The world's 12th largest economy Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
The richest country in the world is Luxembourg.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
Norway. With a 2021 GDP per capita of $89,242 USD, Norway ranked as the world's seventh-richest worldwide—a feat made more remarkable by the fact that it is one of very few countries in the top 10 that are not considered to be international tax havens.
United States of America The United States is the world's most powerful country, with a dominant military, economic strength, and cultural influence. It has the world's largest military budget, with over 700 military bases around the world, and it is the world's largest economy, with a GDP of over $21.4 trillion.
Who is the richest man in the world? As of July 1, 2023, the richest man in the world is Elon Musk, the CEO of electric car company Tesla; he's worth $237.7 billion. He moved into the number one spot in June, overtaking Bernard Arnault of France.
Luxembourg's per capita GDP is nearly 415 times the per capita GDP of the world's poorest country, Burundi, at $303. Ireland is the second-richest country in the world on a GDP per capita basis with $107,000, followed by Switzerland at nearly $94,000.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
The IMF compiles a measure of the 'purchasing power' of the incomes of the world's nations to account for this difference. This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times. Russia is the most inequitable, with its average wealth 12.6 times that of the median wealth.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
A new report has found the average Australian is three times richer than average American. This is a modal window. No compatible source was found for this media. Australians are the richest with America ranked second in average wealth per adult, according to Investment bank Credit Suisse.
Is living in Australia worth it? Absolutely. Australia is a fantastic place to live, even for foreigners. There aren't only advantages to living in Australia, but they outweigh the disadvantages.
Forbes' real-time data shows that as of June 2023, there are 48 Australian billionaires on the list of the world's richest people.
French L'Oreal heiress Francoise Bettencourt Meyers continues to top the list of the world's richest women after having taken the lead in 2021 from Walmart heiress Alice Walton.
Global Firepower ranked 145 countries based on their military power. It said the US, China, and Russia rank highest, with some surprises further down the list.
Introduction. The size of armies around the world varies greatly, with the People's Republic of China having the largest army, with over 2 million military personnel. India and the United States follow closely behind with 1.46 million and 1.39 million military personnel respectively.
The United States has the strongest military force in the world, with Russia and China in second and third and India in fourth place, according to Global Firepower, a data website that tracks global defence-related information.
Miraculously, Ireland jumped from being one of the poorest countries in Europe to one of the richest in only a matter of years. Ireland's first boom was in the late 1990s when investors (including many tech firms) poured in, drawn by the country's favorable tax rates.
With income from phosphate mining and a population of 4,000 people, Nauru is the richest island in the world per capita. Most Nauruans don't work and can enjoy the comforts of modern society.
The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states.