The Richest Countries in North America

North America consists of the largest economy in the world. The United States remains the unquestioning economic superpower of the world with a GDP per capita in PPP of $85,372. Canada tails behind at $60,495 and The Bahamas places in third at $46,524. These countries are ranked by GDP per capita PPP because it is by far the best way to assess how a country's resources impact the life of citizens. Despite the disparity between the top three countries, there are still many places in North America that are showing signs of significant economic growth.

Top 10 Richest Countries In North America

1. United States - $85,372

Despite shipping much of its domestic manufacturing overseas in the 1980s, the United States continues to have the largest economy on Earth. The true size and power of the American economy is nothing short of staggering regardless of some of the struggles it is currently facing.

However, thanks to its industrious and highly educated workforce, the key drivers behind the USA's competitive economy still include sectors such as technology, healthcare, finance, and limited manufacturing.

2. Canada - $60,495

Canada is currently suffering from a long list of economic woes ranging from a rising cost of living and a skyrocketing housing market. Regardless of these problems it still manages to have the second largest economy in North America.

The backbone of the Canadian economy is its nearly endless natural resources and easy access to the American market. It also boasts a favorable business environment and does a decent job of attracting foreign investors.

3. The Bahamas - $46,524

The Bahamian economy largely focuses on the service industry. The Bahamas has been blessed by being a tropical paradise while also being near rich countries such as Canada and the United States. The citizens from these wealthy countries flock to the Bahamas each year. Tourism makes up nearly half of the Bahamas GDP.

The economy's second leading sector is offshore banking, which leverages its tax incentives and firm adherence to confidentiality laws, thus making the Bahamas a preferred destination for global investors.

4. Panama - $44,796

Panama owes its relatively high standard of living to its geographical location. Being in control of the Panama Canal, one of the most vital shipping passages in the world has ensured a steady flow of income for the country.

Efforts to diversify have been made. Panama has a robust financial services sector. Panama City is a leading regional financial center, housing over 80 banks, and a significant proportion of the country's GDP stems from this sector. Favorable tax laws and confidentiality rules have attracted a variety of international businesses.

5. St. Kitts and Nevis - $38,869

St. Kitts and Nevis has an economy primarily driven by tourism, financial services, and agriculture. Tourism has emerged as a leading sector, contributing significantly to the country's GDP.

The financial services sector also plays a critical role. The government has encouraged foreign capital through real estate investment or a donation to the national development fund and has injected substantial liquidity into the economy.

6. Trinidad and Tobago - $32,684

Trinidad and Tobago's economy is underpinned by its energy sector, with petroleum, natural gas, and petrochemicals serving as the cornerstones of economic output. The country's robust energy sector serves both domestic consumption and exports. It is also the foundation for downstream industries, particularly petrochemicals, facilitating further economic diversification.

While Trinidad and Tobago's services sector is not as dominant as in many other island economies, it still plays a role, particularly in finance and tourism. The financial sector remains competitive, with a mix of local and international banks offering a wide range of services.

7. Costa Rica - $28,558

Costa Rica is another burgeoning economy in North America. It has experienced steady and reliable economic growth for the past 25 years thanks to its liberalization of trade and influx of foreign investment.

Its political stability and relative safety have resulted in one of the lowest poverty rates in Latin America. Historically Costa Rice leaned heavily into its agricultural sector but has made considerable effort to focus more heavily on its manufacturing capabilities in recent decades resulting in a more diversified economy.

8. Antigua and Barbuda - $27,309

Similar to other Caribbean countries, Antigua and Barbuda's economy is mostly reliant on tourism from wealthier North American countries. This sector took a massive hit as a result of the COVID-19 pandemic but has since shown signs of rebounding.

Agriculture used to be the mainstay of the economy but has since taken a back seat to tourism. What remains of the agricultural sector is the export of sugar cane, vegetables, and tropical fruit. It is expected that the share of GDP that farming contributes to is only going to shrink in the coming decades.

9. Dominican Republic - $27,120

The economy of the Dominican Republic is on the up and up. Several factors have bolstered its economy over the last two decades, including foreign investment, improved disaster management, policy reform, and economic integration into regional trade groups.

The tourism industry in the Dominican Republic has always thrived but now other aspects of the economy and being expanded. The manufacturing sector, for instance, has also seen growth, most notably in the free zones, dedicated regions exempt from certain taxes and tariffs to promote export-oriented industries.

10. Mexico - $25,962

Similar to Canada, the Mexican economy is heavily tied to the United States. Since the signing of NAFTA and the new USMCA, many manufacturing jobs were sent south of the border. Particularly in the automotive industry.

The Mexican economy has underperformed in the last three decades largely due to increased levels of poverty and rampant corruption. That being said, there is still meaningful growth being made in Mexico's oil and natural gas sectors.

Final Thoughts

Despite the sheer size and dominance of the United State's economy, there are plenty of other countries within North America that beginning to gain traction. Many of the Caribbean countries are starting to focus on the development of a strong banking and finance sector, something that will surely increase the overall wealth of the region.

Top 20 Richest Countries in North America