India’s exponential growth in the last decade has made it the 10th largest economy in the world. But it lacks far behind (ranks 163) when you look at the richest economies in the world. China, on the other hand, comes at 89th position.
A country’s wealth is the GDP per person. This means, if the population is large the chances of developing nation to be wealthy are low. India's GDP per capita is $1498.87 (Rs 90,606.69) and China's $6807.43 (Rs 411,509.14).
Recently, The World Bank has come up with the latest figures on the wealthiest countries in the world. Let’s take a look at the top 20.
GDP per capita: $40,842
GDP: $181.1 billion
Population: 44.01 lakh (4.40 million)
The country’s economy is mainly focussed on tourism and agriculture. Industries and services sector are small. it's main trading partners include Australia, Japan, China and the US.
GDP per capita: $41,421
GDP: $2.739 trillion
Population: 6.63 crore (66.26 million)
France is the fifth-largest economy in the world. The country was affected severely with the global economic meltdown and European crisis but has managed to turnaround faster.
GDP per capita: $45,085
GDP: $3.593 trillion
Population: 8.1 crore (81 million)
Germany has the fourth largest economy globally and biggest in Europe. The country strikes a balance between capitalism and social policies making it a social market economy. Germany is also the founding member of European Union.
GDP per capita: $45,263
GDP: $14.59 billion
The economy of Iceland is small and it can get really volatile. This was seen in the global financial crisis. That’s why government has retained control in some industries despite being the market economy.
GDP per capita: $45,387
GDP: $507.4 billion
Population: 1.04 crore (10.45 million)
Belgium economy relies heavily on exports as the country has little natural resources. Exports form about two-third of the country’s GNP.
GDP per capita: $47,219
GDP: $259.6 billion
Population: 52.68 lakh (5.27 million)
Finland’s economy is dominated by the services sector. It ranks second, after Ireland, in high-technology manufacturing.
GDP per capita: $47,400
GDP: $220.9 billion
Population: 48.33 lakh (4.83 million)
Some of the biggest companies in the world such as Apple and Google have their offices in Ireland and they cater to the entire European Union from the country. Ireland's policies help the multinationals in better tax planning. The economy of Ireland is called as knowledge economy that focuses on high-tech industries.
GDP per capita: $47,617
GDP: $722.3 billion
Population: 1.69 crore (16.88 million)
Netherlands is the 18th largest economy in the world. The country’s economy is dependant on foreign trade. Major sectors include food processing, chemicals, petroleum refining, and electrical machinery.
GDP per capita: $49,074
GDP: $417.9 billion (2013 est.)
Population: 82.23 lakh (8.22 milion)
Austria’s economic is similar to that of Germany’s - a social market economy. In this model the country tries to strike a balance between capitalism and social policies.
In fact, Germany has been Austria’s biggest trading partner historically and since the latter joined European Union it has increased trade with other countries.
GDP per capita: $51,911
GDP: $1.825 trillion (2013 est.)
Population: 3.48 crore (34.83 million)
The 14th largest economy in the world, Canada growth comes from services industries. According to Wikipedia, the sector employs three quarters of the population.
GDP per capita: $53,143
GDP: $16.72 trillion (2013 est.)
Population: 31.89 crore (318.89 million)
The country has the largest and most technologically powerful economy in the world. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services in the private marketplace, according to CIA’s The World Factbook.
GDP per capita: $55,182
GDP: $295.7 billion
Population: 55.67 lakh (5.57 million)
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment and stable prices.
The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector, according to CIA’s The World Factbook.
GDP per capita: $58,164
GDP: $552 billion (2013 est.)
Population: 97.24 lakh (9.72 million)
Sweden’s economy is mainly dependant on exporting its natural resources. The main sectors include auto, telecom and pharma.
GDP per capita: $58,930
GDP: $211.3 billion (2013 est.)
Population: 55.69 lakh (5.57 million)
Denmark has a diverse, mixed economy, but one that relies almost entirely on human resources, as there are few mineral resources available, except mature oil and gas wells in the North Sea, according to Wikipedia.
GDP per capita: $67,468
GDP: $1.488 trillion
Population: 2.25 crore (22.51 million)
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system.
GDP per capita: $80,528
GDP: $646.2 billion (2013 est.)
Population: 80.62 lakh (8.06 million)
Switzerland has been one of the most stable economies historically. The stability of economy and it’s currency has made it one of the save haven for investors. And this means the services sector is the biggest contributor to the economy.
Macao SAR, China
GDP per capita: $91,376
GDP: $51.68 billion
The region, administered by China, is completely dependant on tourism and casinos are the major contributor to its economy.
GDP per capita: $93,352
GDP: $213.1 billion
Population: 21.23 lakh (2.12 million)
Like most countries in the Middle East, the country’s economy is highly dependant on oil.
GDP per capita: $100,819
GDP: $515.8 billion
Population: 51.47 lakh (5.15 million)
The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net.
The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises, according to CIA’s The World Factbook.
GDP per capita: $111,162
GDP: $60.54 billion
The driving force behind the country’s economy is banking and steel sector. It also benefits due to its proximity to France, Belgium and Germany.
1st image: Jerome Poulin competes during the Grande Viree dog sled race in the streets of the Old Quebec at the Quebec Winter Carnival in Quebec City. Photograph: Mathieu Belanger/Reuters
(All GDP and Population figures are based on CIA's the World Factbook)