Top 10 Richest Countries in the World 2023 by Net Worth
|Top 10 Richest Countries in the World 2022/2023
2023 Top Richest Countries in the World - Overview
*The total global wealth witnessed a 300% increase in the past 20 years from $156 trillion in 2000 to $514 trillion in 2020.
*China accounted for almost one-third of the increase as its wealth escalated to $120 trillion from $7 million in 2000. The net worth of the United States has doubled over this period to $90 trillion. In both, US and China, more than two-thirds of the wealth is held by 10% of the households and their share is continuously increasing.
*McKinsey analyzed the national balance sheets of 10 countries that represented 60% of the world’s income. Of these nations, China accounted for 50% of the growth in net worth, followed by the U.S. (22%) and Japan (11%).
*The national balance sheets of ten countries were analyzed in the world which collectively accounted for more than 60 percent of the world’s income. The richest countries in the report included are China, the US, Germany, France, the UK, Japan, Sweden, Mexico, Canada, and Australia.
*With rising costs in real estate, China could suffer a financial crisis similar to the 2008 housing bubble burst in the U.S. Shenzhen-based property developer Evergrande, for instance, is already in hot water over debts totaling $300 billion, which reportedly forced its chairman to sell his personal assets.
*A collapse of global asset prices could wipe out as much as 33% of the world’s wealth.
The Complete List of Top 10 Richest Countries in the World 2023 by Total Wealth or Net Worth
|Net Worth in US Dollars
What Are The Richest Countries in the World 2023 by Total Wealth?
|Sweden in the list of the richest countries in the world at tenth position
The Nordic nation is the largest country in Northern Europe, the third-largest country in the European Union, and is the fifth largest country in Europe. It is the fourth European nation on the list of the richest countries in the world.
Sweden is a competitive economy, with a high standard of living and a mix of free enterprise alongside a generous social welfare state. Sweden’s manufacturing economy relies heavily on foreign exports, including machinery, motor vehicles, and telecommunications.
Sweden has taken in a large number of new immigrants and thus faces a short- to medium-term challenge with integrating them into Swedish society and its labor market.
|Mexico at 9th position in our list of richest countries in the world
The tenth most populous country in the world ranks 9th on the list of richest countries in the world. Officially the United Mexican States, Mexico is a country in North America.
Over the past three decades, Mexico has emerged as a manufacturing economy under a series of free trade arrangements with the United States, Canada, and 44 other countries. Many major U.S. manufacturers have integrated supply chains with counterparts or operations in Mexico. Mexico supports a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products.
The international drug trade constitutes an ongoing challenge to Mexico’s development, contributing directly to violence and corruption in the country. Weak legal institutions have made it difficult to regulate and integrate the large informal economy that employs more than half of Mexico’s workforce.
The island nation of East Asia is 8th on the list of wealthiest nations in the world. Japan is the eleventh most populous nation in the world and is among the urbanized nations in the world.
Strong co-operation between government and industry and advanced technological know-how have built Japan’s manufacturing and export-oriented economy. Many major Japanese businesses are organized as networks of interlinked companies known as keiretsu.
After the Lost Decade of the 1990s and the impact of the global Great Recession, Japan has seen an uptick in growth in recent years under the policies of former Prime Minister Shinzo Abe. However, Japan is poor in natural resources and dependent on energy imports, especially after the general shutdown of its nuclear power industry following the 2011 Fukushima disaster. Japan has also struggled with a rapidly aging population.
|Austrlia is the sixth world’s largest country in terms of area and seventh richest in the world.
Officially the Commonwealth of Australia, it is the largest country in Oceania and the sixth-largest country in the world by area. It is the only Oceanian country on the list of richest countries in the world.
Australia combines a relatively open domestic economy with an extensive network of free trade arrangements with trading partners all around the Asia-Pacific Rim. This works to the advantages of Australia’s abundant natural resource and agricultural export industries. However, it has also left Australia vulnerable to swings in world commodity demand and prices in energy (coal and natural gas), metals (iron ore and gold), and agricultural products (beef and sheep products).
|Canada ranks sixth in the list of the world’s richest nations.
After the US, another North American country has grabbed a spot on the list of wealthiest nations in the world. It is the second-largest country in the world after Russia in terms of total area.
Canada’s free trade relationship with the United States means that three-quarters of Canadian exports head to the U.S. market each year. Canada’s close ties to the United States mean that it has developed largely in parallel to the world’s largest economy.
Canada not only has the world’s third-largest proven oil reserves but also vibrant manufacturing and service sectors. Canada has free trade relationship with the United States and 75% of its exports are headed to US every year.
The United Kingdom, the island nation of Europe, consists of four countries-- England, Scotland, Wales, and Northern Ireland. The European nation is ranked 5th on the list of the wealthiest nations in the world.
According to the World bank, Britain is the 23rd richest out of 193 countries, with a GNI of $42,000 per person.
The U.K. economy is driven by its large service sector, particularly in finance, insurance, and business services. The nation’s extensive trading relationship with continental Europe has been greatly complicated by the resolution of Brexit subsequent to the 2016 vote to leave the European Union (EU).32 As of Jan. 31, 2020, the U.K. is officially not a member of the EU, but contentious negotiations over trade relations between the two are ongoing.
The U.K. economy is dependent on the service-oriented sector, especially in the areas of finance, insurance, and business services. Post the resolution of Brexit, the nation’s trade relationship with continental Europe has been greatly complicated.
|France, known for its wines and sophisticated cuisine is the fourth richest country in the world
France, has managed to make its place in the top five on the list of the wealthiest nations in the world.
The country is renowned for its wines and sophisticated cuisine. Its capital, Paris, is famous for its fashion houses, classical art museums, and monuments.
Located in Western Europe, France is one of the world’s oldest countries, and its reach extends around the globe through science, politics, economics and perhaps above all, culture.
The French economy is one of the world’s largest and is a mixture of private enterprise and government involvement. Tourism is a major contributor to the economy – France generally tops lists of most visited countries. Other major economic sectors include industry, agriculture, energy and defense. The country is one of the world’s top exporters of weapons.
Officially known as the Federal Republic of Germany, it is the second-most populous nation of Europe and the seventh-largest on the European continent.
Germany ranks third when it comes to the third wealthiest nation in the world.
Germany has one of the largest economies in the world, with a GDP of nearly $3.8 trillion, net worth $14 trillion. Germany ranked as the third largest exporter in the worldafter China and the U.S., exporting more than $1.7 trillion worth of goods.
Though Germany exports a wide array of goods, automobiles are the main industry, accounting for 12% of all German exports. Germany is well known for its automotive prowess. German auto manufacturers BMW, Mercedes-Benz, Audi, and Volkwagen are some of the best known car brands in the world.
|United States - Top Richest Countries
Net Worth: $50 trillion
GDP per capita (PPP): $65,279.5
Located in North America, the United States ranks third in the world in terms of size and population. After China, it is the second richest country in the world.
With resource-rich land and the biggest economy in the world, the United States has a strong purchasing power. It supplies its energy and can export its oil and gas for profit, and the size of its economy and the high rate of real GDP growth goes unmatched by any other country. As a relatively deregulated market economy with a decentralized political system, there are virtually no state-owned enterprises, and the legal system protects the liability of investors. Although such stats attract talented people worldwide to take a shot at earning a fortune, it remains one of the top countries where wealth is not shared equally.
America has an entrepreneurial mindset that is encouraged from an early age and supported by university programs and research institutions. There is also a developed financial system in place of equity finance and a decentralized banking system that supports entrepreneurial activities. Nevertheless, public debt is currently $27,000 billion, which is also $3,000 billion higher than pre-COVID-19.
|China - the Richest Country in the World 2022
Global net worth soared from $156 million in 2000 to $514 trillion in 2020, making the world wealthier than it was at any point in history. China accounted for nearly a third of the increase, the report from management consultancy firm McKinsey & Company stated.
Being the most populous nation on the planet, China has now grabbed the top spot on the list of the richest nations in the world. Officially known as the People's Republic of China, China is situated in East Asia and is spread in five geographical time zones, having 14 borders-- second only to Russia.
The Top 10 Richest Countries in the World 2022/2023 by GDP per Capita
Developing countries often have deficient infrastructures and immature economies, which can put their citizens and corporations at a substantial disadvantage when competing in a global market. Larger disruptions such as war, hunger, disease, and political unrest can also have a tremendous negative impact on a country's GDP (along with nearly every other aspect of life). Factors such as these are why developing nations are more likely to appear on the list of poorest countries in the world, at least for now.
1.Monaco - $190,512
2.Liechtenstein - $180,366
3.Luxembourg - $115,873
4.Switzerland - $87,097
5.Macao (China SAR) - $86,117
6.Ireland - $85,267
7.Norway - $67,389
8.United States - $63,543
9.Denmark - $61,063
10.Singapore - $59,797
The Top 10 Richest Countries in the World 2022/2023 by GNI per Capita
It's important to note that GNI does not completely filter out all international financial interactions. It just helps to right-size the profits. For example, although their numerical values have changed, notable tax avoidance destinations Ireland, Liechtenstein, and Switzerland are all still in the top 10.
1.Liechtenstein - $116,440
2.Switzerland - $84,310
3.Norway - $78,180
4.Luxembourg - $73,500
5.United States - $64,530
6.Ireland - $64,150
7.Denmark - $63,070
8.Iceland - $62,420
9.Qatar - $56,210
10.Singapore - $54,920
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