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World’s Richest Countries in 2023 (All 190 Countries)

Luxembourg

Richest Country, the term itself is a broad one. The richest country with the highest GDP per capita in 2023 is Luxembourg. This European nation, with a population of roughly 600 thousand, has a per capita GDP of approximately $127 thousand. 

The world’s GDP per capita has gradually increased over time, and the global quality of living has improved dramatically. The International Monetary Fund has measured the GDP of every nation on earth. As of 2022, the countries with the highest GDP are:

1. Luxembourg

Luxembourg’s wealth comes from many different industries, such as banking, steel, telecommunications, and tourism. 

Even though only about 600,000 people are living here, it is impressive that there are over 9,000 holding companies and the European Investment Bank. Businesses have been moving to Luxembourg for years to pay low taxes and pass the savings on to their customers.

2. Ireland

Ireland, The second richest country in the world. Their growth comes mainly from agriculture, textiles, food, information technology, mechanical engineering, and medicines. Ireland’s leading trade partner is the United Kingdom. 

3. Norway

Approximately 30% of Norway’s GDP is derived from the oil and gas industry. Iron, magnesium, titanium, and aluminum are among their exports. Over the past four or five decades, Norway’s economy has radically shifted from the fishing sector to the oil business.

Norway is the twelfth largest oil-producing country worldwide. It is the fifth-greatest exporter of oil and third-largest exporter of gas.

Norway was rapidly generating more oil per person than any other nation. In Norway, the oil industry was becoming a major business. As a result, there were thousands of new employment generated. With the gift of oil, Norway was transitioning from a fishing-based economy to an oil-based economy that would generate billions of euros.

4. Switzerland

Switzerland is known worldwide for making high-quality goods, and people from all over the world are willing to pay more for that. Most of the things made in Switzerland are usually of very high quality.

The fact that Swiss companies put quality over price has made them very popular and well-known. It was also a big part of their economic growth because their companies brought more money from other countries into Switzerland. This helped them grow and hire more Swiss workers.

Swiss businesses are already so big that now they hire workers not just from Switzerland but from all over the world.

Swiss multinational companies like Nestle, Rolex, Roche, Novartis, and Glencore, to name a few, contribute to the Swiss economic miracle and help build Switzerland’s legacy as a good quality producer.

5. Qatar

Qatar’s economy is one of the most open in the middle east. The nation is renowned for its excessive wealth. Qatari people enjoy one of the highest monthly net earnings in the world, and the state owns or partially controls several world icons, from the Empire State Building in New York to the Paris Saint-Germain football club in France.

In recent decades, the demand for oil and natural gas has increased. As a result, it has aided Qatar in becoming the most stable economy in the Middle East.

However, possessing large oil and gas reserves does not ensure a thriving economy. For example, look at Valenzuela.

Most oil-rich economies squander money today rather than saving it for future economic development.

Qatar was aware that oil revenue is very variable. Therefore it began to save and invest the money it got from oil revenues.

The Qatar Investment Authority is a government-created fund that was established in 2005. As a sovereign wealth fund, it invests the money it receives from oil earnings to strengthen its economy and minimize its long-term reliance on oil.

The Qatari sovereign wealth fund invests worldwide to diversify and expand the global assets of Qatar’s economy.

The Qatar investment fund was valued at 360 billion dollars in 2022. It has global investments in several asset types, including real estate, public corporations, and currencies.

6. Singapore

Singapore’s income and corporation tax rates are half of those in the United States. Low taxes attracted many overseas businesses to Singapore, encouraging foreign direct investment as more companies invest in the economy, economic growth increases.

In the 1960s, when other economies had high tax rates, Lee Kuan Yew kept Singapore’s tax rates low to attract international investment.

The government has ordered Singaporeans to deposit a part of their salary into their CPF as their incomes rise (Central provident fund).

In 1955, CPF was established by the British colonial government. Every employee is required to keep a CPF account and deposit a portion of their salary into a CPF account, with the employer making a corresponding payment.

7. United States

The U.S. economy is the most powerful in the world, comprising nearly about 20% of the world’s GDP. More than 75% of the US GDP per person comes from the pharmaceuticals, oil, and gas industry. In addition, 20% comes from making cars and airplanes.

An entrepreneurial culture. People in the United States want to start businesses and help them grow and are willing to take risks. In the U.S., failing and trying again does not get you in trouble. Students who have gone to college or business school still want to start their businesses. In addition, the success of places like Silicon Valley and companies like Facebook makes people want to start their businesses.

A financial system that helps people start their businesses. The United States has a more advanced equity financing structure than European nations, and its banking system is less centralized, which is advantageous for local companies. In addition, the equity financing system involves “angel investors” who are eager to support new enterprises and a very active private investment market that helps finance the expansion of corporations.

In addition, more than 7,000 small banks in the national system of small local banks give loans to new businesses. These small banks are essential in their local communities.

Most of the basic research that drives high-tech entrepreneurship comes from U.S Universities. In addition, faculty members and people who have gotten their Ph.D. often spend time at new businesses near these universities. Both universities and companies like it when their activities overlap. This is because of how their cultures work. The best research universities bring in intelligent students from all over the world, and many stay in the U.S.

A population that is growing due to both natural growth and immigration. With a larger population comes a younger workforce that is more flexible and easier to train. 

The workforce is more productive when people can move around a lot within the United States. Because the actual income is higher in the United States, ambitious and talented young people from all over the world want to move there. Even though there are limits on who can come to the U.S., there are also special rules that give people access to the U.S. economy and a way to become a citizen (“green card”) based on their skills and the support of businesses. People who want to come to the United States can do so through a separate “green card lottery.”

People are more likely to work hard and long hours if the culture and tax system support that. For example, the average American worker puts in 1800 hours per year, much more than the 1500 hours they put in in France and the 1400 hours they put in Germany. But, people in some Asian countries work much longer hours. For example, in Hong Kong, Singapore, and Korea, people work more than 2,200 hours per year.

A source of energy that gives North America energy independence from other sources. The government ownership of land and mineral rights has encouraged the spread of oil and gas exploration and production.

The government is smaller than in other developed countries. For example, the OECD says that total spending by the federal, state, and local governments in the U.S. was 38% of GDP, while the same number was 44% in Germany, 51% in Italy, and 57% in France.

The U.S. has a system of government that is not centralized, and states compete with each other. Competition between states encourages people to start businesses and work hard, and the legal systems protect the rights of business owners and property owners. 

The United States political system gives each fifty states a lot of legal rules and taxing power. As a result, the states compete for businesses and people to live in them by having different laws and tax systems. 

Some states don’t have income taxes and laws that make joining a union hard. Universities in each state offer low tuition rates to students who live in that state. 

They also have different laws about who is responsible for what. Both small businesses and big companies are interested in legal systems. The United States may be the only high-income country that is as decentralized as it is.

8. Iceland

According to the IMF, tourism, exports, and investment have fuelled Iceland’s GDP growth. The IMF also forecasts that the country’s tourist industry will see sustained expansion.

The Icelandic economy is sustained on aluminum smelting, fishing, and tourism. Iceland’s primary exports of materials are iron and fish products, while its primary exports of services are tourist industry services.

9. Australia

The Australian economy is flourishing because it has a lot of natural resources, and things are even better now that the prices of many commodities have risen.

Australia makes the most iron ore, bauxite, and opal of any country worldwide. It makes the second most gold, manganese, and lead of any country. The Australian economy also has other goods, such as zinc, cobalt, uranium, natural gas, coal, and many more.

As well as this, the fact that Australia is close to Asian markets that are growing has helped its economy take advantage of the country’s many natural resources.

The mining industry also gives jobs to Australians with and without a lot of skills that pay well.

Superannuation is how people in Australia save money for their old age. The Australian government made the superannuation guarantee in 1991.

A new law said that workers had to put away a certain amount of their pay into a pension plan. Then, like a 401k in the United States or a defined contribution pension in the United Kingdom, these accounts are put into the stock exchange.

Almost every person who worked in Australia had to follow these rules. Today, the amount of the contribution is 10%. By July 2027, this will have gone up to 12%. The superannuation scheme is a tax-efficient way for employees to save for retirement, so they can put in more money and do so at some point.

10. Denmark

Denmark’s economy comes from its citizens rather than its natural resources. Even though they do produce some oil and gas in the North Sea.

Their main exports are industrial and manufactured goods (mostly machinery and technical instruments, some chemicals, especially those used in medicine and drugs, and long-lasting consumer goods like furniture), as well as agricultural goods (primarily dairy and meats, fish, and some grain). As a result, they send out more goods than they bring in.

Denmark’s logistics, shipping, and energy industries are also well known. But, unfortunately, they also send out more energy than they take in.

Their economy also benefits from the fact that their labor policy is based on a solid commitment to consensus. Employers, unions, and the government have all agreed to work together and have the same idea of each group’s needs and wants. As a result, even though there are still problems, they are dealt with in a way that has little effect on the country’s economy.

As a country, they also have social services that encourage retraining and make the workforce more flexible. They also have proactive and preventative health practices, national healthcare (which lowers the cost of healthcare), and a robust environmental policy. This means they tend to deal with problems before they get worse and cost more to fix.

The world’s richest countries in terms of GDP per capita are listed below.

RanksCountryGDP Per Capita
(In USD)
1Luxembourg127673
2Ireland102217
3Norway92646
4Switzerland92434
5Qatar82887
6Singapore79426
7United States75180
8Iceland73981
9Australia66408
10Denmark65713
11Canada56794
12Sweden56361
13Netherlands56298
14Israel55359
15Austria52062
16Finland50818
17Belgium50598
18Hong Kong (SAR)49700
19Germany48398
20United Arab Emirates47793
21San Marino47700
22United Kingdom47318
23New Zealand47278
24Brunei Darussalam42939
25France42330
26Andorra40723
27Puerto Rico38443
28Kuwait38123
29Taiwan (ROC)35513
30Japan34358
31Italy33740
32Macao (SAR)33608
33Korea33592
34Europe33529
35Malta32912
36Bahamas32246
37Aruba31990
38Cyprus29535
39Slovenia29469
40Estonia29344
41Spain29198
42Bahrain28692
43Czech Republic28095
44Saudi Arabia27941
45Portugal24910
46Lithuania24032
47Oman23542
48Iran23034
49Latvia21482
50Greece20876
51Trinidad and Tobago20746
52Slovak Republic20565
53Seychelles20266
54Uruguay20018
55Barbados20004
56Saint Kitts and Nevis19129
57Poland19023
58Hungary18983
59Guyana18745
60Croatia17318
61Antigua and Barbuda16787
62Panama16173
63Romania15619
64Chile15604
65Maldives15097
66Russian Federation14665
67Argentina13622
68Malaysia13108
69Costa Rica13090
70China12970
71Palau12663
72Bulgaria12505
73Turkmenistan11929
74Kazakhstan11591
75Equatorial Guinea11264
76Mexico10948
77Saint Lucia10763
78Dominican Republic10573
79Grenada10477
80Gabon10282
81Nauru10005
82Türkiye9961
83Montenegro9850
84Serbia9164
85Mauritius9112
87Brazil8857
88Belarus8567
89Dominica8086
90Thailand7631
91Botswana7348
92Peru7005
93Azerbaijan6842
94Bosnia and Herzegovina6818
95North Macedonia 6816
96Georgia6770
97South Africa6739
98Iraq6696
99Colombia6644
100Ecuador6413
101Albania6369
102Belize6096
103Libya6026
104Armenia5972
105Caribbean5929
106Tuvalu5900
107Jamaica5870
108Paraguay5615
109Moldova5529
110Fiji5341
111Kosovo5230
112Tonga5008
113El Salvador4883
114Guatemala4880
115Suriname4880
116Namibia4809
117Indonesia4691
118Jordan4666
119Mongolia4542
120Egypt4504
121Vietnam4163
122Algeria4151
123Samoa4128
124Eswatini4056
125Morocco3896
126Tunisia3816
127Angola3791
128Djibouti3666
129Bolivia3631
130Cabo Verde3600
131Philippines3597
132Bhutan3562
133West Bank and Gaza3517
134Papua New Guinea3427
135Sri Lanka3293
136Venezuela3052
137Vanuatu3050
138Honduras2969
139Congo, Republic of 2945
140Bangladesh2734
141India2466
142Zimbabwe2420
143Côte d'Ivoire2418
144South Asia2385
145Nicaragua2375
146Ghana2369
147Mauritania2328
148Nigeria2326
149Kenya2255
150Uzbekistan2243
151São Tomé and Príncipe2231
152Lao P.D.R.2172
153Timor-Leste1793
154Cambodia1771
155Kiribati1673
156Haiti1673
157Pakistan1658
158Cameroon1584
159Senegal1558
160Kyrgyz Republic1435
161Benin1367
162Zambia1348
163Guinea1346
164Comoros1300
165Nepal1293
166Tanzania1245
167Lesotho1187
168Uganda1106
169Myanmar1105
170Ethiopia1098
171Tajikistan1015
172Togo961
173Sudan916
174Rwanda913
175Yemen874
176Mali858
177Guinea-Bissau857
178Gambia846
179Burkina Faso825
180Chad743
181Liberia735
182Congo660
183Eritrea647
184Niger561
185Mozambique542
186Somalia539
187Malawi523
188Madagascar522
189Sierra Leone494
190Burundi293

 

Read More World’s Richest Cities by GDP (Nominal)

 

 

 

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