Exploring the Wealthiest Nations: Top 25 Richest Countries in the World

What are the top 25 richest (wealthiest) countries in the world? 

A common way to gauge economic prosperity on an individual level is to calculate GDP per capita. The international monetary fund (IMF)’s most recent estimates of GDP per person for 2023 are used to rank the various nations.

With no adjustment for inflation, this statistic is currently at $13,920 globally in 2023, up from $13,400 in 2022 and $11,160 in 2020.

Here is the complete list of the richest nations in 2023, ordered by GDP per person.

Luxembourg, $128,820

With a population of 634,000 and a per capita GDP of almost $130,000, Luxembourg is one of the smallest countries in the EU, and also the richest nation in this ranking.

The nation, which was formerly recognized for its steel manufacture, now has a sizable financial services industry that generates the majority of its economic output.

Burundi, the nation with the lowest per capita income in the world, has a GDP of $33 compared to Luxembourg’s roughly 415 times higher figure.

Ireland, $106,998

With a $107,000 GDP per capita, Ireland is the second-richest nation in the world, behind Switzerland, which comes in at over $94,000. Due to its pro-business atmosphere, low corporation tax rates, and a highly educated workforce that draws foreign direct investment, Ireland’s GDP per capita, in particular, has witnessed a large increase in recent years.

Switzerland, $94,835

With a GDP per capita higher than that of other developed nations like the US, Japan, and Germany, Switzerland is among the richest nations in the world. With an average adult worth of $696,604 and a high cost of living to match, it also has some of the richest people in the world.

Because they tend to spend a smaller percentage of their income on necessities like food and housing than on discretionary items, Swiss residents are therefore often less affected by price increases.

Qatar, $89,417

Based on GDP per capita, Qatar has one of the largest economies in the world, consistently placing in the top ten richest nations according to data from the World Bank, the United Nations, and the International Monetary Fund (IMF) for 2015 and 2016. Despite Saudi Arabia and the United Arab Emirates’ restrictions, the nation’s economy has expanded.

The mainstays of Qatar’s economy, petroleum, and natural gas, contribute more than 70% of all government revenue, more than 60% of the country’s GDP, and around 85% of its export earnings. Qatar is the second-largest natural gas exporter in the world and has the third-largest known natural gas resource.

Norway, $88,749

Norway’s economy is a highly developed mixed economy with governmental ownership in important sectors. Norway’s economy has grown strongly since the beginning of the industrial period, despite being regulated by global market cycles.

In comparison to other European nations, the country’s standard of living is very high, and its welfare system is tightly knit. Modern manufacturing and social systems in Norway are reliant on a financial reserve created by the exploitation of natural resources, primarily North Sea oil.

Singapore, $84,501

Li Xiting, the creator of the medical equipment company Mindray, is the richest person in Singapore, according to estimates of his net worth, which stands at $15.6 billion.

Currently, 98% of the adult population in Singapore is literate, and the country is a soaring financial, manufacturing, and commerce centre. Sadly, this did not protect it from the pandemic-driven global economic downturn, as in 2020, the GDP contracted by 3.9%, plunging the country into recession for the first time in more than a decade. After seeing 8.8% growth in 2021, Singapore’s economy recovered, but the slowdown in China, a major trading partner, halted the recovery.

With a 6% contraction in the first quarter of 2023, Singapore’s manufacturing sector—which accounts for 21.6% of the country’s GDP—was particularly badly hit by China’s economic problems. Its s economy is however expected to grow by just 1.5% in 2023.

United States, $78,422

America has a diversified economy that is highly advanced and developed. By nominal GDP, it has the largest economy in the world, while it ranks second after China in terms of purchasing power parity (PPP). As of 2022, it had the eighth-highest per capita GDP (PPP) and the seventh-highest nominal GDP in the world.

According to UN standards, the United States of America is one of the most highly developed economies with a Human Development Index (HDI) of 0.921. This grouping also applies to the IMF.

The United States of America is a high-income country with an average annual income of 78,422 USD. It remains one of the top ten richest nations in the world even after accounting for buying power parity.

The United States of America has also been referred to as a tax haven.

Iceland, $77,961

With a GDP per capita of $77,961, Iceland ranks tenth in the world and is among the richest nations in Europe. The nation’s tourist, finance, and creative industries are just a few examples of the highly developed service industry. Along with being well-known for its stunning natural surroundings and geothermal energy, Iceland also has a small but highly educated and competent workforce.

Australia, $68,024

Australia has a market-based economy with a relatively high gross domestic product and per capita income, and is regarded as a prosperous country. Service industry exports and commodity exports are the two main drivers of its economy.

The mining sector’s total value-added represented 8.4% of GDP in 2009–2010, at the height of the mining boom. Australian economic resilience and stability have held despite the recent slump in the mining sector.

Denmark, $66,394

With a GDP per capita of $66,394 Denmark is among the richest nations in the world and the richest nations in Europe. The nation places a great priority on sustainability and renewable energy sources and has a highly developed welfare system. 

In addition, Denmark boasts a highly qualified workforce and a welcoming business environment, which have drawn numerous international businesses to locate their European headquarters there.

Sweden, $60,474

A $60,474 GDP per person makes Sweden the eleventh richest nation in the world. It is also among the wealthiest nations in all of Europe. The highly developed and diverse economy of Sweden is the main cause of its prosperity. 

With a strong industrial sector that encompasses manufacturing, telecommunications, and pharmaceuticals, the nation places a significant emphasis on innovation and technology.

Canada, $59,179

A secure and diverse economy is one of the reasons why Canada is a prosperous country. Natural resources including gold, zinc, copper, and nickel, which are widely used around the world, are mined to a significant extent of its economy. 

Along with the United States, Canada is a significant player in the oil industry. Additionally, the nation has a sizable real estate market and a sizable banking sector with numerous banks and other financial organizations.

Israel, $58,274

Israel’s economy is a well-developed example of a free market economy. Israel’s advanced economy’s success has allowed the nation to have a sophisticated welfare state, a strong modern military rumoured to be capable of possessing a full nuclear triad, and modern infrastructure rivalling many Western nations.

With 23.2% of global diamond exports coming from Israel, the country is one of the world’s major centres for cutting and polishing diamonds. The country depends on imports of fuel, raw materials, wheat, cars, uncut diamonds, and production inputs due to its relative lack of natural resources. 

Netherlands, $57,629

One of the richest nations in the world, the Netherlands has one of the top 20 economies on the planet.

The Netherlands has one of the most developed food businesses in the world and is the second-largest exporter of agricultural products in the world, after the United States. People living in the Netherlands frequently quip that although their nation is small, every square meter of it is of the best conceivable quality.

The Netherlands ranks first in Europe and second globally in terms of export earnings for agricultural products, behind the United States.

Macao SAR 55,645

Since Macau was transferred to China in 1999, it has maintained one of the most open economies in the world. The economy’s backbones are apparel exports and gambling-related tourism.

Due to its lack of natural resources and fertile land, Macau is mostly dependent on mainland China for its imports of food, fresh water, and energy. Raw materials and capital goods are primarily supplied by Japan and Hong Kong.

France, $55,493

France, one of the most advanced nations in the world, considers itself to be the boss in Europe. In April 2022, President Emmanuel Macron of the centre-left Renaissance Party won reelection with less backing. In June, his coalition lost its legislative majority when the far-right National Rally and a far-left coalition both gained big gains. 

France’s diverse economy is driven by industry, tourism, and medicine. Despite maintaining a major presence in industries including power, public transportation, and defence, the government has partially or entirely privatized several large firms.

Austria, $52,317

With a $52,317 GDP per capita, Austria ranks as the sixteenth richest nation in the world. Austria’s prosperous social market economy, which integrates free-market ideas with a robust social security system, is responsible for the country’s development. 

The nation’s economy is varied, with important segments in the service, manufacturing, and tourist industries.

Hong Kong SAR 52,133

129,500 millionaires, 290 cent millionaires, and 32 billionaires reside in Hong Kong. Despite the city-state’s slow economic growth over the past ten years, many of Asia’s richest businesses have continued to base themselves there, making it one of the world’s top financial centres. The Hong Kong Stock Exchange is still one of the most significant stock exchanges in the world as well.

New Zealand, $51,967 

The sizeable service sector of New Zealand’s varied economy contributed 63% of total GDP activity in 2013. Aluminium fabrication, food processing, metal fabrication, wood goods, and paper products are examples of large-scale industrial businesses.

In 2013, 16.5% of the GDP was made up of the following sectors: mining, manufacturing, power, gas, water, and waste removal services. Despite only making up 6.5% of the GDP as of 2013, the primary industries go on to dominate New Zealand’s exports. The information technology industry is expanding quickly.

United Kingdom, $51,287

England, Scotland, Wales, and Northern Ireland make up the United Kingdom, which boasts one of the most globally integrated economies. The United Kingdom was the world’s fifth-largest exporter and fifth-largest importer in 2020. It had the fifth-largest outbound and third-largest inward foreign direct investments, respectively.

With a US$1 trillion market cap, the UK’s technology industry ranks third behind China and the US. The country is also the second-largest country in terms of its aerospace industry.

The country’s economy heavily depends on its pharmaceutical industry, the tenth-largest in the world. 18 of the top 500 global corporations have their headquarters in the UK.

Finland, $51,178

With a gross domestic product (GDP) of $51,178, Finland ranks as the fifteenth richest nation in the world. Finland’s economic success can be ascribed to its strong emphasis on technology, innovation, and education. The nation has an outstanding educational system and consistently does well in international education rankings.

Belgium, $50,907

A well-developed transit system, a varied industrial and commercial foundation, and Belgium’s geographic centre have all contributed to the country’s economy. In the initial part of the 19^th century, Belgium was the first European nation to embrace the Industrial Revolution.

Since then, it has built a highly advanced transport network made up of ports (most notably the Port of Antwerp), canals, trains, and motorways.

Malta, $33,486

Malta’s free market economy, which is the smallest in the eurozone, is strongly dependent on trade in products and services, particularly with Europe. 

The country of Malta produces less than 25% of its food, has a finite amount of fresh water, and has few domestic energy sources. Foreign commerce, manufacturing, and tourism are all important to Malta’s economy.

A robust labour market helps to sustain Malta’s GDP growth, which is also solid. To promote more labour participation, the government has introduced additional initiatives, such as free childcare. Future economic growth may be hampered by the high cost of borrowing and a tiny labour pool.

Bahrain, $26,562

Oil and gas are major contributors to Bahrain’s economy. The second-highest currency value in the world is represented by the Bahraini dinar. Bahrain has poured a lot of money into the banking and tourist industries since the turn of the 20^th century.

The majority of Bahrain’s exports, approximately 60% of total exports, 70% of total government revenue, and 11% of GDP, are petroleum. The second largest exported good is aluminium, followed by money and building supplies.

The second largest exported good is aluminium, followed by money and building supplies.

Saudi Arabia, $23,185

The Middle East’s and the world’s largest economy, respectively, is that of Saudi Arabia. Saudi Arabia, one of the biggest economies on the planet and a permanent and founding member of OPEC, is also a participant in the G20 discussion.

Due to its position as the largest petroleum exporter in the world, Saudi Arabia is frequently talked about as a petrostate in Western media. Refining and chemical production from the oil reserves are other significant sectors of the economy; a large portion of these activities are vertically integrated under Saudi Aramco, a state-owned company.

Conclusion

With a per capita GDP of $34,500 and $59,000, respectively, the majority of the richest nations are located in North America and Europe, the two richest continents. However, the majority of the world’s poorest nations are found in Africa.