a per capita income of $41,018 per year s .

Bibliographic references:

  • International Monetary Fund (2018). “Report for Selected Countries and Subjects.