According to a research report published by the Research Wing of McKinsey & Co, China has overtaken the United States to become the richest nation in the world.

According to the report, total global wealth has increased by 300% over the past 20 years, from $156 trillion in 2000 to $514 trillion in 2020.

33% of the increase in global wealth during this period is due to China alone. China’s wealth, which stood at $7 trillion in 2000, has grown significantly to $120 trillion in 2020.

The national balance sheets of ten countries were analyzed around the world which collectively accounted for more than 60 percent of global income. The countries included in the report are China, USA, Germany, France, UK, Japan, Sweden, Mexico, Canada, and Australia.

List of richest countries in the world by net worth as of 2022

The net worth of the United States reached nearly $90 trillion during the same period. In the world’s two largest economies, the United States and China, 66% of wealth is concentrated in the hands of the richest 10% of households. One of the interesting facts from the report states that around 68% of global net worth is stored in real estate.

The meteoric rise in net worth in these countries has been driven by the exponential rise in real estate prices, causing net worth to exceed the increase in global gross domestic product (GDP).

Here is the complete list of the 10 richest countries in the world in 2022. Find out!

1. China

China is not only the most populous nation in the world, it also tops the list of the richest nations in the world. China, officially known as the People’s Republic of China, is spread over five geographic time zones, with 14 borders.

Over the past four decades, China has gradually opened up its economy, which has led to growth in economic development and living standards. The government undertook reforms such as a phasing out of collectivized agriculture and industry and introduced greater flexibility for market prices.

As a result, foreign and domestic trade and investment started to show impressive results. China’s industrial policy encourages domestic manufacturing which has paved the way as the world’s top exporter. Although China has many advantages, it faces significant challenges such as an aging population and environmental degradation.

2. United States

The United States is the second richest country in the world with a net worth of $50 trillion. The United States is the engine of global growth and ranks third in the world in terms of size and population. After China, it is the second richest country in the world.

The United States economy is relatively open and facilitates business investment and foreign direct investment. The US dollar is the world’s reserve currency, which makes it possible to have a large external national debt. It is also the dominant geopolitical power in the world. The US economy is a global technology leader and known for its innovation in many sectors.

3. Germany

Germany is the second most populous country in Europe, officially known as the Federal Republic of Germany. Germany is the third richest nation in the world.

Germany’s workforce is highly skilled and exports vehicles, machinery, chemicals and other goods to the rest of the world. Germany faces challenges on several fronts, such as demographic challenges, a low fertility rate and high levels of immigration.

4.France

France, known for its wines and fine cuisine, is the fourth richest country in the world. Paris, the capital, is popular for its fashion houses, classical art museums and monuments.

The French economy has many private and semi-private companies in all sectors. However, government involvement is high in important sectors such as defense and power generation.

5. United Kingdom

England, Scotland, Wales and Northern Ireland are the four countries of the United Kingdom, ranked fifth on the list of the richest nations in the world.

The UK economy depends on the service-oriented sector, particularly in finance, insurance and business services. After the resolution of Brexit, the country’s trade relations with continental Europe have become much complicated.

6.Canada

Canada is the second largest country in the world in terms of total area after Russia. Canada ranks sixth in the list of the richest countries in the world.

Canada not only has the third largest proven oil reserves in the world, but also vibrant manufacturing and service sectors. Canada maintains free trade relations with the United States and 75% of its exports go to the United States each year.

7. Australia

Australia is the largest country in Oceania, officially known as the Commonwealth of Australia. It is the sixth largest country in the world in terms of land area and the seventh richest in the world.

Australia has free trade agreements with many countries in the Asia-Pacific region. The country has a great availability of natural resources such as coal, natural gas, iron ore and gold.

8. Japan

Japan is the eleventh most populous country in the world and the eighth richest country. The Japanese economy has scarce natural resources and depends on energy imports.

Japan has built a strong manufacturing economy through close cooperation between government and industry. Japan is now experiencing growth in recent years after losing the decade of the 1990s and also the impact of the global Great Recession.

9. Mexico

Mexico, officially known as the United Mexican States, is the tenth most populous country in the world, ranking 9th in our list of the richest countries in the world.

Over the past 30 years, Mexico has transformed into a manufacturing economy with free trade agreements with countries like the United States, Canada and 44 others.

10. Sweden

Sweden is the largest country in Northern Europe and the fifth largest country in Europe. It is the fourth European nation to appear in the list of the richest countries in the world in tenth position.

The Swedish economy is very competitive and the standard of living is quite high. The Swedish manufacturing economy depends on foreign exports such as machinery, motor vehicles and telecommunications.

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