Top 10 Richest Countries in the World by GDP per Capita in 2024
Determining the wealth of a country can be done in several ways, but one of the most insightful methods is by examining GDP per capita. This metric calculates the average income of each person in a country, providing a clear picture of individual prosperity. GDP, or Gross Domestic Product, measures the total value of all goods and services produced within a country. By dividing this figure by the population, we get the GDP per capita, a key indicator of economic health.
In this article, we list the top 10 richest countries based on GDP per capita, as reported by the International Monetary Fund (IMF). The list includes some of the world's smallest nations, highlighting the unique economic dynamics that contribute to their wealth.
1. Luxembourg
Continent: Europe
GDP-PPP per capita: $143,740
Luxembourg, with its picturesque castles and vibrant cultural festivals, leads the world in GDP per capita. Home to around 670,000 residents, this European nation boasts exceptional living standards, including top-notch housing, healthcare, and education. Luxembourg's robust management of the COVID-19 pandemic and a significant growth rate of 7% in 2021 have solidified its top position.
2. Macao SAR
Continent: Asia
GDP-PPP per capita: $134,140
Macao, a Special Administrative Region of China, is famous for its casinos, earning it the nickname "Las Vegas of Asia." Despite the severe impact of the COVID-19 pandemic on its tourism and casino industries, Macao has rebounded, with its GDP per capita rising to $134,140.
3. Ireland
Continent: Europe
GDP-PPP per capita: $133,900
Ireland, a nation of 5.3 million, has recovered remarkably from the financial crisis of 2008–2009. By restructuring its banking sector and boosting employment, Ireland has achieved substantial GDP growth. However, economic disparities remain, with the top 20% earning significantly more than the lower-income groups.
4. Singapore
Continent: Asia
GDP-PPP per capita: $133,740
Since gaining independence in 1965, Singapore has transformed into one of the world's most business-friendly economies. Known for its wealthy expatriates, including Facebook co-founder Eduardo Saverin, Singapore's policies have created a thriving environment for businesses and high-net-worth individuals.
5. Qatar
Continent: Asia
GDP-PPP per capita: $112,280
Qatar's wealth is predominantly derived from its vast oil and gas reserves. Despite a population of just three million, Qatar's luxurious infrastructure and high living standards ensure its position among the world's richest nations. The country has seen a modest growth rate of 2% in 2024.
6. United Arab Emirates
Continent: Asia
GDP-PPP per capita: $96,850
The UAE, known for its oil reserves, also boasts a diversified economy including sectors like construction, tourism, and finance. Despite the global impact of the COVID-19 pandemic, the UAE continues to maintain its wealth and economic stability.
7. Switzerland
Continent: Europe
GDP-PPP per capita: $91,930
Switzerland is renowned not only for its natural beauty and cultural heritage but also for its strong financial sector and innovation. The country has a high concentration of millionaires and a robust economy supported by various industries, including banking and pharmaceuticals.
8. San Marino
Continent: Europe
GDP-PPP per capita: $86,990
San Marino, one of the smallest countries in the world, has a population of just 34,000. Its economy benefits significantly from tourism and manufacturing. Efforts to align its fiscal policies with European standards have also bolstered its economic standing.
9. United States
Continent: North America
GDP-PPP per capita: $85,370
The United States, with its diverse and resilient economy, managed to navigate through the pandemic with substantial social and economic measures. The U.S. economy is expected to grow by 2.7% in 2024, maintaining its position among the top 10 richest countries.
10. Norway
Continent: Europe
GDP-PPP per capita: $82,830
Norway's wealth largely comes from its oil reserves discovered in the late 1960s. As a leading petroleum producer, Norway enjoys a high GDP per capita and maintains relatively low income inequality compared to other wealthy nations.
In conclusion, these top 10 richest countries by GDP per capita offer a glimpse into the diverse factors contributing to economic prosperity, from natural resources and strategic economic policies to innovation and global business friendliness.
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Reviewed by Tech Sneha
on
08 May
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