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.
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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 2023 (accounting for PPP) still gets us close to understanding the wealth held by various nations.
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Top 10 economies by GDP per capita ranking 2023
When you go by GDP per capita PPP, these 10 countries come up as the richest as of October 2023:
|Rank & Country ||Continent||GDP-PPP per capita (in USD)|
|#7 United States||North America||80,413|
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.
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Richest countries (by GDP per capita): Rank 11 to 20
|Rank||Country||GDP-PPP per capita (in USD)|
Now, let’s explore each of the top 10 more closely.
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A closer look: Top 10 economies by GDP per capita ranking 2023
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:
- 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.
pharmaceutical products, industrial machinery, and electrical machinery production.
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- 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.
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- 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.
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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.
- 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.
1. What is the GDP per capita of India?
When it comes to countries by GDP per capita PPP, the GDP per capita of India stands at $9,073 as of June 2023. As per GDP per capita ranking 2023, 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
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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 515.75, making it the poorest country in the world with the lowest GDP per capita at 193rd.
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