Get to know the Richest Countries in the World 2023 and the List of Top 20 Richest Countries from here.
The ranking will be given to the countries throughout the world by way of the GDP of the Country. Get updated on Richest Countries in the World 2023 and more from this article.
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Richest Countries in the World 2023
There are several countries in this world of which we are a smaller part. If we look out for the rich or poor status of these countries then we will find out a large number of statistics. The Richest Countries in the World will be ranked in the world’s list by seeing the Country’s “Gross Domestic Product”. When we prepare the list of the wealthiest countries in the world, it does not mean that they will be ranked by the wealth factor.
Let us begin with the crucial information; the Richest country in the world is Singapore or Luxembourg. It is because there is a different list available among different sources. These have the highest gross domestic product in the world, due to which they are at the top of the list of the World. Now, we will be explaining about the Richest Countries in the world.
Luxembourg
It has been given the first rank amongst all the countries in the world. The reason for giving the first rank is the low unemployment rate and the highest GDP in the world.
To build such a high GDP in the world, Steel and Iron industries play a crucial role in building all the other sectors, such as Agricultural Sectors, Multi-National Companies, and others.
Singapore
If we talk about Singapore, its countrymen have played a tremendous role in building the economy. Without zero Natural Resources, they are coming in the top list (Second place) in the world which is not easy for every country.
To build such a high GDP, Global Services Firms play a critical role in other factors such as the tourism sector, electronics, etc.
Top 20 Richest Countries List 2023
The Top 20 Richest Countries list in 2023 is explained below in the table-
These countries are given a rank based on their GNI as follows-
FIRST LIST
| S.NO. | Rank in the World | Name of the Country | GDP of the Country |
| 1. | First | Singapore | $102,450 |
| 2. | Second | Qatar | $92,080 |
| 3. | Third | Bermuda | $87,340 |
| 4. | Fourth | Luxembourg | $83,230 |
| 5. | Fifth | Norway | $82,840 |
| 6. | Sixth | Ireland | $79,450 |
| 7. | Seventh | Switzerland | $75,860 |
| 8. | Eighth | China | $72,260 |
| 9. | Ninth | Hong Kong | $70,700 |
| 10. | Tenth | United States | $70,480 |
| 11. | Eleventh | Brunei Darussalam | $67,580 |
| 12. | Twelve | Denmark | $66,720 |
| 13. | Thirteen | United Arab Emirates | $66,680 |
| 14. | Fourteen | Netherlands | $63,360 |
| 15. | Fifteen | Sweden | $61,090 |
| 16. | Sixteen | Germany | $59,680 |
| 17. | Seventeen | Belgium | $59,460 |
| 18. | Eighteen | Kuwait | $59,040 |
| 19. | Nineteen | Austria | $58,370 |
| 20. | Twenty | Finland | $55,940 |
Based on the GDP there, a list is made in recent times
Second List
| S.No. | Rank | Country | GDP per capita (PPP) |
| 1. | First | Luxembourg | $118,001 |
| 2. | Second | Singapore | $97,057 |
| 3. | Third | Ireland | $94,392 |
| 4. | Fourth | Qatar | $93,508 |
| 5. | Fifth | Switzerland | $72,874 |
| 6. | Sixth | Norway | $65,800 |
| 7. | Seventh | United States | $63,416 |
| 8. | Eighth | Brunei Darussalam | $62,371 |
| 9. | Ninth | Hong Kong SAR | $59,520 |
| 10. | Tenth | Denmark | $58,932 |
| 11. | Eleventh | United Arab Emirates | $58,753 |
| 12. | Twelve | San Marino | $58,427 |
| 13. | Thirdteen | Netherlands | $57,534 |
| 14. | Fourteen | Macao SAR | $56,078 |
| 15. | Fifteen | Iceland | $55,596 |
| 16. | Sixteen | Taiwan | $55,724 |
| 17. | Seventeen | Austria | $55,218 |
| 18. | Eighteen | Sweden | $54,146 |
| 19. | Nineteen | Germany | $54,076 |
| 20. | Twenty | Australia | $51,68 |
First, we need to understand why the other countries cannot enter into the Richest Countries in the World list because their Gross Domestic product is lower than these Countries. To know the exact reason, let us first understand the meaning of the Gross Domestic Product.
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Gross Domestic Product
Gross Domestic Product means that the country has produced a specific number of goods and Services in a year. The GDP is calculated yearly to keep a proper hold on the country’s GDP. It should be calculated on Quarterly Basis. If any country measures the GDP every quarter, it can reduce the mistakes in the upcoming quarter and make a better GDP in the remaining Quarter. There are various types of GDP, and they are as follows:-
a) Nominal GDP
b) GDP per capita
c) Real GDP
d) GDP Growth rate
Calculate the Normal GDP of the country is explained below-
- GDP = purchasing power of the goods and services throughout the year / Average population of the year
2. Y = C + I+ G + ( X – M )
whereas,
Y= Gross Domestic Product
C= Consumption
I= Investment
G= Government Spending Amount
X= Exports
M= Imports
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