Top 10 richest countries in the world by GDP per capita in 2024

Curious about the richest economies in the world? In this post, we list the top countries by GDP per capita ranking in 2023

Top 10 richest countries in the world by GDP per capita in 2024: When you think of the wealthiest countries in the world, you are probably taking the GDP per capita by country into account. In this article, we list the top 10 richest countries in the world based on GDP per capita, as estimated by International Monetary Fund (IMF). However, if you are watching out for the GDP per capita of China or the GDP per capita US, this list may surprise you since the countries to emerge on top are also some of the smallest countries on the map.

Methodology for ranking richest countries in the world

GDP, or the gross domestic product, is a parameter for the value of all goods and services produced in a country. Now, once you divide this number by the number of full-time residents in a country, you get an idea of how rich or poor a country’s general populace is. However, what gives a much more precise idea of the wealth held by a nation is when you also take into account the inflation rates and costs of local products and services.

Considering both factors, we get a figure called the PPP or the purchasing power parity. While this may still not be absolute statistics to accurately rank the richest and poorest countries in the world (for instance, some of the wealthiest countries can be tax havens, which artificially increases their GDPs with wealth generated outside of these countries), the GDP per capita ranking 2024 (accounting for PPP) still gets us close to understanding the wealth held by various nations.

Top 10 economies by GDP per capita ranking 2024

When you go by GDP per capita PPP, these 10 countries come up as the richest as of February 2024:

Rank & Country
Continent GDP-PPP per capita (in USD)
#1 Luxembourg Europe 143,320
#2 Ireland Europe 137,640
#3 Singapore Asia 133,110
#4 Qatar Asia 114,210
#5 Macao SAR Asia 98,160
#6 Switzerland Europe 89,540
#7 United Arab Emirates (UAE) Asia 88,960
#8 San Marino Europe 84,140
#9 Norway Europe 82,240
#10 United States North America 80,410

While smaller countries like Luxembourg and Singapore benefit from well-regulated financial sectors and tax regimes ideal for foreign investments into their economies, bigger and more powerful countries like the US and China rank lower in the list of wealthiest economies.

Richest countries (by GDP per capita): Rank 11 to 20

Rank Country GDP-PPP per capita (in USD)
11 Denmark 74,960
12 Netherlands 73,320
13 Hong Kong SAR 72,860
14 Brunei Darussalam 72,610
15 Taiwan Province of China 72,490
16 Iceland 69,830
17 Austria 68,450
18 Saudi Arabia 68,230
19 Andorra 66,210
20 Sweden 66,040

Now, let’s explore each of the top 10 more closely.

A closer look:  Top 10 economies by GDP per capita ranking 2024

While we know the GDP per capita country-wise for them, let’s see why the top 10 economies from the list above became the richest in the world:

Luxembourg

  • GDP: $89.1 billion
  • Population: 639 thousand

Luxembourg is one of the relatively unscathed European countries to come out of the Covid-19 pandemic. The nation is known for using wealth to ensure better living standards, healthcare, and education for the general populace. Further, the country is one of the biggest tourist destinations in the world, with its idyllic castles, abundant greenery, and picturesque canals.

Ireland

  • GDP: $589.57 billion
  • Population: 5.03 million

After the great financial crisis of 2008, Ireland put a lot of effort into reforming its banking industry. It initiated measures like cuts to public-sector wages to get its economy where it is today. Further, Ireland is one of the largest corporate tax havens in the world, with multinational companies (such as Apple, Google, and Microsoft) adding over 50 percent to the Irish economy in recent years.

Singapore

  • GDP: $497.35 billion
  • Population: 5.45 million

Singapore is one of the world’s biggest hubs for businesses and trading centres. The nation has many high-net-worth individuals among its population. The economy has taken a few consecutive hits in recent years, with the pandemic at first and then the Chinese sputtering economy (a crucial trading partner, especially for Singapore’s manufacturing sector, making up 21.6 percent of the total GDP in Singapore).

Qatar

  • GDP: $235.5 billion
  • Population: 2.93 million

Qatar (and also the UAE) are on this list of the top 10 economies by GDP per capita ranking for 2023, benefit largely from their reserves of natural resources. For example, Qatar’s oil and natural gas reserves are significantly huge compared to its population, contributing to its high ranking among the richest countries.

Macao SAR

  • GDP: $22 billion
  • Population: 695,168

Macao SAR is a special administrative region under China, and its wealth mainly emerges from its over 40 casinos, which make it one of the biggest travel destinations around the world. Even though Macao took a tremendous hit during the Covid-19 crisis with travel restrictions and frequent lockdowns, the economy is already on its way to rapid economic recovery.

Switzerland

  • GDP: $813 billion
  • Population: 8.70 million

One of the biggest tourist hotspots globally, Switzerland also has a bustling financial sector. The country further benefits from exports of precious metals, precision instruments, and machinery like computers and medical devices. About 74 percent of the Swiss GDP comes from the services sector and 25 percent from industry, with less than one percent from the agricultural sector. Switzerland further has the lowest VAT rate in Europe.

United Arab Emirates

  • GDP: $359 billion
  • Population: 9.99 million

The UAE, as mentioned above, benefits greatly from its natural resources. Only 20 percent of the total population in this region is truly native, the rest being attracted by economic benefits like tax-free salaries. Aside from its hydrocarbon sector, tourism, finance, and construction are lucrative sectors in the UAE.

San Marino

  • GDP: $1.86 billion
  • Population: 33,900

San Marino is the oldest republic in Europe and the fifth smallest on the continent. Income tax rates are meagre here, which contributes to the wealth held by citizens.

Norway

  • GDP: $546.77 billion
  • Population: 5.41 million

Norway is again a top petroleum provider in the Western European territories. The country has made good financial progress after the economy crashed during the Covid-19 crisis. Further, Norway has a $1.3 trillion sovereign wealth fund to deal with any crises urgently, which also happens to be the largest of its kind in the world.

United States

  • GDP: $26.95 trillion
  • Population: 332 million

If you were wondering about GDP per capita US at the beginning, the country definitely makes it to the list of the top 10 economies by GDP per capita PPP, albeit at one of the lower ranks. Along with being a dominant economic entity, America is also powered by its military capacities.

Iceland

  • GDP:  $30.57 billion
  • Population: 373 thousand

The economy of Iceland is centred around tourism, fishing and aluminium export. Currently recovering from the pandemic effect, tourism contributed 8.1 percent to the GDP and 35 percent of the goods and service export revenue of the country in the pre-COVID period. Aluminium and marine products exports amounted to about 40 percent and 34 percent of its total exports.

Denmark

  • GDP: $420.8 billion
  • Population: 5.86 million

According to the Global Peace Index, Denmark is the second safest country in the world, and as per Numbeo’s Quality of Life Index, the Scandinavian country ranks fourth in the standard of living in the world. It is self-reliant for its energy and exports to the European countries. Although services contribute 67 percent to its GDP, Denmark is known for its pharmaceutical products, industrial machinery, and electrical machinery production.

Australia

  • GDP: $1.69 trillion
  • Population: 25.77 million

Agriculture, industry and services are the biggest contributors to the GDP of Australia. Services amount to 62 percent of GDP of the country. In the industry, mining amounts to about 10 percent of the GDP and 69 percent of the total export revenue of Australia. Although Australia is the sixth biggest country by region, agriculture contributes only 3.1 percent to its GDP.

FAQs

1. What is the GDP per capita of India?

When it comes to GDP per capita, India stands records $2,673 GDP per capita (Nominal) and $9,180 GDP per capita (PPP) as of January 2024. As per GDP per capita ranking 2024, this makes India stand at the 129th position out of about 200 countries. When it comes to world GDP rankings, India ranks at 5 after USA, China, Japan and Germany

2. Which country has the lowest GDP per capita?

According to the GDP per capita ranking 2023, South Sudan has a GDP per capita (PPP) of $475.81, making it the poorest country in the world with the lowest GDP per capita at 193rd.

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