When you think about the richest countries in the world, what are some names that cross your mind? If you are thinking of the United States or China, you are not too far off. However, the richest countries in the world might surprise you. Here is a list of the top 15 richest countries in the world.
Top 15 countries by GDP per capita PPP
According to the latest World Economic Outlook report issued in April 2024 by the International Monetary Fund (IMF), the top 15 richest countries in the world are:
1. Luxemburg
In 2024, Luxemburg emerged as the country with the highest gross domestic product (GDP) per capita of $143,740, taking into account the country’s purchasing power parity (PPP). The country’s GDP amounts to $88.56 billion and it has a population of 670 million.
2. Macao SAR
Macao SAR is famous for its tourism. The region has one of the world’s highest GDP per capita PPP ratios at $134,140. The region’s GDP amounts to $54.68 billion and has a population of 690,000.
3. Ireland
Ireland is also among the smaller countries with one of the highest GDP per capita PPP ratios globally at $133,900. The country has a GDP of $564.02 billion and a population of 5.32 million.
4. Singapore
Singapore is one of the world’s biggest centers for business, trade and tourism. It has a GDP per capita PPP of $133,740 and a GDP of $525.23 billion. Singapore’s population reached 5.94 million in 2024, making its residents among the wealthiest worldwide.
5. Qatar
As of April 2024, Qatar is one of the few richest Arab countries with a GDP per capita PPP of $112,280. The oil-rich country has a GDP of $244.69 billion and a population of only 3.01 million. Qatar’s natural resources including oil and natural gas coupled with its small population rank it among the top 5 richest countries in the world.
6. United Arab Emirates
In addition to Qatar, the United Arab Emirates (UAE) is also one of the richest Arab countries with a GDP per capita PPP of $96,850. The country’s GDP amounts to $527.8 billion and it has a population of 9.79 million. Similar to Qatar, the UAE has significant natural resources which have supported its large economy. In addition, the country has become a global hub for business and tourism, further contributing to its status as one of the richest countries in the world.
7. Switzerland
Switzerland’s banking and tourism sectors have made it one of the richest countries in Europe and the world with a GDP per capita PPP of $91,930. The country’s GDP reached $938.46 billion in 2024 and it has a population of 8.88 million.
8. San Marino
San Marino is one of the smallest countries in Europe and the world after the Vatican City. The country has a GDP per capita PPP of $86,990. San Marino’s GDP reached $2.03 billion in 2024 and it has a population of around 30,000, making it one of the smallest yet richest countries in the world.
9. United States
Home to some of the wealthiest people, the United States’ global economic dominance make it one of the richest countries in the world. The United States has a GDP per capita PPP of $85,370, a staggering GDP of $28.78 trillion, and a population of 337.12 million.
10. Norway
Norway’s oil reserves make it one of the richest countries in Europe and the world with a GDP per capita PPP of $82,830. The country’s GDP reached $526.95 billion in 2024 and it has a population of 5.56 million individuals.
11. Guyana
Guyana is among the few richest South American countries with a GDP per capita PPP of $80,140. In 2024, the country’s GDP reached $21.18 billion and it has a population of 800,000.
12. Denmark
Denmark is one of the smaller countries in Europe and is known to be one of the happiest countries in the world. With a GDP per capita PPP of $68,900, Denmark is among the richest countries in Europe and the world. The country’s GDP reached $409.99 billion in 2024 and its population currently stands at 5.95 million.
13. Brunei Darussalam
Brunei Darussalam is the third largest oil producer in Southeast Asia and also the fourth largest producer of liquefied natural gas in the world, making it among the richest countries in the world with a GDP per capita PPP of $77,530. The country has a GDP of $15.51 billion and a population of 440,oo0.
14. Taiwan (ROC)
Taiwan is a province of China most famous for its industrial production. The province is among the richest regions in the world with a GDP per capita PPP of $76,860. The region’s GDP in 2024 reached $802.96 billion and it has a population of around 23.32 million.
15. Hong Kong SAR
Hong Kong SAR is also a special administrative region in China with a GDP per capita PPP of $75,130, a GDP of $406.78 billion, and a population of 7.59 million, as of April 2024.
Understanding GDP per capita PPP
The IMF provides data on GDP per capita in its World Economic Outlook report which it issues multiple times per year. It represents the total value at current prices of final goods and services produced within a country during a specified time period divided by the average population for the same one year. However, this measure has some limitations as it does not account for national wealth, purchasing power, income inequality and poverty rates.
Beyond GDP per capita: Limitations and alternatives
Therefore, the IMF also provides data on the GDP per capita PPP, which is a measure that takes into account the country’s purchasing power parity (PPP) and current international dollars per capital, making it a more accurate gauge of a country’s economic health. The GDP per capita PPP is calculated by converting a country’s GDP to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. Why is this important? PPP rates give economists a standard comparison of real prices among countries. Hence, the use of normal exchange rates could result in overvaluation or undervaluation of purchasing power.
Some other more accurate measures for economic wealth include the gross national income (GNI), which calculates the total amount of money earned by people and businesses in a country. This measure is used to track a nation’s wealth from year to year. The number includes the nation’s gross domestic product (GDP) plus the income it receives from overseas sources.
Read: Asia-Pacific labor markets recover, 87.8 million people out of work: Report
Final thoughts
As evident in the list, the top 15 richest countries in the world are mostly not large countries with high GDP, but rather mostly smaller countries and provinces with high rates of economic growth and a smaller population. Most of the world’s richest countries depend of different sectors to maintain economic growth and wealth including tourism, trade, business, and natural resources. This ranking is also important because it provides a more accurate view of countries’ economic health since it takes into account factors impacting a country’s wealth and provides economists with a standard for comparison amid changing factors across countries.
FAQs:
1. How is the wealth of a country measured?
Economists traditionally measure a country’s wealth using the gross domestic product (GDP). This number measures the total value of everything a country produces and sells. However, this measure has been falling short by not accounting for multiple factors that impact a country’s wealth and stability. Therefore, economists have started relying on several other measures to gauge the true economic situation of each country, including the gross national income (GNI) and purchasing power parity (PPP). Economists also take into account a country’s produced capital, natural captial, human capital, and net foreign assets.
2. Why is GDP an important metric for determining the wealth of a country?
The IMF states that GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.
3. Which country has the highest GDP?
According to the latest data from the IMF, the United States has the highest GDP in the world at $28.78 trillion.
4. What factors contribute to the wealth of a country?
Multiple factors contribute to the wealth of countries including economic growth rates, labor, factory productivity, technology adoption, capital, foreign investments, and natural resources among others.
5. Are there any economic challenges faced by the richest countries?
The richest countries in the world can and do face economic challenges including inflation, high interest rates, public debt, demographic changes, political instability, and environmental challenges, all of which can impact their economic growth and sustainability. In fact, most of the richest countries today are facing some of these challenges, including the United States.
6. How do natural resources impact a country’s wealth?
The abundance of natural resources can have both a positive and negative impact on a country’s wealth and economic growth. Natural resources like oil, gas, coal, or gold provide countries with a steady stream of income since they are highly sought after globally and few countries have them. For example, countries like Saudi Arabia and Russia heavily rely on their natural resources to fund government projects and support their economy.
However, this can become a challenge since the prices of natural resources are impacted by multiple factors including increases and decreases in demand, geopolitical tensions, and alternative sources. For example, the latest decline in oil prices due to rising geopolitical tensions in multiple areas around the world has impacted the economies of oil producing countries.
For more stories on economy, click here.
