Every year the International Monetary Fund and the World Bank publish world statistics, based on which it is possible to make a top 10 richest country in the world. This indicator is calculated by dividing the total GDP by the number of inhabitants. The higher it is, the richer and more economically developed the country is considered to be.
However, International Monetary Fund representatives have repeatedly warned that certain figures should be treated with some scepticism. For example, many countries in the rating are tax havens. Their wealth was originally accumulated elsewhere, which artificially inflates GDP.
The final list of richest countries in 2024 has not yet been published. However, having familiarized with current data and reports from the previous years, it is clear that many leading positions are occupied by small states such as San Marino, Luxembourg, Switzerland, and Singapore. They benefit from a developed financial sector and a favourable tax system that attracts foreign investment, talented people, and skilled professionals.
Some states, such as Qatar and the UAE, have a wealth of valuable natural resources, thanks to which their economies have reached significant heights. In the list, there are also Macau, the Bahamas, and other popular vacation destinations that rely heavily on the tourism industry.
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List of the richest countries in the world by GDP
However, GDP per capita is still not an accurate measure of living standards because spending on food, clothing, housing, health care, and other basic needs varies from country to country. To assess how wealthy citizens are, you need to understand how much they can buy. This is why purchasing power parity (PPP) should be taken into account when comparing GDP per capita across rich nations. This indicator helps to take into account the rate of inflation and prices of goods and services in each particular place.
Below is the ranking of the richest nations in the world, based on data from the International Monetary Fund. Values are expressed in international dollars, adjusted for relevant exchange rates and PPP adjustments.
50 richest countries in the world by GDP
| Ranking | Country | GDP per capita ($) |
|---|---|---|
| 1 | Luxembourg | 143,743 |
| 2 | Macao SAR | 134,141 |
| 3 | Ireland | 133,895 |
| 4 | Singapore | 133,737 |
| 5 | Qatar | 112,283 |
| 6 | UAE | 96,846 |
| 7 | Switzerland | 91,932 |
| 8 | San Marino | 86,989 |
| 9 | USA | 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 | 69,416 |
| 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 | South 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 | Bahamas | 46,524 |
| 46 | Croatia | 45,702 |
| 47 | Hungary | 45,692 |
| 48 | Estonia | 45,122 |
| 49 | Panama | 44,797 |
| 50 | Slovak Republic | 44,081 |
Top 5 richest countries by natural resources
Natural resources are goods or raw materials used to produce intermediate goods or finished products. Their availability affects the economic development of a state, but it is not a guarantee of prosperity. Some of the poorest countries in the world have a significant stock of natural resources. In economic theory, this phenomenon is called the “resource curse”. It can be caused by armed conflicts, inefficient taxation systems, income fluctuations, excessive borrowing, and corruption.
The world's richest countries in terms of natural resources include:
| Ranking | Country | Estimated value of natural resources ($) | Natural resources |
|---|---|---|---|
| 1 | Russia | 75 trillion | Coal, oil, natural gas, gold, timber, and rare earth metals |
| 2 | USA | 45 trillion | Wood, coal, copper, gold, petroleum, and natural gas |
| 3 | Saudi Arabia | 34.4 trillion | Petroleum, copper, feldspars, phosphate, silver, sulfur, tungsten, and zinc |
| 4 | Canada | 33.2 trillion | Petroleum, gypsum, limestone, rock salt, potash, coal, and uranium |
| 5 | Iran | 27.3 trillion | Petroleum, natural gas, coal, chromium, copper, iron ore, lead, manganese, zinc, and sulfur |
Luxembourg
Luxembourg is a small landlocked country bordering Belgium, France, and Germany. It is the wealthiest country in the world in terms of GDP per capita, which had reached $143,743 by 2024. In the past, the local economy depended on steel production, but over the past decade, the Grand Duchy has emerged as one of Europe's most influential investment management centres.
Tourism, logistics and information technology contribute significantly to the state's GDP. Steel production, although its importance has declined compared to the past, plays an important role in the labour market. The richest country's weaknesses include an ageing population and the economy's heavy reliance on the financial sector, which exposes it to risks associated with global fluctuations.
Macau
Macau, a Chinese administrative region, uses economic autonomy under the principle of “One Country, Two Systems.” The GDP per capita of the former colony of the Portuguese Empire, south of Hong Kong, is $134,141. Border closures and a sudden drop in income amid the COVID-19 pandemic have led to a lessening of one of the world's strongest economies' dependence on gambling. The area now positions itself as a regional centre for international events and conferences, trade, finance, and technology services.
Macau maintains membership in the World Trade Organization, separate from mainland China, and offers a favourable investment environment with minimal restrictions on foreigners. Its weakness remains a lack of human resources.
Ireland
As a well-developed wealthy country with an open and business-friendly economy, Ireland has a substantial GDP per capita growth rate. By 2024, this figure is expected to reach $133,895. Thanks to a highly skilled English-speaking workforce and a favourable corporate tax rate of 12.5%, the republic attracts foreign direct investment, especially from the U.S. (about 1,000 U.S. subsidiaries operate in various sectors).
Another strength of the state is its strategic location between the US, Canada, and Europe. However, it also faces challenges. With an export-oriented economy, the republic is highly vulnerable to changes in its key trading partners, geopolitical tensions, and volatile energy prices. An ageing population and poor public infrastructure raise some concerns. It is also one of the most expensive countries to live in the world.
Singapore
Singapore ranks fourth globally in GDP per capita, with $133,737. Its economy flourishes due to an open and competitive trade environment, strong financial and corporate sectors, and a legal and tax system that is favorable to businesses. While the service sector dominates, the city-state is also a significant producer of electronics, machinery, pharmaceuticals, chemicals, and petrochemicals.
With one of the largest ports in the world and many economic sectors open to foreign participation, the country is a regional hub for thousands of multinational companies. Weaknesses include heavy reliance on imported energy and consumer goods, as well as foreign labour and the Chinese economy.
Qatar
Qatar remains one of the richest countries in the world thanks to its vast natural gas and oil reserves. Its GDP per capita is $112,283. The local government operates under the National Vision 2030 initiative to broaden the economic base by encouraging private investment in a variety of industries, from tourism to financial services and information and communication technology. Up to 100% foreign ownership of businesses in most sectors is allowed.
Over the past decade, Qatar has consolidated its status as a diplomatic leader in the Middle East region. Its weaknesses remain its low position in the world rankings for gender equality and rigid cultural norms.
UAE
The UAE remains one of the top countries ranked by wealth, thanks to its status as a trade and investment centre for the Middle East, North Africa, and South Asia. Their GDP per capita has reached $96,846 thanks to political and economic stability, modern infrastructure, and a strong financial sector. In this regard, a resident visa in UAE is very popular among businessmen.
Although the state owes much of its prosperity to its vast oil and natural gas reserves, which account for about 30% of GDP, it is taking active steps to reduce the economy's dependence on hydrocarbons. The government continues to launch initiatives that promote clean and renewable energy. Nevertheless, the country remains vulnerable to oil price fluctuations.
Switzerland
Switzerland, located between Italy, France, Germany, Austria, and Liechtenstein, is the economic centre of Europe and one of the countries with a high GDP per capita of $91,932. It is also considered the best country to live in the world. Its federal structure provides flexibility to form attractive investment policies and enhances competitiveness. The state's key strengths lie in its skilled labour force, effective legal framework and world-class infrastructure. These favour active entrepreneurship and high productivity.
The Confederation's wealth is largely derived from its banking, insurance, and tourism sectors, along with the export of luxury goods, pharmaceuticals, precision instruments, and medical technology. Additionally, it hosts the headquarters of many international organizations. However, the merger of Credit Suisse and UBS, which together employ 5% of the national workforce and dominate over a third of the domestic banking market, introduces financial risks.
San Marino
San Marino is ranked among the smallest and most highly developed countries in the world. Its GDP per capita is $86,989. The economy thrives on tourism, banking, agriculture, and exports of ceramics, clothing, textiles, postage stamps, and coins. Relatively low corporate and state income taxes attract significant foreign investment.
Despite its many strengths, the republic faces challenges such as an ageing population and high economic volatility typical of microstates.
USA
With a GDP per capita of $85,373, America has consistently topped the ranking as the richest nation due to its dynamic and diversified economy. The superpower is characterized by a large consumer market, developed infrastructure, and an educated workforce. It remains a leading producer of oil, gas, and other mineral resources, a pioneer in research and innovation, as well as an agricultural and industrial giant and a popular tourist destination.
A favourable corporate tax system, a high level of business freedom and a wide range of financial, insurance and banking services have made the States a top destination for foreign direct investment. Thus, foreign businessmen who are ready to invest $800,000 or more in the country and create at least 10 jobs can apply for an EB-5 visa to the U.S. and subsequently obtain a green card. Challenges include high public debt, a polarized political landscape, an ageing population, and income inequality.
Norway
Rounding out the top of the richest countries is Norway. The modern and highly developed state boasts a thriving private sector economy, an extensive social safety net and a GDP per capita of $82,832. Many consider it the best country to live in. In the 1960s, the state discovered offshore oil and gas deposits, which spurred its rapid development.
Today, the local economy is diversified with industries ranging from fishing, forestry, and mining to finance, information, and medical technology. It is further supported by a sovereign wealth fund, an effective legal framework, openness to global trade and access to the EU market. Weaknesses include a shortage of skilled labour and relatively high tax rates.
Guyana
Guyana, located on the northern coast of South America and with a GDP of $80,137, is the only country on the continent where English is recognized as an official language. Until recently, the economy of the nation of only 800,000 people relied heavily on the export of commodities such as sugar, rice, timber, gold, and bauxite. However, in 2019, it became a major producer of oil following the discovery of offshore oil deposits. This has significantly boosted GDP and the figure is expected to continue to rise in the coming years.
Despite the recent economic boom, Guyana faces significant challenges in achieving inclusive sustainable development. An ineffective legal system and high levels of corruption continue to impede progress, and transportation, electricity, education, and health infrastructures remain weak. Dependence on foreign funding, a shortage of skilled workers, and vulnerability to climatic events such as hurricanes and floods are additional risks.
Denmark
Denmark is a nation with a GDP per capita of $77,641. The country of about 6 million people has a world-class infrastructure, a skilled labour force, and a robust social security system that makes income inequality minimal. It is also characterized by exceptional political, economic and legal stability.
Competitive corporate tax rates and other economic incentives attract foreign direct investment. Denmark is an international leader in pharmaceuticals, maritime shipping, agriculture, and renewable energy. It has a strategic geographical location between Northern and Western Europe.
Challenges facing the state include overdependence on foreign trade, a heavy tax burden, and skyrocketing household debt.
Brunei Darussalam
Brunei Darussalam is a country in Southeast Asia with a per capita GDP of $77,534 and a population of less than half a million. It relies heavily on its oil and gas sector, which provides 90% of government revenue. The government seeks to expand beyond this industry and actively attracts foreign capital through tax incentives. Key investment sectors include aerospace, defence, and agriculture, as well as projects in solar energy, electric vehicles, and emissions reduction.
Weaknesses include exposure to fluctuations in global oil prices, supply chain disruptions, and dependence on imported manufactured goods. In addition, the strong government presence in the economy hinders competition and suppresses private sector initiatives.
Taiwan
Taiwan's economy is one of the 20 largest economies in the world and is a world leader in semiconductor manufacturing. It accounts for more than 60% of the world's semiconductor production and more than 90% of the most advanced semiconductor materials. The per capita GDP of the state is $76,858.
As an important centre of regional and global trade and investment, Taiwan is characterized by a highly skilled labour force, a developed institutional structure, a wide range of financial services, and attractive incentives for foreign investors. Challenges include over-reliance on the technology sector and demand from mainland China, an ageing population, and weak diplomatic status.
Hong Kong
Hong Kong, a special administrative region of China, has a thriving market economy and a GDP per capita of $75,128. It is a global centre for trade, finance, and tourism. The area's strengths lie in its first-class infrastructure, sound banking system, and an attractive environment for foreign investment, which is ensured by effective contract enforcement and investor protection.
Hong Kong's vulnerabilities relate to doubts about the independence of its legal system and its freedoms, limited natural resources, and the need to import food and raw materials. In addition, a weakness is the fixed exchange rate of the Hong Kong dollar against the US dollar. These factors make the local economy dependent on global economic shifts.
Key findings
Countries with high levels of economic development are among the most attractive destinations for migration, leisure, work, study, and business. That's why citizenship and residency programs remain in high demand. Contact the experts at Citizenship-By.Investment to find the most suitable scheme to obtain a golden passport or residence permit for investment.