World economy
Rank Country Value ( USD $ ) Peak year
1 Qatar 146,982 2012
2 Macau 133,021 2013
3 Luxembourg 108,951 2019
4 Singapore 103,181 2019
5 United Arab Emirates 92,037 2004
6 Brunei 83,785 2012
7 Ireland 83,399 2019
8 Norway 76,684 2019
9 San Marino 74,664 2008
10 Kuwait 71,036 2013
11 Switzerland 66,196 2019
12 United States 65,112 2019
13 Hong Kong 64,928 2019
14 Netherlands 58,341 2019
15 Iceland 56,066 2019
16 Saudi Arabia 55,730 2018
17 Taiwan 55,078 2019
18 Sweden 54,628 2019
19 Denmark 53,882 2019
20 Germany 53,567 2019
The world economy or global economy is the economy of all humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account. In some contexts, the two terms are distinct international or global economy being measured separately and distinguished from national economies while the world economy is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of Earth. It is common to limit questions of the world economy exclusively to human economic activity and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind. However, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy since exchange rates typically do not closely reflect worldwide value, for example in cases where the volume or price of transactions is closely regulated by the government. Rather, market valuations in a local currency are typically translated to a single monetary unit using the idea of purchasing power. This is the method used below, which is used for estimating worldwide economic activity in terms of real United States dollars or euros. However, the world economy can be evaluated and expressed in many more ways. It is unclear, for example, how many of the world's 7.62 billion people have most of their economic activity reflected in these valuations. According to Maddison, until the middle of 19th century, global output was dominated by China and India.