What are the richest countries in the world

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The economy is one of the most important factors in our current world, being very influential in everything that happens worldwide every day. For this reason, the position that a country occupies economically is very important, since the economy of a state greatly influences its relevance to the world. Because of the importance of all this, in this lesson from a TEACHER we are going to talk about which are the richest countries in the world So that, thus, you know how is the current distribution of wealth.

Index

1. What is the Gross Domestic Product (GDP)
2. The richest country in the world: United States
3. China and Japan, the second and third richest countries
4. The other richest countries in the world

The GDP or gross domestic product is the most used way to order the economy from different countries. GDP is used to express the monetary value of a country's production of goods and services during a given period of time. It is used mainly in the study of macroeconomics, that is, the study of the economy at a global level.

The GDP deals with the economic activities carried out in the interior of a country, and that is why it is called "interior". On the other hand, it is also "gross", so capital consumption is not discounted. It could be said that GDP is the calculation of all economic activities that are carried out within a country, being very useful to understand the economy of a state and its differences with other countries.

Even with all its importance, GDP has many faults and limitations, some of these being the following:

• GDP does not take into account self-consumption, which is a type of wealth that is produced within families.
• The shadow economy appears in GDP, but the difficulty in knowing its real value makes it very inaccurate.
• It does not serve to show the degree of well-being, since it is only dedicated to the calculation of the material.
• It does not take into account the natural resources of the country.
• Add to your calculations estimates of what volunteering activities should cost, an activity that does not really pay off.

To order the states in this lesson of which are the richest countries in the world, we are going to use nominal GDP, that is, we are going to order them in total amount of wealth without taking into account other factors such as the number of population or the level of well-being.

The United States is the richest country in the world with a GDP of 20513000. Its economic power is such that its GDP is greater than that of the entire European Union, an organization that unites the economic power of large countries such as Germany, the United Kingdom or France.

The situation would change if we take into account GDP per capita, that is, GDP divided by the number of the population. In this case, the United States would become the tenth country in the world, being surpassed by countries such as Qatar or Luxembourg.

The second richest country in the world is China. The most populous country in the world has a GDP of 13457267 millions of dollars. It is the only country that is thought to be able to snatch first place from the United States, although the reality is that it is very far from the great economic power of the North American country. If we take into account the GDP per capita, the Asian giant would have a huge drop, due to great economic inequality.

The third richest country in the world is Japan with a GDP of 5070626 million dollars. Some of the reasons why the Japanese country is the third largest economic power in the world are culture hard work of the country, the technological innovations of the country and the relationship between the government and the industry.

After having known the top 3 of the richest countries in the world, we must talk about the rest of the list of the 10 countries with the greatest economic power on the planet.

Germany

The richest country in Europe with a GDP of 4029140 million it ranks fourth in the ranking of the richest countries in the world. The German country is the largest exporter of capital in the world. It is considered the largest economic power in the entire European Union.

UK

The fifth richest country is the United Kingdom. The UK economy is made up of England, Scotland, Wales and Northern Ireland. Its GDP is 2808899 million dollars. It is considered the most unequal country in the OECD. The UK's economic future after leaving the European Union is a mystery, but it is currently the second richest country in Europe.

France

France is the sixth richest country in the world with a GDP of $ 2794696 billion, basing its economy largely in the area of ​​services. In recent years, the French country has seen its GDP increase, which had been decreasing during the years of the crisis.

India

The seventh richest in the world is one of the powers with the highest economic growth in recent decades. Its GDP is $ 2689992 million, being one of the countries with a more diversified economy. There is great inequality in the country, due in part to the constant growth of the population.

Italy

Italy remains in the eighth position of the richest countries in the world, even with all the problems that the country has suffered during the economic crisis. The Italian country has a GDP of 2086911 million dollars. Italy is a country with great inequality between its north and south, the northern area being much more economically powerful than the southern area.

Brazil

The ninth richest country in the world is Brazil. It is the South American country with the highest GDP, having a nominal GDP of 1,909,386 million. It is a country with great social inequality, with areas with very different social services from the richest areas of the state. More than 30% of GDP comes from industry, a very important sector in the Brazilian country.

Canada

The North American country is the 10th state with the highest GDP. Its GDP is $ 1,733,706 million. Almost a third of the country's GDP is exports, its largest partner being its neighbor the United States.

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