Largest and strongest economies in the world for 2024
In this article, we will explore the world’s 10 largest economies measured by GDP.
GDP stands for gross domestic product and is a commonly used metric to assess the economic health of a country.
GDP is defined as a monetary measure of the market value of all final goods and services produced by a country over a certain period.
GDP per capita and nominal GDP are both frequently used. Nominal GDP represents the total value of a country's goods and services produced in a specific period, without adjusting for inflation. This metric is useful for comparing the overall size of different economies globally. In contrast, GDP per capita divides a nation's GDP by its population, providing a measure of average income per person. This indicator offers insights into a country's standard of living and prosperity relative to others.
In this article, we will focus on the largest economies by nominal GDP, as this is far more relevant to traders. For example, the top three countries with the greatest GDP per capita are Monaco, Liechtenstein, and Luxembourg, all of which have small populations and whose economic data has little impact on global financial markets.
Top 10 largest economies in the world by GDP
# |
Country |
GDP |
| 1 | United States of America (USA) | $28.78 trillion |
| 2 | China | $18.53 trillion |
| 3 | Germany | $4.59 trillion |
| 4 | Japan | $4.11 trillion |
| 5 | India | $3.94 trillion |
| 6 | United Kingdom (UK) | $3.50 trillion |
| 7 | France | $3.13 trillion |
| 8 | Brazil | $2.33 trillion |
| 9 | Italy | $2.33 trillion |
| 10 | Canada | $2.24 trillion |
Top 10 largest economies list
- United States of America (USA)
- China
- Germany
- Japan
- India
- United Kingdom (UK)
- France
- Brazil
- Italy
- Canada
1. United States of America (USA)
(largest economy in the world)
The United States remains the world´s largest economy by far and has been the global economic powerhouse since the end of World War II.
The US has a highly developed and diversified economy benefiting from high productivity, significant natural resources, and a decentralised political system in which states can create their own laws and compete.
The US economy has been at the forefront of the technological revolution and is known for its top-notch universities and advanced research facilities if we look at the world´s 10 most valuable companies, the top five consist of US-based technology companies such as Apple, Microsoft, NVIDIA, Alphabet, and Amazon.
New York City is universally recognized as the global financial capital, home to the world's two largest stock exchanges, the New York Stock Exchange (NYSE) and Nasdaq, and a dominant hub for foreign exchange and commodities trading. It is home to many influential financial institutions, ranging from banks to investment companies and hedge funds.
Silicon Valley is renowned as a centre for technology companies and a major source of venture capital investment that helped many start-ups grow into successful companies.
In recent history, the United States has become the largest producer of crude oil, even surpassing Saudi Arabia and Russia. The country also benefits from large natural gas reserves.
The US has a total population of 342 million and is home to 813 billionaires and 22 million millionaires.
2. China
China has been rapidly catching up and is currently the world´s second-largest economy. It is also the world's second-most populous country, and thus has the largest labour force. The country´s economy managed to grow by an average of almost 9% per year since starting significant economic reforms in 1979.
The Chinese economy has transitioned from a primary emphasis on agriculture to industry and is currently transitioning to the service sector. Despite this, industry remains a significant component of the economy, as China is the world's largest manufacturer and exporter of products.
Under Deng Xiaoping's leadership, China embarked on a path of economic reform and opening up. The country welcomed foreign investment, expanded trade relations, and established special economic zones such as Shenzhen and Zhuhai. These special zones benefit from tax exemptions, lower customs duties, and laxer regulations. Shenzhen has greatly benefited from this and has evolved from a city with a population of 30,000 in 1980 to a megapolis with 17.5 million residents.
Early reforms focused China's industry on low-tech and labour-intensive sectors like clothing. Over time, the country shifted towards increasingly sophisticated sectors such as cars, telecommunications, and solar energy. Currently, China holds the title of being the world´s largest manufacturer and exporter of cars.
While the industrial sector remains crucial for China´s economy, the service sector has been increasing its share rapidly in the past two decades. China is a pioneer in mobile payment methods with apps such as Alipay and WeChat Pay. Giants such as Alibaba and Tencent have become leaders in e-commerce and retail services.
China has a massive population of 1.42 billion people and an incredible concentration of wealth. With over 800 billionaires and over 6 million millionaires, the country has seen fast economic expansion and a growing upper class.
3. Germany
Germany has long been Europe´s economic powerhouse, boasting the world´s third-largest economy. The country is a major exporter and has the highest trade surplus in the world, driven by its automotive industry as well as pharmaceuticals, machinery, and electronic products.
While Germany does not have as many large companies as other major economies such as the US and China, it has a significant number of small- to medium-sized companies that contribute to its economic success.
The Germany 40, or DAX40, is the country´s leading stock market index. It is comprised of the 40 largest companies listed on the Frankfurt Stock Exchange, including industry giants such as SAP, Siemens, Deutsche Telekom, Airbus, Allianz, and Mercedes-Benz. While it boasts global leaders in sectors like automotive and manufacturing, the country has fewer tech giants comparable to those in Silicon Valley.
Germany´s economy took off rapidly during the 2000s, when the global economy was experiencing high growth, particularly in China, an important buyer of German products and technology. While industry remains a key sector, the service sector now makes up almost 70% of Germany´s GDP.
Frankfurt is a major global financial centre, and Germany is home to several important financial institutions. Germany is also a popular tourism destination and among the top 10 visited countries in the world.
Germany has a total population of 84 million people, including 132 billionaires and 2.6 million millionaires.
4. Japan
Japan currently ranks fourth on the list of the world´s largest economies. The service sector accounts for almost 70% of the GDP, with the rest mostly coming from the industrial sector.
Japan experienced significant economic growth after World War II ended, which left the country devastated. Japan´s industry took off, with companies such as Toyota, Sony, and Honda gaining significant market share worldwide. In the 1960s, Japan became the world's second-largest economy and the first Asian country to achieve developed economic status.
The country benefited from its industry's rapid growth, with Japanese companies becoming leaders in the automotive and consumer electronics industries. Japan is the world´s third-biggest producer of cars, led by Toyota, Nissan, Honda, and Mazda.
The service sector has become increasingly important. Tokyo is a global financial centre with numerous major banks, investment companies, and insurance companies established there. The Japanese yen is the third-most traded currency in the FX market, just behind the US dollar and the euro.
Japan is home to the Tokyo Stock Exchange – the world’s third-largest stock exchange. The Nikkei 225, a closely watched global index, tracks the performance of Japan's top 225 blue-chip companies. The top 5 companies by market cap are Toyota, Mitsubishi UFJ Financial, Sony, Keyence, and Hitachi.
Japan is also one of the most visited countries in the world, significantly boosting its tourism sector. Japan´s inbound tourism numbers hit a new record high in 2024, benefiting from the weaker yen and the surge in travel demand post-COVID.
Japan has a population of 123 million people. There are around 40 billionaires and 3.3 million millionaires.
5. India
India is the world´s most populous country, overtaking China in 2023, according to United Nations (UN) population estimates. It is the world's fifth-largest economy by nominal GDP, and it has been growing at an average annual rate of 6 to 7 percent. The service sector makes up more than 50% of the GDP, but the agricultural and industrial sectors still employ most of the labour force.
While India has experienced tremendous growth, it is also facing growing income inequality and a high unemployment rate. Unlike the previous countries on this list, the agricultural sector remains a key component of India´s GDP, nearly 20%, and a key source of employment. India is the largest producer of milk and a major producer of wheat, cotton, and rice.
The service sector has been rapidly growing for decades. India´s domestic IT services market has been in the spotlight and attracted significant foreign investment. The country is also home to many popular tourist attractions, leading to significant growth of the tourism industry.
India's financial landscape has witnessed substantial growth, with Mumbai emerging as the country's financial hub. Home to the Bombay Stock Exchange, one of the world's largest stock exchanges, the city has become a major player in the global financial arena. The Nifty 50 is the country´s major stock index, and the largest companies by market cap are Reliance, TCS, HDFC Bank, ICICI Bank, and Bharti Airtel.
India has a population of 1.45 billion people, out of which 200 are billionaires and 700-850k are estimated to be millionaires.
6. United Kingdom (UK)
The United Kingdom has the world´s sixth-largest economy and Europe´s second-largest. The UK has a very strong service sector that makes up more than 80% of its GDP. London, a leading global financial centre, houses a thriving financial services industry that has been a cornerstone of the nation's economic growth.
The British pound remains a globally influential currency, ranking as the fourth most traded on the foreign exchange market. While its dominance has somewhat diminished over time, it continues to be a reserve currency and a key medium of exchange in international trade.
The London Stock Exchange is one of the world´s largest stock exchanges, and the FTSE 100 is the country´s most tracked index. The five largest companies by market cap are AstraZeneca, Shell, Linde, Arm Holdings, and HSBC.
In the 1980s, Prime Minister Thatcher introduced a series of economic policies, later known as "Thatcherism." Thatcher managed to revive the UK economy by promoting economic liberalism, but it did not come without a prize, as inflation and unemployment initially spiked.
The UK economy grew strongly between 1997 and 2008, until the Great Recession.
Despite the current dominance of the service sector, the industrial sector still holds significant importance. The aerospace industry in the UK is the second largest in the world, and the country is home to several major automotive manufacturers.
In the service sector, financial services particularly stand out, as many global financial institutions have a presence in the UK, and it is home to major banks such as HSBC, Lloyds, Barclays, and NatWest.
The United Kingdom is home to 68 million people, 55 billionaires, and 2.8 million millionaires.
7. France
France is the world´s seventh-largest economy by nominal GDP. The country is part of the European Union and uses the euro as currency. Its capital, Paris, is a global financial centre and makes up a third of France´s total GDP. Major financial institutions have a presence in Paris, and it is also home to financial giants such as Société Générale, BNP Paribas, and Crédit Agricole.
Thirty-one French companies are part of the Fortune Global 500 list—the most of any European country. The Euronext Paris has its headquarters in Paris, and the CAC 40 is its benchmark index, tracking the 40 largest companies. The five largest companies by market cap are LVMH, L´Oreal, Hermes, Total Energies, and Schneider Electric.
The service sector is strong in France, making up almost 80% of the country´s GDP. France is the world´s most visited country, attracting more than 100 million tourists per year, which makes the tourism sector an important component.
France is also famous for its luxury goods companies, with LVMH being the largest luxury company in the world.
The country has a strong industry sector and is a major producer of cars (Peugeot, Citroen), pharmaceuticals, chemical products, planes, and arms. Airbus, the world´s largest manufacturer of aeroplanes and helicopters, has a prominent factory located in Toulouse, France.
France has a total population of 68 million people, out of which 43 are billionaires and 2.8 million are millionaires.
8. Brazil
Brazil is a developing economy, the largest in Latin America and the world's eighth largest. The country started to experience rapid growth in the 1960s, driven by various reforms and modernization efforts. Brazil´s industrial sector developed at a fast pace, and the country´s trade boomed.
Despite several periods of crises, ranging from hyperinflation to political instability, Brazil managed to sustain high rates of economic growth. The service sector now accounts for over 70% of the country´s GDP, followed by the industrial sector at 20% and the agricultural sector at slightly less than 10%.
Brazil benefits from being rich in natural resources. It is the world's largest producer of many agricultural products, including coffee, soy, sugarcane, and oranges. It also has large reserves of iron ore, tin, and copper, as well as the world's 15th-largest oil reserves.
Brazil is one of the world's largest car-producing countries, and many global brands have factories there. Embraer, a local aircraft producer, has its E-Jet family of planes in use worldwide. Brazil also has strong steel, petrochemical, and consumer durables industries.
The country’s leading stock market index, the Bovespa, is a key indicator of the nation's economic health. Companies like Petrobras, a global energy giant, and Vale, a major mining corporation, are among the index's top components, reflecting Brazil's resource-rich landscape. The Brazilian real is the country's currency.
Brazil has a total population of 218 million, including 69 billionaires and 400,000 millionaires.
9. Italy
Italy is the world´s ninth-largest economy and Europe´s fourth-largest. It is a founding state of the European Union and part of the eurozone.
After World War II, Italy experienced significant growth in its industrial sector, and today, the country is the 2nd largest manufacturer in Europe, just behind Germany. It is famous for its machinery, fashion items, automotive industry, and pharmaceuticals.
Italy is famous for being the home of car manufacturers Alfa Romeo, Ferrari, Fiat, Lamborghini, and Maserati. Milan is one of the fashion capitals in the world, and Italy is home to major brands such as Valentino, Versace, Prada, Armani, and Dolce & Gabbana.
Italy's economy is predominantly driven by its service sector, which contributes 74% to the GDP. The country's world-renowned tourism industry is a significant pillar of this sector. As for the financial landscape, Milan houses the Borsa Italiana, a major stock exchange, with the FTSE MIB serving as its benchmark index.
Italy has a population of 58 million people, including 73 billionaires and 1.4 million millionaires.
10. Canada
Canada is the world´s tenth-largest economy and one of the largest trading nations. The country is extremely rich in natural resources and is a leading producer of several metals, including gold, platinum, iron, copper, and nickel. Canada also possesses the world´s third-largest oil reserves, after Saudi Arabia and Venezuela.
The service sector dominates Canada's economy, accounting for over 70% of its GDP. However, the agricultural sector remains important, as the country is a major producer and exporter of agricultural products.
Canada has a large retail sector but has also seen significant growth in financial services and real estate recently. Toronto, a global financial hub, is home to the Toronto Stock Exchange, one of the world's largest. The S&P/TSX Composite Index serves as the benchmark for the Canadian stock market.
Canada´s largest companies by market cap are Royal Bank of Canada, Toronto Dominion Bank, Shopify, Canadian Pacific Railway, and Enbridge.
Canada, with a population of 39 million people, is home to 67 billionaires and almost 2.3 million millionaires.
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