Top 10 Richest Countries In The World By GDP Per Capita 2024

Top 10 Richest Countries in the World by GDP Per Capita for 2024:

Luxembourg is the richest country in the world this year. Each person there has a whopping $140,312. Ireland and Switzerland come right after, doing pretty well too.

Here’s a quick look at the top 10 richest countries by GDP per person in 2024:

According to the International Monetary Fund (IMF), Luxembourg is at the top, with each person having about $140,312. Then come Ireland and Switzerland, where people have around $117,988 and $110,251, respectively.

In 2024, these countries are doing great financially, despite global challenges. Let’s find out more about why they’re so rich and what makes them stand out.

The list above ranks countries based on their wealth using real data, but these rankings can change with economic shifts. In 2024, some countries will be wealthier per person, showing which ones have the highest average wealth. We also consider ‘purchasing power’ to understand how far money goes in different places. While this list helps compare financial well-being, it doesn’t cover everything like income equality. Still, it offers valuable insight into which countries are prospering economically in 2024.

Richest Countries In The World By GDP Per Capita 2024

1. Luxembourg:

• GDP-PPP per capita: $140,312
• Population: Approximately 634,000
• Description: Luxembourg leads the pack with an impressive GDP-PPP per capita of $140,312, making it the richest country in the world in 2024. Despite its small size and population, Luxembourg’s wealth is fueled by a robust financial sector and favorable tax policies, attracting multinational corporations and high-net-worth individuals.

2. Ireland:

• GDP-PPP per capita: $117,988
• Population: Approximately 5 million
• Description: Ireland ranks second with a GDP-PPP per capita of $117,988. Known for its booming tech industry, favorable business environment, and skilled workforce, Ireland continues to attract foreign investment, driving its economic prosperity.

3. Switzerland:

• GDP-PPP per capita: $110,251
• Population: Approximately 8.6 million
• Description: Switzerland secures the third spot with a GDP-PPP per capita of $110,251. Renowned for its stability, innovation, and high standard of living, Switzerland’s economy thrives on precision manufacturing, finance, and tourism.

4. Norway:

• GDP-PPP per capita: $102,465
• Population: Approximately 5.4 million
• Description: Norway follows closely behind with a GDP-PPP per capita of $102,465. Fueled by its abundant natural resources, particularly oil and gas, Norway boasts a strong welfare system and high quality of life for its citizens.

5. Singapore:

• GDP-PPP per capita: $91,733
• Population: Approximately 5.7 million
• Description: Singapore ranks fifth with a GDP-PPP per capita of $91,733. As a global financial hub and center for trade and commerce, Singapore’s economy thrives on its strategic location, pro-business policies, and highly skilled workforce.

6. Iceland:

• GDP-PPP per capita: $87,875
• Population: Approximately 364,000
• Description: Iceland boasts a GDP-PPP per capita of $87,875. Known for its stunning natural landscapes and renewable energy resources, Iceland’s economy is driven by tourism, fisheries, and geothermal energy.

7. Qatar:

• GDP-PPP per capita: $84,906
• Population: Approximately 2.8 million
• Description: Qatar ranks seventh with a GDP-PPP per capita of $84,906. Fueled by its vast oil and gas reserves, Qatar has rapidly developed into one of the wealthiest nations in the world, investing heavily in infrastructure, education, and healthcare.

8. United States:

• GDP-PPP per capita: $83,066
• Population: Approximately 331 million
• Description: The United States ranks eighth with a GDP-PPP per capita of $83,066. As the world’s largest economy, the U.S. boasts a diverse range of industries, including technology, finance, healthcare, and entertainment, driving its economic prosperity.

9. Denmark:

• GDP-PPP per capita: $72,940
• Population: Approximately 5.8 million
• Description: Denmark secures the ninth spot with a GDP-PPP per capita of $72,940. Renowned for its welfare state, green energy initiatives, and high quality of life, Denmark’s economy is driven by manufacturing, renewable energy, and exports.

10. Macao SAR:

• GDP-PPP per capita: $70,135
• Population: Approximately 667,000
• Description: Macao SAR rounds out the top 10 with a GDP-PPP per capita of $70,135. As a Special Administrative Region of China, Macao’s economy is heavily reliant on tourism and gaming, making it one of the wealthiest regions in Asia.

10 frequently asked questions about the richest countries in the world by GDP per capita for 2024:

1. What is GDP per capita?

• GDP per capita is the average income per person in a country.

1. Why is Luxembourg the richest country by GDP per capita?

• Luxembourg’s strong financial sector and favorable tax policies contribute to its high average wealth.

1. How does Ireland maintain its high GDP per capita?

• Ireland’s tech industry and favorable business environment help keep its GDP per capita high.

1. What factors contribute to Switzerland’s high GDP per capita?

• Stability, innovation, and precision manufacturing drive Switzerland’s high average wealth.

1. Why does Norway have a high GDP per capita?

• Norway’s abundant natural resources, like oil and gas, contribute to its high average wealth.

1. What makes Singapore’s GDP per capita high?

• Singapore’s strategic location and pro-business policies attract investment, boosting its GDP per capita.

1. How does Iceland sustain a high GDP per capita?

• Iceland’s tourism and renewable energy industries support its high average wealth.

1. What drives Qatar’s high GDP per capita?

• Qatar’s oil and gas reserves and investments in infrastructure contribute to its high average wealth.

1. Why is the United States lower in GDP per capita?

• The US has a larger population and income inequality, resulting in a lower average wealth per person.

1. How does Denmark maintain a high GDP per capita?
   • Denmark’s welfare state and focus on education and healthcare contribute to its high average wealth.