Richest Countries in the World: Nominal GDP 2021

 What are the richest countries in the world, by total GDP?

There are more than 200 countries in the world. Not all of these share the same economic power. Here, I’ve listed some richest countries in the world in the year 2021: Due to the COVID-19 pandemic, world economies are highly affected because it has crashed the tourism, trade, and production sector of all nations. This data for 2021 is estimated by IMF, which is one of the reliable sources of statistics.


GDP Image


United States of America 

The USA is the richest country in the world with highest GDP out of all countries. It is highly developed and advanced in all sectors. About 24.5% of global wealth is accumulated by the USA. Yes! It’s a really huge economy. Major sectors like service, industry, finance, insurance, technology, and tourism contribute to a large portion of the economy. On the other hand, the US is also a large exporter of military equipment. Many giant well-known companies like Facebook, Google, Microsoft, Ford, Intel, and tons more are hosted in the US.




richest country in the world USA

In the year of 2021 nominal GDP of the USA is estimated at around 22.6 trillion US$. It is a very huge figure, nearly 10 times than whole Africa continent. However, GDP per capita is slightly lower.

Due to an open economy and direct foreign investment US has been able to gain such a massive economy.

Note: In 2021 November, China has Surpassed USA  and became Richest Country in the World.

China

China is the second richest country in the world and the richest economy in Asia. Nearly 16.3% of the global economy is acquired by China. It is an industrialized and agricultural country which is advanced in technology and innovations. Major sectors like Industry, service, agriculture, hospitality, IT, and tourism have major contributions to China’seconomy.

Second richest country in the world China


In the year of 2021 nominal GDP of China is estimated at around 16.64 trillion USD. After China’s economic reform, GDP has increased by more than 10% per annum. It is the fastest developed nation in the world till date. China is the world’s largest industrial country. Especially, textile, computer chips, electronic gadgets, and machinery are China’s largest production and export sectors.

It is estimated that China will surpass the highest GDP of the US by 2030. It is seeing possible because China is growing each year rapidly.

Japan

Japan is the third-largest economy in the world with annual GDP of 5.37 Trillion US$ in 2021. It is one of the advanced countries in the world. The majority of GDP generates from Service, Technology, Industry, Tourism, and Finance. Japan is a world leader in the manufacture of electrical appliances, automobiles, machine tools, optical and precision equipment, and chemicals.

Third richest country in the world Japan


The Japanese economy has been increased after the 2nd world war, now it became the largest open market economy in Asia. Due to hard working and punctual behavior of the Japanese people, they have gained such a large economy despite heavy loss in the 2nd world war.

Currently, Japan is home to some world-known brands like Honda, Toshiba, LG, Toyota, Mitsubishi, Softbank, etc.

Germany

Germany is Europe’s largest economy and the world’s fourth-largest economy. It is the huge social market economy. The GDP of Germany has remained around 4.31 trillion USD in 2021. Surprisingly, it is accounted for nearly 25% GDP of the European Union. Being the largest contributor to Europe, trade is done with almost all countries of the Eurozone. Industries, IT, Automobiles, Service, Tourism, and Food processing are the major contribution of the German economy.

fourth richest country in the world Germany


Education is completely free in Germany for all people around the globe. Due to a mixed economy, Germany enjoys good government facilities and a robust economy as compared to other nations on the list.

It is not only rich in GDP but also shares the 2nd highest human development index in the world.

United Kingdom

The United Kingdom is the world’s fifth-richest country in the world. It was the largest empire in the world in the past. The UK is an advanced, diverse, and rich country formed by the composition of England, Wales, Scotland, and Northern Ireland. In 2021 GDP of the UK is around 3.12 Trillion USD. Major contributions to UK’s economy are Service, Industry, Banking, Finance, Agriculture, and Tourism sectors.

Fifth richest country in the world UK


Britain’s economy is rising rapidly after leaving European Union. The financial action of the UK is covering creation, distribution, utilization, and exchange of labor and products. People, organizations, associations, and governments all influence the advancement of the economy.

At last,

 India, Canada, Korea, Italy, and France are other countries that have a GDP of over 1 Trillion.

 Fact: There is an unequal distribution of wealth in the world because top 10 richest countries have more than 65% wealth in total.

 

 

Post a Comment

0 Comments