There are many countries that are considered the richest in the world. Also, most of the world’s wealthiest states are small. Countries like Luxembourg, Singapore, and Hong Kong are rich because they specialize in facilitating business. There’s oil money in Qatar and Brunei, casino money in Macao, and there were fortunes to be made in Panama before the corruption taint.
In any case, only 15 of the world’s 196 nations have an income per capita that puts them among the global top 20 richest countries of 2022. While gross domestic product (GDP) is used to compare the number of products and services produced by a country’s total population, the number only becomes meaningful when it is calculated per capita.
Dividing GDP by a nation’s people allows us to determine how rich or poor one country’s population is relative to another’s.
Therefore, it’s no surprise that large economies also equal small populations: countries with a smaller population have small economies, while countries with a small population have larger economies.
However, two countries’ incomes can be inaccurate representations of their average standard of living because they do not consider inflation rates and the cost of living in each country. Purchasing power parity (PPP) adjusts the costs to allow for a more accurate picture.
15 Richest Countries in the world
In the following list, you’ll see that most of the 15 richest countries in the world today are also small and highly homogeneous.
1. Luxemburg
Luxembourg is a small country landlocked in between Belgium, France, and Germany. Due to its high incomes levels and low unemployment rate.
Luxembourg is the richest country in the world. With its inflation rate at only 1.1%, its wealth is also extremely stable. Luxembourg may be only 2,586-square-kilometres (1,000-square-miles) in size, but as the world’s second-smallest country, it remains the first when it comes to wealth.
15 of the world’s richest countries in the world all have a few things in common. These countries are all small to medium-sized and highly educated and have high values for their labor market.
Their infrastructure is also advanced and stable. Being able to speak foreign languages also helps attract investment and increase exports.
Purchasing power parity (PPP): $120.962.2
Population: 629,191
2. Singapore
Singapore is the second richest country in the world, but did you know its citizens pay an equal amount of tax? On top of that, its tourism sector attracts millions of tourists every year.
By erecting high-end infrastructure and significantly expanding its tourism sector, Singapore attracts millions of tourists every year.
Singapore is home to the second-highest number of millionaire households in the world. This city-state is not only a major global financial services hub but also an Asian and Western military hub, home to a huge base of American troops.
Thriving manufacturing, services, and logistics sectors create jobs, while electronics, biotechnology, chemicals are the main exports.
PPP: $101,936.7
Population: 5,866,407
3. Qatar
Qatar has the largest natural gas reserves globally, following Russia and Iran. By investing in over 14 natural gas plants, the country’s GDP has grown exponentially from $30 billion to over $200 billion.
Qatar produces more than two-thirds of its GDP, ranging from more energy to water desalination centers and fishing industries.
In the next 15 years, they plan on investing another $200 billion into various industries in hopes of reaching a more modern country by 2031.
PPP: $93,851.7
Population: 2,899,617
4. Ireland
Ireland is one of the 15 richest countries in the world. They have a low corporate tax rate that attracts multi-billion-dollar companies to relocate and grow their business.
This contributes to the GDP, high standard of living, and stability of Ireland.
The main exports include metals and food products, beer, computers, parts and software, textiles, and tourism.
Their tertiary industry includes call centers, legal services, accounting, customer service, stockbroking, and catering. Enriched with a skilled workforce, Ireland is truly one of the most prosperous economies in Europe, and it’s not hard to see why!
PPP: $87,210
Population: 4,953,494
5. Switzerland
Switzerland is the best place to live and work. The basis for Switzerland’s prosperity has historically been its location in the heart of Europe, close to the main European ports and markets but protected by the Alps from invaders.
The Alpine landscape also makes it one of the most beautiful places in Europe.
Today, Switzerland’s economy is strong and stable. It enjoys a high standard of living, low unemployment, and a per capita GDP ranked among the highest in the world.
Switzerland is home to the most expensive watches and chocolate in the world. It’s a great place to invest, with low taxes and high quality of life.
PPP: $70,276.6
Population: 8,675,923
6. The United Arab Emirates
The United Arab Emirates is one of the 15 richest countries in the world because of its large oil reserve. They are now focusing on tourism and they have invested billions in their infrastructure.
This country’s ruler did not lose hope and loaned millions to build the first airport and make it possible for tourists to visit.
Dubai moved on to tourism and grew economically with advances in technology. It created one of the best airports in the world, along with Emirate’s airline services. The state was also known for pearl harvesting then resorts and luxurious hotels.
Using oil money as its initial capital and interest for investments.
PPP: $69,957.6
Population: 9,926,221
7. Norway
Norway is known to have the highest standard of living in the world with its advanced education systems and distinct social security system.
Its raw oil and gas resources exports lead the economy, while abundant reserves guarantee future prosperity.
A cheerful nation, Norwegian citizens make sure that kids learn the importance of productivity from an early age in school and keep busy with work. Norway’s main occupancies include telecommunications and technologies.
Featuring low unemployment and poverty rates, Norway’s standard of living is strived for by other nations.
PPP: $67,978.7
Population: 5,435,878
8. The United State of America
America is one of the richest countries in the world with resource-rich land and the biggest economy in the world. It supplies its energy and can export its oil and gas for profit.
As a deregulated market economy without state-owned enterprises, America has a decentralized political system that protects investors’ liabilities.
There’s no income tax for residents. The United States is a top country with a strong purchasing power. It supplies its energy and can export its oil and gas for profit while having the biggest economy.
PPP: $65,279.5
Population: 331,643,466
9. Brunei
Brunei is a small, yet incredibly wealthy country in South-East Asia. It’s one of only two sovereign sultanates in the world, which makes it an interesting destination for history buffs and hardcore monarchists alike.
With an exclusive amount of oil and gas deposits, as well as several other natural resources, Brunei is one of the richest countries in the world per GDP.
Its Sultanate rules the entire country and permits only monarchist TV channels to air; a stark contrast to Singapore, whose economy is almost half that of Brunei’s but has no Sultan or any royalty whatsoever.
PPP: $64,724.1
Population: 438,788
10. San Marino
San Marino is a small country surrounded by Italy. Rich with history and arts, San Marino has cemented itself as one of the richest countries in the world.
It is one of the smallest nations on Earth with a population of 33,000 and only 61 square kilometers (23 square miles), is the third most densely populated country after Monaco and Singapore.
Located in southern Europe, San Marino has the highest quality of life in the world for personal safety, education, healthcare, economic environment, and more.
Their economy is based on fabrics, ceramics, building materials, furniture, and clothing. They export wine and fruit to other countries.
PPP: $61,006.8
Population: 33,931
11. Denmark
In 2020, Denmark had a GDP per capita of $58,439 and was one of the richest 15 countries in the world.
With more than 5.8 million inhabitants living in the country, Denmark is rightly supported by high standards of living and an improved level of government services.
In 2018, Denmark was ranked the 10th most competitive economy in the world by the World Economic Forum.
The country mainly exports fish, meat, dairy products, pharmaceuticals, machinery, and crude oil. Denmark exported about 460 million gigajoules of energy in 2020.
PPP: $60,334.8
Population: 5,818,550
12. Netherland
The Netherlands is considered the world’s 17th largest economy and one of the world’s highest-earning nations.
The prosperous and open economy of the Netherlands is heavily dependent on foreign trade, with strong industries in petroleum refining, food processing, financial services, electrical machinery, etc.
Netherlands is also one of the world’s leading exporters, with its key trading partners being Germany, the United Kingdom, France, the United States, Russia, China, Italy, and Belgium.
- PPP: $59,469.1
- Population: 17,332,850
13. Austria
Austria is considered to be one of the richest countries in the world due to its highly-developed social market and industrialized economy. Tourism also contributes greatly to Austria’s economy as it is a popular destination for skiers and other outdoor enthusiasts.
PPP: $58,649.7
Population: 8,877,070
14. Iceland
Iceland is an island country in Europe that is located in the North Atlantic Ocean. The nation mostly has a temperate climate.
It is one of the most sparsely populated countries in Europe with most of its population residing in Reykjavik, which is the capital city and its largest municipality.
Approximately 85 percent of Iceland’s energy supply is met from domestically produced renewable sources of energy. The GDP per capita in Iceland is amongst the highest worldwide.
The use of hydroelectric and geothermal power has made Iceland the largest per capita electricity producer in the world. Iceland is mainly known for its agriculture, fishing, and tourism industries.
- PPP: $58,512.7
- Population: 361,310
15. Germany
Germany is one of the world’s richest countries. It’s one of the world’s biggest exporters. It exports automobiles, chemicals, electronic and electrical products, machinery, etc. It has Europe’s largest manufacturing economy.
- PPP: $55,891.2
- Population: 83,132,800
Frequently asked questions about the richest countries in the world
What are the 15 richest countries in the world?
Here is the ranking of the 15 richest countries globally, using their GDP per capita using Purchasing Power Parity (PPP).
Luxembourg. Luxembourg.
Singapore. Singapore.
Qatar. Doha, Qatar.
Ireland. Dublin, Ireland.
Switzerland.
The United Arab Emirates.
Norway.
The United States.
Why is Qatar so rich?
Overall, Qatar controls about 13% of the global oil reserves. This is one of the main reasons that Qatar does come in as the wealthiest country in the world. The small population combined with the amount of petroleum production guarantees them the title of the richest country in the world.
Which country has no debt?
Brunei is one of the countries with the lowest debt. It has a debt to GDP ratio of 2.46 percent among a population of 439,000 people, which makes it the world’s country with the lowest debt. Brunei is a very small country located in southeast Asia.
Is the Chinese economy bigger than the US?
As of the end of last year, China’s GDP totaled about $15 trillion, roughly a quarter smaller than the U.S. GDP of $21 trillion.
China’s population of 1.4 billion people is four times larger than that of the U.S. But China’s GDP per capita is less than 20% of the current U.S. level
Conclusion
The 15 richest countries in the world by GDP per capita are listed above.
Remember that even many of these wealthiest countries still have many people living in poverty and a few extremely wealthy residents—but this is a fair and accurate indicator of a country’s overall financial health.
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