According to the latest available data from the World Bank, the United States of America is currently the world's largest economy, with a GDP of over $23 trillion in 2021.
China will be the world's largest economy in 2030, overtaking the US, while India – currently the seventh biggest – will be third, pushing Germany and Japan down a position.
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050.
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.
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.
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.
Although governments do hold power over countries' economies, it is the big banks and large corporations that control and essentially fund these governments. This means that the global economy is dominated by large financial institutions.
India will remain the fastest-growing major economy in terms of both aggregate and per capita GDP despite the slowdown in growth, the World Bank said on Tuesday.
Australia
Australia has the 13th largest economy in the world, with an overall GDP of $1.33 trillion and a GDP per capita of $51,885.
China is Asia's largest economy and is projected by PwC to be the largest economy in the world by 2050. Today, 95% of Apple Inc. (NASDAQ:AAPL)'s iPhones, iPads, and Macbooks are manufactured in China.
Since the beginning of the pandemic, Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022.
There are countries such as Jersey and Guernsey which have no national debt, so the pay no interest. All this started with the Napoleonic wars when the government borrowed money to fund the war.
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.]
Australians collected a higher median wealth per adult than anywhere else in the world at $US273,900 ($A390,870) – nearly three times the median wealth of $US93,270 ($A133,100) in the US. Australia was followed on the rich list by Belgium and New Zealand, with the US trailing behind at number 18.
According to statistics, Switzerland has the highest proportion of millionaires as of 2021, closely followed by Luxembourg. Even though the income tax rate in Switzerland is 40%, 16.4% of the world's millionaires reside there as of 2021.
Countries With Most Billionaires
The United States is the country with the most billionaires, with a total of 724 billionaires. China is the country with the second-highest number of billionaires, with 698 individuals.