The World by Income and Region (2024)

FAQs

Which country has the highest income in the world? ›

The world is vastly unequal, extreme wealth coexists with extreme poverty. The poorest 50% of the global population share just 8% of total income. At the same time, the richest 10% of the global population earn over 50% of total income. Between countries, income inequality is high, but the gap may be narrowing.

The World Bank Group assigns the world's economies to four income groups: low, lower-middle, upper-middle, and high. The classifications are updated each year on July 1, based on the GNI per capita of the previous calendar year.

Luxembourg is the world's wealthiest country, with a GDP per capita of $143,742 thousand, according to the IMF. This is largely due to its strategic location in central Europe and its strong financial services sector.

According to the 2023 UBS Global Wealth Report, Switzerland ranked as the wealthiest country in the world per capita, with a figure of $685,226.

Luxembourg, with its high GDP per capita and strong financial sector, is the richest country in the world. The nation is known for using wealth to ensure better living standards, healthcare, and education for the general populace.

For those in the top 5%, the figure rises even more. According to the same research, those in the top 5% earned an average of $335,891 in 2021.

According to the Credit Suisse 'Global wealth Report 2021', Brunei had the highest Gini coefficient in 2021 (91.6%), therefore the wealth distribution in Brunei is vastly unequal.

For example, the United States has a GNI per capita of over $70,000, while the GNI per capita in some low income countries is less than $1,000. High income countries also tend to have much higher levels of human development than other countries.

Is Mexico a high income country? ›

Mexico is an upper middle income country focused on manufacturing goods and free trade agreements with around 40-50 countries. It has 2.458 trillion dollars in GDP (purchasing power parity) making it the 15th largest economy in the world. It is a member of the OECD, NAFTA, APEC, WTO, and the G20.

What Is the Poorest Country in the World? Which country is considered the poorest in the world? South Sudan holds this unfortunate title, facing severe poverty amidst ongoing conflicts that have plagued the nation since its inception in 2011.

New York City, New York

The number one spot is firmly occupied by New York City. The total wealth held by the Big Apple's residents now exceeds an eye-watering $3 trillion—higher than the total wealth held in most major G20 countries.

The United States of America

The United States upholds its status as the major global economy and richest country, with a GDP of over $28.78 trillion as of 2024, steadfastly preserving its pinnacle position from 1960 to 2024.

Here are the top 10 highest salary-paying countries in the world for 2024, based on average annual and monthly wages: Switzerland: Switzerland remains the highest-paying country, with an average monthly salary of approximately $8,111.

1: Kuwaiti Dinar (KWD)

Since it was first introduced in 1960, the Kuwaiti dinar has consistently ranked as the world's most valuable currency. Kuwait's economic stability, driven by its oil reserves and tax-free system, contributes to the high demand for its currency.

The best countries where you can make good money, given that you possess the relevant skills and qualifications for the local job market are the USA, Luxembourg, Switzerland, Norway, Denmark, Ireland, Australia, Netherlands, Singapore and Canada.