The Richest Countries In The World 2024

Luxembourg is currently the richest country in the world based on its GDP per capita (PPP) of $151,146 according to the October 2024 edition of the World Economic Outlook. Singapore, Ireland, and Qatar trail behind at $148,186, $127,750, and $115,075, respectively.

Recent global events that have impacted these countries economically include COVID-19 and the Russo-Ukrainian War. Guyana, in particular, has experienced a boom due to newfound oil sources in 2019.

The 15 Richest Countries in the World

1. Luxembourg - GDP per Capita = $151,146

• Population: 683,500
• GNI per capita, PPP: $98,490
• Total GDP: $91.21 billion

Luxembourg enjoys unrivaled financial success through its banking and industrial industries, which are indisputable in strength due to its geographic position at the heart of Europe, and nearly half its workforce comprises cross-border workers. These workers boost the country’s GDP but are not counted in the resident population used for calculating GDP per capita, effectively inflating the per capita figure. Furthermore, the past two decades have cemented Luxembourg as a tech-friendly region, ripe for planting data centers and digital infrastructure bundled with foreign investment.

Yet, Luxembourg is not without its weaknesses: like many countries around the globe that are dependent on just one or two industries, the 2008 crisis, the COVID pandemic, and the Ukraine war created recessions. Ultimately, Luxembourg has faced issues such as rising energy prices, refugee influx, inflation, and supply chain disruptions. In response, the government implemented successful stimulus measures. Even recently, these measures have aided in shifting European capital to Luxembourg. This shift is due to many firms moving assets away from Russia.

However, these stimulus policies (which, for Luxembourg, amounted to over 2.6% of their GDP in 2020 and 2021) had similar effects on many countries on this list—they caused a short-term boom that helped combat and stall the financial strain, but the temporary return of inflation afterward has a reputation for being unavoidable. Regardless, due to the precise maneuvering of its leadership and the fortune of its conditions, Luxembourg is predicted to continue the upward slope and momentum of its pre-pandemic economy, which it has already returned to.

2. Singapore - GDP per Capita = $148,186

• Population: 5,997,000
• GNI per capita, PPP: $118,710
• Total GDP: $530.71 billion

Two pillars are essential to consider in a discussion about Singapore's riches: first, Singapore has implemented low corporate tax strategies, which may diminish in 2025. Second, Singapore’s economic history is largely a result of the ambitious policies of Lee Kuan Yew, who led the country as prime minister from 1959 to 1990.

Although Prime Minister Yew led the charge in creating a stable economy by bolstering infrastructure and implementing policies that encouraged investment, it was not until the 1990s that a low corporate tax rate and schemes to go even below that rate began to take shape. This rate officially reached 17% in 2010. However, the OECD minimum is set at 15%, and Singapore has, through the aforementioned schemes implemented since the 90s, allowed many companies to operate below this threshold. In January 2025, Singapore is instituting a domestic top-up tax to ensure that the 15% minimum is met. This increased pressure may mean that Singapore could fall in ranking akin to Ireland, which endured a similar process at the beginning of 2024.

The industries these rates have attracted are manufacturing, which constitutes up to 25% of Singapore’s annual GDP, as well as banking, biotechnology, energy, real estate, and tourism. Each of these sectors thrives, and thus, they enrich Singapore due to the country’s location and operation as a shipping hub at the heart of Southeast Asia. Although Singapore’s Ministry of Trade and Industry predicted an economic contraction of 7% during COVID-19, the country’s growth has nearly returned to pre-pandemic levels, and core inflation rose 2.5% in July of 2024; this small increase suggests a stabilization that exceeds expectations.

3. Ireland - GDP per Capita = $127,750

• Population: 5,304,000
• GNI per capita, PPP: $98,650
• Total GDP: $560.57 billion

Charting Ireland’s progress has proven to be an elusive task. For a moment, in early 2023, IMF data suggested that Ireland had overtaken Luxembourg and become the richest country in the world by a small fraction. By late 2023, Ireland seemed to have fallen down to the second rank. However, retrospective (and thus more accurate) analysis from this most recent 2024 October IMF data actually reveals that Ireland barely overtook Qatar for third place in 2021 and has never surpassed Singapore for second place.

If anything, the data also shows that Ireland was either hit harder in 2021 than many other rich countries by both COVID-19 and the Russian invasion of Ukraine (due to the disruption in global supply lines) or that the agreed increase to a 15% OECD tax rate in 2024 has potentially been catastrophic. Previously, Ireland secured its wealth by attracting large multinationals like Google, Apple, and Microsoft through its low 12.5% tax rate, which has been in place since 2003. In 2021, Ireland agreed to raise it, and this news seems to have compounded with the other global crises to create an unrivaled drop in GDP per Capita (PPP) relative to the top 15 countries. Regardless, Ireland did manage to hold onto third place due to the sizable distance between its economy and the lower ranks, such as Qatar.

Although foreign-owned enterprises made up only 3.2% of all Irish companies in 2022, they employed 27.2% of the workforce, amounting to 623,128 out of 2,292,598 people. Therefore, it is no surprise that services make up an estimated 56.6% of Ireland’s GDP. General industry makes up another 37.6%, and agriculture is responsible for less than one percent of Irish GDP.

4. Qatar - GDP per Capita = $115,075

• Population: 2,986,000
• GNI per capita, PPP: $116,870
• Total GDP: $221.41 billion

There are several hydrocarbon empires that appear on this ranking each year, and of them, Qatar consistently ranks in the top four even as far back as 1990. In 2011 and 2012, according to historical IMF data and analysis, Qatar held #1 above even Luxembourg.

Therefore, Qatar’s main concerns are the global issues and internal weaknesses that prevent it from catching up to Ireland in third; even the most optimistic predictions still rank Qatar as fourth by 2029, barring any unexpected global events or shifts. Because Qatar’s economy is so heavily dependent on oil and natural gas exports, any interruptions in energy demand, such as a global shift to renewable energy, risk tilting Qatar’s financial balance.

Originally, Qatar found its wealth in 1949 after it produced the oil discovered there in 1939, switching away from its ancient reliance on pearling and fishing. Qatar has sought to diversify its industries beyond being a leading exporter of liquefied natural gas (LNG), through sectors like technology, finance, tourism, and real estate, but Qatar still depends heavily enough on LNG that it will expand production by 60% between 2026 and 2028.

The major variables of Qatar’s economic productivity in recent years include the 2008 crisis, the 2014-2016 oil price collapse, a coordinated blockade between 2017 and 2021, the COVID-19 Pandemic, and the Russia-Ukraine conflict. The blockade was imposed by Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt based on political opposition to Qatar’s alleged support for extremism, Qatar’s close relationship with Iran (the two countries share gas fields), and resistance to a unified Gulf stance in terms of foreign policy. However, the Russia-Ukraine conflict created an energy vacuum that Qatar is eager to fill, hence its LNG expansion plans to satisfy Europe.

5. Norway - GDP per Capita = $103,446

• Population: 5,578,000
• GNI per capita, PPP: $108,790
• Total GDP: $503.75 billion

2024 is an era in which the top five richest countries are pulling further ahead of the remaining ten in the top 15, and Norway is prosperous enough to just barely make the cut-off. Norway has maintained its foothold since 1980, which can be attributed to the discovery of gas and oil in its North Sea region during the 60s and 70s. Today, Norway’s energy sector is responsible for 16% of its investments, 64% of its exports, and 36% of its GDP.

Similar to Qatar, Norway received a massive amount of European energy demand due to the Russia-Ukraine war, so despite a small dip in GDP per capita at the end of 2019, Norway catapulted itself beginning in 2020 through prudent fiscal management and response to the pandemic. Uniquely, although upward growth slowed slightly after stimulus interventions, Norway did not suffer a decline in growth that many countries temporarily did as a result of inflation from those stimulus measures.

The country is not without trials, however. Labor market challenges include high labor costs, which result from the strength of the Norwegian currency (NOK), a generally high standard of living, strict labor laws and unions, and a shortage of skilled labor (such as in Norway’s technology sector). Norway's oil industry is particularly reliant on specialized talent.

6. Switzerland - GDP per Capita = $95,837

• Population: 8,932,000
• GNI per capita, PPP: $90,080
• Total GDP: $942.27 billion

A primary ingredient in crafting a powerful economy is stability, and after many centuries, Switzerland’s stance of constant neutrality has paid for itself tenfold. This return is so much so that 126% of Switzerland’s economy comes from foreign trade (this ratio is a reflection of exports and imports combined against GDP).

Besides neutrality, Switzerland bloomed in the 19th and 20th centuries due to rapid industrialization, and the country is still legendary for high-quality manufacturing such as watchmaking, machinery, and chemicals; as a sector, manufacturing currently produces 25% of the Swiss GDP. Finally, banking and financial services form the next 74% of that GDP.

Ironically, Switzerland’s strength in trade could also be its greatest vulnerability. A small open economy means that global economic fluctuations and shocks can rock the boat fairly easily; this fragility is similar to Qatar’s dependence on natural gas. Furthermore, Switzerland’s aging population and overvalued Swiss Franc (due to its status as a safe-haven currency) will not aid the country in the long term. In particular, an overvalued currency is damaging to tourism and reduces Switzerland’s ability to compete with other countries on exports.

7. Brunei - GDP per Capita = $91,046

• Population: 455,400
• GNI per capita, PPP: $87,550
• Total GDP: $15.71 billion

In comparison to Brunei’s neighbors on this list, whose economic ups and downs have patterns comparable with a seismograph, Brunei has done a remarkable job of maintaining consistent and steady growth since 1980 with a GDP per capita (PPP) that does not react dramatically to major global events. Instead, Brunei is on track to remain #7 for the next several years.

The country is the 32nd-smallest country in the world, with a land area of barely 5,000 km2, and it sits on the northern coast of the island of Borneo in Southeast Asia. Of 195 countries in the world, Brunei is one of about five that are run as absolute monarchies, and Brunei’s current sultan has been ruling since 1967. The sultanate has had a reputation for affluence that dates back several centuries, but its current competitive edge can be sourced to Brunei’s discovery and production of oil and petroleum in 1929.

However, following this list’s trend of limited economic diversification, Brunei could face future turbulence due to its overreliance on its hydrocarbon industry. Agriculture, forestry, fishing, and banking are underdeveloped sectors that Brunei may turn to for a stronger economic foundation. Additionally, Brunei has a relatively small population of less than half a million, making the internal domestic market fairly limited and thus creating another reliance on external trade. This also means the workforce is again relatively small and reliant on foreign labor.

8. United States - GDP per Capita = $86,601

• Population: 341,963,000
• GNI per capita, PPP: $82,190
• Total GDP: $29.17 trillion

The success of many of the world’s richest countries can be distilled down to a primary source, such as financial services, the discovery of oil, or tax leniency for multinationals— this is not so with the world’s largest economy. The United States' early advantages, established at its founding in 1776 and through 19th-century expansion, stemmed from its abundant New World resources and strategic investments in global alliances. Today, the United States maintains a tight grip on the global economy through its control of the U.S. dollar and its political influence, which enables it to counter opposition through sanctions and trade wars.

The United States’ current industries bring in 88% of its total GDP, with professional services, real estate, manufacturing, trade, arts, and construction making up the bulk of that total, which all amount to 23.5 out of 28.7 trillion USD. However, the Department of the Treasury currently counts the United States debt at 35.95 trillion USD, which is roughly 125% of the U.S. GDP, and the treasury describes the debt like so: “Simply put, the national debt is similar to a person using a credit card for purchases and not paying off the full balance each month.” This debt ultimately impacts the government’s ability to fund other initiatives because gross interest payments alone exceeded $1 trillion in 2024 for the first time.

Debt aside, other criticisms of the U.S. economy target income inequality, wherein 1% of its population holds nearly a third of the country’s total wealth while up to 58% of American adults live paycheck to paycheck. While these weaknesses can be fatal for some countries, especially when exacerbated by war and pandemic and global recession, the United States has managed to weather through it all.

9. Denmark - GDP per Capita = $83,454

• Population: 5,989,000
• GNI per capita, PPP: $79,390
• Total GDP: $412.29 billion

Citizens of Denmark understand that there is no shame in being in the middle of the pack here, especially if it means their country’s riches are actually distributed to residents through wages and social programs, which is not always the case for citizens of rich countries.

Prior to industrialization and service sectors, agriculture was a dominant player in major European economies. Denmark, too, invested heavily into animal production in the late 19th century and shifted rural countryside villages into domains of privately owned farms— both of these transitions helped Denmark prepare for modern economic structures that became essential in the 20th and 21st centuries. Then, following World War II, Denmark utilized the resources it had to create a diverse welfare state that reduced its dependency on agriculture, which is why Denmark’s GDP is now 66% services and 21% industry.

As far as crisis management goes, the U.S. Department of State’s 2023 Investment Climate report concluded that “The Danish economy weathered the pandemic with among the lowest declines in GDP in the E.U.” However, in regards to instability caused to Denmark by the Russian invasion of Ukraine, “Uncertainty stemming from Russia’s war in Ukraine, volatile energy prices, as well as still elevated levels of inflation, is further clouding the outlook.” Yet, ultimately, the macroeconomic framework that Denmark has labored to secure and construct for centuries still remains secure.

10. Netherlands - GDP per Capita = $81,495

• Population: 18,031,000
• GNI per capita, PPP: $77,750
• Total GDP: $1.22 trillion

The Netherlands has a flair for trading that truly began to shine during its 17th century golden age, in which the Dutch Republic established maritime networks and colonies. Those revenues amplified its 19th-century industrial transition, where textiles and shipbuilding brought in colossal fortunes, but the discovery of natural gas in the Groningen field in 1959 essentially secured the Netherlands’ financial momentum.

Despite the country’s small land area, the Netherlands maintains a high population density, and this aids its ability to export massive amounts of refined petroleum, broadcasting equipment, machinery, and crude petroleum. These goods are sent to its biggest trading partners, such as Germany, Belgium, France, the United Kingdom, and Italy; exported goods (including exported services) are ultimately 69% of the Netherlands’ GDP, which hovers above $1.14 trillion in total.

Although these resource and demographic strengths appear to guarantee the Netherlands’ future, the country faces five primary obstacles: age-related pressures, labor shortages, rapidly rising inflation, dependency on fossil fuels, and a severe housing shortage. Although the IMF predicts the Netherlands’ stability until 2029, hovering around the same rank as it is now, a single error in policy may be enough cause an upset.

11. San Marino - GDP per Capita = $80,305

• Population: 35,200
• GNI per capita, PPP: $59,020
• Total GDP: $2.05 billion

In 2008, when the Global Financial Crisis rocked the world, San Marino was dealt a significant blow due to its dependence on Italy as a trading partner; this vulnerability is an undeniable reality when a country has the population of a small town (35,200 in San Marino’s case). However, like many other of the world’s strongest countries, San Marino not only managed to recover from that collapse but also gained valuable information about how to recover from a crisis. Thus, San Marino then handled the 2020 COVID-19 recession with significantly more skill and ease.

The landlocked microstate, which rests in north-central Italy, does possess unrivaled economic experience following seventeen centuries since its founding; this longevity makes for a capable asset during such trying times. Although the country’s economy is primarily services and industry-based, which represent 60 and 39 percent of its GDP, respectively, San Marino made a conscious effort to diversify into various manufacturing industries during the 20th century. Its remaining pillars are the tax and banking regulations that favor investors and international clients, its political and social stability, its highly educated and skilled workforce, and its ability to draw from Italy’s labor pool— particularly in specialties like engineering and finance.

12. Iceland - GDP per Capita = $78,808

• Population: 403,000
• GNI per capita, PPP: $79,290
• Total GDP: $32.92 billion

Iceland, an island country between the Arctic and the United Kingdom, ranks third on the Human Development Index, which measures the average health, knowledge, and standard of living across a country's population. Those high metrics are only within reach when a country has a powerful economy to work with. Iceland’s specific strengths are its labor participation rate, economic flexibility and openness, tourism, and a large number of resources. In particular, abundant electrical energy has launched Iceland’s manufacturing sector and enabled it to compete internationally with lower-cost exports.

Seafood exports and tourism, however, are weak to global events that interrupt trade and travel, and Iceland has relied on these two sources since the early 20th century; today, they make up 60% of Iceland’s total exports. In regards to an ongoing issue, high inflation, and interest rates during 2024 are also impacting Iceland’s domestic demand. Furthermore, electricity is actually becoming scarcer due to data centers (including those used in cryptocurrency mining), and Iceland’s Prime minister is currently pushing for that energy to be reallocated toward food security.

13. Guyana - GDP per Capita = $78,667

• Population: 741,300
• GNI per capita, PPP: $50,060
• Total GDP: $23.03 billion

‘Meteoric’ is the best descriptive term for Guyana's economic advance since its discovery of nigh-limitless oil reserves in 2019. In 2019, Guyana ranked 98th with a GDP per capita (PPP) of $13,630; by 2022 it ranked 49th with $39,016; and now, current IMF predictions suggest it will overtake Singapore for 2nd place by 2029 with a predicted GDP per capita (PPP) of about $175,000.

In reality, the consequences of this oil discovery for average citizens are twofold. First, Guyana’s average quality of life (such as safety, pollution, and health care) is still low because infrastructure can take years to improve. Second, Venezuela has ramped up military preparations for a potential border dispute. Although the dispute dates back to 1840, the oil discovered in the disputed Essequibo region (which constitutes 2/3 of Guyana’s land area) may convince Venezuela to attempt a forceful or diplomatic seizure of the territory.

14. United Arab Emirates - GDP per Capita = $77,251

• Population: 9,257,000
• GNI per capita, PPP: $83,750
• Total GDP: $545.05 billion

Seven separate emirates pooled their resources together in 1971 to form the United Arab Emirates. Prior to their discoveries of oil in the 1950s, these emirates relied on pearl diving, fishing, and trade, much like Qatar to the west. Certainly, the Persian Gulf helped not only with these pre-oil merchant routes, but with the region’s modern distribution of natural gas.

While Qatar mirrors the UAE’s strengths, so are the UAE’s weaknesses— such as its dependence on hydrocarbons, labor market imbalance, and regional geopolitical risks that negatively impact investor confidence. However, the UAE has prepared a diversification strategy that it hopes to progress over the next decade. Sectors such as real estate, aviation, tourism, and finance services are steadily growing. For example, aviation through airlines such as Emirates and Etihad Airways, as well as Dubai International Airport, contribute to roughly 13.3% of the UAE’s total GDP.

15. Belgium - GDP per Capita = $73,222

• Population: 11,870,000
• GNI per capita, PPP: $71,990
• Total GDP: $662.18 billion

In the 1830s, Belgium forcefully won its independence from the Dutch, who claimed the region after decades of rule under both Napoleon and the Austrian Empire— today, this slice of land makes use of its 70-kilometer coast on the North Sea and adjacent trading partners like France and Luxembourg, to secure itself a position among the 15 richest countries in the world. The country is replete with natural resources that aid Belgium’s main export categories. These exports include pharmaceutical products, mineral fuels, machinery (like vehicles and nuclear reactors), and plastics.

Strength aside, Belgium’s greatest liability is arguably its current struggle with debt, which, as Fortune.com points out, is accumulating as quickly as the United States (regarding debt as a percentage of GDP) but without the strength of the U.S. dollar behind it. However, Belgium is on track to align with European Union recovery trends by 2029. These trends occurred for the majority of the world's major economies. The pattern begins with the 2020 disruption by COVID-19, then a 2022 stimulus uplift, and subsequent inflation, which causes slow growth alongside rising interest rates. So, Belgium might have stumbled, but it is certainly yet to bow out.

Extreme Prosperity In Partially Recognized Territories

• Macao - SAR GDP per capita (PPP): $130,417
• Taiwan - GDP per capita (PPP): $79,031
• Hong Kong - GDP per capita (PPP): $75,407

Hong Kong, Taiwan, and Macao are three highly prosperous territories that have become symbols of success in the eastern hemisphere. While many refer to these regions as 'countries,' they either do not have sovereignty under international law, remain part of China, or are in a unique political situation. Hong Kong became a special administrative region of the People's Republic of China in 1997 after more than 150 years of British rule. Taiwan is a de facto independent nation controlled by neither China nor any other sovereign entity. Macao, meanwhile, is an autonomous administrative region of China led by a governor appointed by Beijing, which is why it experienced extreme economic gain in 2023 once China relaxed COVID restrictions on Macao's entertainment industry. Ultimately, despite their quasi-independence from the parent country, all three territories enjoy considerable economic prosperity and serve as models for developing countries across the globe.

Understanding Different Metrics of Prosperity

Gross Domestic Product (GDP) measures a country's total economic output. Dividing GDP by the population yields GDP per capita, indicating average economic output per person. However, this doesn't account for income inequality or cost of living differences. Purchasing Power Parity (PPP) adjusts for these variations by comparing the cost of similar goods and services across countries. Combining these, GDP per capita (PPP) provides a more accurate comparison of individual prosperity worldwide by reflecting both economic output and local purchasing power.

Note: Up-to-date and available information is crucial to maintain these comparisons, and Liechtenstein is a worthy example. This country's GNI per capita in 2009 was $116,600 (US$), and the United Nations estimates their current GDP per capita at around $197,268. If Liechtenstein provided accurate and current figures, it would likely be one of the richest countries in the world.

Richest Countries by Continent

• The Richest Countries in Asia
• The Richest Countries in Europe
• The Richest Countries in North America
• The Richest Countries in South America
• The Richest Countries in Africa

Ranking Of The Richest Countries Worldwide

_{Data taken from World Economic Outlook 2024 Report - GDP per capita, current prices (imf.org)}

** Macao and Hong Kong are special administrative regions of the People's Republic of China, and Taiwan is a province in the PRC. See here for Kosovo, Aruba, and Puerto Rico.

The 10 Countries With The Largest GDP