Ever wondered which country is the world’s most richest country? The most popular guess would be USA, or maybe China. But the answer would surprise you. Though countries like USA & China are one of the strongest economies of the world, they are not as rich as you may think.
When we talk about the richest countries, we usually look at GDP (Gross Domestic Product) per person. This list of the top 10 wealthiest nations considers that. GDP is the total value of a country’s goods and services. Divide that by the population, and you see how rich or poor people are on average. But to get a more accurate picture, we also consider inflation and local costs, giving us something called PPP (purchasing power parity). It helps us understand a country’s real wealth. Although some countries may seem richer due to factors like being tax havens. The 2023 GDP per capita ranking (factoring in PPP) by International Monetary Fund (IMF) gets us closer to understanding each nation’s wealth.
This improved measure considers not only how much stuff a country makes but also how expensive it is to live there. It helps us compare how well people are living in different countries more accurately, giving a fairer and broader look at their economic health.
List of Top 10 Richest Countries
10. United States
The United States has a huge economy, with a GDP of $26.95 trillion and a population of 332 million. While its GDP per person is in the top 10 globally, it’s not the highest. Despite that, the U.S. is a major economic force and is also strong militarily. The US has a GDP per capita PPP of $80,140.
9. Norway
Norway has a GDP of $546.77 billion and a population of 5.41 million. Known for supplying a lot of petroleum in Western Europe, Norway bounced back well from the Covid-19 economic downturn. Notably, it boasts a massive $1.3 trillion sovereign wealth fund, the world’s largest, to swiftly tackle any crises. Norway has a GDP per capita PPP of $82,240.
8. San Marino
San Marino, with a GDP of $1.86 billion and a population of 33,900, is Europe’s oldest republic and the fifth smallest. The citizens benefit from low income tax rates, contributing to the overall wealth of the country. San Marino has a GDP per capita PPP of $84,140.
7. United Arab Emirates
The United Arab Emirates (UAE) has a GDP of $359 billion and a population of 9.99 million. The country relies heavily on its natural resources, and only 20 percent of the population is native, with others drawn by perks like tax-free salaries. Besides the hydrocarbon sector, the UAE thrives in tourism, finance, and construction. The United Arab Emirates (UAE) has a GDP per capita PPP of $88,960.
6. Switzerland
Switzerland, with a GDP of $813 billion and a population of 8.70 million, is a major global tourist destination. Its vibrant financial sector and exports of precious metals, precision instruments, and machinery contribute significantly to its economy. The services sector makes up 74 percent of the GDP, industry contributes 25 percent, while agriculture is less than one percent. Additionally, Switzerland boasts the lowest VAT rate in Europe. Switzerland has a GDP per capita PPP of $89,540
5. Macao SAR
Macao SAR, with a GDP of $22 billion and a population of 695,168, is a special administrative region under China. Its wealth primarily comes from more than 40 casinos, making it a major global travel destination. Despite facing challenges during the Covid-19 crisis with travel restrictions and lockdowns, Macao’s economy is swiftly recovering. Macao SAR has a GDP per capita PPP of $98,160
4. Qatar
Qatar, with a GDP of $235.5 billion and a population of 2.93 million, is among the top 10 economies by GDP per capita in 2023. The country, along with the UAE, relies heavily on abundant natural resources. Qatar’s substantial reserves of oil and natural gas, compared to its population, contribute significantly to its high ranking among the wealthiest nations. Qatar has a GDP per capita PPP of $114,210
3. Singapore
Singapore, with a GDP of $497.35 billion and a population of 5.45 million, is a major global hub for businesses and trading. The country boasts many high-net-worth individuals. Despite facing consecutive challenges, starting with the pandemic and then the slowdown in the Chinese economy (a significant trading partner, especially for Singapore’s manufacturing sector, constituting 21.6 percent of the total GDP), the nation remains a key player in the global economy. Singapore has a GDP per capita PPP of $133,110
2. Ireland
Ireland, with a GDP of $589.57 billion and a population of 5.03 million, took significant steps to recover after the 2008 financial crisis. Reforms in the banking sector, including cuts to public-sector wages, played a crucial role in shaping its present economy. Additionally, Ireland has become one of the world’s largest corporate tax havens, with major multinational companies like Apple, Google, and Microsoft contributing over 50 percent to the Irish economy in recent years. Ireland has a GDP per capita PPP of $137,640.
1. Luxembourg
Luxembourg, with a GDP of $89.1 billion and a population of 639 thousand, emerged relatively unscathed from the Covid-19 pandemic. The nation is recognized for utilizing its wealth to enhance living standards, healthcare, and education for its people. Moreover, Luxembourg stands out as one of the world’s prominent tourist destinations, celebrated for its charming castles, abundant greenery, and picturesque canals. Ireland has a GDP per capita PPP of $143,320
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