The Richest Countries In The World 2024 (2024)

Luxembourg is currently the richest country in the world based on its GDP per capita (PPP) of $143,742 according to the 2024 IMF report. Ireland, Singapore, and Qatar trail behind at $133,895, $133,737, and $112,282, respectively.

For more information on prosperity metrics such as "GDP" and "PPP," click to scroll to this section: Understanding Different Metrics of Prosperity.

The 15 Richest Countries in the World

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• Jump to the table of all 195 countries in the world ranked by GDP per capita (PPP).
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1. Luxembourg - $143,742

• Population: 683,500
• GNI per capita: $89,200
• Total GDP: $88.56 billion

Luxembourg has consistently ranked as one of the countries with the highest GDP per capita, currently leading ahead of Ireland. A key factor in this economic success is Luxembourg's strategic position in central Europe, which facilitates a significant financial services sector. Nearly half of Luxembourg's workforce commutes from neighboring countries such as France, Germany, and Belgium each day. These cross-border workers contribute to the nation's economic output without increasing the population count used to calculate GDP per capita. As a result, the GDP is spread across a smaller resident population, effectively boosting the per capita figure. Luxembourg is home to approximately 130 banking institutions, making it a major hub for international finance. The country is also a global leader in managing investment funds, second only to the United States, with around 5 trillion USD under management. While these funds are managed in Luxembourg, the actual investments are often made elsewhere. Luxembourg's economic strength primarily stems from its robust banking sector and the contribution of its cross-border workforce, rather than its relatively small technology and data industries.

2. Ireland - $133,895

• Population: 5,304,000
• GNI per capita: $79,730
• Total GDP: $564.02 billion

Although Ireland has dipped farther behind Luxembourg due to a recession caused by low pharmaceutical exports and weakened manufacturing enterprises, it is still a behemoth of financial power in 2024. Ireland's momentum, historically, has only been aided by its 12.5% corporate tax rate, one of the world's lowest. This tax policy mixes well with its skilled, English-speaking workforce, and multinationals like Google and Apple are thus driven to make Ireland their European base.

Furthermore, Ireland's pro-globalization economic policies have further encouraged foreign direct investment (FDI), which ultimately enriches citizens who benefit from increased commercial activity. Additionally, like many of the European countries on this list, Ireland's involvement in the European Union grants it membership privileges and subsidies that go far under shrewd budget policies, which Ireland has.

3. Singapore - $133,737

• Population: 5,997,000
• GNI per capita: $67,200
• Total GDP: $525.23 billion

Singapore's list of techniques for drawing in riches is similar to Ireland's—low corporate tax rates, light regulations, a strategically located port—but the history is exceptional. Lee Kuan Yew, Singapore's prime minister from 1959 to 1990, is considered the father of the city-sized country because he leaned into the shared values of the region's ethnic groups and invested obsessively in private banking, shipbuilding, and electronics. The strategic investments have proven successful, and today, many commend the government for its consistent provision of social services. like housing and healthcare.

4. Qatar - $112,282

• Population: 2,986,000
• GNI per capita: $70,120
• Total GDP: $244.69 billion

Qatar's wealth is primarily derived from its extensive oil and natural gas reserves, and considering the country possesses more than 15% of all proven gas reserves in the world, that dominance is unlikely to be unseated in the near future. Those funds have been directed toward advanced technology, architecture and engineering projects, and events like the 2022 FIFA World Cup. Glamour aside, Qatar has also been meticulous with investing its riches as if it were a hedge fund, and so now it paces ahead of other oil nations.

5. United Arab Emirates - $96,845

• Population: 9,257,000
• GNI per capita: $49,160
• Total GDP: $527.80 billion

The United Arab Emirates is one of the world's richest countries due to its income, which stems from its operations in global business as well as revenues from natural gas. This two-pronged approach of both services and production has served the country well, enough to fund Lamborghini police units and cloud seeding technology that causes rain to fall artificially (sometimes Dubai even floods, such as it did in April of this year).

The Dubai harbor is excellently positioned between Europe, Africa, and Asia; Jebel Ali is considered one of the busiest ports in all of the Middle East and Africa. Roughly 212 people live in Dubai with a net worth of above $100 million, and there are an additional 15 that are counted as billionaires.

6. Switzerland - $91,931

• Population: 8,932,000
• GNI per capita: $95,490
• Total GDP: $938.46 billion

A financial growth chart of Switzerland, when held up to the horizon, might be indistinguashable from the ever-climbing alps the region is famous for. Switzerland ranks sixth because it prides itself on its own industriess, investing heavily into gems, chemicals, and machine manufacturing goods that find their way across the European Union and the world.

Additionally, services are no small part of the country's value, which include the ever-reliable realms of banking, tourism, and insurance. If broken down, approximately 74% of the Swiss GDP is related to these services, and the rest, the aforementioned manufacturing industry. Agriculture is the one domain that Switzerland is not globally renowned for, although Swiss farmers do produce a little over half the food that is consumed within Switzerland, so self-reliance is still a clear priority.

7. San Marino - $86,989

• Population: 35,200
• GNI per capita: $47,120
• Total GDP: $2.03 billion

San Marino is almost identical to Switzerland in terms of its source of income: services and manufacturing (ceramics, clothing, paints, wine, to name a few) are time-honored pillars of financial well-being. Tourism appeal is slightly different, however, because visitors typically come to bask in the local Mediterranean climate during cold seasons elsewhere. The poverty rates in San Marino are among the lowest on the planet, which is likely related to its low unemployment rate and emphasis on education. Merchant banking was this microstate's strong suit in ages past, so the country's networks and ancestral talents have been lying in wait for the trade networks and industrialization of the past century— this advantage cannot be understated.

8. United States - $85,372

• Population: 341,963,000
• GNI per capita: $76,770
• Total GDP: $28.78 trillion

The "New World" came with more than just tomatoes for sauce and corn for cob; in the stretches of land that became known as the United States, untapped veins of gold, silver, and hydrocarbons were, and still are, practically limitless. The security of being isolated from the rest of the world has also aided the United States, allowing it to invest in specialist industries like biotechnology, engineering, and computer technology.

All in all, the United States has a larger GDP than any other country on the planet. However, its high population of 340 million residents means that there are a lot of mouths to feed, economically speaking. One advantage the United States wields is its imposing military, which has granted it significant weight in global negotiations with Japan, specifically, because Japan was barred from operating a military following World War II.

9. Norway - $82,831

• Population: 5,578,000
• GNI per capita: $94,540
• Total GDP: $526.95 billion

Norway derives significant economic benefit from its marine resources. Seafood is one backbone of the Norwegian economy, alongside energy exports, and experts maintain that these ocean-based industries are responsible for 40% of Norway's value creation. Regarding individual experience, Norway's efficient legal system, strong property rights protections, and innovative commercial environment contribute to its 10th place ranking in the world's freest economies, according to the Heritage Economic Freedom Profile.

The standard of living in Norway is famously high, and the currency (the Norwegian 'Kroner') stands independent and proud in the global economy. In USD, the average minimum wage in Norway is roughly $22.00/hour, and for comparison, the minimum wage in the USA can drop as low as $7.25/hour.

10. Guyana - $80,137

• Population: 741,300
• GNI per capita: $14,920
• Total GDP: $21.18 billion

Guyana is a surprising entrant among the richest countries this year. Oil production began as recently as 2019, and that industry skyrocketed the South American country into the major leagues. The country is largely English-speaking due to its British colonial past, and Georgetown reigns as its capital. The acceleration of its economy, described as a "double-digit growth" by worldbank.org, occurred in 2023 when additional oil fields began operating. However, one threat to Guyana's stability appears in the tensions building up between it and Venezuela; Venezuela appears to be testing waters over a long-standing territorial dispute around the Essequibo region.

11. Denmark - $77,641

• Population: 5,989,000
• GNI per capita: $73,520
• Total GDP: $409.99 billion

When in doubt, always invest in education and open trade, which is what Denmark prioritized in the years after the Napoleonic Wars. This knowledge economy laid the foundation for powerful manufacturing and shipping sectors that still continue today, and a general lack of corruption in government administration prevents interrupting the flow of riches to the public sectors that need it the most.

Interestingly, only a small percentage of Denmark engages with farming and fishing, which is divergent from Norway's approach. One would be remiss not to highlight the welfare system that Denmark has in place, on top of its efficient infrastructure, where new parents can expect support. Healthcare and education are publicly financed, meaning 'free' at the point of use.

12. Brunei - $77,534

• Population: 455,400
• GNI per capita: $31,410
• Total GDP: $15.51 billion

In between Australia and China, there is an island called Borneo; on its northern shore, the easy-to-miss Brunei has staked its flag. The shore is a large part of why Brunei is on this list, as it hosts enviable amounts of oil and gas reserves. Much like Qatar and Guyana, Brunei has been in the hydrocarbon business to the tune of billions in profit. The architectural style of the sultanate is notably luxurious; golden domes, expansive gardens, and elegant mosques cut into the sky with a surprising regularity. The sultan himself, Hassanal Bolkiah, is one of the richest people in the world, as well as one of the longest reigning monarchs since his coronation in 1968.

13. Netherlands - $74,157

• Population: 18,031,000
• GNI per capita: $60,230
• Total GDP: $1.14 trillion

In the case of the Netherlands, its abundant riches of today come from more than just a wellspring of natural gas that was discovered in 1959 (although that did not hurt). In prior ages, the Dutch worked as traders, farmers, and conquerors, and ancestral investments have ensured that the country and its people have always had high expectations when it came to checking the treasury. For example, organizations like the Dutch East Indies Company (c. 1602 - 1799) secured the Netherlands to be one of the world's top trading nations for centuries to come, and now the country currently prioritizes services for 80% of its overall GDP, and the remainder rests heavily on manufacturing.

14. Iceland - $73,783

• Population: 403,000
• GNI per capita: $68,660
• Total GDP: $33.34 billion

Although Iceland has been powerful in recent decades thanks to its manufacturing sector, which is heavily bolstered by geothermal and hydroelectric power sources, Iceland has seen revenue flow in as far in the past as the 1880s during a fishing industry boom. Those exports soared in part because of the introduction of sailing smacks and mechanized fishing fleets. Today, services like welfare reflect the ability of the Icelandic government to care for its people, and social assistance comes in the forms of healthcare, disability pensions, and immigration support. More surprisingly, companies occasionally include an immigration bonus for non-citizens who want to move and work in Iceland; NPR reported one such case that involved $50,000 for qualified persons.

15. Saudi Arabia - $70,332

• Population: 33,145,000
• GNI per capita: $27,680
• Total GDP: $1.11 trillion

Saudi Arabia is at the bottom of the top 15 for an intriguing reason: despite extraordinary oil and natural gas resources, Saudi Arabia does not rely on outside labor nearly as much as the other Arab Oil countries. The math is fairly simple; if your residents are primarily foreigners working on short to long-term contracts, the government will have more resources to spend on citizens. However, the Saudi petroleum sector is nothing to scoff at, and a generally low cost of living helps boost the GDP per Capita (PPP) value to nearly twice as high as its standard GDP per Capita value. Last, it should be noted that various Saudi commercial ministries have been aggressively investing in entertainment sectors to promote tourism and domestic social activity.

Comparing The United States With China

The top 15 richest countries in the world include the United States, which is in 8th place with a GDP per capita (PPP) of $85,372. This high position makes sense, considering it has the highest GDP in the world at 28.78 trillion USD. Peculiarly, China is only the 75th richest country in the world in 2024 according to its GDP per capita (PPP) of $25,015, despite possessing the second highest GDP of 18.53 trillion USD: this is because GDP alone does not accurately reflect the distribution and impact of a large GDP if a country's population is high. The United States has a population of almost 342 million in comparison with China's 1.41 billion.

Extreme Prosperity in Partially Recognized Territories and Countries

• Macao - SAR GDP per capita (PPP): $134,140
• Taiwan - GDP per capita (PPP): $76,858
• Hong Kong - GDP per capita (PPP): $75,127

Hong Kong, Taiwan, and Macao are three highly prosperous territories that have become symbols of success in the eastern hemisphere. While many refer to these regions as 'countries,' they either do not have sovereignty under international law, remain part of China, or are in a unique political situation. Hong Kong became a special administrative region of the People's Republic of China in 1997 after more than 150 years of British rule. Taiwan is a de facto independent nation controlled by neither China nor any other sovereign entity. Macao, meanwhile, is an autonomous administrative region of China led by a governor appointed by Beijing, which is why it experienced extreme economic gain in 2023 once China relaxed COVID restrictions on Macao's entertainment industry. Ultimately, despite their quasi-independence from the parent country, all three territories enjoy considerable economic prosperity and serve as models for developing countries across the globe.

Final Thoughts

After reviewing the world's richest countries and their economic prosperity, it is clear that financial success has many different looks. Luxembourg currently leads the way across most metrics. Others on the list also possess strong economies due to a focus on innovation and investment in technology, finance, tourism, and natural resources. It is no surprise, then, that Ireland, the United Arab Emirates, Qatar, Switzerland, and Norway are leading countries in attaining riches. However, it is incredible how there is still room to grow and expand within such thriving economic spaces. While San Marino and Brunei might boast lower GDPs per capita or employ fewer people than other countries on this list, specific industries have put them on track to become highly successful economies. This potential proves that any country can achieve financial gain through dedication to their citizens and self-investment.

Understanding Different Metrics of Prosperity

While Gross Domestic Product (GDP) often emerges as a prominent choice in assessing a country's fortunes - for instance, the United States' GDP topped $28 trillion in 2024 - it is the GDP per Capita Purchasing Power Parity (PPP) that offers a more nuanced perspective (The term 'per capita' represents an amount divided amongst all persons in a country). To illustrate, if Country A has a GDP of $1 trillion and a population of 10 million, one might believe that each citizen has an average 'share' of $100,000. However, this is an oversimplified view, as GDP doesn't necessarily indicate how prosperity is distributed among the population, nor does it reflect how much of those resources are reinvested in public services. For instance, another hypothetical country with a GDP of $30 trillion might appear to be the richest, but if the population is as impossibly large as 7 billion, each person has a per capita share of barely $4,000. If the wealth is unequally divided, that amount is even lower. Below are definitions of key terminology:

Purchasing Power Parity (PPP) serves as a significant economic indicator by quantifying the relative buying power of different countries' currencies. It makes this assessment by comparing the costs of the same basket of goods and services across different countries. For instance, if a burger costs $5 in the United States but €4 in France, PPP enables a realistic comparison of these currencies' relative strength.

Gross Domestic Product (GDP) provides a measure of a country's economic activity within a specified period, typically a year. It accounts for the monetary value of all final goods and services produced and sold domestically. For example, the annual income from all car sales, retail purchases, and service fees within a country contributes to its GDP.

Gross National Income (GNI) calculates the country's total income. This calculation includes not just domestic production but also income earned by its residents from international activities. Hence, if a country's businesses earn significant revenue overseas, GNI per capita would more accurately represent the country's economic health.

International dollars, often used when discussing GDP per capita (PPP), is a hypothetical currency that has the same purchasing power as the U.S. dollar has in the United States. Essentially, it is a way to compare the purchasing power of different countries' citizens as if they were buying goods and services in the U.S., helping us understand how far their money would go in a standardized, international context.

However, these indicators have limitations. GDP, besides unequal distribution and function, can be artificially inflated in tax havens, leading to a misrepresentation of the country's actual finances. GNI might not fully account for income inequality within a country. Consequently, GDP per capita (PPP) becomes a preferred measure as it adjusts GDP for the relative cost of local goods, services, and inflation rates. This adjustment provides a more equitable comparison of living standards between countries, accounting for local price levels and global economic dynamics.

Note: Up-to-date and available information is crucial to maintain these comparisons, and Liechtenstein is a worthy example. This country's GNI per capita in 2009 was $116,600 (US$), and the United Nations estimates their current GDP per capita at around $169,260. If Liechtenstein provided accurate and current figures, it would likely be one of the richest countries in the world.

Richest Countries by Continent

• The Richest Countries in Asia
• The Richest Countries in Europe
• The Richest Countries in North America
• The Richest Countries in South America
• The Richest Countries in Africa

Ranking Of The Richest Countries Worldwide

**: Macao and Hong Kong are special administrative regions of the People's Republic of China, and Taiwan is a province in the PRC. See here for Kosovo, Aruba, and Puerto Rico.

_{Data taken from World Economic Outlook 2024 Report - GDP per capita, current prices (imf.org)}

Top 10 Richest Countries Ranked By GDP

Top 10 Richest Countries Ranked by GNI