Richest Economies In The World: The economies contributing to the world’s gross domestic product (GDP) recognize the richest economies all over the world. There are almost 15 richest economies in the world which add up to 75% of the world’s economy while the remaining 173 countries contribute the remaining 25% of the world’s economy. The countries based on their criteria of GDP, current prices in U.S dollars decides their ranking all over the world.
The rankings of the countries are prepared according to their nominal GDP, current prices in U.S. Dollars which is based on purchasing power parity (PPP). The developed countries have a lesser gap between their nominal GDP and GDP, which is based on purchasing power parity; whereas this gap extends to the developing countries. The below list is prepared by looking into the International Monetary Fund (IMF) which is updated twice a year.
Richest Economies In The World
1. The United States Of America
The U.S economy is recognized to be the richest economies all over the world. It contributes approximately 24.5% of GDP in world product. The United States of America has $17.95 trillion of GDP. The United States is world’s superpower economy and has an advanced infrastructure and uses an extremely high level of technology with advantages of natural resources with them.
The United States loses its margin with a slight variance from China regarding GDP based on PPP, which is $19.5 trillion, whereas that of the United States is $17.95 trillion.