Several Asian countries are wealthy in various categories, from natural beauty and riches to precious cultural legacy, fertile land, and more. The wealth of Asian countries will be assessed using GDP, GDP per Capita, & gross national income (GNI), all of which are measures of a country’s monetary output.
The most prosperous countries in Asia, as measured by gross domestic product
In economics, the most often used statistic is GDP, which quantifies the total amount of goods and services generated by a country during a certain time. As a result of this comprehensive approach, GDP provides a great picture of the present economic health of a nation.
World Bank 2020 GDP, Int$ PPP: Top 10 Richest Asian Countries
- China – $24.27 trillion
- India – $8.91 trillion
- Japan – $5.33 trillion
- Indonesia – $3.30 trillion
- Turkey – $2.37 trillion
- South Korea – $2.23 trillion
- Saudi Arabia – $1.63 trillion
- Thailand – $1.3 trillion
- Iran – $1.1 trillion
- Pakistan – $1.08 trillion
Regarding purchasing power parity (PPP), China has the highest GDP at $24.27 trillion (a fictional currency that makes country-to-country comparisons easier). Nearly half of China’s GDP comes from industry and construction.
Mineral extraction and ore processing and the manufacturing of various products are among the main industries in the country. Agriculture is a significant part of the economy as well. China is the world’s leading agricultural producer. Chinese farmers number about 300 million.
As Asia’s second most prosperous nation, India’s economy relies significantly on services (55.6 percent of GDP), manufacturing (26.3 percent), and agriculture to produce the majority of its goods (18.1 percent of GDP).
Rice, wheat, cotton, tea, sugarcane, and potatoes are among the country’s most important crops. As the world’s fastest-growing economy, India is home to a large population of poor people.
Japanese citizens are the third richest in the Asia-Pacific region, with slightly over $5,3 trillion. With its highly developed technological sector, the “Land of the Rising Sun” has earned its reputation as one of its most inventive nations.
Because of the country’s rapidly aging population and low birth rate, Japan’s population is expected to decline.
Gross domestic product (GDP) is an important indicator of a country’s prosperity, but it is not the only one. Since China and India have the world’s two largest populations, it’s no surprise that their combined GDP is high.
After all, a nation with more people tends to produce more overall. But the ranking of the richest nations might vary widely depending on the criterion used.
GDP Per Capita rankings of the richest countries in Asia
GDP per Capita is calculated by dividing the GDP by the population of a nation, which provides a more accurate picture of the typical person’s well-being. According to the International Monetary Fund, the ten wealthiest Asian nations in terms of GDP per Capita will be shown below in October 2021.
In terms of per capita GDP by 2020, the 10 richest Asian countries are as follows:
- Singapore – $107,680
- Qatar – $100,040
- United Arab Emirates – $74,240
- Macao (China) – $67,470
- Brunei – $65,670
- Hong Kong (China) – $65,400
- Taiwan – $61,370
- Bahrain – $53,130
- Saudi Arabia – $48,910
- South Korea – $48,310
The city-state of Singapore is the richest nation in Asia, with a per-capita GDP of $107,690 (PPP Int$). Because of a low amount of corruption in the government and a business-friendly environment, Singapore is one of the wealthiest countries in the world.
To do business, many investors from throughout the globe go to Singapore. Qatar, an oil-rich nation on the Arabian Peninsula, is the second richest country in Asia. Qatar has enough oil reserves to keep its per capita GDP at $100,040 for at least the next two decades.
Most of the remainder of the top 10 is made up of either oil-rich nations or among the most business-friendly and technologically-advanced, such as Hong Kong, an independent Chinese colony. However, another statistic may provide a different perspective.
GNI lists countries in Asia with the highest GDP per Capita
Unlike GDP, Gross National Income (GNI) per Capita does not assess what a nation exports but rather what it takes in. Despite its subtlety, this distinction may assist in identifying “tax haven” nations whose GDPs are artificially inflated by foreign firms funneling money through them to avoid taxes.
World Bank 2020 GNI per Capita using the Atlas technique and current US dollars ranks the 10 richest Asian countries.
- Macau (China) – $75,610
- Qatar – $56,210
- Singapore – $54,920
- Hong Kong (China) – $48,630
- United Arab Emirates – $43,470
- Israel – $43,070
- Japan – $41,580
- Kuwait – $36,290
- South Korea – $32,860
- Brunei – $32,230
The list gets updated once again. No matter the economic metric one uses to gauge the state of the economy, it is vital to keep in mind that per Capita, wealth does not represent the average or median income of the country’s residents.
To get a realistic view of the ordinary worker’s wage and the accompanying purchasing power, we need measurements more purpose-specific, detailed, and nuanced than GDP or GNI, especially in this age of huge income disparity.
Also See: Richest African Countries 2022
The following are Asia’s 10 richest countries:
- China ($11.22 Tn)
- Japan ($4.94 Tn)
- India ($2.26 Tn)
- South Korea ($1.41 Tn)
- Indonesia ($932.26 Bn)
- Turkey ($863.71 Bn)
- Saudi Arabia ($639.62 Bn)
- Iran ($425.40 Bn)
- Thailand ($407.03 Bn)
- United Arab Emirates ($348.74 Bn)
|Country||GDP (IMF '19)||GDP (UN '16)||Per Capita|
|United Arab Emirates||427.8760||348743627620||348743627620|