The 10 Biggest Economies in the World Over Time (1960-2024)

What are the top economies in the world and how have these top economy rankings changed over time? There are more than a few economic history enthusiasts on the Madison Trust team, so we decided to create a chart showcasing the top ten biggest economies in the world, every five years, since 1960. By visualizing the largest economies in the world throughout history, we can see how historical events have influenced the ebb and flow of the world economy over time. Not only will you gain insights into the economic history of the United States, you will learn more about the economic history of the world and other countries that have vied for a place among the top 10 economies. How did World War II affect the global economy? What about the pandemic? Let’s find out!

What Does “GDP (Nominal)” Mean?

What does GDP mean? GDP stands for gross domestic product. According to the U.S. Bureau of Economic Analysis, gross domestic product is the total value of the final goods and services produced by a region. Tracking this number is an important way for people to gauge how an economy is performing. As the United States is the country with the highest GDP, it is often observed as an economic barometer for the world as a whole. “Nominal” or “current-dollar” GDP estimates are based on the market prices during the period measured, so they provide a more accurate representation of the economy. For example, nominal GDP data is seasonally adjusted to account for winter weather, holidays, and factory production schedules.

What Is the Biggest Economy in the World?

The United States is the largest economy in the world by far, encompassing about 15.5% of the world’s total GDP. According to the International Monetary Fund, America’s GDP has reached around 28 trillion dollars as of April 2024! Of course, population plays a role in a country’s total output. So what is America’s GDP per capita? The United States’ GDP per capita is 85.37 thousand dollars. Despite these bewilderingly high numbers, the United States’ account balance is actually 732.648 billion U.S. dollars in the red. That’s right: -732.648 billion. Fortunately, this seems to be trending downwards overall since 1980.

What Are the 10 Largest Economies in the World?

Here are the 10 biggest economies in the world ranked by GDP (2024 estimates) from the International Monetary Fund:

1. United States GDP – 27,974 billion (USD)
2. China GDP – 18,566 billion (USD)
3. Germany GDP – 4,730 billion (USD)
4. Japan GDP – 4,291 billion (USD)
5. India GDP – 4,112 billion (USD)
6. United Kingdom GDP – 3,592 billion (USD)
7. France GDP – 3,182 billion (USD)
8. Italy GDP – 2,280 billion (USD)
9. Brazil GDP – 2,272 billion (USD)
10. Canada GDP – 2,224 billion (USD)

When Did the U.S. Become The Strongest Economy in the World?

Following the Civil War, the United States’ economy truly began burgeoning into the colossal superpower it is today. Between 1865 and 1898, coal production increased by 800 percent and railway track miles by 557 percent. By the mid 1880s, America had exceeded Britain as the world’s top producer of steel and manufactured goods. By 1890, the United States had achieved the world’s most productive economy by far, yet it continued to adhere to principles of liberal nationalism (and avoiding foreign affairs). The United States Office of the Historian refers to 1898 as “The Birth of a Superpower.” This is when the U.S. provided support for the independence of Cuba, enmeshing itself in a struggle with Spain. By the culmination of this conflict, America was suddenly responsible for several colonies, heralding a new era of power and economic influence.

Which Country Had the Strongest Economy After WWII?

This chart explores historical GDP by country, so let’s delve a bit into economic history around the world. World War II spanned 1939 to 1945. Following the war, a broad period of global economic expansion known as the postwar economic boom, or the Golden Age of Capitalism, emerged. The United States, the Soviet Union, and many Western European and East Asian countries experienced unprecedented and sustained growth along with a profound uptick in employment rates. Contrary to initial predictions, many countries that had been devastated during the war underwent a surge of growth, including Japan (the Japanese Economic Miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), and France (Les Trente Glorieuses). Lots of unexpected miracles all around! After years of fear and wartime rationing, American consumers were eager to spend money. Postwar U.S. industries transitioned from wartime to peacetime production with more ease and success than expected. Many returning veterans were given government loans and other resources that enabled them to purchase homes and pursue education. These factors united to create a wave of prosperity in America. Gross national product, which measures all goods and services produced, skyrocketed to $300 billion by 1950, a growth of $100 billion in just 10 years. By 1960, it reached $500 billion, firmly solidifying America as the wealthiest nation in the world.

But What About Your Wealth?

Grow your savings and prepare for retirement with a self-directed IRA or alternative assets such as real estate or even startup companies!

The Complete List of the Biggest Economies by GDP Over Time (1960-2024)

By Average Values of GDP (in USD Billions)

Year/Rank	1	2	3	4	5	6	7	8	9	10
1960	United States 520.531	Soviet Union 142.400	West Germany 92.172	United Kingdom 72.328	France 61.552	China 61.378	Japan 44.307	Canada 41.093	Italy 40.385	India 36.604
1965	United States 712.082	Soviet Union 367.400	West Germany 124.625	France 102.161	United Kingdom 100.596	Japan 90.950	China 69.709	Italy 67.978	India 60.599	Canada 53.910
1970	United States 1,075.900	Soviet Union 433.400	Japan 209.071	West Germany 208.868	France 146.438	United Kingdom 124.800	Italy 109.257	China 91.273	Canada 87.734	India 62.494
1975	United States 1,688.900	Soviet Union 686.000	Japan 512.861	West Germany 474.790	France 355.608	United Kingdom 236.414	Italy 219.392	Canada 173.487	China 160.751	Brazil 115.880
1980	United States 2,862.492	Soviet Union 1,212.000	Japan 1,099.695	West Germany 919.609	France 691.138	United Kingdom 536.369	Italy 459.829	Canada 268.893	Brazil 235.024	China 226.003
1985	United States 4,346.717	Soviet Union 2‚200.000	Japan 1,401.006	West Germany 658.784	France 559.846	United Kingdom 534.244	Italy 458.982	Canada 364.771	China 312.616	India 237.618
1990	United States 5,279.592	Japan 3,133.547	Soviet Union 2‚659.500	West Germany 1,592.710	France 1,278.666	Italy 1,177.063	United Kingdom 1,093.997	Mexico 534.177	Brazil 533.945	Canada 533.920
1995	Japan 6,119.000	United States 6,115.729	Germany 2,594.371	France 1,611.198	United Kingdom 1,320.618	Italy 1,171.510	Brazil 786.479	China 736.870	Spain 612.413	Canada 604.034
2000	United States 10,284.750	Japan 4,887.301	Germany 1,955.673	United Kingdom 1,442.316	France 1,327.964	China 1,214.912	Italy 1,145.109	Canada 742.319	Mexico 683.650	Brazil 655.454
2005	United States 13,093.700	Japan 4,755.980	Germany 2,866.308	United Kingdom 2,511.165	China 2,308.786	France 2,207.450	Italy 1,855.834	Canada 1,169.467	Spain 1,159.257	South Korea 898.137
2010	United States 14,964.401	China 5,812.464	Japan 5,793.455	Germany 3,309.668	France 2,560.002	United Kingdom 2,246.079	Brazil 2,087.889	Italy 2,051.412	India 1,729.010	Russia 1,638.463
2015	United States 18,036.650	China 11,226.186	Japan 4,382.420	Germany 3,365.293	United Kingdom 2,863.304	France 2,420.163	India 2,088.155	Italy 1,825.820	Brazil 1,801.482	Canada 1,552.808
2020	United States 20,936.600	China 14,772.731	Japan 5,064.873	Germany 3,806.060	United Kingdom 2,707.744	India 2,622.984	France 2,603.004	Italy 1,886.445	Canada 1,643.408	South Korea 1,630.525
2024	United States 27,974	China 18,566	Germany 4,730	Japan 4,291	India 4,112	United Kingdom 3,592	France 3,182	Italy 2,280	Brazil 2,280	Canada 2,242

Sources:

United Nations Statistics (unstats.un.org/unsd/snaama/Index)
The World Bank (https://data.worldbank.org)
International Money Fund (imf.org)
en.wikipedia.org/wiki/List_of_countries_by_largest_historical_GDP
*2024 Data based on International Monetary Fund projections

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