In 2012, HSBC Global Research conducted a comprehensive study of the world’s economies, breaking down where each country’s economy currently stands and what kind of
The world’s economy shifted and came to order during the Industrial Revolution. Now, with increasing globalization due to the Digital Revolution, nations all over the globe are finding to ways to create competitive economies. While many some countries are slated to keep their positions or see very little change in their global ranking, many “emerging” economies are expected to fuel global growth over the next forty years.
So what countries are going to slip financially and which are going to gain ground on the rest of the world? Which nations will remain global superpowers and which will overcome their underdog status? Here are the Top 10 Richest Countries Of The Future.
Of all the countries studied by HSBC, the United States of America’s neighbor to the north is the only country who’s economy is expected stay in the exact same ranking in forty years. Currently, the 10th richest country in the world, Canada is supposedly going to remain the 10th richest country in the world in 2050 with a predicted $2.29 trillion economy. Part of the reason for their economic resilience is because of their strong banking system, which stabilized their economy much more than its allies’ during the global recession in 2008.
While it might not seem like a bad thing to make the list of the expected richest countries of the future, ninth place is not exactly where you want to be when you’re currently the world’s sixth strongest economy. HSBC projects that France’s development of per capita income will see a lag during the next forty years. Things haven’t been great for the French economy since the global recession in 2008, seeing almost no economic growth per year at 0.3 percent. France’s economy is expected to be $2.75 trillion by 2050. Oui, oui? No, no!
America’s neighbors to the south are expected to do even better than their northern friends in Canada in the year 2050. Not even in the current top 10 best economies in the world, Mexico is expected to shoot from number 13 to number eight in the ranking of the world’s economies by 2050 with an expected value of $2.81 trillion. All this new income for Mexico’s government doesn’t necessarily mean good things for its citizens. Although the country’s economy is expected to make a huge jump in the next forty years, making it one of the richest countries of the future, the average per capita income of its citizens is expected to fall from 42nd in the world to 47th.
Brazil’s economy is predicted to be $2.96 trillion by 2050. The Brazilian economy has really found its footing since their economic downfall between 1986 and 1994 when the nation saw inflation at 500 percent a year. Like Mexico, most of this growth of wealth is going to go to the elite class, with the average per capita income for citizens expected to drop from 52nd in the world to 61st.
6. United Kingdom
The United Kingdom will not see much of a change in global economic ranking in the future, dropping only one spot to number six. While this may not seem like great news for the United Kingdom, they will have done a tremendous job catching up to their nearest economic competitor, Germany, which is currently the richest country in Europe. Worth an expected $3.58 trillion by 2050, HSBC predicts that the United Kingdom will cut the difference between its economy and Germany’s in half. Not bad!
In the years to come, Germany will maintain its role as the richest country in Europe, but it will hold a more narrow lead. HSBC says Germany’s economy will be worth $3.71 trillion in 2050, making it not only the richest country in Europe but one of the richest countries of the future.
Japan is expected to drop two ranks in the global economy on the list of richest countries of the future. Though their economy is vibrant now, its aging workforce and low fertility means there should be 25 million fewer people in Japan by 2050. HSBC expects Japan’s economy to be worth $6.43 trillion by then.
HSBC expect’s India’s economy to be worth $8.17 trillion by 2050. With no shortage of people, India is going to see a huge surge in their working population in the next forty years, resulting in an expected average growth of 5 percent a year. It will also be the most populous country in the world, taking over China’s current position at the number one spot. It is expected to be home to 1.5 billion people.
2. United States
The United States is no longer expected to be the world’s lone economic superpower in 2050, slipping to the number two spot on the list of richest countries in the future. With an out of control banking system that is widely blamed for the economic collapse of 2008, the United States has not seen growth as high as it has been in the past. Still, the United States has a strong economic infrastructure and has led the Digital Revolution, with Silicon Valley expected to become the new Wall Street. The American economy is predicted to be worth $22.27 trillion in 2050.
Squeaking past the United States by a margin, China is projected to be the richest country in the world in 2050, with HSBC predicting their economy to be the strongest in the world at $25.33 trillion. Much of the reason for the boost to China’s future economy is because China is expected to absorb the economies of Hong Kong and Macao by 2049, boosting the economy just past the United States. China would probably be projected to have a wider economic margin in the future if it weren’t for their population growth. Like Japan, their workforce is aging and a just-nixed one-child policy has slowed their population growth, putting India on track to be number one in the world’s population. Still, the number one spot is the place you want to be, and China is expected to be the richest country of the future.