10 Richest Countries in the World in 2024 (By GDP per Capita)

As of 2024, the global economic landscape is shaped by nations that have maximized their wealth through strategic resource management, innovation, and robust financial sectors. Here, we delve into the ten richest countries in the world by GDP per capita, exploring the factors contributing to their economic success.

Who are the Richest Countries in the World in 2024?

1. Luxembourg ($143,743)

Luxembourg leads the pack with a staggering GDP per capita of $143,743. This small European country has consistently ranked as one of the wealthiest nations, thanks to its thriving financial sector, political stability, and high standards of living. The country’s wealth is also bolstered by its role as a significant investment fund center and its strategic location in the heart of Europe.

2. Macao SAR ($134,141)

With a GDP per capita of $134,141, Macao’s economy is heavily reliant on its gaming and tourism industries. Known as the “Las Vegas of Asia,” Macao attracts millions of tourists each year, which significantly boosts its economic output. Despite the challenges posed by the COVID-19 pandemic, Macao has shown resilience and continues to thrive.

3. Ireland ($133,895)

Ireland’s GDP per capita stands at $133,895. The Irish economy benefits greatly from the presence of multinational corporations, particularly in the tech and pharmaceutical sectors. Ireland’s low corporate tax rates have made it a favorable destination for global giants like Apple, Google, and Microsoft, contributing significantly to its economic growth.

4. Singapore ($133,737)

Singapore, with a GDP per capita of $133,737, is a global business hub renowned for its efficient and competitive economy. The city-state’s strategic location, robust financial services sector, and pro-business policies attract numerous multinational companies. Singapore’s economy is also supported by its advanced infrastructure and high standard of living.

5. Qatar ($112,283)

Qatar boasts a GDP per capita of $112,283, largely due to its vast reserves of natural gas and oil. The country has the third-largest natural gas reserves in the world. Qatar has also invested heavily in infrastructure and tourism, hosting major global events such as the FIFA World Cup, which has further boosted its economy.

6. United Arab Emirates ($96,846)

The UAE’s GDP per capita is $96,846. The nation’s wealth is not only derived from its oil and gas reserves but also from a diversified economy that includes tourism, aviation, and financial services. Cities like Dubai and Abu Dhabi are global hubs for trade, finance, and tourism, attracting millions of visitors and investors annually.

7. Switzerland ($91,932)

Switzerland, with a GDP per capita of $91,932, is known for its robust financial sector, high-quality manufacturing, and tourism. The country’s political neutrality, highly skilled workforce, and strong emphasis on innovation contribute to its economic prosperity. Additionally, Switzerland’s low VAT rates make it an attractive destination for businesses.

8. San Marino ($86,990)

San Marino, with a GDP per capita of $86,990, leverages its low tax rates and picturesque landscape to attract tourists and businesses. This small republic, surrounded by Italy, has a high standard of living and no national debt, contributing to its wealth. The economy is bolstered by banking, ceramics, electronics, and tourism.

9. United States ($85,370)

The United States, with a GDP per capita of $85,370, remains one of the world’s largest and most diversified economies. The country’s wealth is driven by its vast natural resources, advanced technology sector, and significant consumer market. The US economy also benefits from its strong financial markets and military capabilities.

10. Norway ($82,830)

Norway secures its position as one of the wealthiest nations globally with an impressive GDP per capita of $82,830. Renowned for its robust economy built on the pillars of oil, natural resources, and a strong welfare system, Norway continues to thrive economically. The country’s prudent management of its oil wealth through its sovereign wealth fund has provided stability and prosperity to its citizens. Additionally, Norway’s commitment to innovation and sustainability has propelled its industries, particularly in renewable energy and technology, further enhancing its economic resilience. With a high standard of living, excellent healthcare, and education systems, Norway exemplifies a model of successful socio-economic development.

Also, read:

Source: Forbes