There are numerous factors that are involved in judging the wealth of a country. Normally, the wealth is measured in terms of the GDP (Gross Domestic Product) of the country. But the GDP alone is not enough, as there are a number of other factors that play a major role in determining the assets and financial boundaries of a country like mineral resources, foreign investment, purchasing power parity (PPP), capacity of importing materials, and many other relevant factors. In simple words, the GDP can be defined as the combined value of all the services in a desired area which includes the materials which are exported or imported. In determining the ranking of a country in the list of the richest nations, the element of PPP is also very crucial. The most reliable calculations of the financial assets and PPP are made the World Bank and The International Monetary Fund. But in reality, these meticulous calculations are more like estimates that are made through empirical observation and external analysis of the economy of the country. In addition, whether a country is rich or not is also heavily dependent on the life styles and spending power of the citizens. After having an in detailed idea about the basics, let us take into consideration top 10 richest countries in the world 2012.
10. Canada ($ 1.759 trillion)
With a GDP of nearly $ 51,147 and with a relatively improving economy, Canada has qualified for the number 10th spot. Canada, being located in the continent of North America, has shown an accelerating GDP growth in most of its sectors like the manufacturing, import-export, industrial and telecommunication sectors. Surely, the economic meltdown as influenced all the levels of the country’s economy, but still Canada has been able to sustain itself. The estimated income of the country is nearly $ 1.759 trillion which indeed exemplifies the wealth of this country.
9. India ($ 1.843 trillion)
With an income of approximately $ 1.843 trillion, India has qualified for our number 9th spot this year. The economic boom and industrial expansion this country has shown over the past few decades is not much of a surprise, as at the time of its independence it had been gifted with the highly rich areas having loads and loads of refined minerals which it has fully exploited. The industrial output, telecom growth, agricultural advancements and manufacturing sectors have all witnessed a transformation in all the levels of their infrastructures. Although the GDP of India is quite low in contrast to the other richest countries in the world, but still the income of this country has made it eligible for the 9th spot. Surprisingly, more than half of the Indian population is living below the line of poverty which is indeed a question for the Indian Government.
8. Italy ($ 2.245 trillion)
Marked by an income of $ 2.245 trillion and with an expanding economy, Italy is on the number 8th spot. Based on the statistics and measurements of the reports that had been published by The IMF, World Bank and many other organizations it is now quite substantiated that Italy is the 4th fastest growing economy in the world. All the credit goes to the wave of industrialization and globalization that is now transforming all the levels of the country. In addition, Italy is also the member of the G8 group of the top industrialized nations of the world. Not to forget the role of the tourism sector in the earnings of the country.
7. Brazil ($ 2.422 trillion)
At number 7 we have yet another emerging economy and upcoming nuclear power of the world, Brazil. It is presently regarded as the largest economy of the regions of Latin America. The growth it has shown in its industrial, agricultural, weapon, mining and all other sectors is quite surprising keeping in view the past history of the nation. As mentioned earlier, Brazil is also making great efforts for becoming the 8th nuclear power of the world. For this world, the government is making some huge funding in the sector of atomic and nuclear energy. The GDP growth of the country has been calculated to be around 2.7 % and is expected to increase at a rapid pace in the upcoming years.
6. United Kingdom ($ 2.603 trillion)
The GDP of the United Kingdom has been reported to be around $ 39,459. The income of this country, which is approximately $ 2.603 trillion, makes it the sixth richest country in the world. Now here, it should be kept in mind that England was the area where Industrialization had truly emerged a few centuries back. According to several surveys and reports, it is quite clear that he GDP of the country has not shown any major growth and is rather flowing at an average pace. Although it is has been able to stabilize its economies in response to the widespread recession, but still the country is now progressing at a very rapid pace. The pharmaceutical, industrial, telecom, weapons and tourism sectors are the ones that come to control the earnings of the country.
5. France ($ 2.808 trillion)
With an earning of nearly $ 2.808 trillion, at number 5 we have France. The GDP per capital of this country is nearly $ 44,400 is indeed a casual factor behind France being called as the fifth largest and most powerful economy of the world. The economic turndown which the country had faced after the year 2000, is still visible in all the cities, but still the authorizes have managed to sustain the economic growth. No doubt, the government has taken some extreme measures for restoring the industrial and telecom boom in the country. With the companies like L’Oreal, Air France and many others under their belt, France is in the safe zone.
4. Germany ($ 3.628 trillion)
At number we have yet another European nation and one of the biggest automobile manufacturer countries in the world, Germany. The annual income of the country is nearly $ 3.628 trillion, thanks to the industrial and manufacturing sectors of the country which are the best in the world. The machinery that is manufactured in Germany is of the highest quality and is known all around the globe for its innate reliability. Being the 4th largest economy in the world, Germany is also the leading manufacturer and exporter of the solar power technology. Not to forget the GDP growth of the country over the past few decades.
3. Japan ($ 5.855 trillion)
Japan is presently the 3rd largest economy of the world with the most stable currency. According to a number of reliable sources, the annual income of Japan is approximately $ 5.855 trillion, as it is the leader in the worldwide robotics and mechanics technologies. The automobile industry is also considered to be one of the most reliable and alpha class industries in the world. These days the Japanese companies are shifting their focus towards the creation of high precision tools and goods primarily because of the increasing competitions from the side of the Korean and Chinese nations. Nobody could have imagined the present state of Japan after the devastation which this country had faced in the World War II. The growth and stability of the country is not less than a miracle. Not to forget the GDP growth rates of the country which have now easily crossed the countries like United States of America, France and others. Despite of the scarcity which the country faces in terms of natural resources, still the government has been successful in accommodating a large population.
2. China ($ 6.988 trillion)
With an annual income of nearly $ 6.988 trillion and being one of the strongest economies in the world, China has made it our number 2nd spot. This country has by far outpaced all other countries in terms of the growth it has shown in a matter of few decades. Formerly considered to be the land of the opium, is now the strongest nation in the world. The Industrial, value added services, weaponry, textile, commercial space, toys, automobile and consumer sectors are the ones which determine the present earnings of the country. The influence of the Chinese economy on all the first world and third world countries can never be denied. Many of the countries see the progress of the Chinese nation as a threat and alarm for all their sectors, as the products which are manufactured in China are comparatively cheaper than the ones offered by other countries. In other words, China provides products and materials in all qualities depending upon the amounts that were paid from the side of the foreign tradesman and manufacturers. Not to forget that China is presently the largest exported of good all around the world.
1. United States of America ($ 15.065 trillion)
The United States of America is still the largest economy in the world. The earnings of this country are nearly $ 15.065 trillion which are indeed astounding in times of recession. Although the GDP the country is low in comparison to some other countries, but still it is the richest country of the world. The economy of the United States is marked by high levels of industrial and technological outputs, commercial space, textile, weaponry and other major units. In addition the financial assets of the country are nearly $ 100 trillion which is far more than all other countries. The roots of the country’s economy lie in the capital investment which had been made in order to deal with the increasing unemployment rates in the country. The domestic assets of the country are also more than $ 100 trillion.