10 Richest Countries In The World By GDP Per Capita

Starlord - Richest Countries In The World By GDP Per Capita

What are the most common ideas that come to people’s minds when they think of the richest countries in the world by GDP per capita?

When people think about the countries that are the least populous on the globe, what kinds of images and thoughts come to mind?

The fact that many of the richest countries in the world by GDP per capita are also distinguished by their relatively tiny size may come as a surprise to a great number of people.

Certain small but prosperous states, such as San Marino, Luxembourg, Switzerland, and Singapore, benefit from having highly developed financial sectors and tax systems that attract foreign investments, talented experts, and considerable bank deposits.

These countries include San Marino, Luxembourg, Switzerland, and Singapore. Both Qatar and the United Arab Emirates have significant reserves of hydrocarbons as well as other important natural resources.

Macao, Asia’s gambling enclave, continues to see economic growth despite the fact that it has been subject to periodic lockdowns and travel restrictions due to a pandemic for over three years.

This is due to the presence of glittering casinos as well as a consistent stream of tourists. As a direct consequence of this, it continues to be one of the most wealthy governments in the world.

Nevertheless, the definition of “rich” in the context of a country has to be refined, especially when seen in light of the widening wealth gap between a shrinking percentage of the population and the rest of the population as a whole.

The gross domestic product (GDP) is a metric that can be used to quantify the total value of goods and services generated within a nation.

However, a more effective method for assessing the relative wealth or poverty of a country’s people in comparison to other methods involves dividing this economic output by the number of full-time citizens.

This is because the GDP is a measure of the total value of goods and services generated within a nation.

When one takes into consideration the fact that these countries have economies that are disproportionately large in comparison to their comparatively small populations, the logic behind the correlation of “wealth” with “size” becomes readily apparent.

However, in order to get at a more accurate estimation of the typical citizen’s quality of living in a given nation, it is absolutely necessary to take into account the rates of inflation as well as the costs connected with the local products and services.

This evaluation is often referred to as purchasing power parity (PPP), and it is generally represented in terms of international dollars in order to make it easier to make comparisons between different countries.

How Gross Domestic Product (GDP) Per Capita Measure National Wealth

It is possible to build a hierarchy of countries based on their level of economic success by doing a study of the Gross Domestic Product (GDP) per capita across several nations throughout the globe.

After establishing this hierarchy, comparative evaluations can then be carried out between the different countries.

However, it is crucial to recognize that the GDP per capita does not necessarily coincide with the mean income received by a person dwelling in a certain country. This is something that has to be acknowledged.

For illustration purposes, the United States per-person contribution to the nation’s gross domestic product (GDP) in the year 2019 amounted to $65,279.50.

On the other hand, the median pay in the nation was $34,248.45, while the average yearly income in the country was $51,916.27.

Even in the richest countries in the world by GDP per capita, there is a portion of the population that lives in abject destitution, and vice versa, even in the poorest nations, there is a segment of the population that lives a life of great luxury.

This dichotomy is a universal phenomenon. Despite this, the phenomena in question have the potential to act as a somewhat accurate barometer of the overall state of a nation’s finances.

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10 Richest Countries in the World by GDP per Capita


The economic and financial crisis that began in 2008 had a huge and detrimental effect on the Republic of Ireland, which had a population of less than 5 million people at the time.

The island nation was able to successfully restore its fiscal stability and experience a noticeable increase in employment rates.

Starlord - Richest Countries In The World By GDP Per Capita
Irish businessmen in front of a house.

Additionally, it witnessed substantial growth in per capita GDP after implementing politically challenging reform measures, such as significant reductions in public-sector salaries and the reorganization of its banking sector.

Nevertheless, it is essential to take into account the surrounding circumstances. It is common knowledge that Ireland is one of the most important worldwide jurisdictions for the purpose of optimizing the tax burdens of multinational organizations.

As a result, multinational corporations enjoy a greater number of benefits in Ireland than the average Irish person.

In the middle of the 2010s, a large number of big American firms, like as Apple, Google, Microsoft, Meta, and Pfizer, made the decision to move their fiscal domicile to Ireland in order to take advantage of the relatively advantageous 12.5% corporate tax rate that Ireland offers.

This rate is particularly attractive when compared to those offered by other developed countries. According to the findings of the Central Statistics Office, the share of value generated by the Irish economy by multinational businesses grew from around 53% in 2021 to approximately 56% in 2022.

This represents a significant rise from the previous level of 53% in 2021. However, Ireland wants to align its low corporation tax rate to the globally recognized norm of 15% by the year 2024. This is expected to take place.

Although Irish families have witnessed improvements in their economic circumstances, it can be observed from figures provided by the OECD that the per-capita disposable income of the nation’s households continues to be slightly lower than the average of the European Union as a whole.

This is the case despite the fact that Irish families have seen improvements in their economic situations.

Given the significant disparity in wealth distribution, with the top 20% of the population earning approximately five times more than the lowest 20%, it is plausible that a substantial number of Irish residents would express skepticism.

This skepticism pertains not only to their prosperity but also to their claim as the wealthiest globally.


Visitors are drawn to Luxembourg due to the abundance of things to see and do in the country, such as its imposing castles, scenic terrain, thriving cultural events, and scrumptious culinary specialties.

Alternatively, one may choose to create an offshore account with a financial institution located inside the jurisdiction in issue, and then proceed to avoid physically traveling to the country in question after doing so.

It would be a shame to ignore the tremendous opportunities presented by this nation, which occupies a pivotal location in Europe and boasts a population of approximately 650,000 people. These provisions are designed with both tourists’ and locals’ needs in mind.

Because Luxembourg invests a considerable percentage of its resources in improving the housing, healthcare, and educational opportunities available to its population, the country’s overall quality of life is superior to that of any other member state of the Eurozone.

Although the global financial crisis and attempts by the EU and OECD to reduce banking secrecy may have had a minor impact on Luxembourg’s economy, the advent of the coronavirus pandemic led to the closure of numerous businesses and the loss of work for a large number of employees.

This resulted in the loss of employment for many people. On the other hand, compared to the vast majority of its counterparts in Europe, the nation’s reaction to the pandemic has been marked by a greater degree of resilience.

The economy saw a huge turnaround, going from a growth rate of -0.8% in 2020 to a healthy growth rate of 5.1% in 2021.

This is an impressive turnaround. The previously stated economic rebound unfortunately only lasted for a short period of time, as seen by the moderate growth rate of 1.5% that was recorded for the economy in the year 2022.

In addition, it is expected that the annual growth rate of the economy would be a modest 1.1% for the current year. This muted growth may be ascribed to lowered levels of confidence among companies as well as consumers, as well as increased prices for energy and food.

It is remarkable that Luxembourg attained a per capita GDP of over $100,000 in 2014 and has regularly maintained this level since then, even if the country’s economic development may not be strong enough to deserve criticism.


Li Xiting, the founder of the medical equipment firm Mindray, is the richest person currently living in Singapore. He amassed his fortune via the sale of his company. It is believed that he has a net worth of $15.6 billion.

The guy known as Robert Ng and his brother Philip Ng, both of whom are active in the sector of real estate development, now occupy the second position.

The third place is held by Goh Cheng Liang, who is affiliated with Wuthelam Holdings, a firm that is involved in the manufacture of paints and coatings.

Facebook’s co-founder Eduardo Saverin is now ranked fourth in terms of assets, with a total value of more than $9.6 billion.

This places him in the fourth position overall. It is important to point out that Saverin once had the #1 spot on this list for a long amount of time. In 2011, he moved his residence from the United States to the island nation, where he was able to get permanent resident status. 

However, he did not sell any of his 53 million shares of the company that was previously indicated. Saverin did not base his choice to locate his company in Singapore just on the city’s many points of interest or the country’s many natural beauties.

Rather, the allure of Singapore resides in its position as a wealthy fiscal haven, which allows for tax exemptions to be claimed on capital gains and dividends.

To answer your question, however, what tactics did Singapore utilize to effectively attract a significant number of people with high net worth?

Nearly half of the people who lived in the city-state at the time it gained its independence in 1965 were unable to read or write to a competent level, according to the observations that were made at the time.

Singapore was able to achieve exceptional economic development via dedicated work and clever policy-making, establishing itself as one of the most advantageous places for business around the globe.

This was accomplished despite the fact that Singapore has a restricted amount of natural resources.

With a remarkable literacy rate of 98% among its adult population, Singapore has recently developed into a flourishing center for business, industry, and finance. This is a major accomplishment for the country.

Regrettably, the aforementioned precaution did not leave it immune to the unfavorable impacts of the global economic slowdown caused by the pandemic.

In particular, a contraction of 3.9% occurred in the economy in the year 2020, which resulted in the nation entering a state of recession for the first time in almost 10 years.

The economy of Singapore saw a significant turnaround in 2021, growing at an annual pace of 8.8%. However, this increasing trajectory was eventually derailed as a result of a slowdown in China, which is a significant trading ally for Singapore.

This disruption occurred as a direct result of the slowdown in China. The manufacturing industry of Singapore, which accounts for 21.6% of the country’s total GDP, had a major decrease of 6% during the first quarter of 2023.

This reduction was mostly attributable to the negative effect that was caused by the economic issues that were experienced in China.

As a result, Singapore’s economic prospects are being hampered, since it is projected that the country’s GDP would only expand by a paltry 1.5% in 2023.


The price of oil has been on a declining trend since the middle of the 2010s, despite the current uptick that has been seen in the market.

A person living in Qatar had a Gross Domestic Product (GDP) that was more than $143,222 in the year 2014.

On the other hand, there was a significant drop in the next year, and it remained to be lower than the criterion of $100,000 for the succeeding five years after that. Nevertheless, this numerical value has demonstrated a modest increase tendency, with an annual increment of around $10,000 being added on average.

Starlord - Richest Countries In The World By GDP Per Capita
An Arab family in Qatar.

However, Qatar’s substantial deposits of oil, gas, and petrochemicals, along with its relatively tiny population of about 3 million, have enabled this remarkable display of cutting-edge architecture, extravagant shopping centers, and exquisite cuisine to enable Qatar to maintain its position as one of the richest countries in the world by GDP per capita globally for a period of twenty years.

Given that native Qataris made up just around 12% of the overall population during the early phases of the pandemic, there was a rapid spread of COVID-19 among low-income migrant workers living in densely packed accommodations.

This contributed to the rapid transmission of the disease. Qatar has had one of the highest rates of positive COVID-19 cases despite the installation of multiple instances of quarantines, curfews, and lockdowns. This is among the highest rates recorded in the region.

Despite this, the economy has shown a remarkable capacity for adaptability. In the year 2020, there was a decrease of around 3.5 percent in the size of the economy.

On the other hand, it saw growth of roughly 1.5% in the year 2021, which was then followed by a significant expansion of 4.2% in the year 2022.

This development might be linked to higher revenues from the gas and oil industries, as well as an inflow of tourists who came to the nation for the World Cup.

Macau SAR

Over the last several years, there has been considerable conjecture that the Asian equivalent of Las Vegas is ready to emerge as one of the richest countries in the world by GDP per capita. 

The year 2001 marked the beginning of the liberalization process for the gambling industry in the People’s Republic of China’s Hong Kong Special Administrative Region, which had previously been governed by Portuguese colonial authorities.

As a direct consequence of this, the area has seen exceptional economic expansion. A population of approximately 700,000 people lives on the relatively tiny peninsula that may be found to the south of Hong Kong.

This sector, which has a land area of roughly 30 square kilometers, is home to more than 40 casinos. As a direct result of this, it has developed into an extremely profitable economic entity.

But things took a turn for the worst when the machine started losing money rather than making money for its owners.

Macao was briefly removed from the list of the top ten richest countries in the world by GDP per capita when the Covid-19 outbreak caused a substantial stoppage in foreign travel.

This caused Macao to fall off of the top ten richest countries in the world by GDP per capita. Macao is now in the process of gradually returning to its regular economic activities approximately three years after the start of the global health crisis.

This brings the total amount of time from the beginning of the crisis to almost three years.

In spite of this, it is interesting to note that out of all the countries on the aforementioned list, this one specific nation is the only one whose per-capita purchasing power has decreased as a direct result of the ongoing global health crisis.

In 2019, the individual’s average buying power was over $125,000; however, since then, it has dropped by more than $35,000 overall.

United Arab Emirates

Agriculture, fishing, and the rich trade of pearls were traditionally the cornerstones of the economy of the country located in the Persian Gulf region.

Following that, in the 1950s, the discovery of oil brought about a huge shift in the world’s economy.

At the present time, the United Arab Emirates (UAE) has a population that is recognized for having a considerable amount of wealth and is acknowledged to have a great amount of cosmopolitan nature.

The architectural style of traditional Islamic architecture coexists with that of contemporary retail complexes. In addition, the lack of taxes on earnings and the constant availability of sunshine throughout the year attract a diversified workforce from various countries.

It is important to keep in mind that only 20% of the overall population is comprised of people who were born inside the borders of the nation.

The economy of the United Arab Emirates (UAE) is exhibiting a discernible movement toward diversification at the present time.

Tourism, construction, commercial activity, and financial services are other very important industries in this area of the country, in addition to the hydrocarbons sector.

It is important to emphasize that the United Arab Emirates (UAE) was, in fact, impacted by the outbreak as well as the concurrent decrease in oil prices.

Surprisingly, the International Monetary Fund (IMF) did not include the United Arab Emirates (UAE) on its list of the richest countries in the world by GDP per capita for a brief period of time. 

This is the first time an event of this kind has taken place in a significant number of years. However, the use of fossil fuels is not going away anytime soon.

The United Arab Emirates has quickly restored its historical standing as one of the top 10 richest countries in the world by GDP per capita after the recovery of energy prices.


White chocolate, the bobsleigh, the Swiss Army knife, the computer mouse, the immersion blender, velcro, and LSD are just a few of the significant creations that Switzerland has given the rest of the world.

The country, which has a population of more than 8.7 million people, derives a significant portion of its economic prosperity from the provision of banking and insurance services.

It also benefits from a flourishing tourist industry and the exportation of pharmaceutical items, rare stones and metals, precision instruments like watches, and advanced technology including medical devices and computers.

According to the 2022 Global Wealth Report that was issued by Credit Suisse, Switzerland has retained its leadership position in terms of the mean average wealth per adult, which now stands at a hefty sum of $700,000.

In addition, it is clear that about one adult in every six has assets worth more than one million dollars in the United States.

Is it really a surprise that, compared to the other countries in the world, Switzerland has the highest concentration of people whose personal wealth is more than one million units of currency? 

Unfortunately, despite the charity described above, the Swiss economy was not successful in mitigating the effects of the COVID-19 pandemic.

To be more specific, there was a significant decrease in production that amounted to 2.5% in the year 2020. Nevertheless, it is necessary to recognize that the circumstances may have been far worse than they really were.

As a direct consequence of the rapid policy response, which included emergency spending and containment measures, the economy saw a slower fall in growth in comparison to the countries that are located in close proximity to it.

In addition, the structure of the economy itself played a part, since it had a reduced dependence on industries that need close physical contact and instead had competitive export industries, as well as solid public and personal finances.

This was because the economy had a smaller reliance on sectors that require close physical touch.

Does this mean that people living in Switzerland have no worries about the economy at all? This remark does not represent the current circumstances correctly at all.

In the month of March, Credit Suisse was on the verge of collapsing, but it was saved by a government-engineered rescue that was coordinated by Credit Suisse’s long-standing rival, UBS Group.

The failure of Credit Suisse has not only had a significant effect on the country as a whole, but it has also damaged Switzerland’s reputation as a reliable and secure center for international banking.

This has led to a decline in the country’s global competitiveness. In addition, the number of jobs that are in jeopardy is more than the 9,000 positions that were previously cut as part of a reorganization program that was carried out the year before.


Since the late 1960s, when large offshore quantities were found, oil has been the primary driver of Norway’s economic development.

This trend has continued to this day. Due to the fact that it is the major petroleum producer in Western Europe, the country has reaped enormous benefits as a result of the consistent rise in prices over the course of a number of decades.

At the beginning of the year 2020, there was a big drop in the prices, which was then followed by the outbreak of a pandemic that spread all over the globe, which ultimately led to a huge reduction in the value of the krone currency.

The Gross Domestic Product (GDP) of Norway had a major decline of 6.3% during the second quarter of the given year, representing the most dramatic contraction witnessed in the previous fifty years and perhaps since the end of World War Two.

Does this mean that the economic position of Norwegians saw a significant drop in wealth after the beginning of the pandemic? Never in a million years.

After an initial period of unexpectedness, the economy gradually recovered from the setbacks and ended the year with a negative 1.2% growth in Gross Domestic Product (GDP).

Following that, in the year 2021, there was a discernible rebound in the economy, with an overall growth rate of around 3.9%. 

This encouraging pattern carried over into the following year, 2022, with a growth rate of around 3.3% during the course of the year.

In the event that Norway is confronted with unanticipated economic issues, its residents may rest easy knowing that they can depend on their nation’s sovereign wealth fund, which has a value of $1.3 trillion and has the distinction of being the largest fund of its kind anywhere in the world.

However, in contrast to the statistics of numerous other wealthy nations, Norway’s high per capita GDP numbers may be seen as a reasonably accurate measure of the general population’s economic well-being.

This is because Norway has a relatively small income inequality gap, which ranks among the lowest worldwide.

United States of America

In general, the countries that have the greatest levels of wealth are often those that have a geographical size that is on the lower end.

After a lengthy time of constantly ranking slightly below the tenth place during the course of the past two decades, the United States of America, in contrast, attained a position within the top 10 richest countries in the world by GDP per capita in the year 2020. This came after a long period of regularly ranking slightly below the tenth slot.

Starlord - Richest Countries In The World By GDP Per Capita
A rich family in California, USA in the 70s.

It is possible that the decrease in the price of energy and the rise in state spending that resulted from the outbreak are responsible for the United States’ inclusion in the top 10 richest countries in the world by GDP per capita and its continued status in list.

As a consequence of the recent drop in the price of oil, economies that are highly reliant on petroleum products, such as Qatar, Norway, and the United Arab Emirates, have fallen in the rankings. Furthermore, Brunei has totally fallen out of the top 10 richest countries in the world by GDP per capita, which it formerly held.

In the meanwhile, increased government spending on stimulus checks, increased food stamp benefits, and expanded enrollment in Medicaid have significantly contributed to an increase in aggregate demand.

As a direct result of this, the United States entered a recession at the beginning of the year 2020 that lasted for a total of just two months, making it the shortest recession ever recorded.

Thankfully, there has been a noticeable rebound in the American job market subsequent to the beginning of the pandemic, but with the condition that workers’ incomes have been severely impacted by the largest inflation rate observed in the past four decades, this recovery comes with a disclaimer.

Despite this qualification, there has been a considerable recovery in the American employment market.

San Marino

The tiny European nation of San Marino has the title of the world’s oldest continuously functioning republic. San Marino is located in Europe.

In terms of its total landmass, it is just the fifth smallest country in the world. This specific country boasts one of the wealthiest economies in the world while having a very low population (there are only 34,000 people living here).

The favorable element is the comparatively low-income tax rates, which stand at roughly one-third of the average rates observed across the European Union.

These rates are a benefit since they allow for more disposable income. However, San Marino is now making attempts to harmonize its monetary laws and regulations with those of the European Union (EU) and the standards that are followed globally.

The little nation had remarkable resiliency in the face of the pandemic and the following obstacles, such as restrictive financial conditions and an energy crisis.

It is important to note that the nation’s industrial sector and tourism industry both had extremely strong results.

Final Thoughts

The countries of Ireland, Luxembourg, Singapore, and Qatar are at the top of the list for having GDP per capita statistics that are more than $100,000.

While Ireland is home to the headquarters of a number of different multinational companies, Luxembourg is often regarded as one of the most important financial services hubs in Europe. 

In addition, a significant portion of Qatar’s riches may be traced back to the country’s position as a leading oil exporter in the region.

Countries that have lower populations but greater levels of income are often found to be among the richest countries in the world by GDP per capita.

According to the International Monetary Fund (IMF), the population of Luxembourg is only slightly more than 600,000 people, which puts it on par with the size of a smaller metropolitan center located inside a country with a higher population density.

Only two of the top 10 richest countries in the world by GDP per capita, the United States and Australia have populations that are more than 10 million people each: the other eight countries fall below that criterion.

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Adam is an internationally recognised author on financial matters, with over 669.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

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