The figure shows per capita GDP in dollars in terms of purchasing-power parity (PPP). Each magnitude of growth is rounded to the nearest tenth. In 2017, China's per capita GDP at market exchange rates was $8,800, somewhat below Russia's ($10,700) (both well below that of the United States, $59,500).
The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly oil and natural gas. It is the world's eleventh-largest economy by nominal GDP, and the sixth-largest by purchasing power parity (PPP).
By 2021 it was the 11th biggest economy. The US topped the list in 2022 with a nominal GDP estimated at 25.5 trillion USD. China ranked 2nd, followed by Japan, Germany, and India. The World Bank says the Russian economy is performing significantly better than expected.
The United States remains the most powerful country in the world, followed by China and Russia. However, the balance of power may shift in the coming years as countries like India and Brazil continue to grow economically and assert themselves on the global stage.
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.
Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
The United States has the world's highest national debt at $31.4 trillion. Global debt currently stands at $305 trillion, $45 trillion higher than before the COVID-19 pandemic, according to the Institute of International Finance (IIF) – a global association of the financial industry.
Russia has a GDP per capita of $26,500 as of 2020, while in Germany, the GDP per capita is $50,900 as of 2020. In Russia, 12.6% live below the poverty line as of 2018. In Germany, however, that number is 14.8% as of 2018. Russia has a top tax rate of 13.0% as of 2016.
With a GDP of 25.46 trillion dollars, the USA is by far the world's largest economy in this ranking for 2022. It is followed by China in second place with a GDP of 17.96 trillion dollars. Canada is also quite far ahead in the international comparison and occupies the ninth place in this ranking.
Which are the top 5 GDP countries in the world? The US, China, Japan, Germany, and India, respectively, hold those positions in 2023.
In April 2017, the World Bank stated that Ukraine's economic growth rate was 2.3% in 2016, ending the recession. Despite these improvements, Ukraine remains the poorest country in Europe, which some have attributed to high corruption levels and the slow pace of economic liberalization and institutional reform.
What are the main parts of Russia's economy? Russia's gross domestic product (GDP) is mainly composed of three sectors: agriculture, industry, and service. Agriculture contributes about 5.6% to GDP, followed by industry and service, which contribute 26.6% and 67.8%, respectively.
In 2017, the average Russian citizen was 1.8 times wealthier than in 2000. But despite strong growth, Russia's per capita wealth is still only about a quarter than in OECD countries. From 2000–2017, Russia's per capita wealth grew multiple times faster than that of high-income countries, but from a much lower base.
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.
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.
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.]
Nevertheless, China and Russia currently enjoy the best relations they have had since the late 1950s. Although they have no formal alliance, the two countries do have an informal agreement to coordinate diplomatic and economic moves, and build up an alliance against the United States.
The US dominates the air with far more bases, fighter jets and bombers than Russia but Russia is superior on the ground with more tanks, artillery and land vehicles. At sea, the countries are more evenly matched, but here the US has the edge with more destroyers, submarines and aircraft carriers.
A potential World War 3 would undoubtedly unleash an unparalleled level of suffering and devastation on a global scale. From the displacement of millions to severe food security threats, humanity would face unprecedented challenges that would strain our capacity to respond.