There are several ways to rank the richest countries. In this list, the criterion chosen was GDP, gross domestic product, in US dollars, based on World Bank data. The rating turned out to be quite interesting.
You need to understand that this is a rating based on one criterion only, and it does not take into account, say, the cost of living or inflation. So, let's go. We start from 25th place and gradually work our way up to the winner.
25. Ireland (GDP 498.5 billion)
Population 4,986,526 people.
The Irish economy is heavily dependent on trade, particularly in goods and services. Pharmaceuticals, computer software, organic chemicals, brewing and medical devices are some of the major exports.
24. Thailand (GDP 505.9 billion)
Population 71,601,103 people.
When you think of Thailand, you probably think of beautiful beaches and serene temples. So it shouldn't surprise you that 50% of this emerging market comes from tourism and services.
It is also important to note that the share of industry is 40% and agriculture is 10%, and these 10% mean a lot. The country is the world's largest exporter of soybeans, sugarcane, corn and coconuts.
23. Belgium (GDP 600 billion)
Population 11,611,419 people.
The service sector plays the largest role in the Belgian economy. Also dominant industries are textiles, glass and steel, and there are also several oil refineries. It is worth noting that Belgium invests a lot abroad, especially in the automotive and electrical goods industries.
22. Sweden (GDP 627.4 billion)
Population 10,467,097 people.
Sweden has been noted as one of the most competitive countries in the product and manufacturing markets. Particular attention is paid to innovation and technological advances. For example, Spotify and video game developers Mojang and King started their operations in Sweden.
The country is also quite open to business and trade, and typically maintains a trade surplus, which means the value of exports exceeds the value of imports.
21. Poland (GDP 674 billion)
Population 38,307,726+
Poland's economy is very diverse, but the largest contribution is made by the service sector, which accounts for 62% of GDP. Industry accounts for 34.2%, and agriculture - 3.5%. The country also exports machinery, electrical equipment, vehicles, furniture and plastics.
20. Switzerland (GDP 812.9 billion)
Population 8,691,406 people.
Switzerland is not only about chocolate and high mountains. 74% of the country's GDP comes from the services sector, with financial services playing a leading role. High-tech manufacturing and industry account for another 25%.
Reliable infrastructure, low unemployment and political stability help maintain Switzerland's status in the global market.
Fun fact: 99% of Swiss businesses are SMEs with fewer than 250 employees.
19. Türkiye (GDP 815.3 billion)
Population 84,775,404 people.
Services and industry are the main sectors of the Turkish economy. Their share is 52.7% and 31%, respectively. Türkiye is also a leading producer of agricultural products, construction equipment, textiles and household appliances.
The pandemic has certainly taken its toll on the country, widening gender gaps and other inequalities and increasing unemployment and poverty, according to a World Bank review.
18. Saudi Arabia (GDP 833.5 billion)
Population 35,950,396 people.
Saudi Arabia is currently the largest oil producer and exporter in the world. Over the past few years, the country has attempted to diversify its economy. Saudi Arabia joined the World Trade Organization in 2005 and now produces and exports many manufactured goods. Interestingly, the private sector contributes 48% of GDP.
17. Netherlands (GDP 1.02 trillion)
Population 17,501,696 people.
Two thirds of the Netherlands' GDP is based on foreign trade and investment. Consumer spending and an increased focus on services in areas such as transportation, distribution and business services are playing a big role. The Netherlands is also the third largest agricultural producer in the world.
16. Indonesia (GDP 1.2 trillion)
Population 273,753,191 people.
Indonesia is gradually increasing its influence on the world economy. Although the country has a few foreign companies, most of its economy is controlled by its own industries.
Indonesia has a strong dependence on the domestic market and government spending. However, it has become a place where businesses come to expand.
15. Mexico (GDP 1.3 trillion)
Population 126,705,138 people.
44% of the country's population lives below the poverty line, but Mexico is nevertheless number 15 on the list. Tourism and agriculture play a large role in the economy. Industry, including oil, accounts for 29.6% of Mexico's GDP.
14. Spain (GDP 1.4 trillion)
Population 47,486,935 people.
Modernization, clear judicial and regulatory systems, and stable financial institutions help support the strength and growth of Spain's economy. 27% of the country's GDP comes from the industrial sector, and the value of imports and exports accounts for almost 66% of the GDP.
13. Australia (GDP 1.54 trillion)
Population 25,921,089 people.
Australia's current economic success is largely due to the new foreign policy introduced in 2017. This policy ensures smoother business processes and lower start-up costs. In fact, Australia ranks as the 12th best country to start a business.
12. Brazil (GDP 1.61 trillion)
Population 214,326,233 people.
Brazil is rich in natural resources. Because of this, most of Brazil's GDP comes from foreign investment. Brazil has thriving trade relations with over 100 different countries. In addition, the government actively supports foreign investment in scientific and technological infrastructure.
10. South Korea (GDP 1.79 trillion)
Population 51,830,139 people.
Korea places a high value on education and innovation, so it makes sense that part of its economic growth comes from heavy investment in research and development. The service sector and industry account for 59% and 38% respectively.
One of the most impressive features of the Korean economy is that, starting in 1960, economic growth has increased by 10% annually for over 30 years.
9. Canada (GDP 2 trillion)
Population 38,155,012 people.
Since 1995, Canada has been an important member of the World Trade Organization and has extensive trade ties with a number of countries. The country's diverse cultural and linguistic makeup, as well as government support, make it an excellent destination for both direct and indirect investment.
8. Italy (GDP 2.1 trillion)
Population 59,240,329 people.
Consumer goods largely influence the Italian economy. 30% of GDP comes from the export of services and goods.
7. France (GDP 2.9 trillion)
Population 64,531,444 people.
The tourism sector is a significant part of France's economy, as it is one of the most visited destinations in the world. Foreign trade and a high ranking in the World Bank's ease of doing business index also contribute.
6. India (GDP 3.2 trillion)
Population 1,407,563,842 people.
Key policy changes can have a real impact on a country's economy. India is another such example and with these policy changes the doors have opened for a stronger presence of foreign direct investment. Doing business has also become easier as the government has simplified licensing procedures and lowered minimum capital requirements.
5. Great Britain (GDP 3.2 trillion)
Population 67,281,039 people.
High ease of doing business rankings and global competitiveness reports provide insight into the UK's economic strength. The largest portion of UK GDP comes from the services sector, with finance at the top at 81%.
4. Germany (GDP 4.2 trillion)
Population 83,408,554 people.
Germany boasts booming service sectors such as telecommunications, tourism and healthcare. Add to this a strong infrastructure and technological prowess, and you have a thriving economy.
3. Japan (GDP 4.9 trillion)
Population 124,612,530 people.
Much of Japan's economic prosperity comes from being the world's largest producer of electronic goods. It is also the third largest automobile manufacturer. Japan often benefits from trade surpluses and is known for its highly skilled workforce.
2. China (GDP 17.7 trillion)
Population 1,425,893,465 people.
Although China's economic growth has been hit recently by the pandemic and regulatory measures, it still ranks as the second richest country in the world. China has built much of its current economic power through large-scale investment and trade. The country's industrial sector accounts for almost 40% of its GDP. 54.5% of GDP comes from the services sector.
1. USA (GDP 22.9 trillion)
Population 336,997,624 people.
The country's economy, among many other factors, is supported by government structure, strong research universities and a rich business environment. 21% of GDP comes from finance, insurance, real estate, rent and leasing.