Most of the countries have surged between 2010 and 2023, as a mix benefitted from economic reforms, technological progress natural resource exports jump global market integration. This piece looks at the countries that are becoming wealthier over this period, shown by the percentage change from 2010 to the predicted end of 2023.
Countries That Are Becoming Wealthier
Kazakhstan
Kazakhstan tops the list with an unbelievable 190% increase in assets. Such development has been driven by its rich natural resources, in addition to some degree of economic diversification away from oil and gas. Petronas’ investments in infrastructure, and industrialization reduced the oil extravagance of Malaysia. It tops the list of countries that are becoming wealthier.
China
It is followed by China, where the growth was 185%. This increase was a result of its industrialization, move to green energy, and global trade incorporation. Its affluence was reinforced by its growing urbanization and the Belt and Road Initiative.
Qatar
Qatar reported an annual growth of 157% due to a boost in its natural gas exports. In addition to investments in the international markets and infrastructure developments, especially concerning the FIFA 2022 championship would be held there.
Israel
Driven by its tech offerings, especially around cybersecurity and biotechnology, Israel notched an increase of 140%. Infrastructure and large capital investment, much of it foreign-based, flowed in to support the burgeoning innovation-driven economy. It ranks among the countries that are becoming wealthier.
India
India experienced a 133% increase, driven by its growing middle class and booming IT and telecommunications sectors. Reforms like GST, digitization, and infrastructure investment further supported its wealth growth.
Hong Kong
Hong Kong saw a 127% increase, maintaining its status as a global financial hub. Despite political tensions, its integration with China and strong real estate market contributed to this growth. It is one of the countries that are becoming wealthier.
Indonesia
The exception was Indonesia, which expanded by 125% thanks to its large domestic market as well as export based on agriculture and energy products where also foreign investments boosted growth.
United States
The U.S. accounted for a 121% rise in wealth, which was led by very strong financial markets and its wonderful tech sector. The growth in wealth was driven by firms such as Apple, Microsoft, and Amazon. At the same time, the US retained its position as a leader in innovation tech and finance attracting global investments from all over. It is among the countries that are becoming wealthier.
Czechia
Czechia’s 113% wealth increase reflects its economic transformation since joining the European Union. The country has developed a strong industrial base, particularly in the automotive and manufacturing sectors. Its integration with European supply chains and favourable business environment contributed to sustained economic growth.
Hungary
Hungary’s wealth grew by 109%, with the country benefitting from its strategic location in Europe and integration into the European Union. The growth was supported by foreign direct investments, especially in the manufacturing and automotive sectors, along with an increasingly diversified economy. The list of countries that are becoming wealthier sums up here.
FAQs
What fueled wealth growth in these countries?
Economic reforms, tech advancements, and natural resources.
Why did Kazakhstan top the list?
Its wealth grew from oil, gas, and economic diversification.
