Asia’s richest country worth £24tn – more than Japan and India combined | World | News
The richest country in Asia has more than double the money of Japan and India combined.
China’s GDP is $24.27 trillion (£19 trillion), measured in Purchasing Power Parity international dollars.
It has the largest nominal GDP in Asia and the second-largest globally, behind the USA with $30.33 trillion (£24 trillion)
Industry and construction account for almost half of China’s total GDP. Primary industries include mining and ore processing, textiles, machinery, automobiles, steel, aluminium, coal, and more.
Another large economic sector is agriculture. China is the largest agricultural producer in the world with about 300 million Chinese farmers.
China’s GDP is more than double the wealth of India and Japan combined, which is $8.05 trillion (£6.5 trillion).
India is the second-richest country in Asia, with an economy heavily centred on service industries, industrial business, and agriculture. It is a major producer of crops, including rice, wheat, cotton, tea, sugarcane, and potatoes.
Although many Indian people still struggle with poverty, the country’s economy is one of the fastest growing in the world. About 60% of India’s population (780 million) live on the World Bank’s poverty line.
The third-wealthiest country in Asia is Japan, with just over $5.3 trillion (£4.3 trillion). Japan’s great strength is its highly developed technology sector, which helps the country rank as one of the most innovative countries in the entire world.
Japan’s population is declining, thanks to an ageing population and low birth rate, which could cause economic concern in the future.
China has the largest overall GDP in Asia, but when looked at per capita, Singapore tops the list. Singapore’s GDP per capita is $89,354, whereas China’s is $23,382 (£19,000) per capita, ranking it 18th.
Singapore is the wealthiest country in Asia, with a per-capita GDP of $107,690 (£87,000). Its wealth is not due to oil but to a low level of government corruption and a business-friendly economy.
The rest of the top ten is composed of countries that are both small in size (“per capita” economic metrics often benefit countries with smaller populations) and either oil-rich or among the most business-friendly and technologically advanced countries.
