10 Richest Countries In The Americas By GDP Per Capita 2023

Richest Countries in the Americas by GDP per capita

This article provides an overview of the 20 richest countries in the Americas by GDP per capita.

The wealth of the Americas is determined by a wide variety of historical, social, political, and economic variables.

These elements all interact with one another to produce the region’s wealth.

These regions have a diverse collection of countries, each of which is distinguished by a unique degree of richness, natural resource endowment, and economic development.

These regions are characterized by an abundance of natural resources, which include important commodities such as oil, minerals, and agricultural products.

The phenomena that are being discussed have been a significant factor in the promotion of economic growth and development in several countries, particularly those that are distinguished by strong export industries.

Several nations’ tax policy has been used as an incentive to entice the richest persons in the world to establish residence inside their borders, which may have the effect of distorting the statistical information collected by such nations.

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Richest Countries in the Americas by GDP Per Capita

United States of America: $80,030

The United States economy is still feeling the lasting impacts of the disruptions produced by the COVID-19 pandemic as well as the trade battle that was begun by former President Trump with China in 2018.

These events all occurred in 2018. There has been discernible stability in these places, despite the continuation of challenges like inflation, housing shortages, and difficulties in providing adequate medical care.

In hindsight, it is interesting to note that this phenomenon persists in spite of the shrinking middle class and the collapse of the local industrial sector.

As a result of its hardworking and highly educated labor population, the United States’ competitive GDP Per Capita (PPP) continues to be affected by sectors such as technology, healthcare, finance, and manufacturing.

This is the case despite the fact that the United States is a global leader in innovation. Silicon Valley is an area in the state of California that continues to act as a notable hub for technology globally.

Major industry leaders headquartered in Silicon Valley, such as Google, Apple, and Facebook, continue to make significant contributions to the GDP of the United States.

In the case of Texas, for example, considerable economic development may be attributed to the state’s energy production and industrial sectors.

Texas is also home to the headquarters of many notable firms, like Exxon Mobil and Dell.

Within the field of medicine, well-known pharmaceutical companies like Pfizer and Johnson & Johnson, which have their headquarters in the states of New York and New Jersey, respectively, continue to show strong and resilient growth.

Wall Street, which is located in New York City, continues to function as the major heart of the financial sector. Prominent financial companies, such as Goldman Sachs and JP Morgan Chase, maintain a large presence along Wall Street.

In conclusion, it is worth noting that Wall Street sustains a workforce of over 180,000 individuals and serves as the foremost driver of the global economy.

On the other hand, the effects of the COVID-19 outbreak on the economy are still being felt in a way that is not uniform across the board.

It is projected that the tourism and hospitality businesses, especially in areas such as Las Vegas and Orlando, would see a considerable rebound.

Although the majority of industries have had a revival, this is not the case for the tourism and hospitality industries.

Despite all those challenges, the United States of America, with a GDP per capita of $80,030, still stands in the top position on the list of richest countries in the Americas by GDP per capita.

Canada: $52,720

A consistently high standard of living and ongoing economic success are both reflected in Canada’s high economic score, which is an indication of both of these factors. 

Because Canada has a considerable endowment of natural resources and retains a strategically favorable position within the global supply chain, the nation is able to export a variety of commodities such as oil, gas, minerals, and forestry products.

This is made possible by the fact that Canada possesses a substantial endowment of natural resources. The economy of Canada is comprised of a wide variety of different sectors and enterprises.

Richest Countries in the Americas by GDP per capita
Canadian Prime Minister Justin Trudeau.

Canada enjoys a GDP per capita of $52,720, making it one of the richest countries in the Americas by GDP per capita.

The service industry has a major place in the economy and is responsible for a sizeable portion (about 70%) of the overall contribution to GDP.

In comparison, the contribution of the industrial sector to the GDP is roughly 28%, but the contribution of the agricultural sector to the GDP is just approximately 2%, despite the fact that agricultural output is significant.

There are a number of important qualities that Canada boasts, which contribute to the country’s economic and geopolitical prominence.

To begin, the country takes advantage of a great amount of natural resources, which is a key asset for the growth of its economy.

It should also be noted that Canada is the world’s fifth-largest producer of oil and gas, which is another factor that contributes to the country’s preeminence in the energy industry.

In addition, the nation is home to a large banking industry, which may be recognized for its consistency and resiliency.

Additionally, Canada has a strategic advantage because of the fact that it is geographically near to the market of the United States. This proximity makes it easier for the two countries to engage in economic cooperation and trade.

Last but not least, Canada has been successful in securing significant trade accords, such as the United States-Mexico-Canada Agreement (USMCA) and the Comprehensive Economic and Trade Agreement (CETA), both of which strengthen Canada’s international trade connections and contribute to the country’s economic progress.

In addition, it is possible to make the observation that the area has the most favorable net debt ratio among the G7 countries as well as a highly favorable business environment.

Despite this, Canada is susceptible to risk because of its reliance on the economy and energy prices of the United States and its decreased competitiveness in manufacturing as a result of low labor productivity.

That is on top of other factors such as its inadequate investment in research and development, its elevated levels of household and mortgage debt, its worsening affordability of housing, and its difficulties in energy exports as a result of inadequate supply pipelines.

Furthermore, it is projected that many of Canada’s plentiful natural resources may witness a drop in their economic value in the event that there is a worldwide shift toward renewable energy sources.

This is something that has been predicted. In addition, there is still a continuing regional economic disparity between Alberta and Quebec, which is shown by the discrepancy between the two states.

The nation is now dealing with the repercussions that are caused by a population that is becoming older over time, in particular those repercussions that are connected to the influence on the costs of healthcare and the availability of workers.

Puerto Rico: $38,570

According to the findings of the World Bank, Puerto Rico has the most robust economy of the five overseas territories.

This claim was reached after analyzing the financial data. The GDP of Puerto Rico has reached $113.4 billion as of the year 2022, which equates to a GDP per capita of $35,208.60.

The current GDP per capita of Puerto Rica in 2023 rose to $38,570. It is now one of the richest countries in the Americas by GDP per capita.

The region’s annual GDP growth rate has remained steady at 3.4%, while the region’s unemployment rate has remained unchanged at 6%.

According to the media, the most important contributors to Puerto Rico’s economy are the manufacturing and industrial sectors, followed by the service sector.

In addition, the contribution of Puerto Rico’s agriculture industry to the island’s GDP is just 0.7%. The data that was supplied by the Bureau of Economic Analysis shows that the total expenditures in Puerto Rico for the year 2020 amounted to $56.2 billion.

This figure represents more than half of the total GDP for the same year, which was $105.4 billion.

The amount spent on goods and products comes to a total of $24.7 billion, while the amount spent on services comes to a total of $32.9 billion.

In addition, there is a deficit of $1.4 billion in net travel spending in other countries. As a direct consequence of this, a significant component of the GDP, totaling $14.1 billion, is obtained from private investment, the majority of which is comprised of investments in fixed assets.

When it comes to the topic of exports, Puerto Rico has an impressive export value of $70.5 billion, while the total value of the products and services that it imports amounts to $50.6 billion. 

As a direct consequence of this, Puerto Rico’s total net exports amount to an impressive value of $19.896 billion.

The consumption of goods and services by the government is the last component that goes into the calculation of Puerto Rico’s GDP.

There is a total amount of consumption by the government that is documented as being $15.1 billion, and out of that total amount, $3.3 billion is designated for federal expenditures.

The expenditures made at the federal level amount to $9.3 billion, while those made at the municipal level amount to $2.4 billion.

The Bahamas: $35,460

The tourism industry in The Bahamas is one of the most important contributors to the country’s GDP, making up more than half of the total economy of The Bahamas. This tiny country is among the richest countries in the Americas by GDP per capita.

The Bahamas’ economy is mostly based on the provision of services. The proximity of this business to the United States of America is a crucial factor that adds to the sector’s beneficial position.

Offshore banking, which is the second most significant sector of the economy, takes advantage of the country’s tax advantages and adheres strictly to the legislation governing confidentiality. As a result, the Bahamas have become a particularly desirable option for foreign investors.

Despite having an economy that is considered to be one with a high level of income, the Bahamas face substantial challenges in terms of the production of job possibilities as well as economic disparity.

Due to the fact that the economy of the country is primarily reliant on offshore banking and tourism, it is very susceptible to external disruptions such as global financial crises and pandemics.

As a consequence, the country’s economic performance is subject to substantial swings. The susceptibility of the country to natural disasters such as hurricanes, which have a significant influence on the progression of infrastructure development, contributes significantly to the aggravation of the instability that is now present in the nation.

The economy of the Bahamas has seen a substantial shift in recent years, one that has been defined by the growing dominance of the digital economy, in particular in the sector of financial technology (fintech).

This progression may be ascribed to the growing trend of digitalization that is occurring all across the globe.

Last but not least, it is important to point out that the contributions that the agricultural and industrial sectors make to the total GDP of the nation are rather little.

Aruba: $33,090

Aruba is an island nation that may be found in the Caribbean Sea. This country is one of the four that make up the Kingdom of the Netherlands.

Aruba is world-famous for its dazzlingly clear blue waters, dazzlingly white coral beaches, and an all-natural allure that captivates visitors.

This little island is just around 70 square miles in size, yet it shines with breathtaking brilliance all through the year despite its relatively small size.

It is possible that this is due to its strategically protected location in close proximity to the coastline of South America, which makes it visible on days that are marked by the highest possible level of air purity.

In addition, due to the island’s strategically placed favorable position, it is able to avoid the catastrophic effects of the hurricane belt.

With a GDP per capita of $33,090, Aruba is now ranked among the richest countries in the Americas by GDP per capita, and as the second most prosperous country in the Caribbean.

Aruba’s principal means of financial support at the present time comes from the hospitality and tourism sectors.

Because an ever-increasing number of people are familiar with the country’s famous appellation, “One Happy Island,” the tourism sector in Aruba has experienced steady development during the course of 80 years. This is due to the fact that Aruba’s official slogan is “One Happy Island.”

The mesmerizing Arikok National Park, an abundance of pure white-sand beaches, and a wonderful culinary scene are some of the most famous things that Aruba has to offer.

The figures provided by the Central Bank of Aruba indicate that the economy of the island of Aruba expanded by around 16.2% during the first quarter of 2022 when compared to the same time period in 2021.

This encouraging pattern of economic expansion occurred at the same time as the tourist industry began to revive, as shown by the arrival of more than 10,000 cruise visitors in Aruba on Tuesday.

The information that was released by the Central Bank of Aruba (CBA) provided empirical support for the hypothesis that the economy was going through a phase of recovery.

The remarkable increase of 16.2% that was recorded during the first quarter of the current year may likely be mostly attributable to a considerable comeback in the tourism sector.

Since the second quarter of 2021, Aruba’s increase in its GDP has continuously maintained an upward trend. This trend began in the first quarter of 2021.

According to the results of the Cost-Benefit Analysis (CBA), there was a noteworthy increase in tourist activities.

This was shown by a large rise in the number of stay-over visitors and in the total length of their trips. In addition, the CBA found that there was an overall increase in the number of tourists that visited the area.

This increase in tourism has led to beneficial developments within the tourist services sector as well as an overall increase in the money generated by tourism.

Uruguay: $21,680

In comparison to its neighbors in South America, Uruguay has always maintained a much greater level of economic success.

The country is recognized for the highly developed educational and social security systems that it maintains, in addition to the progressive social laws that it enacts.

The nation under discussion was the first nation in Latin America to establish a welfare state, which was supported by levying relatively higher taxes on the commercial and industrial sectors of the economy.

In addition, it nurtured a democratic tradition, which resulted in the country being given the nickname “the Switzerland of South America.”

The export sector is the primary driver of Uruguay’s economy. The agricultural sector of the area is the primary driver of its economy.

Richest Countries in the Americas by GDP per capita
Rich businessmen in Uruguay.

This sector is particularly productive in the raising of cattle, soybeans, and rice, which all contribute significantly to the regional economy.

In addition, the company’s strategic investments in employee education may be responsible for the dependability and resolve of its workforce. In its efforts to foster sustainable development, the Uruguayan government has achieved great strides in recent years.

The Ceibal Plan was put into action in 2007, and the outcome was the construction of the world’s first totally network-connected public education system.

This was accomplished by placing a particular focus on the technology sector. By the year 2023, there has been a major advancement in the information technology (IT) sector of Uruguay, which has resulted in a substantial contribution to the GDP of the nation.

To this day (2023), the banking sector of Uruguay’s economy remains robust, despite the fact that it has traditionally been responsible for a significant portion of the country’s gross domestic product.

In order to maintain stability in the economy, the Central Bank of Uruguay has successfully pursued conservative monetary policies.

This is especially relevant in light of the current economic conditions that exist on a worldwide scale. It is inextricably tied to the country’s strategic geographical situation, which in turn contributes significantly to the country’s economic growth.

The city of Montevideo, which serves as the capital of Uruguay, operates as a significant logistics hub, making the most of its membership in the Mercosur trade organization and easing the process of entering wide markets such as Brazil and Argentina.

The year 2018 saw Uruguay’s ascension to the position of richest country throughout the whole of Latin America and the Caribbean. Today, it ranks among the richest countries in the Americas by GDP per capita.

According to the Sustainable Economic Progress Assessment that was carried out by the Boston Consulting Group, Uruguay has the best level of expertise in efficiently converting economic progress into the general welfare of its population.

Within the scope of the history of the Americas, Uruguay has consistently been able to maintain a pretty high level of wealth.

The production and exports of cattle, wool, cereals, and dairy products have been major contributors to the nation’s economic expansion, which has mostly been driven by the country’s rising population.

After the era of dictatorship in the 1970s, successive governments have been responsible for implementing trade-oriented policies, which may be credited with contributing to the country’s subsequent economic growth.

In spite of the fact that Uruguay went through a brief period of economic instability at the beginning of this century, which was mostly caused by instability in Argentina and Brazil, the country has since reestablished a framework that is defined by the equal distribution of resources.

Punta del Este, one of Uruguay’s seaside locations, has attracted the attention of travelers from all over the world, and its popularity is only one example of the significant progress that Uruguay has made in the tourism industry.

Additionally, renewable energy sources, such as wind and solar power, make up a large component of its energy portfolio, accounting for around 98 percent of the entire amount of electricity produced.

By placing such a strategic focus on renewable sources, economic development and environmental stewardship may be brought into effective harmony with one another.

Barbados: $21,090

After gaining its independence in 1966, Barbados went through a considerable period of economic upheaval.

Prior to that, the island had been a part of the British Empire until that year. The country, which was once dependent on sugar production and defined by a low-income economy, has effectively transformed into a well-developed economic entity, which is primarily driven by the tourism industry and the offshore sector.

Before this, the economy was characterized by low levels of income. At the moment, the island’s stock market is ranked as the third most prominent in the whole of the Caribbean region.

According to a study that was carried out in 2012 by the Caribbean Development Bank, it was discovered that twenty percent of people living in Barbados, who are also referred to as Bajans, are living below the poverty line.

In addition, almost ten percent of the world’s population is unable to meet the most fundamental needs for food on a daily basis. This finding suggests that despite the growth of its economy, the country’s long-standing internal inequalities have not been addressed or remedied.

Today, Barbados’ GDP per capita has reached $21,090, making it one of the richest countries in the Americas by GDP per capita.

Guyana: $20,540

The economically challenged country of Guyana in South America has emerged as a highly sought-after offshore drilling location as a result of a series of big oil finds made inside its territorial waters.

As a result, Guyana has seen unprecedented economic development on a worldwide scale. In recent years, Guyana has been on an ascent in terms of both the amount of petroleum it produces and the amount it exports.

The country has been responsible for more than 30 significant oil discoveries, and the oil resources it has found amount to more than 11 billion barrels.

As a consequence of this, the nation is in an excellent position to be recognized as one of the richest countries in the Americas by GDP per capita.

It serves as a cautionary lesson for nations that are blessed with enormous petroleum riches that the precipitous and devastating fall of Venezuela, a country wealthy in oil resources and home to the world’s largest reserves of 303 billion barrels, should not be ignored.

Concerns have been voiced about the likelihood that Guyana would go through the same turbulent times as other oil-rich countries, which are marked by widespread corruption, political instability, and violent crime.

The predicted growth in oil production, which is forecast to reach 1.2 million barrels per day by 2027, in conjunction with the possibility of fresh finds, is anticipated to make a substantial contribution to the development of Guyana’s economy.

As a direct result of this, the little South American nation will see significant increases in economic success. It is projected that Guyana’s GDP would reach $16.3 billion in 2023, as stated by the predictions of the International Monetary Fund (IMF).

This demonstrates that Guyana’s economy is still much smaller in contrast to the economies of other notable South American countries such as Brazil, which boasts a GDP of $2 trillion, Argentina, which has $641 billion, and Chile, which has $659 billion.

The country’s GDP per inhabitant will determine whether or not Guyana achieves its goal of being one of the richest countries in the Americas by GDP per capita.

It is projected, based on forecasts made by the International Monetary Fund, that Guyana’s GDP per capita in 2023 would equal $20,540. 

This would represent a threefold rise compared to the stated value of $6,590 in 2019, which coincides with the beginning of oil production.

With this number, Guyana emerges as the second most prosperous country in South America, following only after Uruguay, which is forecast to have a GDP per capita of $21,680 in 2023 and overtake Chile, where the GDP per capita is anticipated to reach $17,830 this year. Uruguay is projected to have a higher GDP per capita than Guyana in 2023.

By the year 2024, it is anticipated by the International Monetary Fund (IMF) that Guyana’s GDP per capita would have increased to $27,640.

According to this estimation, Guyana will soon overtake Uruguay and become the wealthiest country in South America, with a sizeable advantage in terms of economic success in comparison to the other significant countries in the area.

Trinidad and Tobago: $19,860

The GDP per capita of Trinidad and Tobago in 2023 has reached $19,860. The country is ranked among the richest countries in the Americas by GDP per capita.

The energy sector, which includes petroleum, natural gas, and petrochemicals, is the primary contributor to the productivity of Trinidad and Tobago’s economy.

Richest Countries in the Americas by GDP per capita
Rich businessmen in Trinidad and Tobago.

This sector is principally responsible for the nation’s high standard of living. The hydrocarbon industry has been the primary driver of this economic expansion, which has resulted in large increases in both domestic and international cash reserves.

Therefore, by giving a contextual knowledge of the size of their economic advantages, the phrase “around $12 billion” in revenue created by the energy industry in the period spanning from 2018 to 2022 in Trinidad and Tobago provides a framework for the scale of their economic gains.

The energy sector of the country’s economy is robust and resilient, able to meet the requirements of both the domestic market and the global market for exported goods.

In addition to this, it acts as the primary foundation for future industries, most notably the petrochemical industry, and as a result, it contributes to the expansion of economic variety.

The manufacturing sector plays a vital role in contributing to the general economy. This sector includes a wide variety of enterprises, such as those involved in the manufacture of food and beverages, printing, and activities of the assembly type.

Despite the fact that the service industry in Trinidad and Tobago does not demonstrate the same degree of domination as it does in other island countries, it is nonetheless significant, particularly in the fields of banking and tourism.

The banking and finance sector continues to have a high degree of competition, which is defined by the presence of both local and international banks that provide a wide variety of services to their customers.

In the meantime, tourism that is centered on cultural attractions, natural landscapes, and the annual Carnival celebration continues to serve as an important source of revenue, albeit contributing a comparatively lower amount. 

Antigua and Barbuda: $18,240

Antigua is a prime example of a place to go for luxurious holidays because of its thriving tourism industry, which has helped the country’s economy prosper.

In 2009, the island had a substantial economic slowdown as a consequence of the worldwide economic crisis, which led to a decrease in the number of tourists that visited the island.

Despite this, in recent years there have been indications that the tourist industry is on the road to recovery.

To be more specific, tourism was responsible for roughly 60 percent of the island’s GDP and for 40 percent of the island’s total investments in 2013.

2023 saw Antigua and Barbuda’s GDP per capita reach $18,240. This makes the islands rank among the richest countries in the Americas by GDP per capita.

Antigua and Barbuda’s agricultural production is mostly directed at satisfying the requirements of the domestic market.

On the other hand, this industry has difficulties because of a limited water supply and a lack of available personnel, which may be a result of the temptation of greater pay in the tourism and construction sectors.

Tourism has a positive impact on the island’s economy, but at the same time, it presents a substantial threat to the long-term viability of the region’s agricultural output.

As a result, the island is becoming more dependent on the importation of commodities from other countries.

Final Thoughts

This article gives a rundown of the ten richest countries in the Americas by GDP per capita.

There is a considerable reshuffling of rankings that takes place when looking at the GDP per capita, which takes into consideration the size of a nation’s population.

This causes numerous nations with a trillion-dollar GDP to fall farther down the list than they were before.

Although economic indicators such as gross domestic product (GDP) or gross domestic product (GDP) per capita do not directly represent the quality of life or well-being of people, they can serve as key measures for analyzing larger trends, and they are valuable for doing more complete assessments and selecting investments.

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Adam is an internationally recognised author on financial matters, with over 668.8 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

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