China is much richer in total economic size (total GDP), ranking second globally, while South Korea is richer on a per person basis (GDP per capita), meaning its average citizen is wealthier, as China's massive population dilutes its per capita wealth. So, China has a larger economy, but South Korea has a higher standard of living and economic output per individual.
The new findings estimate that, in 2022, China was three years behind the US in terms of technological prowess while South Korea was 3.2 years behind.
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
According to IMF data, South Korea's GDP per capita now stands at $37,674, overtaking Japan's $33,956. This is a dramatic shift from 1990, when Japan's GDP per capita ($25,809) was nearly four times that of South Korea ($6,848).
Singapore tops the list with a stunning GDP per capita (PPP) of $156,755, cementing its position as the richest country in Asia for 2025. The city-state's robust financial sector, strategic trade hub status, and innovation-driven economy continue to fuel its growth.
It has the 4th largest economy in Asia and the 13th largest in the world as of 2025. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few decades.
Australia has a GDP of $1.76T compared to $1.88T for South Korea, ranking 14/197 and 12/197 by economy size, respectively.
Based on Wordometer's data, the US stands out with $80,706, making it the richest country per GDP in the world. Following the US, the richest countries per GDP are China, Germany, Japan, India, and the UK, respectively.
By 2050, China is projected to be the world's richest country by total GDP, leading a significant shift where emerging economies like India, Indonesia, Brazil, and Russia rise to challenge traditional giants, with the U.S. potentially falling to third, while Singapore might become the richest per capita (PPP), though these predictions depend heavily on technological progress, political stability, and growth rates.
Australia currently stands as the second-wealthiest country in the world, with a median wealth per adult of US$268,000 (AU$413,000). In other words, half the population has more than this amount and half has less.
South Sudan ranks as the poorest country globally, grappling with prolonged civil war, oil dependency, and severe food insecurity. The ongoing conflict disrupts agricultural production, leaving over 60% of its population in need of humanitarian assistance.
South Korea (winner)
I found Korea to be pretty affordable. I'd argue it's the cheapest among the 3. A ticket on the high speed KTX train from Busan to Seoul (2.5 hours roughly) costs about $50 and the train comes with Wi-Fi. Food costs around the same as China, but utilities are a bit more expensive.
Singapore tops the list with a stunning GDP per capita (PPP) of $156,755, cementing its position as the richest country in Asia for 2025.
Countries with the largest GDP worldwide 2025
In 2025, the United States had the largest economy in the world, with a gross domestic product of over 30.6 trillion U.S. dollars China was the world's second-largest economy, at around 19.4 trillion U.S. dollars.
1. United States. The US has held the position of the world's strongest economy since 1871, after surpassing the UK at the time. The US dollar (USD) is one of the strongest currencies in the world and the most popular currency to trade overall.
Once you include rent into your calculations, the cost of living in South Korea is 18.2% lower vs Australia. If you look just at rent, the cost of rent in South Korea is 49.2% lower than Australia.
Based on up-to-date 2024 data from the Korea Real Estate Board and statistics analyzed by the Ministry of Land, Infrastructure and Transport (source), the average sale price for a 3 bedroom home (approximately 85–100㎡ or 914–1,076 sq ft) in Seoul falls between ₩800 million to ₩2.5 billion KRW ($600,000–$1.8M USD).
However, the "First World" is generally thought of as the capitalist, industrial, wealthy, and developed countries. This definition includes the countries of North America and Western Europe, Japan, South Korea, Australia, and New Zealand.
According to current data, Luxembourg holds the top spot as the 'richest country in the world' with a 2023 GDP per capita (PPP) of about 148,700 US dollars. Singapore is in second place, clearly outpacing many competitors thanks to its strong financial sector and friendly business environment.
What can 50,000 won buy in Korea? In South Korea, 50,000 won can cover different costs depending on what you need. This amount might pay for several meals at average restaurants or one or two meals at fancier places.
According to the World Bank, Russia's GDP, PPP for 2017 measured in constant 2011 international dollars was $3.637 trillion, making it the world's 6th largest economy; South Korea's GDP, PPP for 2017 was 14th in the world at $1.85 trillion, or just 51 percent of Russia's.