The United States is a highly developed/advanced mixed economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022.
If we simply consider a nation's gross domestic product—the sum of all goods and services produced by a country during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany.
Is America the richest country in the world? In terms of GDP ranking and total wealth, America is the richest nation in the world. The United States GDP is $25.46 trillion, and overall net worth is $145.8 trillion. America has been the world's richest nation for over 60 years.
The United States of America. The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023.
1. Burundi. Burundi consistently ranks among the poorest countries globally. Economic instability, political unrest, and reliance on subsistence agriculture contribute to its economic struggles.
Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%).
The country's economy ranked as the 17th-largest in the world and 7th-largest in Europe by nominal GDP in 2023. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2023. According to the IMF, as of 2022, Turkey had an upper-middle income, mixed-market, emerging economy.
Spain is therefore one of the world's largest economies and is currently at rank 16. If this is calculated per inhabitant, taking purchasing power parity into account, then Spain is in the list of the world's richest countries in place 40. Inflation in Spain in 2022 was around 8.39%.
By now, the facts of Britain's relative poverty are like a catechism: we are the poorest country in northwestern Europe, and, at purchasing power parity, 20 per cent poorer than America. Take away London, and we're poorer than every single US state.
The discovery of oil in 1966 changed everything and transformed Dubai into a wealthy city almost overnight. Oil and gas exports generated huge revenues for the city and enabled it to invest in infrastructure, public services, and social programs.
China's nominal GDP is the second-largest after the United States, but measured at PPP, China's GDP is larger than that of the United States by a considerable margin.
According to the CIA World Factbook and Forbes, the Arabian nation of Qatar holds the title of the "richest country of the world," boasting an annual average per capita income of $103,768.60. For a little perspective, that's more than double the average annual per capita income in the United States!
Based on GDP per capita the UK is the 19th richest economy with an average of 1.5% per capita growth over five years. Turkey is the 49th richest economy based on GDP per capita.
As of 2022, Greece is the sixteenth-largest economy in the European Union. According to the International Monetary Fund's figures for 2023, Greece's GDP per capita is $23,173 at nominal value and $39,864 at purchasing power parity. $242.385 billion (nominal, 2023 est.) $416.969 billion (PPP, 2023 est.)
As of December 2023, Germany is the third largest economy in nominal terms in the world after the United States and China, and the largest economy in Europe. It is the third largest export nation in the world.
Ireland's generous corporate-tax regime has made it a hub for multinational tech and pharmaceutical companies. These firms generate much of their income in Ireland, inflating its GDP, but funnel that money to their headquarters (or shell companies) abroad.
The country's gross domestic product per capita is one of the lowest among wealthy nations, and unemployment rates are high in this heavily service-based economy. Long stretches of beach, a mild climate and 15 UNESCO Heritage Sites make Portugal an increasingly popular place to visit.
Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living. It is a major center for large private banking, and its finance sector is the biggest contributor to its economy.
The richest states in the US are New York, Massachusetts, Washington, California, North Dakota, Connecticut, Delaware, Alaska, Nebraska, and Illinois. The richest state in America is New York, with a GDP per capita of $96,502.
What is the poorest big city in the United States?
The persistence of the problem led to the creation of a phrase as common as the issue itself: Philadelphia is “America's poorest big city.” When data researchers use the term, it has a specific definition. Out of the top 10 most populous cities across the United States, Philadelphia has the highest poverty rate.
