Surely, you would have wondered which are the richest countries in the world.
Many people think that China, the United States, or even Russia are because they have the largest and most influential economies in the world. But the truth is that there are several ways to measure wealth.
The indicators of a nation’s wealth can vary from one classification to another – hence the differences between them but they usually include a country’s Gross Domestic Product (GDP), GDP per capita, or Gross National Income (GNI).
To obtain the classification of the richest countries in the world, we have taken into account both GDP per capita and nominal GDP. The first of these is obtained by dividing the Gross Domestic Producer (GDP) of a country by all its inhabitants. In this way, it results in an average wealth per inhabitant (per capita).
Richest Countries in the world on the basis of Per Capita Income
1. Monaco
GDP per capita: 173,688.19
It is nicknamed the playground of billionaires and is the richest country in the world when measured by GDP per capita. It is one of the smallest countries on the planet and with the highest concentration of millionaires per inhabitant. Surely you have seen it in movies and photographs, but there are certain things that are not very well known.
2. Liechtenstein
GDP per capita: $169,049.16
Liechtenstein keeps a lower profile than its neighbors Switzerland and Austria. Liechtenstein has a GDP per capita of $169,049.16, the second highest in the world, second only to Monaco. And it has virtually no national debt.
3. Luxembourg
GDP per capita: $135,682.79
Luxembourg is a symbol of European and world wealth. With a GDP per capita of $135,682.79, it is currently the richest country in the world. The backbone of the Luxembourg economy is its financial sector and its liberal fiscal policies. Banking is the largest sector of the Luxembourg economy.
4. Ireland
GDP per capita: 99,152.10
Ireland has a modern, technological and constantly growing economy. The country’s low-tax policy has allowed for large foreign investments in recent years. The country currently has a GDP per capita of $99,152.10.
5. Switzerland
GDP per capita: $93,457.44
Switzerland has one of the most powerful, stable and modern economies on the planet. The country has an important pharmaceutical and chemical industry. Switzerland is home to large multinationals such as Glencore, Hoffmann-La Roche, Nestlé, Sika AG Novartis, ABB etc. The per capita GDP of the country is $93,457.44.
6. Norway
GDP per capita: $89,202.75
Norway has an economy with strong state intervention, giving rise to low levels of unemployment and inequality. The government controls key areas such as hydroelectric power and the oil sector through state-owned companies. Norway has a GDP per capita of $89,202.75.
7. Singapore
GDP per capita: 72,794.00
Singapore’s gross domestic product (GDP) per capita reached USD 72,766,000 in December 2021 from USD 60,752,000 in December 2020.
8. United States of America
GDP per capita: 69,287.54
Considering how much many large US corporations do to hide their own profits in offshore tax shelters, it may be surprising to learn that many financial watchdog groups view the United States as a tax haven.
9. Iceland
GDP per capita: 68,383.77
The most important sector of the Icelandic economy is tourism, the strong point of Iceland is renewable energy.
10. Qatar
GDP per capita: 61,276.00
GDP per capita (based on PPP) is gross domestic product converted to international dollars using purchasing power parity rates and divided by the total population.
Richest Countries in the world based on GDP
| Country | Economy |
|---|---|
| United States: | $25.347 trillion |
| China: | $19.91 trillion |
| Japan: | $5.396 trillion |
| Germany: | $4.55 trillion |
| United Kingdom: | $3.19 trillion |
| India: | $3.18 trillion |
| France: | $ 3.06 trillion |
| Italy: | $2.058 trillion |
| Canada: | $1.99 trillion |
| South Korea: | $1.8 trillion |
Keep Reading
Khadi Haat village’s power-free wastewater treatment solution and more
How many Cheetahs are there in India?
10 Richest states of India in the year 2024 and their GSDP
10 Poorest states in India in 2024
10 Indian cities facing water scarcity in 2024
Support us to keep independent environmental journalism alive in India.
Follow Ground Report on X, Instagram and Facebook for environmental and underreported stories from the margins. Give us feedback on our email id greport2018@gmail.com.
Don’t forget to Subscribe to our weekly newsletter, Join our community on WhatsApp, and Follow our YouTube Channel for video stories.
