THE 10 RICHEST COUNTRIES IN THE WORLD:

11 mn read

THE 10 RICHEST COUNTRIES IN THE WORLD:

10. Norway🇳🇴

 

 

Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. As Western Europe’s top petroleum producer, the country has benefited for decades from rising prices.

 

Until it didn’t: prices crashed at the beginning of 2020, then the global pandemic ensued—and the krone was sent into freefall. In the second quarter of that year, Norwegian GDP fell by 6.3 %, the biggest decline in half a century and possibly since World War Two.

 

Does that mean Norwegians became significantly less wealthy than they were before the pandemic? Certainly not. After the initial shock, the economy gradually pared the losses and rebounded.

 

Further, when it comes to any unforeseen economic problem, Norwegians can always count on their $1.4 trillion sovereign wealth fund, the world’s largest. Not only that, unlike many other rich nations, Norway’s high per capita GDP figures are a reasonably accurate reflection of the average person’s economic well-being. The country boasts one of the smallest income inequality gaps in the world.

9. United States🇺🇸

 

Current International Dollars: 85,373 | Click To View GDP & Economic Data

 

Did we say that the wealthiest countries are also the smallest? That is certainly not the case with the United States, which first entered the top 10 list in 2020 after hovering just beyond tenth place for the better part of the past two decades.

 

Its surge, at least initially, was largely due to pandemic-related socioeconomic measures, which boosted income and spending, and to falling energy prices, which pushed petroleum-based economies like Qatar, Norway and the United Arab Emirates down several rankings, while Brunei fell out of the top 10 entirely.

 

Still, the country has since managed to build on the momentum and maintain its presence in the highest tier of the list. Not only did the US have its shortest recession on record in early 2020, lasting only two months, but its economy is now booming. In April, the IMF upgraded its 2024 projections for US economic growth to 2.7% (+0.6% higher than it forecasted just a few months earlier), but the performance of the United States—according to the Fund—will be this year “a major driver of global growth.”

 

 

8. San Marino🇸🇲

 

Current International Dollars: 86,989

 

Tiny San Marino is the oldest republic in Europe and the fifth smallest country on the map. It may have only 34,000 citizens, but it is among the wealthiest citizenry in the world. It helps that income tax rates are very low, at about one-third of the EU average. Nonetheless, San Marino is working towards harmonizing its fiscal laws and regulations with those of the European Union (EU) and international standards.

 

The tiny nation showed remarkable resilience during the pandemic and after amid tight monetary conditions and the energy crisis, with its tourism industry and manufacturing sector turning especially strong performances.

 

7. Switzerland🇨🇭

 

Current International Dollars: 91,932 | Click To View GDP & Economic Data

 

 

White chocolate, the bobsleigh, the Swiss Army knife, the computer mouse, the immersion blender, velcro, and LSD are just some of the noteworthy inventions brought to the world by Switzerland. This country of about 8.8 million people owes much of its wealth to banking and insurance services, to tourism, and to the export of pharmaceutical products, gems, precious metals, precision instruments (think watches) and machinery (medical apparatuses and computers).

 

According to the 2023 Global Wealth Report by Credit Suisse, Switzerland once again came out on top when it comes to the mean average wealth per adult at a whopping $685,230. Furthermore, roughly one adult in six owns assets worth more than one million U.S. dollars. Is it really a surprise that Switzerland has the highest density of millionaires in the world?

 

But does that mean the Swiss is immune from economic woes? Not only the pandemic had a significant impact on the economy, but—due to the country’s heavy reliance on imports of oil and gas from Russia—the war in Ukraine led to a surge in energy prices and triggered supply chain disruptions. Further, in 2022 Credit Suisse nearly imploded before a government-engineered rescue by its long-time rival, UBS Group, pulled it back from the edge. The demise of Credit Suisse has shaken the country, damaging Switzerland’s reputation as a secure and reliable global banking center.

 

And that’s not all: last year, in a bid to curb inflation, the Swiss National Bank (SNB) raised its interest rate from -0.75% to 1.75%.  Such a move had its consequences, including a surge in investment costs and a slowdown in economic growth—this, while the country was already experiencing a slump in exports, particularly to Germany, Switzerland’s second trading partner after the US, currently facing its own set of economic challenges.

 

 

6. United Arab Emirates🇦🇪

 

Current International Dollars: 96,846 | Click To View GDP & Economic Data

 

Agriculture, fishing and trading pearls: these used to be the economic mainstays of this Persian Gulf nation. Then oil was discovered in the 1950s and everything changed. Today, the United Arab Emirates’ highly cosmopolitan populationenjoys considerable wealth. Traditional Islamic architecture mixes with glitzy shopping centers and workers come from all over the world lured by tax-free salaries and year-round sunshine; only about 20% of the people living in the country are actually locally-born.

 

The UAE’s economy is also becoming increasingly diversified. Outside of the traditionally dominant hydrocarbon sector, tourism, construction, trade and finance are major industries. This is not to say that the UAE was not impacted by the pandemic and the concomitant fall of oil prices: quite the contrary. Incredible as it may seem, the UAE briefly slipped out of the IMF’s ranking of the richest countries globally for the first time in decades. Yet fossil fuels have not gone out of fashion: as soon as energy prices recovered, the UAE quickly regained its historic position among the top 10 richest countries in the world.

 

 

5. Qatar🇶🇦

 

Current International Dollars: 112,283 | Click To View GDP & Economic Data

 

Despite the recent recovery, oil prices have on average declined since the mid-2010s. In 2014, the per-capita GDP of a Qatari citizen was over $143,222; one year later, it plunged significantly and remained below the $100,000 mark for the next five years. However, that figure has gradually grown, increasing by about $10,000 each year.

 

Still, Qatar’s oil, gas and petrochemical reserves are so large and its population so small—just 3 million—that this marvel of ultramodern architecture, luxury shopping malls and fine cuisine has managed to stay atop the list of the world’s richest nations for 20 years.

 

No rich country, however, is without its problems. With only about 12% of the country’s residents being Qatari nationals, the initial months of the pandemic saw Covid-19 spreading rapidly among low-income migrant workers living in crowded quarters, triggering one of the highest rates of positive cases in the region. Then, falling energy prices meant falling government and private sector revenues. An export-oriented economy, Qatar also suffered from the disruption in global trade caused by the war in Ukraine. Later on, the conflict in Gaza sparked renewed fears and uncertainty across the Middle East. Still, until now, the economy has proven to be sufficiently resilient. It is projected to grow by around 2% in 2024 and 2025.

 

 

4. Singapore🇸🇬

 

Current International Dollars: 133,737 | Click To View GDP & Economic Data

 

With assets of about $16 billion, the richest person living in Singapore is an American: Eduardo Saverin, the co-founder of Facebook, who in 2011 left the U.S. with 53 million shares of the company and became a permanent resident of the island nation. Like many other fellow millionaires and billionaires, Saverin did not choose it just for its urban attractions or natural gateways: Singapore is an affluent fiscal haven where capital gains and dividends are tax-free.

 

But how did Singapore manage to attract so many high-net-worth individuals? When the city-state became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its bootstraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub and 98% of the adult population is now literate.

 

Unfortunately, that did not make it immune from the pandemic-driven global economic downturn: in 2020, the economy shrank by 3.9%, knocking the nation into recession for the first time in more than a decade. In 2021, Singapore’s economy bounced back with an 8.8% growth, but then the slowdown in China, a top trading partner, derailed the recovery. China’s economic problems hit Singapore’s manufacturing sector—which makes up roughly 20% of Singapore’s total GDP—particularly hard. The economy expanded by just 1% in 2023, and is not projected to grow much further than 2% in 2024 and 2025.

 

 

3. Ireland🇮🇪

 

Current International Dollars: 133,895 | Click To View GDP & Economic Data

 

A nation of about 5.3 million inhabitants, the Republic of Ireland was one of the hardest hit by the 2008-9 financial crisis. Following politically difficult reform measures like deep cuts to public-sector wages and restructuring its banking industry, the island nation regained its fiscal health, boosted its employment rates and saw its per capita GDP grow exponentially.

 

However, context is important. Ireland is one of the world’s largest corporate tax havens, which benefits multinationals far more than it benefits the average Irish person. Halfway through the 2010s, many large US firms—Apple, Google, Microsoft, Meta and Pfizer to name a few—moved their fiscal residence to Ireland to benefit from its low corporate tax rate of 12.5%, one of the most attractive in the developed world. In 2023, these multinationals accounted for close over 50% of the total value added to the Irish economy. If Ireland were to adopt the minimum corporate tax rate of 15% proposed by the OECD and already implemented by many countries, it would lose its competitive advantage.

 

Further, while Irish families are undoubtedly better off than they used to be, the national household per-capita disposable income remains slightly lower than the overall EU average according to data from the OECD. With a considerable gap between the richest and poorest (the top 20% of the population earns almost five times as much as the bottom 20%), most Irish citizens would likely balk at the idea that they are among the richest in the world.

 

 

2. Macao SAR🇲🇴

 

Current International Dollars: 134,141 | Click To View GDP & Economic Data

 

Just a few years ago, many were betting that the Las Vegas of Asia was on its way to becoming the richest nation in the world—it encountered a few bumps along the road. Formerly a colony of the Portuguese Empire, the gaming industry was liberalized in 2001 this special administrative region of the People’s Republic of China has seen its wealth growing at an astounding pace. With a population of about 700,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong became a money-making machine.

 

That, at least, was until the machine started losing money rather than making it. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. Since then, Macao has returned to business as —and then some. Its per-capita purchasing power was about $125,000 in 2019—it is even higher today.

 

 

1. Luxembourg🇱🇺

 

Current International Dollars: 143,743 | Click To View GDP & Economic Data

 

You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot in the country again. Doing so would be a pity: situated at the very heart of Europe, this nation of close to 670,000 has plenty to offer, both to tourists and citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone.

 

While the global financial crisis and pressure from the EU and OECD to reduce banking secrecy may have had little impact on Luxembourg’s economy, the coronavirus outbreak forced many businesses to close and cost workers their jobs. Yet, the country has weathered the pandemic better than most of its European neighbors: its economy rebounded from -0.9% growth in 2020 to over 7% growth in 2021. Unfortunately, due to high interest rates, the war in Ukraine, and a broader deterioration of the economic conditions in the Eurozone, that rebound did not last long: the economy grew by just 1.3% in 2022 and even contracted by 1% in 2023 (although it is projected to grow by 1.2% this year.)

 

Still, weak economic growth may not be worth complaining when your living standards are this high: Luxembourg topped the $100,000 mark in per capita GDP in 2014 and has never looked back ever since.

 

World’s Richest Countries 2024

 

Rank Country/Territory GDP-PPP per capita ($)
1 Luxembourg 143,743
2 Macao SAR 134,141
3 Ireland 133,895
4 Singapore 133,737
5 Qatar 112,283
6 United Arab Emirates 96,846
7 Switzerland 91,932
8 San Marino 86,989
9 United States 85,373
10 Norway 82,832
11 Guyana 80,137
12 Denmark 77,641
13 Brunei Darussalam 77,534
14 Taiwan 76,858
15 Hong Kong SAR 75,128
16 Netherlands 74,158
17 Iceland 73,784
18 Saudi Arabia 70,333
19 Austria 69,460
20 Sweden 69,177
21 Andorra 69,146
22 Belgium 68,079
23 Malta 67,682
24 Germany 67,245
25 Australia 66,627
26 Bahrain 62,671
27 Finland 60,851
28 Canada 60,495
29 France 60,339
30 Korea 59,330
31 United Kingdom 58,880
32 Cyprus 58,733
33 Italy 56,905
34 Israel 55,533
35 Aruba 54,716
36 Japan 54,184
37 New Zealand 53,797
38 Slovenia 53,287
39 Kuwait 52,274
40 Spain 52,012
41 Lithuania 50,600
42 Czech Republic 50,475
43 Poland 49,060
44 Portugal 47,070
45 The Bahamas 46,524
46 Croatia 45,702
47 Hungary 45,692
48 Estonia 45,122
49 Panama 44,797
50 Slovak Republic 44,081
51 Türkiye 43,921
52 Puerto Rico 43,219
53 Romania 43,179
54 Seychelles 43,151
55 Latvia 41,730
56 Greece 41,188
57 Oman 39,859
58 Malaysia 39,030
59 St. Kitts and Nevis 38,870
60 Russia 38,292
61 Maldives 37,433
62 Bulgaria 35,963
63 Kazakhstan 34,534
64 Trinidad and Tobago 32,685
65 Mauritius 32,094
66 Chile 31,005
67 Uruguay 30,170
68 Montenegro 29,696
69 Costa Rica 28,558
70 Serbia 27,985
71 Antigua and Barbuda 27,309
72 Dominican Republic 27,120
73 Libya 26,456
74 Argentina 26,390
75 Mexico 25,963
76 Belarus 25,685
77 Georgia 25,248
78 China 25,015
79 Thailand 23,401
80 North Macedonia 22,249
81 Grenada 21,799
82 Armenia 21,746
83 Islamic Republic of Iran 21,220
84 Brazil 20,809
85 Albania 20,632
86 Bosnia and Herzegovina 20,623
87 Barbados 20,592
88 Botswana 20,097
89 Colombia 19,770
90 Turkmenistan 19,729
91 St. Lucia 19,718
92 Gabon 19,452
93 Azerbaijan 19,328
94 St. Vincent and the Grenadines 19,196
95 Suriname 18,928
96 Equatorial Guinea 18,378
97 Moldova 17,902
98 Egypt 17,614
99 Fiji 17,403
100 Palau 17,381
101 Indonesia 16,861
102 Kosovo 16,775
104 Peru 16,631
105 Mongolia 16,504
105 Algeria 16,483
106 South Africa 16,424
107 Paraguay 16,291
108 Bhutan 15,978
109 Vietnam 15,470
110 Ukraine 15,464
111 Dominica 15,280
112 Ecuador 14,485
113 Tunisia 13,645
114 Jamaica 13,543
115 Eswatini 12,637
116 El Salvador 12,561
117 Jordan 12,402
118 Philippines 12,192
119 Namibia 12,008
120 Iraq 11,937
121 Belize 11,320
122 Guatemala 11,006
123 Morocco 10,947
124 Uzbekistan 10,936
125 Nauru 10,823
126 Bolivia 10,693
127 Cabo Verde 10,304
128 Lao P.D.R. 10,242
129 India 10,123
130 Bangladesh 9,416
131 Venezuela 8,486
132 Cambodia 8,287
133 Nicaragua 8,137
134 Djibouti 7,707
135 Mauritania 7,680
136 Honduras 7,503
137 Tonga 7,462
138 Ghana 7,156
139 Angola 7,153
140 Kenya 6,976
141 Pakistan 6,955
142 Côte d’Ivoire 6,860
143 Kyrgyz Republic 6,790
144 Samoa 6,721
145 Nigeria 6,340
146 Marshall Islands 6,313
147 Tuvalu 6,056
148 Tajikistan 5,832
149 Myanmar 5,203
150 Nepal 5,032
151 Cameroon 4,842
152 Republic of Congo 4,740
153 Micronesia 4,691
154 Senegal 4,661
155 Benin 4,558
156 Zambia 4,361
157 São Tomé and Príncipe 4,238
158 Ethiopia 4,020
159 Timor-Leste 3,767
160 Tanzania 3,746
161 Kiribati 3,614
162 Papua New Guinea 3,534
163 Comoros 3,532
164 Sudan 3,443
165 Rwanda 3,367
166 Guinea 3,366
167 Uganda 3,345
168 Guinea-Bissau 3,239
169 Lesotho 3,227
170 Haiti 3,108
171 The Gambia 2,993
172 Zimbabwe 2,975
173 Vanuatu 2,939
174 Togo 2,911
175 Burkina Faso 2,781
176 Mali 2,714
177 Solomon Islands 2,713
178 Chad 2,620
179 Sierra Leone 2,189
180 Somalia 2,062
181 Yemen 1,996
182 Madagascar 1,979
183 Liberia 1,882
184 Malawi 1,712
185 Niger 1,675
186 Mozambique 1,649
187 Democratic Republic of the Congo 1,552
188 Central African Republic 1,123
189 Burundi 916
190 South Sudan 455
Afghanistan
Eritrea
Lebanon
Sri Lanka
Syria
West Bank and Gaza

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