The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.
While China and the US are comparable in nominal GDP, there are far more wealthy individuals in America than in China. China — with a population of 1.4 billion — has 780,000 people holding assets worth $1 million or more, while the US — with a population of 332 million — has 5.27 million people in the same category.
Here is the full ranking of the richest countries in 2023, according to their per capita GDP. Luxembourg, one of the smallest countries in the EU has a population of 634,000 and is the richest country in this ranking with a per capita GDP of nearly $130,000.
According to China's National Bureau of Statistics, national gross domestic product per capita reached 85,698 yuan in 2022, or about US$12,741 based on the yuan's average exchange rate last year. That puts the country just slightly below the World Bank's high-income threshold of US$13,205, as of July 2022.
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.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
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.
Here are the 10 richest countries in Asia: China - $11.22 Tn. Japan - $4.94 Tn. India - $2.26 Tn.
There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.
Depending on how you look at it, Australians have it pretty good. The average Australian now has a net worth of more than US$550,000. Collectively, Australian households have a staggering $14 trillion in wealth and the number is steadily growing.
Norway is the country with the highest level of household debt based on OECD data followed by Denmark and the Netherlands.
The country with the highest number of billionaires is, unsurprisingly, the US. The United States of America has 735 billionaires – same as last year, according to Forbes.
Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $234.5 billion.
China dominates every aspect of the bilateral economic relationship, as a net exporter, net creditor and net investor, despite Russia long being a richer country than China.
Capital fright. Faced with such headaches, many have been looking to leave. That was hard in 2020-21, when covid controls hit emigration. But in 2022 some 10,800 high-net-worth individuals, who have an average wealth of $6m, left the country, with the flow accelerating at the end of the year as covid controls eased.
Some consensus has concluded that China has reached the qualifications of superpower status, citing China's growing political clout and leadership in the economic sectors has given the country renewed standings in the International Community.
India to overtake China as world's most populous country in April 2023, United Nations projects.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
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. I love the climate, work-life balance, safety and the wide range of outdoor activities that I can enjoy every weekend.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
The lack of inheritance tax is another favorable factor. While the country is known for high tax rates, the lack of an inheritance tax which is a state tax paid by persons receiving money or property after someone's death encourages millionaires to build their wealth.