Top Richest Countries in the World in 2024 (GDP per Capita)

In a world that is circumscribed by inflation rates, ongoing wars and still reeling from a deadly pandemic, there are certain economies that have been able to hold on to themselves. Without any doubt, they are the richest countries in the world today. But how does one know which is the richest country in the world?

There are several indicators that can be taken into parlance for demarcating the richest countries in the world. But the two most common and popular methods for finding out the richest countries in the world is by focusing on their Gross Domestic Product or GDP per capita and the average cost of local products, and the fluctuation in inflation rates. To understand and properly demarcate the richest countries in the world, the GDP per capita is more useful as it takes into account the size of the country and the population, thus providing us with a more comprehensive framework.

Understanding the Methodology Behind GDP per Capita

GDP or Gross Domestic Product is a variable in economy which helps one understand the worth of all goods, services and consignments produced in the country. But, simply focusing on GDP would give us a skewed view of the richest countries in the world. Hence, to find out the top richest in the world we need to use the GDP per capita method – here, we need to divide the GDP by the total population of the specific country.

If we were to demarcate the richest countries in the world following only the GDP, then we would end up with the countries that simply have the highest GDPs. The GDP per capita provides us with a fuller picture, where the total population of that nation is taken into account. Even then, some economists do point out that GDP per capita does not take income inequality into cognizance.

For such cases, when one has to draw up a name for the world richest country, some other factors are also taken notice of. The inflation rates that are prevalent in the country, the worth of the local produce and the buying capacity of the resident citizens of that nation are all calculated to name the richest countries in the world.

Hence, when both these factors are taken into cognizance, we get a figure that is termed in economics as Purchasing Power Parity (PPP). Thus, using this we are able to get a more detailed and comprehensive list of the richest countries and poorest countries in the world. Although this can often have some discrepancies, like not taking into account countries that are tax havens, it is widely believed now that the GDP per capita method is the most reliable to calculate the richest countries in the world.

Top 10 Richest Countries in the World According to GDP Per Capita

The International Monetary Fund (IMF) had released a top 10 gdp countries 2024, from where the list of the richest countries in the world is decided on the basis of their gdp per capita. 

Luxembourg (Europe)

Luxembourg, according to the GDP ranking 2024, is the world’s richest country right now. When one thinks about the richest countries in the world, this beautiful country tucked away in the central part of Europe will surely come up in your mind.

Whether it be the magnificent castes, the splendid cultural festivals, or the magnificent and delicious food that the country has to offer – it is enough to let you know that you are in one of the richest countries in the world. Boasting a fairly average population of 670,000, Luxembourg offers the best services to its citizens. Whether it be in the case of housing, healthcare, or other material benefits, the country that boasts of being the richest country in the world offers the best amenities to its citizens. 

When the pandemic broke out, a few of the businesses suffered in Luxembourg. But soon after that, the country was back on its feet, proving why it rightfully on the top of the richest countries of the world.

Macao SAR (Asia)

When we are talking about the richest countries in the world, one cannot forget the wonder child that is Macao. Macao SAR stands for Macao Specially Administered Region. Often dubbed as the Las Vegas of Asia, this specially administered region of the People’s Republic of China saw an exponential growth in wealth after the gaming industry was liberalized. Initially a Portuguese colony, Macao has a fairly large number of casinos in its narrow strip of land that is turning it into one of the richest countries of the world.

Like Luxembourg, when pandemic hit and global travel slowed down for a while, Macao faced recession and had lost its place among the richest countries in the world. But, as the world has now got back its pace Macao is also back on list.

Ireland (Europe)

A country filled with the top-most global universities, ancient castles, and rich history was initially hit by the worst economic depression in 2008-2009. The Republic of Ireland, though with its 5.3 million inhabitants, bounced back soon after as its government made significant changes to economic reforms, such as amending the Citibank structure and restructuring the public-sector wages.

Despite this turn-around, which has now made Ireland one of the richest countries in the world it is a tax-haven. This, thus allows the multinational corporations to gain more than the average Irish citizen.

Singapore (Asia)

Singapore, which is now among the top 5 richest country in the world, is a fiscal haven like Ireland. Here, in one of the richest countries of the world, capital gains and dividends are tax-free. This has prompted, several billionaires and millionaires like Eduardo Saverin (the co-founder of Facebook) to shift to Singapore from the United States of America. 

The story of Singapore becoming one of the richest countries in the world is inspirational, as when the nation achieved independence, most of its citizens were illiterate. The policies implemented by the Singaporean government turned Singapore into one of the most business-friendly locations in the world. With almost no backing when it came to natural resources, one of the richest countries of the world now has a 98% literacy among its adult population.

Qatar (Asia)

Qatar is a haven when it comes to oil and petrochemical reserves. Despite, its small population, this country has managed to retain its position in the richest countries of the world. Whether it be delicious fine cuisine, innumerable number of shopping malls and postmodern architecture, this country has it all.

Although, it was during the pandemic that this country started facing problems. With half of the country’s population belonging to the migrant population, who live in crowded quarters, the disease spread within them faster, with Qatar having a high number of positive cases. One of the richest countries in the world, Qatar, also faced hurdles when oil transportation stopped for a while and energy prices fell due to the wars in different parts of the world.

United Arab Emirates

For one of the richest countries in the world today, the United Arab Emirates initially had tits economic foreground in fishing and agriculture. It was with the discovery of oil reserves that the UAE was catapulted to become one of the richest countries in the world. Today, they boast of a cosmopolitan lifestyle with gigantic shopping malls and man-made islands. The ultramodern architecture also has some blends with Islamic architecture.

The UAE economy has diversified and opened its doors to other avenues in the last few years. Sectors such as construction, trade, and finance are major industries in the country now, which has helped it cement its position in the list of the world’s richest countries.

Switzerland (Europe)

The beautiful hills and the rolling valleys of Switzerland make it both a dreamy country and also one of the richest countries in the world. With inventions like the Swiss chocolate, the computer mouse, and the immersion blender, the world has a lot to thank the Swiss for their innovations. The country has a population of 8.8 million people and the growth of its economic facilities is due to banking and insurance services and also its ever booming tourism industries.

Switzerland, apart from being one of the richest countries in the world, also has the highest density of millionaires in the world. Even then, this country, too, had to face some major blow due to the pandemic and the Russia-Ukraine war.

San Marino (Europe)

The fifth smallest country on the world map and the oldest republic of Europe has shown remarkable success in being among the richest countries of the world. A small country, with a meagre 34,000 citizens, boasts of some of the richest residents in the world. This country has very low income tax-rates, which has also helped to maintain its position among the top ten richest countries in the world. 

Even during the pandemic, this tiny country showed a great amount of strength and managed its financial crisis with admiration.

United States of America (North America)

Certainly one of the richest countries in the world today, the United States of America initially faced a push in its economy which followed after socio-economic measures of the post-pandemic world and the reduction in energy prices that worsened the condition of the Middle-Eastern countries.

United States of America, since then has been able to keep its position fixed on the richest countries list of the richest countries of the world. Boasting of natural resources, a strong working force and world-class universities United States is certainly a force to reckon with.

Norway (Europe)

Among the richest countries in the world, Norway is Western Europe’s biggest petroleum producer. It was with the discovery of offshore reserves that Norway’s economy catapulted into success. Although the pandemic, had brought in some problems for the Norwegians, they were soon able to recover from it.

This list of the richest countries in the world is relative and it keeps changing with the change in GDP per capita. But, most of these countries are today serving as global domination forces.

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