Many of us desire to reside in a wealthy nation that offers more options for employment. The majority of people appear to think that a wealthy nation is one with a large economy. That is not the case, though. The greatest and most often accepted way to gauge a country’s wealth is by looking at its Gross Domestic Product (GDP) per capita. The population is another factor to be taken into account when choosing the top-ranking richest nations. At the population level, GDP offers a more realistic depiction of wealth. Simply expressed, GDP per capita gauges the nation’s economic production per person. Due to their high per capita incomes and small populations, the countries on this list are among the richest countries in the world.
Top 20 Richest Countries in the world
Below are, in essence, the top 20 richest counties in the world as of 2023.
1. Luxembourg
Capital: Luxembourg City
GDP: $140,694
With a GDP of $140,694 and a small population of 652,545, Luxembourg is the richest nation in the world, according to our ranking. The largest banking center on earth can be found in this country. The popularity of Luxembourg as a tax shelter for large enterprises and affluent people is the cause of its economic prosperity. The high-income levels and low unemployment rate of this nation are well-known. Additionally, this nation produces the most steel.
2. Singapore
Capital: Singapore City
GDP: $131,425
With a modest population of 5,970,308 and a GDP per capita of $131,425, Singapore is ranked second on this list. To increase its GDP, the government extensively utilizes its port.
The nation has drawn foreign investments from all over the world by enacting rules that are favorable to business and by offering valuable human resources. In addition, taxes in this nation are extremely low.
3. Ireland
Capital: Dublin
GDP: $131,034
Ireland is undoubtedly one of the richest countries in the world, with a GDP of $131,034 and a very modest population of 5,081,632. In the last ten years, this country’s GDP has doubled. The corporate offices of major worldwide corporations like Microsoft and Apple are located in this little nation. Ireland’s wealth is derived from its textile, food, agricultural, and pharmaceutical sectors, which are run by a highly educated workforce.
4. Qatar
Capital: Doha
GDP: $113,675
Qatar has a $113,675 GDP and a population of 3,007,977, making it a super wealthy nation. It is the world’s second-largest natural gas exporter. Qatar supplies natural gas to countries all over the world and makes significant profits from the oil and gas industry.
Qatar has gained international interest for reasons other than its oil and gas production since it has become the first Middle Eastern nation to host the FIFA World Cup in 2022.
5. Switzerland
Capital: Bern
GDP: $84,469
A country with a GDP of $84,469 and a population of 8,819,640, Switzerland is extremely wealthy. Given that so many millionaires reside here, it is a land of wealth. Many foreign enterprises have been drawn to Switzerland because it boasts one of the most stable economic and political settings. Switzerland was named the most innovative nation in the world in 2021.
6. Norway
Capital: Oslo
GDP: $78,128
The GDP of Norway is $78,128 and only 5,531,768 people are living in this country. It is undoubtedly one of the richest countries in the world. It exports more oil than any other country in the world. Norway has large reserves of oil, and they export this oil, which generates enormous revenue. On the other hand, this significant revenue is split among barely 5 million people.
7. United Arab Emirates
Capital: Abu Dhabi
GDP: $77,272
The United Arab Emirates, which only has a population of 10,202,065, is an extremely wealthy nation with a GDP of $77,272. Petroleum and natural gas exports are a major source of income for the nation.
A significant portion of its revenue is also generated by tourism, the manufacture of a variety of items, and the provision of services for the production of aluminum, cement, petrochemicals, and petroleum.
8. United States
Capital: Washington D.C.
GDP: $75,180
The only richest nation on this list is the United States, which has a GDP of $75,180 but a massive population of 336,057,410. Natural resources are abundant here, especially in the areas of energy and food.
The nation is brimming with a variety of priceless resources, including a sizable and wholesome population, metals, oil and gas, and brilliant minds capable of incredible inventions. The friendly regulatory environment in the nation is less onerous for businesses than the requirements imposed by European nations.
9. Denmark
Capital: Copenhagen
GDP: $69,845
Denmark is situated in the most prosperous part of Europe. With a GDP of $69,845 and a small population of 5,845,366, it is extremely wealthy. Denmark’s economy is likewise heavily reliant on international trade, with imports and exports accounting for over half of its GDP.
The nation boasts a sophisticated economy with global leaders in renewable energy, high-tech agriculture, maritime shipping, and pharmaceutical industries.
10. Netherlands
Capital: Amsterdam
GDP: $69,715
With a GDP of $69,715 and a very tiny population of 17,233,678, the Netherlands is a very prosperous nation. The Netherlands has grown to be one of the richest countries in the world throughout the years. Despite being a very small country, the Netherlands engages in substantial trade and exports goods.
The Netherlands is an important global trading hub thanks to the port of Rotterdam. Every year, it generates millions of euros in revenue. The Netherlands is also the second-largest agricultural producer in the world.
11. Taiwan
Capital: Taipei City
GDP: $69,500
With a population of 24,929,113, Taiwan has had a tremendous increase in its GDP, which is currently $69,500. Despite its tiny size, Taiwan’s prosperity places it among the top richest nations in Asia.
The World Bank classifies Taiwan’s economy as having a high level of income. The nation has established itself as the fourth-largest producer of electronics and the top supplier of semiconductors in the entire world. The services sector also accounts for the majority of Taiwan’s GDP. 60 percent of Taiwan’s GDP is made up of the services industry, which also employs around 60 percent of the workforce.
12. Austria
Capital: Vienna
GDP: $66,680
Austria has a population of 9,140,363 and a GDP of $66,680. It is a nation that fuses cutting-edge science and technology with a rich cultural heritage. One of the driving forces behind Austria’s development is its extremely diversified economy.
Every year, a sizable number of travelers come to Austria. It offers breathtakingly stunning landscapes and its capital city Vienna is the primary draw. As a result, nearly 10 percent of the nation’s GDP comes from tourism. Vienna also adds to Austria’s GDP by producing about half of its consumer goods and more than half of its capital goods.
13. Iceland
Capital: Reykjavik
GDP: $66,467
With a GDP of $66,467 and a population of only 347,017, Iceland is one of the richest countries in the world. Iceland’s economic expansion has been primarily fueled by investment, exports, and tourism. Here, the rates of homelessness and unemployment are quite low.
Iceland’s manufacturing sector has expanded as a result of the country’s plentiful electrical power supply brought on by its hydroelectric and geothermal energy sources. The citizens have a high level of education and taxpayer-funded healthcare is available to all.
14. Andorra
Capital: Andorra la Vella
GDP: $65,372
On the Iberian Peninsula in Europe, Andorra is a self-governing, landlocked microstate. It is difficult to imagine that the country which has an extremely small population of 77,587 is so prosperous with a GDP of $65,372. The economy of Andorra is extremely well-developed.
More than 75 percent of the country’s GDP is made up of retail sales, finance, and tourism. Because of its developed banking industry and cheap taxes, Andorra has also developed into a prosperous worldwide business hub. A sophisticated infrastructure with a nationwide micro-fiber network has been established in the nation.
15. Sweden
Capital: Stockholm
GDP: $63,877
Sweden has a current population of 10,263,267 and a GDP of $63,877. One of the richest countries in the world and the world’s most developed economies is Sweden. High living standards are enjoyed by its residents.
Few nations have been able to accomplish Sweden’s blend of the comprehensive social system with a free market. The overwhelming majority of businesses are privately owned. The nation is endowed with a wealth of natural resources and is a significant exporter of high-end products.
16. Germany
Capital: Berlin
GDP: $63,835
With a GDP of $63,835 and a small population of 84,481,457, Germany is a wealthy country. Europe’s strongest economy is that of Germany. The export of luxury vehicles like Mercedes Benz, BMW, Audi, Bugatti Verone, Opel, and Porsche is their main source of wealth. The nation is a significant exporter of numerous necessities like medicines, cement, chemical products, etc. to other countries throughout the world. Germany also has a wealth of natural resources. It has high-quality coal, uranium, iron ore, and nickel, to name a few.
17. Australia
Capital: Canberra
GDP: $62,192
Australia has a GDP of $62,192 and a population of 26,272,320, making it an affluent country. The nation currently enjoys a high standard of living. Australia is an expert at bringing in tourists who have high spending capacity. It is an exceptional approach to immigration.
With a significant services sector, Australia has a contemporary mixed economy. It is a country with abundant geological stable resources. Both modern thought and technology are advantageous to it. It boasts a reliable education system that is widely accessible.
18. Belgium
Capital: Brussels
GDP: $62,065
With only 11,721,098 people, Belgium is one of the richest countries in the world with a GDP of $62,065. The Antwerp diamond industry, the Antwerp harbor (the second largest port in Europe), and Brussels, the capital of Europe, are all located in Belgium. High median income and wealth are encouraged in Belgium. It features a top-notch higher education system, as well as a tax structure that reduces wealth and income disparity. In general, the population is highly productive, educated, and skillful.
19. Finland
Capital: Helsinki
GDP: $58,659
Having a population of 5,563,150 and a GDP of $58,659, Finland is a super wealthy nation. The world’s most stable and safest nation is Finland. It has the third-least amount of corruption worldwide. The world’s highest human capital is found in Finland. Because it is thought to boost productivity and hence profitability of a country, human capital is significant. It is the world’s water-richest country.
20. Bahrain
Capital: Manama
GDP: $57,921
Bahrain has a meager population of 1,856,027 with a GDP of $57,921. Bahrain’s economy is heavily reliant on oil and natural gas. It accounts for 85 percent of Bahrain’s budgetary income. After oil and gas, aluminum is the second-largest export of the nation. Due to its abundance of tourist attractions, Bahrain draws a significant number of visitors each year. Bahrain is seen as a wealthy nation, but it still has a wide divide between the rich and the poor.
Conclusion
The metrics of GDP and population are typically taken into account most heavily when assessing a country’s wealth. These criteria have served as the foundation for our list of the richest countries in the world. This blog, we hope, was informational. If so, kindly share your thoughts in the comment section below. We would be glad to answer any questions you may have.
I am Mohana Sarma, a full time content writer and editor. I have experience of more than 2 years in the writing field. I began my content writing journey by working for a local newspaper. Soon after that, I began working as a content writer on a full-time basis. I have worked in different niches such as education, health, technology, finance, management, etc. Apart from writing, I am really into music, movies, and traveling.