THE RICHEST COUNTRIES IN THE WORLD
According to most reputable experts, today there are about 196 independent countries on the planet. It is difficult to name the exact number, since some states are not officially recognized at the international level. Quite a misconception that the richest country in the world is determined by the total level of GDP, that is, the market value of the final goods and services produced for the year in all sectors of the economy.
Yes, the amount of GDP largely determines the strength of the economy and the stability of the state as a whole, but it does not guarantee a high standard of living for every citizen. For example, India or China is home to more than 1.4 billion people, and even despite serious macroeconomic indicators, it is too early to talk about the mass welfare of local residents. Therefore, when answering the question what is the richest country in the world, GDP per capita is taken into account.
As a rule, the leading positions here are occupied by small countries with huge reserves of natural resources or with a very developed technological economy. The standards of living in such states are very high. Given the level of GDP per capita (purchasing power parity – PPP) according to the official data of the International Monetary Fund, let's highlight the top 10 richest countries in the world in 2024.
| № | COUNTRY | GDP PER CAPITA ($) |
| 1. | Luxemburg | 143,304 |
| 2. | Ireland | 137,638 |
| 3. | Singapore | 133,108 |
| 4. | Qatar | 114,210 |
| 5. | Switzerland | 89,537 |
| 6. | UAE | 88,962 |
| 7. | Norway | 82,236 |
| 8. | USA | 80,412 |
| 9. | Denmark | 74,958 |
| 10. | Brunei | 72,610 |
10 RICHEST COUNTRIES IN THE WORLD
1.LUXEMBOURG
The richest country in the world in 2024 is Luxembourg. It is a small Western European country with only about 659 inhabitants. Its favorable geographical location between such powerful countries as Germany, France and Belgium helps to attract foreign investment, establish trade relations and grow the economy of Luxembourg. The state has an equally developed industrial and financial sector.
2.IRELAND
The Republic of Ireland shares with the even smaller Northern Ireland a small island in northern Europe next to Great Britain. The welfare of Irish people is provided by a strong economy dominated by mining, food production, and banking. High technology and innovative products are introduced in every sphere of activity. Ireland has a population of around 5.1 million people. Trade is the backbone of the country's wealth.
3.SINGAPORE
The stable political situation and favorable investment climate allowed Singapore to become one of the richest countries on the planet. The state is located in Southeast Asia near Malaysia. The population of Singapore exceeds 6 million people. Local economy is characterized by maximum openness and freedom, which attracts businessmen from all over the globe. There is practically no unemployment in Singapore, and corruption is non-existent. High technology and innovation, medicine, tourism, and the banking sector are actively developing.
4.QATAR
The fourth richest country in the world is Qatar. The state is located in the Middle East next to Saudi Arabia, Bahrain and the UAE. The population of Qatar is about 3 million people. The economic growth and prosperity of local residents provides, above all, the export of oil and natural gas. Largely due to its abundant natural resources, which have created an ideal infrastructure, Qatar became the first country in the region to host the 2022 World Cup.
5. SWITZERLAND
Switzerland is a beautiful European country with a very high standard of living and a flourishing economy. The state's world-renowned neutrality with regard to political and military alliances promotes successful trade and the development of mutually beneficial relations with various countries of the world. The population of Switzerland is 8.8 million people. Almost every Swiss person deeply respects the culture and traditions of his or her native country. The economy is based on the banking sector and high-tech quality products.
6.UNITED ARAB EMIRATES
The United Arab Emirates has one of the largest economies in the Middle East. It is located in Southwest Asia, next door to Saudi Arabia and Oman. It is a beautiful and very rich country with large oil reserves, the income from the sale of which forms about 30% of GDP. A significant share of the budget revenues provides tourism and the financial sector. The population of the UAE is about 10 million people. The country has virtually no taxes and has created optimal conditions for attracting foreign investment.
7. NORWAY
Unlike the rich Arab countries, Norway guarantees a high standard of living to local citizens not only through the sale of oil and gas, although it has huge reserves of energy resources. For example, the state is one of the largest exporters of seafood. The economy actively applies new technologies and develops industry. The population of Norway is about 5.5 million people. The country is not a member of the European Union, but maintains close trade ties with other developed European countries.
8.THE UNITED STATES
The top 8 richest countries in the world are followed by the state with the largest economy on the planet – the United States. It has a population of about 340 million people. A very diverse colorful country, each state has different legislation, tax rates, prices, labor market, climate, and more. Therefore, potential immigrants to the States have a lot to choose from. For example, you can see a list of the best cities to live in the United States.
9.DENMARK
The ranking of the top 10 richest countries in the world in 2024 includes another small Scandinavian state located in the north of Europe. Its population is only 5.9 million people. For the past few years, Denmark has been among the top 3 happiest countries on the planet. There are comfortable conditions for life, business, professional activity and education. Denmark has an ideal infrastructure and a strong high-tech oriented economy.
10.BRUNEI
Brunei is another tiny country in Southeast Asia with a population of about 449,000. The economy is based on oil and natural gas production. The state of Brunei Darussalam (official name) is washed by the South Chinese Sea. It is very beautiful place which attracts lots of tourists. The local citizens are very educated and most speak English. The authorities provide free medical care and do not tax personal income.
Note. The dwarf European state of San Marino, as well as Hong Kong and Macau, were not taken into account when compiling the ranking.
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