Some of the world’s richest countries dominated the world of business. A country’s wealth may be based on their per capita income of its citizens or the total market value of all its goods and services in one year.
Per capita income measures the micro effect of the economy on the country’s citizens, while the total market value of its goods and services measures the country’s economic influence and power around the world.
We have listed below the top 10 richest countries in the world based on the gross domestic product of its goods and services.
1. United States: GDP – $15,653.37 Billion
The United States is one of the countries gifted with natural resources and has a well-developed infrastructure and high labor productivity. The US is the leading producer of energy, liquid natural gas, sulfur, phosphates and salt. The wholesale, retail and manufacturing sector in the country is one of the most sophisticated and advanced.
2. China: GDP – $8,250.24 Billion
The world’s largest economy, China is also the world’s most populous country. It’s cheap labor force and diverse manufacturing fueled the countries advancement globally. It is one of the leading examples of state capitalism. While private enterprises have expanded by leaps and bounds, the state still controls vital industries like energy and heavy industries.
3. Japan: GDP – $5,984.39 Billion
Japan is considered as one of the most advanced country dominating a large industrial sector. The country is also a home to some of the most technologically advanced producers of automobiles, electronics, machine tools, steel and other non ferrous metals, ships, chemical substances, textiles and processed foods.
4. Germany: GDP – $3,366.65 Billion
The most populous country member of the European Union. The country can boasts of some of the world’s most skilled labor force. The country has also a high level of innovation. Some of the world’s modern industrial facilities were also present in Germany.
5. France: GDP – $2,580.42 Billion
France owns the second largest exclusive economic zone in the world aside from being the largest country in Western Europe. The French country is also an important producer of agricultural products not only in Europe. The energy sources of France depends mainly on its massive nuclear power.
6. United Kingdom: $2,433.78 Billion
The country’s robust service sector accounts 73% of it’s Gross Domestic Product. The United Kingdom is also a leading producers of automobiles, aerospace and pharmaceuticals products. The country also has an abundance of coal, petroleum, natural gas, tin, limestone, iron ore, lead, salt and clay.
7. Brazil: $2,425.05 Billion
Its major exports include aircrafts, electrical equipment, ethanol, textiles, automobiles, footwear, iron ore, steel, coffee, orange juice and soybeans.
8. Italy: $1,980.45 Billion
Italy is known for its competitive agricultural sector and considered as the world’s largest producers of wine. The country can also boasts of the some of the world’s most renowned automobile brands.
9. Russia; $1,953.56 Billion
The second largest country in the world in terms of land area. Russia has the largest reserves of forestry, minerals and energy and resources. It is also one of the largest producers of oil and natural gas. The country also owns one fourth of liquid fresh water in the world.
10. India: $1,946.76 Billion
India is the world’s largest democracy and has the second largest labor force in the world. The country’s main exports are petroleum products, textiles, software items, engineering products, chemicals and leather manufacturers.