Here are the 15 richest countries in the world.
According to World Atlas, “To determine the true financial status of a country, analysts generally rely on three crucial economic indicators: PPP, GDP, and GNI.” With these metrics, they can work out the ‘GDP per capita (PPP).’ That is a measure that will allow for a more accurate comparison between countries. The richest countries in the world have been listed according to new data from the International Monetary Fund for April 2023.
Ireland tops the list due to their valuable export and tax policies, while Luxembourg follows closely. Here is a full list of the top 15 richest countries in the world.
Table of Contents
With a population of 5,054,000, GDP per capita (PPP) equaling $145,196, $76,110 GNI per Capita, and Total GDP: $594,095,000,000, Ireland is the wealthiest country in the world. Ireland recently surpassed Luxembourg to achieve this. Ireland has a low corporate tax rate, 12.5%, ranking it among the lowest globally. This factor creates a conducive environment for business growth and maximization of profit. It is also the Europe headquarters for several multinational companies.
Luxembourg has a population of 647,800, GDP per capita (PPP): $142,490, GNI per capita: $88,190, and Total GDP: $86,971,000,000. It previously ranked as the world’s richest country but has been knocked down to second place by Ireland. Luxembourg is huge in international banking and manages over €4.6 Trillion in assets. Beyond banking, Luxembourg expanded to technology, data-driven industries, and investment fund management. Luxembourg has a welcoming and conducive business climate, a low unemployment rate, etc.
Singapore has a population of 5,230,000, $133,894 GDP per capita (PPP), $64,010 GNI per capita, and $515,548,000,000 Total GDP. Singapore is one of many countries with limited resources, but it is a wealthy country for good reason. Singapore has viral industries in transport, engineering, biotechnology, chemical technology, manufacturing, etc. This makes it a global hub for financial services. Singapore’s high-end infrastructure encourages domestic and foreign investments. The country is constantly thinking up new investment plans.
Qatar boasts a Population of 3,059,000, $124,833 GDP per capita (PPP), $62,310 GNI per capita, and $219,570,000,000 Total GDP. In 2022, Qatar dominated the news for hosting the FIFA World Cup. It started as a small fishing country and became a massive name in natural gas exports. It became one of the world’s richest countries in 1997 when the export of natural gas increased at a large scale. They are also involved in tech startups and financial institutions.
5. United Arab Emirates
United Arab Emirates has a population of 9,272,000, $88,221 GDP per capita (PPP), $41,770 GNI per capita, and $498,978,000,000 Total GDP. The UAE is known for its luxurious lifestyles, welcoming tourists, and rapidly growing economy. The country’s capital Abu Dhabi is also a hub for tourism and business. While the country makes a tremendous fortune from these ventures, they also produce oil which is another huge money maker. Their sources of income are diverse, including infrastructural investments, renewable energy, etc.
Switzerland has a population of 8,771,000, $87,962 GDP per capita (PPP), $90,600 GNI per capita, and $869,901,000,000 Total GDP. Switzerland is known for its people’s happiness and quality of life. There is a high cost of living but also favorable tax rates. This has aided the attraction of foreign investment from various parts of the world. The Swiss are also renowned for their hard work, efficiency, and creativity.
With a population of 5,443,000, $82,654 GDP per capita (PPP), $83,880 GNI per capita, and $554,105,000,000 Total GDP, Norway has a high standard of living driven by natural resources, which are just numerous. The country’s living standards are also a result of its universal health care, distinct social security systems, and raw oil and gas exports. The country began earning a fortune from its petroleum reserves in the 1970s. Its wealth is also supplemented with lumber, seafood, natural gas, etc.
8. United States
The United States of America has a population of 336,958,000, $80,034 GDP per capita (PPP), $70,930 GNI per capita, and $26,854,600,000,000 Total GDP. The world recognized the United States as a very rich country. The country has a diverse economy and makes its wealth by producing goods and services for various countries of the world. It is also big on natural resources such as oil and gas, computer technology, engineering, and biotechnology. Its impressive economy is also driven by infrastructure.
9. San Marino
San Marino has a population of 33,700, $78,926 GDP per capita (PPP), $41,450 GNI per capita, and $1,807,000,000 Total GDP. It is inarguably one of the world’s richest countries due to its financial strength. The country is renowned for exporting high-quality goods and its very low poverty rate. The country is also big on tourism, attracting people from far and near to its warm Mediterranean climate and landscapes.
Brunei has a population of 434,000, $75,583 GDP per capita (PPP), $30,320 GNI per capita, and $15,506,000,000 Total GDP. Brunei is one of the smallest countries on this list and is rich in oil. Also, it has high poverty rates despite being a very rich country. The country’s poverty rate is notably higher than average for Southeast Asian countries. Its government has set up plans to help reduce poverty in the country, but it hasn’t been very effective.
Denmark has a population of 5,893,000, $73,385 GDP per capita (PPP), $68,300 GNI per capita, and $405,626,000,000 Total GDP. Coming in at number 11, Denmark is a small country whose riches are driven by the service industry and high-tech manufacturing sector. It also has a well-developed infrastructure and efficient and affordable transport networks. Despite having a high standard of living, Denmark has low poverty and unemployment rates. It provides its citizens with free education, healthcare, etc.
The Netherlands has a population of 17,650,000, $72,973 GDP per capita (PPP), $55,200 GNI per capita, and $1,080,880,000,000 Total GDP. This is another well-known rich country. The country boasts one of the world’s highest standards of living. It is renowned for its innovative economy, driven by trading in technology and services. Its tax policies and infrastructure are very efficient. The country’s budget is very well managed by its government.
Iceland has a population of 380,500, $69,778 GDP per capita (PPP), $63,460 GNI per capita, and a Total GDP of $28,625,000,000. Iceland has abundant natural resources, including geothermal energy, hydropower, and marine resources. However, its seamlessly transformed from an economy dependent on its resources to one driven by technology and innovation. The country’s access to capital, the emergence of high-tech industries (biotechnology, healthcare, renewable energy, and software development), and investment in education helped achieve this transition.
Austria has a population of 9,003,000, $62,502 GDP per capita (PPP), $52,760 GNI per capita, and Total GDP of $515,199,000,000. Austria has a very strong economy which makes it one of the richest countries in the world. Its strong economy is driven by the country’s various industries, including banking, tourism, medical technology, and insurance. The country’s favorable corporate tax rates and access to the EU’s single market greatly benefit its high-tech businesses. It is big on economic growth and has effectively managed its unemployment rates, keeping it low.
Andorra is a very small country with a population of 80,300, $68,997 GDP per capita (PPP), $46,530 GNI per capita, and $3,669,000,000 Total GDP. The country does not have income tax. It also has a customs union with the European Union which allows for border-free trade. Low corporate taxes and financial incentives are offered for businesses that invest in the country. It is also known for its attractive real estate investment offers. Its government is very stable.