Top Ten Richest Countries in The World with their GDP as the basic Economic Indicator

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The different phases of economic cycles toss economies around the world. However, it’s interesting to see that these top economies don’t budge easily from the positions they hold. When compared to the top 20 economies of 1980, 17 are still present on the list, which means only three new entrants.

This list is based on the IMF’s World Economic Outlook Database, October 2019

  • Nominal GDP = Gross domestic product, current prices, U.S. dollars 
  • GDP based on PPP = Gross domestic product, current prices, purchasing power parity, international dollars
  • Gross domestic product per capita, current prices, U.S. dollars
  • Gross domestic product based on purchasing-power-parity (PPP) share of world total, percent

10. Canada

Canada Nominal GDP: $1.73 trillion – Canada GDP (PPP): $1.84 trillion Canada displaced Russia to take the 10th spot in 2015 and has retained its position since then. Canada’s nominal GDP is currently at $1.71 trillion and is expected to touch $1.74 trillion in 2019 and $2.13 trillion by 2023. Its per capita GDP of $46,260.71 is ranked 20th globally, while its GDP of $1.84 trillion in terms of PPP pulls it down to the 17th spot.

CANADA map

The country has contained its level of unemployment and it’s likely to further shrink. While services are the major sector, manufacturing is the cornerstone of the economy, with 68% of its exports constituting of merchandise exports. Canada is laying a lot of emphasis on manufacturing, which is crucial to its future economic growth. Canada registered a growth of 3% in 2017 vis-à-vis 1.4% in 2016 and is expected to grow 2% during 2018 and 2019. 

9. Brazil

Brazil Nominal GDP: $1.85 trillion – Brazil GDP (PPP): $3.37 trillion. Brazil is the largest and most populous nation in Latin America. With a nominal GDP of $1.87 trillion, Brazil is the ninth-largest economy in the world. The nation that had been riding on the commodity wave suffered multiple setbacks with the end of the commodity supercycle, in addition to internal problems of corruption and political uncertainty, which dampened the investment and business environment. 

During 2006–2010, the nation grew at an average 4.5%, moderating to around 2.8% in 2011–2013. By 2014, it was barely growing at 0.1%. In 2016, Brazil contracted by 3.5% before rebounding by 1% in 2017. IMF projects the economic growth to revive to 2.5% by 2019. Brazil is part of the BRICS, along with Russia, India, China, and South Africa. The country has a GDP (PPP) of $3.37 trillion and a GDP per capita of $8,967.66.

8. Italy

Italy Nominal GDP: $1.99 trillion – Italy GDP (PPP): $2.40 trillion. With a nominal GDP of $2.07 trillion, Italy is the world’s eighth-largest economy. Its economy is expected to expand to $2.26 trillion by 2023. In terms of GDP (PPP), its economy is worth $2.40 trillion and it has a per capita GDP of $34,260.34. Italy—a prominent member of the eurozone—has been facing deep political and economic chaos. Its unemployment rate continues to be in double-digits, while its public debt remains sticky at around 132% of GDP.

On the positive side, exports and business investment are driving economic recovery. The economy clocked 0.9% and 1.5% in 2016 and 2017, respectively. It is projected to edge down to 1.2% in 2018 and 1.0% in 2019.

7. France

La Defense, business district in Paris

France Nominal GDP: $2.71 trillion – France GDP (PPP): $2.96 trillion. France, the seventh country in the country by GDP, the most-visited country in the world, is the third-largest economy of Europe and the sixth-largest in the world, with a nominal GDP of $2.78 trillion. Its GDP in terms of purchasing power parity is around $2.96 trillion.

The country offers a high standard of living to its people as reflected in its GDP per capita of $42,877.56. In recent years, the economic growth has slowed, resulting in unemployment that has placed immense pressure on the government to reboot the economy. The World Bank has recorded unemployment rates at 10% during 2014, 2015, and 2016. During 2017, it declined to 9.681%.

Top Tourism Attraction in France

In addition to tourism, which remains very important for its economy, France is a leading agricultural producer, accounting for about one-third of all agricultural land within the European Union. France is the world’s sixth-largest agricultural producer and the second-largest agricultural exporter, after the United States.

The manufacturing sector is primarily dominated by the chemical industry, automotive, and armament industries. The economy has grown by 2.3% during 2017 and is expected to grow 1.8% and 1.7% during 2018 and 2019 as per the IMF. 

6. United Kingdom

UK Birmingham

U.K. Nominal GDP: $2.83 trillion – U.K. GDP (PPP): $3.04 trillion. The United Kingdom, with a $2.83 trillion GDP is the sixth largest economy in the world. When compared in terms of GDP purchasing-power-parity, U.K. slips to the ninth spot with a GDP-PPP of $3.04 trillion. It ranks 23rd in terms of GDP per capita, which is $42,558. Its nominal GDP is estimated to remain at $2.83 trillion during 2019, but its ranking is expected to slide to the seventh spot by 2023 with its GDP of $3.27 trillion.

Starting from 1992 until 2008, the economy of the U.K. witnessed an uptrend in each quarter. However, it witnessed a decline in its output for five consecutive quarters starting April 2008. The economy shrunk by 6% during this time (between the first quarter of 2008 and the second quarter of 2009) and eventually took five years to grow back to the pre-recession levels, according to data from the Office of National Statistics.

Services Sectors in UK

The economy of the U.K. is primarily driven by the services sector, which contributes more than 75% of its GDP, with manufacturing the second prominent segment, followed by agriculture. Although agriculture is not a major contributor to its GDP, 60% of the U.K.’s food needs are produced domestically, even though less than 2% of its labor force is employed in the sector.

5. India

Luxury Destination in India .

India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion. India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a nominal GDP of $2.94 trillion. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France. The country ranks third when GDP is compared in terms of purchasing power parity at $11.33 trillion. When it comes to calculating GDP per capita, India’s high population drags its nominal GDP per capita down to $2,170. The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. India’s growth rate is expected to rise from 7.3% in 2018 to 7.5% in 2019 as drags from the currency exchange initiative and the introduction of the goods and services tax fade, according to the IMF.

Service sector in India

India’s post-independence journey began as an agrarian nation; however, over the years the manufacturing and services sector has emerged strongly. Today, its service sector is the fastest-growing sector in the world, contributing to more than 60% to its economy and accounting for 28% of employment. Manufacturing remains as one of its crucial sectors and is being given due push via the governments’ initiatives, such as “Make in India.” Although the contribution of its agricultural sector has declined to around 17%, it still is way higher in comparison to the western nations. The economy’s strength lies in a limited dependence on exports, high saving rates, favorable demographics, and a rising middle class. 

4. Germany

Germany Cultural Heritage

Germany Nominal GDP: $3.86 trillion – Germany GDP (PPP): $4.44 trillion. Germany is not just Europe’s largest economy but also the strongest. On the global scale, it is the fourth-largest economy in terms of nominal GDP, with a $4 trillion GDP. The size of its GDP in terms of purchasing power parity is $4.44 trillion, while its GDP per capita is $46,560 (18th place). Germany was the third-largest economy in nominal terms in 1980, with a GDP of $850.47 billion.

The nation has been dependent upon capital good exports, which suffered a setback post-2008 financial crisis. The economy grew by 2.2% and 2.5% in 2016 and 2017, respectively. However, the IMF says this slipped to 1.5% and 0.5% in 2018 and 2019, respectively. To bolster its manufacturing strength in the current global scenario, Germany has launched Industrie 4.0—its strategic initiative to establish the country as a lead market and provider of advanced manufacturing solutions.

3. Japan

Japan Nominal GDP: $5.15 trillion- Japan GDP (PPP): $5.75 trillion. Japan is the third-largest economy in the world, with its GDP crossing the $5 trillion mark in 2019. The financial crisis of 2008 rocked the Japanese economy and it’s been a challenging time for its economy since then.

The global crisis triggered a recession, followed by weak domestic demand and huge public debt. When the economy was beginning to recover, it suffered a massive earthquake that hit the country socially and economically. While the economy has broken the deflationary spiral, economic growth remains muted. 

Japan Investment

Its economy will get some stimulus with the 2020 Olympics keeping the investment flow strong, which is backed by a lax monetary policy by the Bank of Japan. Japan slips to the fourth spot when GDP is measured in terms of PPP; GDP (PPP) is $5.75 trillion in 2019, while its GDP per capita is $40,850 (24th spot).

2. China

China map the second rich country in the world

China Nominal GDP: $14.14 trillion – China GDP (PPP): $27.31 trillion. China has experienced exponential growth over the past few decades, breaking the barriers of a centrally-planned closed economy to evolve into a manufacturing and exporting hub of the world.

China as World Factory

China is often referred to as the “world’s factory,” given its huge manufacturing and export base. However, over the years, the role of services has gradually increased and that of manufacturing as a contributor to GDP has declined relatively. Back in 1980, China was the seventh-largest economy, with a GDP of $305.35 billion, while the size of the U.S. then was $2.86 trillion.

Since it initiated market reforms in 1978, the Asian giant has seen an economic growth averaging 10% annually. In recent years, the pace of growth has slowed, although it remains high in comparison to its peer nations. 

Central Bank of China

The IMF projects a growth of 5.8% in 2020, which would sober down to around 5.6% by 2023. Over the years, the difference in the size of the Chinese and the U.S. economy has been shrinking rapidly. In 2018, the Chinese GDP in nominal terms stood at $13.37 trillion, lower than the U.S. by $7.21 trillion.

Classical loft and modern city skyline in China Chongqing

In 2020, the gap is expected to reduce to $7.05 trillion, and by 2023, the difference would be $5.47 trillion. In terms of GDP in PPP, China is the largest economy, with a GDP (PPP) of $25.27 trillion. By 2023, China’s GDP (PPP) would be $36.99 trillion. China’s huge population brings down its GDP per capita to $10,100 (seventieth position).

1. United States

U.S. States Map the richest country in the world

U.S. Nominal GDP: $21.44 trillion – U.S. GDP (PPP): $21.44 trillion

The U.S. has retained its position of being the world’s largest economy since 1871. The size of the U.S. economy was at $20.58 trillion in 2018 in nominal terms and is expected to reach $22.32 trillion in 2020.

The U.S. is often dubbed as an economic superpower and that’s because the economy constitutes almost a quarter of the global economy, backed by advanced infrastructure, technology, and an abundance of natural resources.

USA Economy

When the economies are assessed in terms of purchasing power parity, the U.S. loses its top spot to its close competitor China. In 2019, the U.S. economy, in terms of GDP (PPP), was at $21.44 trillion, while the Chinese economy was measured at $27.31 trillion. The gap between the size of the two economies in terms of nominal GDP is expected to lessen by 2023; the U.S. economy is projected to grow to $24.88 trillion by 2023, followed closely by China at $19.41 trillion.


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