Wal-Mart Stores Inc. (NYSE: WMT) is a truly global company. The world’s largest retailer claims 11,500 retail stores operating under 72 banners in 28 companies. Wal-Mart also claims 2.2 million employees worldwide, including 1.3 million in the United States alone.

But operations in 28 countries means that Wal-Mart has no operations in the world’s other 205 nations. It makes some sense, for example, that there are no Wal-Mart stores in Vatican City with its population of just 801. But there are some populous countries where the giant retailer has either tried and failed to gain a foothold or else has not really tried at all.

Wal-Mart can no longer count on growth in the United States, so it makes sense that the company should look beyond U.S. borders to find growth. For now, though, the company seems to have pinned its hopes on China and India, the two largest countries in the world. There are 400 Wal-Mart retail locations in China and none in India to serve some 2.7 billion people. Opportunities for growth are enormous, which may explain why other populous countries are not on Wal-Mart’s agenda.

Of the 28 largest countries in the world only eight are home to a Wal-Mart store or one of a Wal-Mart-owned subsidiary: China, the United States, Brazil, Nigeria, Mexico, Japan, the United Kingdom and South Africa.

The 20 largest countries where there are no Wal-Mart stores are listed here in reverse population order. Each listing includes the country’s 2014 gross domestic product (GDP) and 2015 GDP per capita as measured by purchasing power parity (PPP).

20. Colombia
> Population: 193 million
> GDP (rank): $244 billion (44th)
> Per capita GDP: $4,902

Although Wal-Mart has stores in Brazil, Argentina, Chile, Mexico and five other Central American countries, the company has no presence in Colombia.

19. South Korea
> Population: 51 million
> GDP (rank): $1.41 trillion (13th)
> Per capita GDP: $36,528

South Korea is another country that Wal-Mart entered but failed to adapt its practices to local customs. In 2006 the company sold its 16 outlets in the country and joined the parade of multinationals that could not adapt to the Korean consumer market.

18. Myanmar
> Population: 54 million
> GDP (rank): $64 billion (72nd)
> Per capita GDP: $5,164

Wal-Mart has no stores in Myanmar.

17. Tanzania
> Population: 55 million
> GDP (rank): $48 billion (86th)
> Per capita GDP: $2,901

There are no Wal-Mart stores in Tanzania.

16. Italy
> Population: 60 million
> GDP (rank): $2.14 trillion (8th)
> Per capita GDP: $35,665

There is no evidence that Wal-Mart has ever considered entering the Italian market, where France’s Carrefour would be the main competitor.
15. France
> Population: 65 million
> GDP (rank): $2.83 trillion (6th)
> Per capita GDP: $41,221

France has its own version of Wal-Mart in its Carrefour stores, of which there are about 11,000 scattered around the world.

14. Thailand
> Population: 68 million
> GDP (rank): $405 billion (29th)
> Per capita GDP: $16,081

There are no Wal-Mart stores in Thailand and no evidence that the company was interested in entering the country.

13. Turkey
> Population: 80 million
> GDP (rank): $798 billion (18th)
> Per capita GDP: $20,277

Wal-Mart has no stores in Turkey.

12. Democratic Republic of Congo
> Population: 80 million
> GDP (rank): $33 billion (97th)
> Per capita GDP: $6,620

There are no Wal-Mart stores in the country.

11. Iran
> Population: 80 million
> GDP (rank): $425 billion (28th)
> Per capita GDP: $17,572

There are no Wal-Mart stores in Iran.

10. Germany
> Population: 81 million
> GDP (rank): $3.87 trillion (4th)
> Per capita GDP: $47,033

Wal-Mart opened for business in 1998 and sold up and moved out in 2006. The company had opened 85 stores in Germany, and the failure is reported to have cost the company $1 billion and was attributed to Wal-Mart’s determination to impose its U.S. practices unchanged to the German business. The company also ran into difficulties with workers and unions.

9. Egypt
> Population: 93 million
> GDP (rank): $287 billion (39th)
> Per capita GDP: $11,262

There are no Wal-Mart stores in Egypt and no evidence the company has considered opening any.

8. Vietnam
> Population: 94 million
> GDP (rank): $186 billion (55th)
> Per capita GDP: $6,020

Wal-Mart has no retail operations in Vietnam.
7. Ethiopia
> Population: 102 million
> GDP (rank): $56 billion (80th)
> Per capita GDP: $1,774

Ethiopia is not one of the 12 African nations in which Wal-Mart does business.

6. Philippines
> Population: 102 million
> GDP (rank): $285 billion (40th)
> Per capita GDP: $7,318

Wal-Mart may have taken a look at doing business in the Philippines, but the company has no stores there.

5. Russia
> Population: 143 million
> GDP (rank): $1.86 trillion (10th)
> Per capita GDP: $23,744

Wal-Mart has never made a serious play to enter Russia or the Russian Federation or any Eastern European country. The company lost out on a bid for a Russian discount chain called Kopeyka in 2010 and shortly after closed its office in Moscow. Wal-Mart also gave up on acquiring a chain called O’Key when it could not agree on a price with the oligarchs who owned a majority interest in the stores.

4. Bangladesh
> Population: 163 million
> GDP (rank): $173 billion (56th)
> Per capita GDP: $3,609

Wal-Mart has not tried to enter the Bangladeshi market.

3. Pakistan
> Population: 193 million
> GDP (rank): $244 billion (44th)
> Per capita GDP: $4,902

There is no evidence that Wal-Mart has ever considered opening a store in Pakistan.

2. Indonesia
> Population: 261 million
> GDP (rank): $888 billion (16th)
> Per capita GDP: $11,112

Wal-Mart opened its first store in Indonesia in 1996 and left the country two years later after its Jakarta store was torched in the 1998 riots. The company considered reentering Indonesia in 2010, but the deal was never done. Indonesian retail giant Matahari Putra Prima considered being acquired, and several large retailers were interested, but the Indonesian chain decided to remain independent.

1. India
> Population: 1.33 billion
> 2014 GDP (rank): $2.05 trillion (9th)
> Per capita GDP: $6,209

Wal-Mart actually does operate in India as a partner in a distribution business with an Indian company, but the country’s laws on foreign direct investment needed to be amended before Wal-Mart could own and operate retail stores. On March t, the government said it would allow 100% investment and ownership by foreign companies in multi-brand retail stores. Wal-Mart already owns and operates 20 Best Price Modern Wholesale stores in eight Indian states, but the numbers should start rising soon.

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