Here are (let’s see if any of them surprise you): with the October 2022 data from the International Monetary Fund and Visual Capitalist, in countdown.
10. Italy, with $1.997 trillion.
9. Russia, with $2.113 trillion.
8. Canada, with US$2.200 trillion.
7. France, with US$2.778 trillion.
6. United Kingdom, with US$3.199 trillion.
5. India, with a GDP of $3.469 trillion.
4. Germany, with US$4.031 trillion.
3. Japan, with US$4.301 trillion.
And now, an enormous leap of 14 trillion (and a few more)!
2. China, with a staggering $18.321 trillion.
And another one, almost 8 years old!
1. The United States, with a GDP of $25,035 billion.
But, what do those numbers tell us?
Something, but by no means everything.
As some critics of GDP point out, the key lies in the third word of its name.
Not even its creator, the American economist Simon Kuznets, was proud of it.
The way of measuring the overall economy had been found in the 1930s, with the intention of helping to overcome the Great Depression.
The idea was to assess what was truly productive, that is, to find what truly brought well-being.
Weapons were needed to defend it, and weapons were needed to defend it. Priorities changed: the urgent thing was not well-being but life, and priorities changed. But then the Second World War broke out.
It was essential for the highly influential British economist John Maynard Keynes to understand what the economy could produce and what was the minimum necessary for people to consume, in order to determine how much surplus there was to finance the war.
Another type of calculation was needed, so the approach to that measurement changed.
And so it remained.
After the war, the United States needed to know how to help the recipients of the aid that was being given for reconstruction, so they began using the PIB.
Later, it spread even more thanks to the United Nations and became the global standard.
The measure of economic well-being that Kuznets desired to create ultimately became an indicator of economic activity.
There are many things that are not good for society, but there are also many things that are good for the economy in terms of producing bullets as weapons that save the lives of children, for example. The difference is that the economy benefits from this production method, while society does not.
It also does not measure quality, only quantity.
The calculation of the GDP does not take into account the well-being and punctuality of the train service, which is dirty and deficient. For example, when you pay for a train ticket, you are not taking into account that the train is overcrowded and rundown.
A country can have a high GDP but also a lot of inequality; on the other hand, it says nothing about the distribution of wealth.
Fíjate cuánto cambia la lista si se mide la relación entre la renta nacional per cápita y el PBI a lo largo de un período concreto en el lugar de los habitantes.
The book is not only entertaining, but it also offers valuable life lessons.Output: The book is not just enjoyable, but it also provides valuable teachings for life.
According to the latest IMF map (2023), the top 10 richest individuals in that ranking are…
8. United Arab Emirates.
10. United States.
Despite being apart from the United States, this country appears as the first in the list of countries, representing approximately 20% of the global GDP and ranking 10th in this aspect, making it the largest economy in the world.
Regarding the #1…
According to this specific ranking, Luxembourg is the wealthiest country on the planet in terms of population and size, one of the smallest countries on the planet.
It is the largest banking center in the world: more than 200 banks and 1,000 investment funds operate in its capital.
Luxemburgo is enriched by a combination of an export and import-based economy and a variety of industries, thanks to which it caters to the demand of multinational corporations. It is also home to highly qualified and educated workforce, considered as one of the most skilled in the world.
It also has small and medium-sized businesses, as well as a small but prosperous agricultural sector.
They are not included in the per capita calculation, but they contribute to GDP growth, so they work in the duchy but do not reside in it, like France, Germany, and Belgium, citizens of neighboring countries, partly due to their high performance.
According to the Süddeutsche Zeitung and Le Monde newspapers, 90% of the registered companies in the country are owned by foreigners; Luxembourg attracts foreign entrepreneurs with preferential taxes.
And for the employees, high levels of income.
According to the National Institute of Statistics and Economic Research of Luxembourg, the minimum wage in the country is US$2,488 per month, so any unskilled worker can expect to receive such amount.
The country that tops the previous list is the USA, the federal minimum wage in the USA is $7.25, nearly twice as much as the $14.40 per hour. Australia’s minimum wage, the highest in 2022, is $14.54 per hour.
Specialists working in banks, insurance companies, the energy industry, and information technology earn significantly more than that, but the average monthly salary amounts to US$5,380.
And Latin America?
Pues hay que bajar un poco en estas listas para encontrar algún país de la región de América Latina y el Caribe.
At position 66, we are almost there, but later on, Chile and Uruguay, Trinidad and Tobago, Panama, and Puerto Rico are separated -4 places later- by the Caribbean island of Aruba and the South American country of Guyana, which are the first ones to appear in terms of per capita GDP.
In the rankings where Latin American nations are included in the top 10, they are found in the category of “The wealthiest in terms of natural resources,” with Brazil and Venezuela taking the 7th and 10th spots respectively (while Russia and the USA lead the way).
And, of course, often, in some of the most beautiful countries.