The richest countries in the world: Ranking of countries by GDP 2022

The richest countries in the world: Ranking of countries by GDP 2022. Who are the greatest world powers? How has the ranking of countries by GDP evolved in recent years? The spread of the pandemic and the war in Ukraine have been very harsh for many countries. This impacted the economic development of many states and led to the dreaded crisis. But then, which are the richest countries in the world in 2022? 

As long as the health crisis and the war persist, it is worth asking how the major world powers are doing. The IMF (International Monetary Fund) has published its traditional World Economic Outlook which details its growth forecasts for 2022.

After experiencing a critical year in 2020, countries expect a strong rebound in 2022. For example, China will experience, according to IMF forecasts, a growth of 5.1%. The institution predicted that Russian GDP would reach 1.703 billion current dollars in 2022, a growth forecast of 2.9% compared to the previous year.

However, following the events that have struck in recent days and the invasion led by Moscow in Ukraine, this assumption needs to be qualified. It is also important to consider the impact of economic sanctions and upcoming Russian retaliatory decisions, as well as their consequences for the Russian, French and global economies.

Definition and calculation of GDP

GDP is a key aggregate of national accounts. It takes into account the final result of the production activity of the resident producer units. Its objective is to measure the wealth created by all agents, private and public, on a national territory during a given period.

GDP (gross domestic product) is calculated by summing the value added of all companies (national or international) within a country. It should still be kept in mind that there is a difference with the GNP (gross national product), which takes into account all the activities (goods and services) produced in a territory.

In other words, the GDP measures the value of all the goods and services produced in a nation over a financial year calculated according to the market price. If a country records an increase in GDP, it means that it is experiencing economic growth. Conversely, a decrease in GDP rhymes with a decline.
GDP at market price can be calculated in three different ways according to INSEE:

  • Production approach: This consists of summing the value added of all activities producing goods and services while adding taxes and fewer subsidies on products: VA of activities + taxes – subsidies.
  • Expenditure perspective: To calculate GDP, one would have to add up all final expenditures (on consumption or on increasing wealth) plus exports, minus imports of goods and services.
  • Income perspective: To calculate it, you have to sum all the income obtained in the process of producing goods and services (wage income, gross operating surplus and mixed income) by adding taxes on production and imports fewer subsidies.

GDP versus GNP: What are the differences?

As mentioned, the GNP is very different from the GDP since it takes into account the activities of goods and services of a territory. What is the definition of GNP or Gross National Product? It is an economic indicator that takes into account the total value of a country’s wealth production in a given year.

GNP, therefore, includes a country’s goods and services, but also net investments made abroad. If we integrate the notion of “national” in the name “gross national product”, it is because the principle of nationality is integrated into the calculation of this index, by the wealth and the added value produced by the inhabitants of a country. It is important to note that GNP also takes into account a country’s VAT, just like GDP. The integration of this data and its legitimacy are however disputed.

Thus, the calculation of GNP can be as follows: GNP = GDP + income from labour and capital factors coming from outside – income from capital and labour factors paid abroad.

Ranking of countries by GDP: The top 10 richest countries in the world in 2022

In the first position of the ranking of the richest countries in the world, we find unsurprisingly the United States whose GDP amounts to $24,796 billion. It is up 5.20% compared to 2021. In second place is China with a GDP of $18,460 billion. The country has been able to rebound, even after successive confinements, with a growth of 5.10%. Asia is present in force on the podium, given that Japan is in 3rd position with a GDP of $5,383 billion.

For the rest of the ranking and to conclude the top 5, we are going to Western Europe with respectively Germany (+4.6%) and the United Kingdom (+5%). France is behind India (+8.50%), in the 7th position. France has indeed lost a place with a GDP amounting to $3,140 billion in 2022.

In the rest of the top 10, we find Italy in 8th place with a GDP of $2,272 billion, followed by Canada ($2,189 billion). In the 10th position of the richest countries in the world, we find South Korea.

What about the African continent? Nigeria ranks 26th on the list of the richest countries in the world. This position makes this state, once again, the richest African nation according to figures from the International Monetary Fund, with an estimated GDP of 555 billion dollars in 2022. This figure registers an increase of 2.7% in a year.

GDP: Ranking of the richest countries in the world and the greatest world powers in 2022

RangPaysGDP in billions of $
1United States$25 346,81
2Chine$19 911,59
3Japan$4 912,15
4Germany$4 256,54
5UK$3 376,00
6Inde$3 291,40
7France$2 936,70
8Canada$2 221,22
9Italy$2 058,33
10Brazil$1 833,27
11Russia$1 829,05
12Republic of Korea$1 804,68
13Australia$1 748,33
14Iran$1 739,01
15Spain$1 435,56
16Mexico$1 322,74
17Indonesia$1 289,30
18Saudi Arabia$1 040,17
19Netherlands$1 013,60
32United Arab Emirates$501,35

The data comes from the IMF and was collected in April 2022. The figures for the ranking of the richest countries in the world according to GDP are not expressed in PPP.

GDP: Analysis of the ranking of the richest countries in the world

The ranking, according to GDP, of the richest countries in the world in 2022 is also marked by the evolution of the creation of wealth by many countries. Some clearly stood out in 2021, such as India, whose GDP increased by 5.9%.

Poland and Spain also experienced good growth in 2021. They stand out in the ranking of the richest countries according to GDP. It was particularly in the third quarter that growth was strongest in Spain.

It is important to note that here, these are growth forecasts for the year 2022. Thus, some countries will see their growth greatly reduced due to the war in Ukraine and this could affect their rank within the ranking. countries based on GDP. Indeed, these powers are dependent from an energy and grain point of view on the two countries currently at war.

IMF growth forecasts for the richest countries

The IMF has unveiled its GDP growth forecasts for many major world powers. So will these countries still be in the ranking of the richest countries based on GDP?

However, we must be wary of these IMF forecasts. Indeed, GDP growth in the countries of the world is impacted by the duration of the war in Ukraine, but also by other phenomena. The French presidential elections could reshuffle the cards for France since the decisions taken by the two candidates are radically different.

Pays2021 growth2022 growthGrowth 2023
Industrialized countries5%3,90%2,60%
United States5,60%4%2,60%
Zone euro5,20%3,90%2,50%

GDP 2022 ranking: The richest countries according to GDP per capita

GDP per capita is calculated by dividing a country’s GDP by the number of inhabitants. This indicator gives an additional view of a country’s level of development and is highly appreciated by economists.

Unsurprisingly, Luxembourg is in 1st position among the countries with the highest GDP per capita for the year 2021. It thus amounts to 126,000 dollars. Ireland is in 2nd position on the podium, ahead of Singapore (3rd). France drops in the standings and comes to 28th place.

RangPays2021 GDP per capita ($)
1Luxembourg126 568
2Ireland111 359
3Singapore107 677
4Qatar100 036
5Suisse78 111
6United Arab Emirates74 244
7Norway69 858
9Macao67 474
10Hong Kong65 403
11Denmark63 404
12Netherlands61 816
13Austria59 405
14Iceland59 268
15Germany58 150
16Sweden57 425
17Belgium55 919
18Australia55 492
19Canada53 089
20Finland53 083
21UK48 693
22South Korea48 308
23Painted47 152
24New Zealand45 879
25Italy45 267
26Israel44 965
27Japan44 934
28France44 770
29Bahamas31 532

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