World’s Top 10 Richest Countries (GDP-PPP per Capita 2024)

The question “Which are the richest countries in the world?” Has always dominated our minds since we were kids. Even today, when we think of World’s top richest countries, we consider their GDP per capita, as an indication of their wealth. Now, you must be wondering as to what GDP per capita refers to.

Let us try and understand the concept of GDP per capita as a measure of wealth in simple terms. The acronym GDP stands for Gross Domestic Product. It is a parameter that signifies the value of all the goods and services that are created within a country.

A country’s GDP per capita indicates its GDP divided by the total population living in it. Once you find out a country’s GDP per capita, you get an idea of how rich or poor a country’s general public is. Moreover, to get an accurate picture of the same, the inflation rates and the prices of local goods and services must also be taken into account.

When both the aforenamed parameters are considered, we get a figure that is known as the PPP. PPP is an acronym for the purchasing power parity. Now that you have understood the concept of GDP per capita and PPP in simple terms, let us look at the world’s top 10 richest countries and get to know some of their interesting aspects.

World’s Top 10 Richest Countries

Ranking	Country	Continent	GDP-PPP per capita (in USD)
1	Luxembourg	Europe	$135,610
2	Ireland	Europe	$112,250
3	Switzerland	Europe	$102,875
4	Norway	Europe	$99,273
5	Singapore	Asia	$87,885
6	Qatar	Asia	$81,971
7	United States	North America	$80,431
8	Iceland	Europe	$78,845
9	Denmark	Europe	$71,405
10	Australia	Australia	$63,490

As is evident from the tabular data provided above, small countries such as Luxembourg and Singapore have a high GDP per capita as a result of their well-curated and regulated financial regimes, and tax regulations. These are extremely ideal for inviting foreign investment into these countries and making them into powerful economies. However, countries such as the USA and China, which are considered powerful among nations rank substantially lower when it comes to making a list of the wealthiest economies in the world.

Top 10 Richest Countries in the World

Let us look at the top 10 richest countries in the world in greater detail and also explore the reasons that made them become the richest.

1. Luxembourg

GDP: $89.1 billion

Population: 639 thousand

GDP per Capita PPP: 115541.7 USD

Luxembourg on e for the richest countries is situated in Europe. It was not largely affected during the Covid-19 pandemic. It is renowned for making optimum use of wealth to ensure exemplary standards of living, and necessary facilities such as primary healthcare and premium education for the general public.

Furthermore, every year, Luxembourg enjoys a huge influx of tourists and has some of the most scenic tourist places in the world. It boasts intricate castles, lush landscapes, and picturesque terrains; adding to its GDP per capita. Additionally, Luxembourg’s politically stable environment contributes to foreign giants investing heavily in the country.

2. Ireland

GDP: $589.57 billion

Population: 5.03 million

GDP per Capita PPP: 56157.85 USD

Ireland was a victim of a crashing financial crisis in 2008, however, it put substantial efforts into reforming its financial sector and banking industry. Through a variety of measures such as cutting public-sector wages, it was successful in recovering its economy. Moreover, Ireland is famous for being one of the biggest tax havens in the entire world. It has various multinational companies such as Google, Microsoft, and Apple adding over almost 50 percent to its economy.

3. Switzerland

GDP: $813 billion

Population: 8.70 million

GDP per Capita PPP: 70999.69 USD

Switzerland is one of the most-loved tourist destinations in the world and enjoys tourists all year round. This is one of the major reasons for its blooming financial sector. Among other things, Switzerland is also known to make huge gains from exports of precious metals, and machinery such as computers, medical equipment, automobiles, and so on.

It is noteworthy to mention that about 74% of its GDP is contributed by its service sector and 25% by its industries. Less than 1% of GDP is contributed by the agricultural sector. Switzerland is also known to have the lowest Value-added tax rate in Europe. It is also home to some of the most popular financial institutions such as Credit Suisse and UBS. Not only this, but it houses a plethora of wealth management institutions and insurance firms. It ranks high on the Happiness Index.

4. Norway

GDP: $546.77 billion

Population: 5.41 million

GDP per Capita PPP: 67462 USD

In the Western European territories, Norway is known to be a top provider and leading exporter of petroleum. The sudden discovery of oil and gas, off the coast of Norway gave the country a massive economic boost in the 1960s. Norway’s oil industry has made a major difference in elevating the standards of living of the inhabitants.

It is one of the richer countries among the Scandinavian countries. Its economy was badly hit due to the Covid-19 pandemic, however, it has managed to make impressive financial progress in recent years. It has a $1.3 trillion sovereign fund that deals with urgent crises. Norway’s sovereign wealth fund is known to be the largest of its kind.

5. Singapore

GDP: $497.35 billion

Population: 5.45 million

GDP per Capita PPP: 72794 USD

Singapore boasts to be the largest hub for business and trading in Asia and one of the largest commercial hubs in the world. It is home to several high-net-worth individuals. In recent years, Singapore’s economy has been adversely hit a few times; with the Covid-19 pandemic and the nuisances from the Chinese economy, which was an instrumental trading partner for Singapore. Interestingly, the Singaporean prime minister is the highest-paid politician on the globe. It is a fact that when the politicians working for the country are well paid, their performance in the socio-economic sectors is significantly better.

6. Qatar

GDP: $235.5 billion

Population: 2.93 million

GDP per Capita PPP: 97096.94 USD

Qatar, as well as the United Arab Emirates, are some of the richest Gulf regions in the world. They benefit substantially from the abundant reserves of natural resources that they are home to. Qatar is swiftly emerging as an international hub for architecture, culture, technology, and trade. It is renowned for its massive oil and natural gas reserves. Its reserves are huge, compared to its nominal population. This contributes to its high ranking in the list of the richest countries in the world.

7. United States

GDP: $26.95 trillion

Population: 332 million

richest: 64702.98 USD

A list of the top richest countries without the mention of the United States is next to impossible. The economy of the United States is strongly backed by a strong demographic dividend, high-productivity individuals, effective transportation, and cutting-edge architecture. The United States is a commanding economic entity whose presence is prominent in some of the most economically forward countries in the world. It is largely powered by its military capacities and is home to numerous multinational corporations and foreign investments.

8. Iceland

GDP: $30.57 billion

Population: 373 thousand

GDP per Capita PPP: 68727 USD

Iceland enjoys a tourist-powered economy. Apart from that, fishing and aluminum export keeps its treasury flowing at all times. Iceland’s economy was solidly affected by the pandemic and it is still in its recovery stage. Iceland has a rich supply of geothermal and hydroelectric energy reserves.

This has led to a substantial increase in its manufacturing sector. In recent years, the tourism industry has contributed around 8.1% to its GDP along with goods and service revenue contributing about a whopping 35%. Apart from that, Aluminium as well as marine products exports have amounted to 40% and 34% percent, respectively of its aggregate exports.

9. Denmark

GDP: $420.8 billion

Population: 5.86 million

GDP per Capita PPP: 59704.23 USD

Denmark, one of the Scandinavian countries is popular as the second safest country in the world and boasts of ranking fourth in the standard of living aspect. It is mostly self-dependent for its exports to the European countries and its energy. Denmark is well-known for its pharmaceutical industry, and industrial equipment production, and its service sector contributes to over 67% of its GDP. Denmark’s economy boasts to be based fundamentally on service industries, manufacturing, and commerce. A minor part of the economy is extensively engaged in fishing and agro-based activities.

10. Australia

GDP: $1.69 trillion

Population: 25.77 million

GDP per Capita PPP: 50997.55 USD

Australia’s GDP is majorly powered by its service and agricultural industry. Its service industry contributes about 62% of its GDP making it the top richest countries in the world. Mining is a prominent industry in Australia and contributes 10% to its GDP and 69% of its total export revenue. Australia happens to be the sixth biggest country, region-wise. However, its agriculture sector contributes only 3.1% to its GDP. According to a report released by Credit Suisse, Australia has about 2.2 million millionaires and 4000+ people with a net worth more than $100 million.

Conclusion

Numerous factors are responsible for the expansion of a country’s wealth. A country’s wealth is instrumental in determining the kind of standard of living the inhabitants of the country enjoy and the sectors prioritized in the country. The GDP per capita and PPP of countries help us understand the economic functioning of a country holistically. It is also a measure of the economic growth and development of countries.

Modifications and economic reforms can be brought about to elevate a country’s financial position and improve its trade and commercial dynamics. It is a general trend that countries that regulate their tax regimes in line with the needs of the investors enjoy the highest degrees of forest investments. Foreign investments are a sure-shot way to increase manifold the wealth of a country. We sincerely hope that this article adds to your general knowledge along with your economic acumen.

Richest Countries (GDP-PPP per Capita 2024) – FAQs

Which is the wealthiest country in the world?

Luxembourg enjoys the status of being the wealthiest country in the world.

Which country has the lowest GDP per capita?

South Sudan has the lowest GDP-PPP in the world. It is just $516.

What is the GDP per capita of India?

The GDP per capita of India stands at $9,073 as of June 2024.