There are more than 250 countries in the world, each of which develops thanks to the resources available. However, some countries occupy leading positions in the ranking of the richest countries in the world due to the well-being of their citizens and economic development. Learn more about the richest countries in the world 2024

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There are many countries with highly developed economies in the world, but the country's wealth does not guarantee high fortunes for all its citizens. Gross domestic product (GDP) is usually used to determine the degree of wealth of a nation. The market value of all goods and services produced and sold by a nation over a certain period of time is measured by this indicator.

Which countries are the richest in the world in 2024? The top 10 countries according to the International Monetary Fund are further in our material.

What is GDP?

GDP is an important indicator that helps determine the size of the economy. In general, there are many methods of calculating GDP, but the most common method is to subtract the total value of exports from the total value of imports for the year.

According to the rating of the International Monetary Fund (IMF), as of 2024, the sum of the wealth of the countries with the highest GDP is 105 trillion dollars.

Top 10 richest countries in the world in 2024

United States

- Place in the rating: 1st place

- GDP: $27,974 billion

- GDP of the country per capita (thousands): $83.06

- Annual GDP growth rate: 1.5%

The United States of America has been the leader of the ranking and the richest country since 1960. In 2024, the state confirms its status again. The economy of the country stands out for its fantastic diversity. It develops at the expense of several key sectors, which include manufacturing, finance and technology.

The US also has a competitive consumer market that encourages innovation and entrepreneurship. The state has a high level of infrastructure development and favorable conditions for doing business.

China

- Place in the rating: 2nd place

- GDP: $18,566 billion

- GDP of the country per capita (thousands): $13.16

- Annual GDP growth rate: 4.2%

China will become the second economy in the world in 2024, in general, this is due to its fantastic development in recent years. China's economy depends on manufacturing, exports and investment. Also, the state has a lot of highly qualified labor force, perfect infrastructure and a rapidly growing consumer market.

Germany

- Place in the rating: 3rd place

- GDP: $4730 billion

- GDP of the country per capita (thousands): $56.04

- Annual GDP growth rate: 0.9%

Germany has the strongest economy in Europe, which is mainly export-oriented. The country is known for its precision engineering, in particular, Germany has been the world leader in exporting cars for many years. The chemical and pharmaceutical sectors have also developed significantly in the state.

Germany boasts the most skilled workforce in the world. In addition, the state benefits from strong research and development initiatives and a commitment to innovation.

Japan

- Place in the rating: 4th place

- GDP: $4291 billion

- GDP of the country per capita (thousands): $34.55

- Annual GDP growth rate: 1.0%

Japan's economy is characterized by a progressive technology sector, manufacturing skills and a service sector. The country pays significant attention to exports and is successful in such industries as automobiles, engineering, pharmaceuticals, and chemicals.

India

- Place in the rating: 5th place

- GDP: $4112 billion

- GDP of the country per capita (thousands): $2.85

- Annual GDP growth rate: 6.3%

India's economy boasts diversity and rapid growth, with key sectors such as information technology, services, agriculture and manufacturing. The country also benefits from a large domestic market, a young and technologically trained workforce, and a growing middle class.

United Kingdom

- Place in the rating: 6th place

- GDP: $3592 billion

- GDP of the country per capita (thousands): $52.43

- Annual GDP growth rate: 0.6%

The economy of Great Britain is represented by the sphere of services, production, finance and creativity. The capital of the country, London, is the world's financial center. Most of Great Britain's trade is with European countries.

France

- Place in the rating: 7th place

- GDP: $3182 billion

- GDP of the country per capita (thousands): $48.22

- Annual GDP growth rate: 1.3%

France's economy is characterized by diversification, with an emphasis on industries such as aerospace, tourism, luxury goods and agriculture. The state is also well known for its reliable social security system, high level of infrastructure development, and significant investment in research and development.

Italy

- Place in the rating: 8th place

- GDP: $2280 billion

- GDP of the country per capita (thousands): $38.93

- Annual GDP growth rate: 0.7%

The Italian economy is divided into several areas and each area has its own contribution to GDP. The country boasts a highly developed market and the third largest economy in the European Union. An innovative business environment, as well as a competitive agricultural sector, gained particular popularity in the state. The country is also home to global luxury clothing brands.

Brazil

- Place in the rating: 9th place

- GDP: $2272 billion

- GDP of the country per capita (thousands): $11.03

- Annual GDP growth rate: 1.5%

Brazil's economy spans many sectors, including agriculture, mining, manufacturing, and services. The state has the world's richest mineral deposits, vast biodiversity and fertile agricultural land. Brazil's economy is fueled by commodity prices, domestic consumption and infrastructure development.

Canada

- Place in the rating: 10th place

- GDP: $2242 billion

- GDP of the country per capita (thousands): $55.53

- Annual GDP growth rate: 1.6%

Canada has several oil reservoirs that contribute to the development of its economy. Canada's free trade policy with the United States of America also helps Canada accelerate its economic growth. In addition, the nation boasts a thriving service sector, a well-established manufacturing industry, and an unwavering commitment to fostering innovation and technological advancement.

There are many rich countries in the world, the level of development of which contributes to a high quality of life for both citizens of the country and expats.

Daria Rogova, Head of Insurance at Visit World

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