The leading 20 economies atop the top 100 richest countries generated about three-quarters (76 percent) of the world’s overall Gross Domestic Product (GDP) equaling US$141.756 trillion at April 2021.
The latest global total for economic wealth increased by 58.1 percent since 2010 when the Great Recession was deepening. Year over year, worldwide GDP increased by 7.7 percent from 2020 to 2021.
GDP measures the total economic activity in a specific country, including both products and services, regardless if the actual profits technically belong to a firm’s parent country which happens to be in another country. Significant as a measure for a nation’s prosperity, GDP aspires to quantify the total production for a nation’s economy.
GDP is also known as a coincident economic indicator according to The Economist, given that it benchmarks the reference point for the overall state-of-the-economy cycle.
The figures in this report were calculated using a Purchasing Power Parity (PPP) basis as of April 2021, according to the International Monetary Fund’s calculations. PPP adjusts for country-specific prices paid for goods and services.
Our sortable table entitled World’s 100 Wealthiest Economies by GDP Rank is presented further down in this study. But let’s start this analysis by focusing in on the top 20 GDP leaders.
Top 20 Richest Countries by GDP Scores
The following 20 economies generated the highest amount of economic wealth in terms of GDP on a Purchasing Power Parity basis.
- China: US$26.657 trillion (up 3.5% from 2020)
- United States: $22.675 trillion (down -2.3%)
- India: $10.207 trillion (down -6.8%)
- Japan: $5.586 trillion (down -3.7%)
- Germany: $4.744 trillion (down -3.8%)
- Russia: $4.328 trillion (down -1.9%)
- Indonesia: $3.507 trillion (down -0.9%)
- Brazil: $3.328 trillion (down -2.9%)
- France: $3.232 trillion (down -7.1%)
- United Kingdom: $3.175 trillion (down -8.8%)
- Turkey: $2.75 trillion (up 3%)
- Mexico: $2.614 trillion (down -7.1%)
- Italy: $2.611 trillion (down -7.8%)
- South Korea: $2.437 trillion (up 0.2%)
- Canada: $1.979 trillion (down -4.3%)
- Spain: $1.959 trillion (down -9.9%)
- Saudi Arabia: $1.706 trillion (down -3%)
- Australia: $1.416 trillion (down -1.3%)
- Taiwan: $1.404 trillion (up 4.4%)
- Poland: $1.364 (down -1.5%)
Only four among the top 20 richest economies increased their GDP scores from 2020 to 2021 namely Taiwan (up 4.4%), China (up 3.5%), Turkey (up 3%) and South Korea (up 0.2%).
Leading top GDP decliners year over year were Spain (down -9.9%), United Kingdom (down -8.8%), Italy (down -7.8%), Mexico (down -7.1%), France (also down -7.1%) and India (down -6.8%).
The mildest GDP reductions belonged to Indonesia (down -0.9%), Australia (down -1.3%), Poland (down -1.5%), Russia (down -1.9%) and the United States of America (down -2.3%).
World’s 100 Wealthiest Economies by GDP Rank
Use the table below to search by country name, 2021 GDP amount and percentage changes since 2020 or starting from 2010 when the Great Recession was in progress. You can change the presentation order by clicking the triangle icons at the top of each column.
| Rank | Economy | GDP PPP (US$) | from 2010 | 2020-1 |
|---|---|---|---|---|
| 1. | China | $26,656,766,000,000 | +116.9% | +3.5% |
| 2. | United States | $22,675,271,000,000 | +51.2% | -2.3% |
| 3. | India | $10,207,290,000,000 | +97.8% | -6.8% |
| 4. | Japan | $5,585,786,000,000 | +23.2% | -3.7% |
| 5. | Germany | $4,743,673,000,000 | +47.4% | -3.8% |
| 6. | Russia | $4,328,122,000,000 | +42.4% | -1.9% |
| 7. | Indonesia | $3,507,239,000,000 | +70.5% | -0.9% |
| 8. | Brazil | $3,328,459,000,000 | +18.9% | -2.9% |
| 9. | France | $3,231,927,000,000 | +37.8% | -7.1% |
| 10. | United Kingdom | $3,174,921,000,000 | +39.6% | -8.8% |
| 11. | Turkey | $2,749,570,000,000 | +114.7% | +3% |
| 12. | Mexico | $2,613,797,000,000 | +44.7% | -7.1% |
| 13. | Italy | $2,610,563,000,000 | +23.5% | -7.8% |
| 14. | South Korea | $2,436,872,000,000 | +58.7% | +0.2% |
| 15. | Canada | $1,978,816,000,000 | +45.6% | -4.3% |
| 16. | Spain | $1,959,037,000,000 | +33.2% | -9.9% |
| 17. | Saudi Arabia | $1,705,519,000,000 | +20.7% | -3% |
| 18. | Australia | $1,415,564,000,000 | +53.1% | -1.3% |
| 19. | Taiwan | $1,403,663,000,000 | +57.8% | +4.4% |
| 20. | Poland | $1,363,766,000,000 | +67.9% | -1.5% |
| 21. | Egypt | $1,346,225,000,000 | +62.5% | +4.8% |
| 22. | Thailand | $1,329,324,000,000 | +49.9% | -4.9% |
| 23. | Iran | $1,148,580,000,000 | -10.5% | +2.7% |
| 24. | Vietnam | $1,148,054,000,000 | +143.6% | +4.2% |
| 25. | Nigeria | $1,116,255,000,000 | +47.8% | -0.6% |
| 26. | Pakistan | $1,110,075,000,000 | +60.4% | +0.8% |
| 27. | Netherlands | $1,055,502,000,000 | +40.7% | -2.6% |
| 28. | Argentina | $1,015,008,000,000 | +37.8% | -8.9% |
| 29. | Philippines | $1,000,617,000,000 | +89.3% | -8.4% |
| 30. | Malaysia | $978,781,000,000 | +66.8% | -4.4% |
| 31. | Bangladesh | $966,485,000,000 | +149.6% | +0.6% |
| 32. | Colombia | $780,262,000,000 | +60.8% | -5.7% |
| 33. | South Africa | $753,113,000,000 | +25.4% | -5.8% |
| 34. | United Arab Emirates | $683,182,000,000 | +23.2% | -4.8% |
| 35. | Switzerland | $660,862,000,000 | +49.9% | -1.8% |
| 36. | Romania | $636,481,000,000 | +83.6% | -2.7% |
| 37. | Belgium | $623,720,000,000 | +43.3% | -5.3% |
| 38. | Singapore | $600,063,000,000 | +57% | -4.2% |
| 39. | Sweden | $589,751,000,000 | +47.4% | -1.6% |
| 40. | Ukraine | $576,106,000,000 | +52.3% | -3.1% |
| 41. | Kazakhstan | $526,746,000,000 | +67.9% | -1.4% |
| 42. | Austria | $517,860,000,000 | +45.9% | -5.5% |
| 43. | Algeria | $514,748,000,000 | +9.3% | -4.9% |
| 44. | Ireland | $500,270,000,000 | +149.7% | +3.7% |
| 45. | Chile | $491,535,000,000 | +52% | -4.7% |
| 46. | Hong Kong | $472,395,000,000 | +36.7% | -5% |
| 47. | Czech Republic | $460,933,000,000 | +57.3% | -4.4% |
| 48. | Peru | $439,262,000,000 | +56.4% | -10% |
| 49. | Iraq | $413,316,000,000 | +9.3% | -9.8% |
| 50. | Israel | $399,488,000,000 | +80.3% | -1.2% |
| 51. | Norway | $374,994,000,000 | +25.7% | +0.4% |
| 52. | Portugal | $370,497,000,000 | +31.6% | -6.5% |
| 53. | Denmark | $359,048,000,000 | +50.2% | -2.1% |
| 54. | Hungary | $342,708,000,000 | +55.5% | -3.8% |
| 55. | Greece | $325,304,000,000 | +4.7% | -7.1% |
| 56. | Sri Lanka | $306,997,000,000 | +84.9% | -2.4% |
| 57. | Ethiopia | $293,485,000,000 | +226.3% | +7.3% |
| 58. | Morocco | $291,495,000,000 | +40.2% | -5.9% |
| 59. | Finland | $286,858,000,000 | +36.2% | -1.7% |
| 60. | Qatar | $273,040,000,000 | +9.4% | -1.4% |
| 61. | Uzbekistan | $270,013,000,000 | +84.5% | +2.9% |
| 62. | Kenya | $262,669,000,000 | +170.3% | +1.1% |
| 63. | Myanmar | $258,677,000,000 | +70% | +4.4% |
| 64. | New Zealand | $226,566,000,000 | +65.8% | -1.8% |
| 65. | Angola | $219,841,000,000 | +42.9% | -2.8% |
| 66. | Dominican Republic | $208,957,000,000 | +88.9% | -5.6% |
| 67. | Kuwait | $208,323,000,000 | -5.8% | -7% |
| 68. | Ecuador | $201,194,000,000 | +47.4% | -6.4% |
| 69. | Belarus | $192,626,000,000 | +32.1% | +0.3% |
| 70. | Slovak Republic | $190,277,000,000 | +41.9% | -4.1% |
| 71. | Ghana | $186,682,000,000 | +87.1% | +2.1% |
| 72. | Sudan | $185,742,000,000 | +8.1% | -2.5% |
| 73. | Bulgaria | $174,998,000,000 | +58.8% | -2.7% |
| 74. | Tanzania | $171,006,000,000 | +92.2% | +2.3% |
| 75. | Guatemala | $158,570,000,000 | +66.5% | -0.3% |
| 76. | Ivory Coast | $156,038,000,000 | +114.5% | +3.5% |
| 77. | Azerbaijan | $151,866,000,000 | +12.4% | -3.1% |
| 78. | Serbia | $141,927,000,000 | +48.6% | +0.2% |
| 79. | Oman | $138,998,000,000 | +2.9% | -5.2% |
| 80. | Panama | $131,807,000,000 | +138.8% | -17% |
| 81. | Tunisia | $127,325,000,000 | +17.9% | -7.7% |
| 82. | Nepal | $122,629,000,000 | +109.2% | -0.7% |
| 83. | Croatia | $119,532,000,000 | +36.8% | -7.9% |
| 84. | Uganda | $114,896,000,000 | +55.9% | -0.9% |
| 85. | Lithuania | $114,035,000,000 | +78.1% | +0.4% |
| 86. | Puerto Rico | $112,273,000,000 | -2.4% | -6.4% |
| 87. | Jordan | $109,296,000,000 | +59.1% | -0.8% |
| 88. | Costa Rica | $107,095,000,000 | +81.9% | -3.6% |
| 89. | Democratic Rep. Congo | $106,138,000,000 | +159.3% | +1.1% |
| 90. | Bolivia | $105,063,000,000 | +102.3% | -6.6% |
| 91. | Turkmenistan | $104,539,000,000 | +109.5% | +2% |
| 92. | Cameroon | $101,950,000,000 | +86.9% | -1.6% |
| 93. | Paraguay | $98,929,000,000 | +58.4% | +0.3% |
| 94. | Libya | $92,083,000,000 | -52.6% | -59.2% |
| 95. | Slovenia | $85,889,000,000 | +48.9% | -4.4% |
| 96. | Afghanistan | $83,370,000,000 | +80% | -3.8% |
| 97. | Uruguay | $83,170,000,000 | +35.5% | -4.6% |
| 98. | Luxembourg | $78,309,000,000 | +71.9% | -0.1% |
| 99. | Cambodia | $78,065,000,000 | +124.7% | -2.4% |
| 100. | Bahrain | $77,624,000,000 | +33.5% | -4.2% |
GDP Cycles: Boom Versus Bust
According to The Economist, in the United States two consecutive quarters of falling GDP technically marks a recession. Other economists define a recession as a year-over-year fall in GDP.
Based on the annual drop in GDP model, 76 out of the 100 richest countries experienced a recessionary period from 2020 to 2021. Reflecting the highest percentage declines, the severest recessionary hits in the latest period belong to Libya (GDP down -59%.2 year over year), Panama (down -17%), Peru (down -10%), Spain (down -9.9%), Iraq (down -9.8%), Argentina (down -8.9%), United Kingdom (down -8.8%) and Philippines (down -8.4%).
Let’s think beyond the cold economic theory box. There is another type of recession known as a “growth recession” even though GDP is expanding. This is when a nation’s annual GDP growth fails to attain its long-term productive potential. For example, financial analysts point to Japan’s yearly GDP persistently dropping below 3 percent.
GDP Exclusions
Note that GDP does not include every possible transaction that an individual economy generates.
Listed below are examples of items specifically excluded from GDP.
- Transfer payments including government-provided social security and pensions;
- Barter transactions such as exchanging a power drill for a case of beer;
- Second-hand or used products notably automobiles produced in a prior year; and
- Unfinished intermediate goods such as a piece of metal sold before its final sale as a finished component of a dishwasher.
See also Latest Richest Countries Ranked by GDP per Capita, Exchange Rates for Top 25 Richest Countries and Central Bank Interest Rates
Research Reference Materials:
Central Intelligence Agency, The World Factbook Country Comparison: GDP (Purchasing Power Parity). Accessed on April 14, 2021
International Monetary Fund, World Economic Outlook Databases. Accessed on April 14, 2021
Investopedia, What Is Purchasing Power Parity?. Accessed on April 14, 2021
The Economist, Guide to Economic Indicators: Making Sense of Economics (7th Edition). Accessed on April 14, 2021
Trading Economics, Economic Indicators by Category. Accessed on April 14, 2021
World Bank, GDP, PPP (current international $). Accessed on April 14, 2021
