Asia is the largest of the seven continents, and many Asian countries are extremely rich.
One good way of measuring the wealth of a nation is by Gross Domestic Product (GDP).
GDP measures the total value of a nation’s goods and services during a given period (typically a month or year).
By that measure, China is the richest country in Asia, with a staggering GDP of $24.27 trillion in 2023.
Industries, construction, agriculture, and an enormous population drive China’s wealth.
Known as the “factory of the world”, the country accounts for almost half its GDP through manufacturing and construction.
China’s industries dominate global markets, from machinery and steel to automobiles and textiles.
Agriculture is another big part of China’s success. The country is the largest agricultural producer in the world, with over 300 million farmers contributing to its economy.
It grows everything from rice and wheat to fruits and vegetables, feeding its population of 1.4 billion people—the second-largest in the world after India.
The country spans five time zones, and shares land borders with 14 nations. It’s also home to big cities like Beijing, the capital, and Shanghai, the country’s financial hub and largest urban area.
China’s economic rise began with reforms in 1978, which led to incredible growth. Between 1979 and 2023, China averaged a GDP growth rate of 8.93% per year, one of the fastest in the world.
In 2023 alone, its GDP grew by at least 5.2%, according to some figures.
In addition to manufacturing, China has become a leader in innovation and technology. The country contributes more than half of all global patents, leads in research output, and is the world’s largest high-tech exporter.
It is often referred to as a global “manufacturing superpower”, producing more goods than the next nine largest manufacturers combined.
China also dominates global trade, exporting everything from electronics to clothing.
The country is estimated to now account for 19% of the global economy in purchasing power.
