What goes through our minds when we think of them richest countries in the world? Many people will probably be surprised to learn that many of the richest nations on the planet are also among the smallest.
Some very small and very rich countries – such as San Marino, Luxembourg, Switzerland and Singapore – benefit from having sophisticated financial sectors and tax systems that attract foreign investment, professional talent and large bank deposits.
Others, such as Qatar and the United Arab Emirates, have large reserves of hydrocarbons or other lucrative natural resources.
Glitzy casinos and hordes of tourists are also profitable for business: Asian gambling paradise Macau remains one of the wealthiest states in the world despite enduring nearly three years of intermittent pandemic-related lockdowns and travel restrictions , according to Global Finance.
The inequalities
The coronavirus pandemic has made inequalities felt in ways few might have predicted.
While there is no doubt that wealthier nations – often more vulnerable to the coronavirus because of their larger populations – managed resources to better care for those in need. However, these resources were not equally accessible to all.
In addition, the economic impact of the lockdowns hit low-wage workers harder than those in high-paying occupations, and this, in turn, fueled a new kind of inequality between those who might comfortably work from home and those who had to risk their health and their safety.
As the pandemic receded, inflation soared worldwide, Russia invaded Ukraine, exacerbating food and oil price crises. Israel-Hamas followed, further disrupting supply chains and commodity and energy markets.
The 10 richest countries in the world
10. Norway
As Western Europe’s top oil producer, the country has benefited for decades from rising prices.
When it comes to any unforeseen financial problem, Norwegians can always count on their $1.4 trillion sovereign wealth fund, the largest in the world.
9. United States
The country has since managed to build momentum and maintain its presence at the top tier of the list. Not only did the US have its shortest recession on record in early 2020, lasting only two months, but its economy is now booming.
8. San Marino
Tiny San Marino is Europe’s oldest republic and the fifth smallest country on the map. It may only have 34,000 citizens, but it is among the richest citizens in the world.
7. Switzerland
White chocolate, the bobsleigh, the Swiss army knife, the computer mouse, the immersion blender, velcro are just some of the remarkable inventions brought to the world by Switzerland.
6. United Arab Emirates
Agriculture, fishing and the pearl trade: these were the economic mainstays of this Persian Gulf nation.
5. Curse
Despite the recent recovery, oil prices have declined on average since the mid-2010s.
In 2014, the GDP per capita of a Qatari citizen was over $143,222.
A year later, it dropped significantly and remained below the $100,000 mark for the next five years. However, this number increased gradually, increasing by regarding $10,000 each year.
4. Singapore
With assets of regarding $16 billion, the richest person living in Singapore is an American: Eduardo Saverin, the co-founder of Facebook, who in 2011 left the US with 53 million shares in the company and became a permanent resident of the island nation.
3. Ireland
A nation of around 5.3 million people, the Republic of Ireland was one of the hardest hit by the financial crisis of 2008-9.
After politically difficult reform measures such as deep cuts to public sector wages and restructuring of the banking sector, the island nation has regained its fiscal health, increased its employment rates and seen its GDP per capita skyrocket.
2. Macau
When the coronavirus appeared, world travel came to a halt and for a while Macau was out of the top 10 richest countries. But since recovering, its per capita purchasing power managed to be around $125,000 in 2019, and is even higher today.
1. Luxembourg
While the global financial crisis and pressure from the EU and OECD to reduce bank secrecy may have had little impact on Luxembourg’s economy, the coronavirus outbreak has forced many businesses to close and cost workers their jobs.
The country has weathered the pandemic better than most of its European neighbours: its economy rebounded from -0.9% growth in 2020 to over 7% growth in 2021.
The richest countries in the world 2024
| Class | Country/Territory | GDP-GDP per capita ($) |
| 1 | Luxembourg | 143.743 |
| 2 | EDP Macau | 134.141 |
| 3 | Ireland | 133.895 |
| 4 | Singapore | 133.737 |
| 5 | Catarrh | 112.283 |
| 6 | United Arab Emirates | 96.846 |
| 7 | Switzerland | 91.932 |
| 8 | San Marino | 86.989 |
| 9 | United States | 85.373 |
| 10 | Norway | 82.832 |
| 11 | Guyana | 80.137 |
| 12 | Denmark | 77.641 |
| 13 | Brunei Darussalam | 77.534 |
| 14 | Taiwan | 76.858 |
| 15 | EDP Hong Kong | 75.128 |
| 16 | Netherlands | 74.158 |
| 17 | Iceland | 73.784 |
| 18 | Saudi Arabia | 70.333 |
| 19 | Austria | 69.460 |
| 20 | Sweden | 69.177 |
| 21 | Andorra | 69.146 |
| 22 | Belgium | 68.079 |
| 23 | Malta | 67.682 |
| 24 | Germany | 67.245 |
| 25 | Australia | 66.627 |
| 26 | Bahrain | 62.671 |
| 27 | Finland | 60.851 |
| 28 | Canada | 60.495 |
| 29 | France | 60.339 |
| 30 | Korea | 59.330 |
| 31 | United Kingdom | 58.880 |
| 32 | Cyprus | 58.733 |
| 33 | Italy | 56.905 |
| 34 | Israel | 55.533 |
| 35 | Aruba | 54.716 |
| 36 | Japan | 54.184 |
| 37 | New Zealand | 53.797 |
| 38 | Slovenia | 53.287 |
| 39 | Kuwait | 52.274 |
| 40 | Spain | 52.012 |
| 41 | Lithuania | 50.600 |
| 42 | The Czech Republic | 50.475 |
| 43 | Poland | 49.060 |
| 44 | Portugal | 47.070 |
| 45 | The Bahamas | 46.524 |
| 46 | Croatia | 45.702 |
| 47 | Hungary | 45.692 |
| 48 | Estonia | 45.122 |
| 49 | Panama | 44.797 |
| 50 | Slovak Republic | 44.081 |
| 51 | Türkiye | 43.921 |
| 52 | Puerto Rico | 43.219 |
| 53 | Romania | 43.179 |
| 54 | Seychelles | 43.151 |
| 55 | Latvia | 41.730 |
| 56 | Hellas | 41.188 |
| 57 | Oman | 39.859 |
| 58 | Malaysia | 39.030 |
| 59 | St. Kitts and Nevis | 38.870 |
| 60 | Russia | 38.292 |
| 61 | Maldives | 37.433 |
| 62 | Bulgaria | 35.963 |
| 63 | Kazakhstan | 34.534 |
| 64 | Trinidad and Tobago | 32.685 |
| 65 | Mauritius | 32.094 |
| 66 | Chile | 31.005 |
| 67 | Uruguay | 30.170 |
| 68 | Montenegro | 29.696 |
| 69 | Costa Rica | 28.558 |
| 70 | Serbia | 27.985 |
| 71 | Antigua and Barbuda | 27.309 |
| 72 | Dominican Republic | 27.120 |
| 73 | Libya | 26.456 |
| 74 | Argentina | 26.390 |
| 75 | Mexico | 25.963 |
| 76 | Belarus | 25.685 |
| 77 | Agriculture | 25.248 |
| 78 | China | 25.015 |
| 79 | Thailand | 23.401 |
| 80 | North Macedonia | 22.249 |
| 81 | Grenada | 21.799 |
| 82 | Armenia | 21.746 |
| 83 | Islamic Republic of Iran | 21.220 |
| 84 | Brazil | 20.809 |
| 85 | Albania | 20.632 |
| 86 | Bosnia and Herzegovina | 20.623 |
| 87 | Barbados | 20.592 |
| 88 | Botswana | 20.097 |
| 89 | Colombia | 19.770 |
| 90 | Turkmenistan | 19.729 |
| 91 | Saint Lucia | 19.718 |
| 92 | Gabon | 19.452 |
| 93 | Azerbaijan | 19.328 |
| 94 | Saint Vincent and the Grenadines | 19.196 |
| 95 | Suriname | 18.928 |
| 96 | Equatorial Guinea | 18.378 |
| 97 | Moldova | 17.902 |
| 98 | Egypt | 17.614 |
| 99 | Fiji | 17.403 |
| 100 | Palau | 17.381 |
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