Have you also wondered which is the richest country in the world? All the countries are developing and now you can see a rise in their economy as well. The richest nations in the world aren’t as startling as they were twenty years ago. Due to their low tax rates, these are the countries that are generally recognized as major international financial centres.
The wealthiest country in the world is Luxembourg. In this article, we are going to list the top 30 richest countries in 2024 according to gross domestic product (GDP) per capita and local purchasing power adjustments.
- Luxembourg (143,304 $)
West of Central Europe’s countries is a landlocked nation called Luxembourg. According to IMF and World Bank estimations, Luxembourg is one of the developed nations with the highest GDP per capita in the world.
- Ireland (137,638 $)
Ireland is a small island nation that is a portion of a larger island. The island nation is situated in the British Isles’ northwest. Ireland’s economy is an admiringly developed economy that focuses on high-tech, life sciences, finance, and agricultural services.
- Singapore (133,108$)
At the southernmost tip of the Malay Peninsula is the island nation of Singapore. The market economy in Singapore is very advanced and traditionally has been based on extensive entrepôt trading. One of the Four Asian Tigers, Singapore has outperformed its contemporaries in terms of GDP per capita.
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- Qatar (114,210 $)
A peninsula in the Persian Gulf is home to the nation of Qatar. Qatar has one of the lowest tax rates in the world because there is no income tax there. Because of its abundance of natural resources, Qatar became a middle power in the Arab world in the twenty-first century.
- Macao (98,157 $)
West of Hong Kong, at the mouth of the Pearl River, is a country called Macao. The tourist and casino industries are the two main pillars of Macau’s capitalist services economy. It has the 83rd-largest nominal GDP in the world, which is roughly $53.9 billion.
- Switzerland (89,537 $)
Switzerland is a landlocked nation located in the Alps of Central Europe. The economy of Switzerland is secure, affluent, and high-tech. According to several rankings, it is the country with the highest per-capita income and it has the twentieth-largest economy worldwide.
- United Arab Emirates (88,962 $)
East of the Arabian Peninsula, on the Persian Gulf, is the nation of the United Arab Emirates. With a nominal GDP of US$414.2 billion and a real GDP of US$392.8 billion in constant 2010 USD in 2018, it is the second-largest economy in the GCC and the sixth wealthiest country in the Middle East.
- San Marino (84,135 $)
The Republic of San Marino is situated in central Italy. It’s the third smallest country in Europe, after Monaco and the Holy See.
- Norway (82,655 $)
On the Scandinavian Peninsula, there is a Nordic nation called Norway. Norwegians have the sixth-highest GDP (PPP) per capita in the world and the second-highest GDP per capita among European nations. In terms of monetary worth, Norway is currently the second wealthiest nation in the world.
- United States of America (80,412 $)
Between the Atlantic and the Pacific Oceans is the nation called the United States of America. With a nominal GDP of $25.4 trillion, the nation is first in the world. It is second in GDP (PPP), seventh in nominal GDP per capita, and eighth in GDP (PPP) per capita.
- Denmark (74,958 $)
Between the North Sea and the Baltic Sea, in northern Europe, is the nation of Denmark. The World Bank categorizes Denmark’s developed mixed economy as a high-income economy. In terms of nominal GNI per capita and PPP per capita, it came in at number 10 and sixteen respectively in 2017.
- Netherlands (73,317 $)
West of Germany, along the North Sea coast, is the nation of the Netherlands. In terms of nominal GDP per person, the Netherlands ranks 11th in the world and has the 17th-largest economy.
- Hong Kong (72,861 $)
Hong Kong is a nation in the Pearl River Delta and southern China. One of the most major financial and commercial ports in the world is Hong Kong. With a nominal GDP of roughly US$373 billion, it has the 35th-largest economy in the world.
- Brunei (72,610 $)
The majority of Brunei is an island that belongs to a larger island. On Borneo’s northern shore, the island state is situated. Among the Southeast Asian countries, Brunei has the second-highest Human Development Index and about 90% of its GDP is derived from the production of crude oil and natural gas.
- Taiwan (72,485 $)
Taiwan is a country in East Asia. It’s located in the north-western Pacific Ocean, between Japan and the Philippines.
- Iceland (69,833 $)
Between Europe and Greenland in the North Sea is the island nation of Iceland. Today, it ranks among the most developed nations on the planet. Iceland was ranked third in the 2021–2022 Human Development Index report due to its robust economic growth.
- Austria (69,069 $)
Austria is a landlocked nation at the base of the Eastern Alps of Central Europe. Austria typically ranks highly in terms of GDP per capita because of its highly industrialised economy and sophisticated social market economy.
- Saudi Arabia (68,453 $)
Between the Red Sea and the Persian Gulf on the Arabian Peninsula is the nation of Saudi Arabia. The 18th largest economy in the world and the biggest in the Middle East is Saudi Arabia. The world’s second-largest proven petroleum reserves are in Saudi Arabia.
- Sweden (66,209 $)
Nordic nation Sweden is located on the Scandinavian Peninsula. Sweden is the twelfth-richest country in the world in terms of GDP per capita, and its citizens lead comfortable lives. Sweden’s economy is export-oriented and diversified.
- Germany (66,038 $)
Germany is a nation in Western Europe that borders the Baltic and North Seas. Germany has a social market economy with a highly skilled labour force, low corruption, and high innovation. Its nominal GDP is fourth worldwide and its PPP economy ranks fifth.
- Belgium (65,813 $)
At the North Sea, Belgium is a nation located south of the Netherlands. The economy of Belgium is highly diversified, and its transport systems are integrated with those of the rest of Europe. In 2023, its nominal GDP rank is 24th while its PPP rank is 37th.
- Australia (64,674$)
Australia is a nation that is located on both the Australian continent and the island of Tasmania. Natural resources are abundant in Australia’s mixed-market economy, which has a high income. It ranks 18th in PPP and is the thirteenth-largest country in nominal terms in the world.
- Malta (63,481 $)
Malta is a well-known island nation in the Mediterranean Sea,. The International Monetary Fund classifies 32 additional nations, including Malta, as having advanced economies. Manufacturing, tourism, and international trade all contribute to Malta’s economy.
- Bahrain (60,715 $)
Bahrain is a Persian Gulf island nation. In the Arab world, Bahrain’s economy is expanding at the quickest rate. Bahrain is the 12th most free country in the world overall and boasts the freest economy in the Middle East.
- Finland (59,869 $)
Finland is a Nordic nation, and Lapland’s northern region is already located on the Scandinavian Peninsula. Finland’s nominal GDP per capita ranks 16th in the world as of 2022. One of the richest nations in the world, Finland is renowned for its highly developed welfare system, which includes free public education and a top-notch health care system.
- Canada (59,813 $)
Canada is a nation in North America situated between the United States and Greenland, which is made up of the untamed Arctic island regions in the north. With a nominal GDP of roughly US$2.221 trillion, it has a very developed mixed-market economy, making it the eighth-largest economy in the world.
- France (58,765 $)
On the Atlantic side of Western Europe is the nation of France. The economy of France is diversified and highly developed. The French economy, which is currently the ninth-biggest in the world by purchasing power parity, has constantly been among the top 10 largest in the world for about two centuries.
- United Kingdom (56,836 $)
The English Channel divides the island nation of the United Kingdom from mainland Europe. The fourth-largest reserve currency in the world, it is currently the fourth-most traded currency on the foreign exchange market.
- New Zealand (53,809 $)
An island nation in the Pacific Ocean is called New Zealand. With an advanced market economy, New Zealand is ranked fourth in the Index of Economic Freedom for 2022 and 13th in the Human Development Index for 2021. A nominal GDP per capita of US$36,254 indicates that it is a high-income economy.
- South Korea (56,709 $)
Between the Sea of Japan and the East China Sea is the peninsula known as South Korea. The mixed economy of South Korea ranks 14th in terms of purchasing power parity and 11th in terms of nominal GDP.
Conclusion
So overall, this was the list of the top 30 richest countries in the world. We hope you found this article informative and now you know about these countries along with their economy.