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Just four countries - the U.S., China, Japan and Germany make up over half of the world’s economic output by gross domestic product (GDP) in nominal terms. In fact, the GDP of the U.S. alone is greater than the combined GDP of 170 countries.

How do the different economies of the world compare? In this visualization we look at GDP by country in 2021, using data and estimates from the International Monetary Fund (IMF).

An Overview of GDP:

GDP serves as a broad indicator for a country’s economic output. It measures the total market value of final goods and services produced in a country in a specific time frame, such as a quarter or year. In addition, GDP also takes into consideration the output of services provided by the government, such as money spent on defense, healthcare, or education.

Generally speaking, when GDP is increasing in a country, it is a sign of greater economic activity that benefits workers and businesses (while the reverse is true for a decline).

Top 30 Richest Countries:

Who are the biggest contributors to the global economy? Here is the ranking of the 30 largest countries by GDP in 2021:

1. U.S. - $22.9 Trillion
2. China - $16.9 Trillion
3. Japan - $5.1 Trillion
4. Germany - $4.2 Trillion
5. UK - $3.1 Trillion
6. India - $2.9 Trillion
7. France - $2.9 Trillion
8. Italy - $2.1 Trillion
9. Canada - $2.0 Trillion
10. S/Korea - $1.8 Trillion
11. Russia - $1.6 Trillion
12. Brazil - $1.6 Trillion
13. Australia - $1.6 Trillion
14. Spain - $1.4 Trillion
15. Mexico - $1.3 Trillion
16. Indonesia - $1.2 Trillion
17. Iran - $1.1 Trillion
18. Netherlands - $1.0 Trillion
19. Saudi Arabia - $0.8 Trillion
20. Switzerland - $0.8 Trillion
21. Turkey - $0.8 Trillion
22. Taiwan - $0.8 Trillion
23. Poland - $0.7 Trillion
24. Sweden - $0.6 Trillion
25. Belgium - $0.6 Trillion
26. Thailand - $0.5 Trillion
27. Ireland - $0.5 Trillion
28. Austria - $0.5 Trillion
29. Nigeria - $0.5 Trillion
30. Israel - $0.5 Trillion

At $22.9 trillion, the U.S. GDP accounts for roughly 25% of the global economy, a share that has actually changed significantly over the last 60 years. The finance, insurance, and real estate ($4.7 trillion) industries add the most to the country’s economy, followed by professional and business services ($2.7 trillion) and government ($2.6 trillion).

China’s economy is second in nominal terms, hovering at near $17 trillion in GDP. It remains the largest manufacturer worldwide based on output with extensive production of steel, electronics, and robotics, among others.

The largest economy in Europe is Germany, which exports roughly 20% of the world’s motor vehicles. In 2019, overall trade equaled nearly 90% of the country’s GDP.

Top 10 Poorest Countries:

On the other end of the spectrum are the world’s smallest economies by GDP, primarily developing and island nations.

With a GDP of $70 million, Tuvalu is the smallest economy in the world. Situated between Hawaii and Australia, the largest industry of this volcanic archipelago relies on territorial fishing rights.

In addition, the country earns significant revenue from its “TV” web domain. Between 2011 and 2019, it earned $5 million annually from companies - including Amazon-owned Twitch to license the Twitch.tv domain name - equivalent to roughly 7% of the country’s GDP.

1. Tuvalu - $0.07 Billion
2. Nauru - $0.1 Billion
3. Palau - $0.2 Billion
4. Kiribati - $0.2 Billion
5. Marshall Islands - $0.2 Billion
6. Micronesia - $0.4 Billion
7. Cook Islands - $0.4 Billion
8. Tonga - $0.5 Billion
9. São Tomé - $0.5 Billion
10. Dominica - $0.6 Billion

Like Tuvalu, many of the world’s smallest economies are in Oceania, including Nauru, Palau, and Kiribati. Additionally, several countries above rely on the tourism industry for over one-third of their employment.

credit: Visual Capitalist

Thread Updated

Cc Lalasticlala Mynd44 Seun

What of Venezuela? They have huge oil reserves.

Nigeria tried if we are being honest.

Insightful

Black

the way China economy is catching up to the U.S is scary, U.S spent most of their money fighting wars and being world police plus their lack of competitions in their industry,I am afraid China will become world power by next decade, although US will still be strong but their dominance will be limited

Geminiboi:
What of Venezuela? They have huge oil reserves.

Venezuela wey USA don cripple

I'll fix your phone's at affordable prices

Location is computer village ikeja

Osun State no dey there?

Lol

Listing Nigeria among the richest country in the world is a pure joke. Average Nigeria are glowing under extreme poverty and suffering. Economy is in comatose, no good roads, no jobs, inflation is skyrocketing on daily basis.
Maybe these people are using Buhari, Obasanjo, Tinubu and co to determine the richness of this country, if not Comoros and Gambia are better country than this yeye nation

What an irony

Nigeria is still the second most poorest country in the world after India.

The leaders are looting everything and anything.

Seen

Nigeria would have been among the 20 richest but she is ruled by the gender that betrayed our Lord Jesus Christ.

Ok,so Nigeria is amongst the richest in the world, well am impressed ,I thought they say we are the poverty capital of the world, well I thank God buharia tenure will end mid next year ,and we will vote young, smart and a God-fearing man to preside over this country, that is if we have enough sense not to vote Atiku and tinubu them

Where is nigeria? This list is incomplete without Nigeria on it

These people are jokers and clowns.
Why do they include Nigeria when the country is totally going backward. Nothing works in this forsaken country from all angles. I am not negative but things are obvious for a blind man to see.

Nigeria enter top 30

That means the world is poor

Ha!!! We rich pass Isreal.

Buhari is not aware

Nigeria tried to be on the list. Useless polithievescians corrupting the country

Shey Dey don Conor debt wey Nigeria Dey owe ni because we no suppose Dey that list

Nigeria among the top 30 richest countries yet her citizen move out in droves to countries like Dominica Republic, which is among the 10 poorest to buy citizenship

Nigeria

Nigeria only appears rich on paper and economics analysis but the people live in serious poverty...

Shame!

Thank God no Republic of Biafra, na them for dey poorest.

But as one Nigeria we are 29th Richest economy in the world. Shows we are better as one unit than divided. Nigeria is a great country but with bad leadership.

WriterNig:
Thread Updated

Cc Lalasticlala Mynd44 Seun

Where’s Russia
For those saying the western world is overrated can you see that
They control the world economy,
Russia is not even in top 30 with all her noise
Modified I’ve seen Russia thanks to you all

Nigeria top richest in the world but people
Keep living in absolute poverty..