The Top 10 World's Richest Countries 2024 (GDP Per Capita)

The richest countries in the world listed in this article are prosperous countries with the highest GDP per capita. Residents in these countries enjoy a high standard of living and the gap between the rich and poor is extremely small. 

GDP per capita means gross domestic product per person in the country. This is how it is simply calculated, the country's average economic output is divided by the total population. GDP per capita is an important economic measure of a country. 

The higher it is, the positive the outcome for a country, like having better health care, good education, and more. The GDP per capita data use in the ranking here is from World Bank and the population, from worldometer.

These are the top 10 world's richest countries 2024, they are,

• Luxembourg
• Bermuda
• The Republic of Ireland
• Switzerland
• Norway
• Singapore
• United States
• Iceland
• Denmark
• Qatar

And two more important countries you need to know about. Check out these wealthy countries, their population, the continents they are, and lots more. 

Keep reading!

1. Luxembourg - The Richest Country in the World   

Image credit: Waldomiguez / Pixabay 

GDP per capita: 135,682.8

Population: 647,432

Land Area: 2,586 sq. Km

Continent: Europe

This Grand Duchy nation, Luxembourg is the number one richest country in the world in 2024 as well as in Europe from recent data. It is a Western Europe landlocked country with Germany to the east, France to the south, and Belgium to the west. 

On its rolling hills and forests are castles. In the 19th century, due to its location, the economy was harsh, and many of its citizens has to flee to neighboring countries like Belgium and the US. 

Now, in this 20th-century era, the situation in the country has changed, it is a wealthy country boasting large international companies. These big companies prefer and benefit from this country because of its favorable, extremely low tax and regulatory policy. 

It is a global tax haven. Even though these taxes are low but to this country that is small, it means a lot of income to the government. As a result, the country also offers many high-paying jobs for accountants and bankers. 

Many people are working in this country but living in close countries like France, Belgium, and Germany. With this, the welfare state in Luxembourg is not utilized by those workers which is an additional massive surplus for the government. 

2. Bermuda                        

Image credit: ArvidO / Pixabay 

GDP per capita: 110,869.5

Population: 61,811

Land Area: 54 sq. km

Continent: North America

It is situated in the North Atlantic ocean and is a British island known for its pinkish beaches. It is the second among the richest countries in the world in 2024 and its main source of wealth is insurance and other financial services.

This account for almost 84.9% of the country's GDP.  Second in place of financial services as a source of income for the government is tourism, even though tourism accounts for only about 5% of the GDP. 

Yet, it is a source of huge employment opportunities. The country lack suitable agricultural land, for this almost 82% of food is imported. In recent years, the population of the country is decreasing. 

In fact, there was a time when there were just only 3 people on the island. Not until 1612 that people started settling there when Plough (a ship) came there.

See also:

The Top 10 Poorest Countries In The World

 

   

3. The Republic of Ireland            

Image credit: Wikimedia Commons 

GDP per capita: 99,152.1

Population: 5,052,724

Land Area: 68,890.0 sq. Km

Continent: Ireland

It is a beautiful historical country rich in protected lands, parks, and cultural attractions. It is one of the richest countries in the world that experience high growth of recent, even though inflation has also increased such as house prices. 

For this, some people living in this country do not believe that this country is among the wealthiest country, nonetheless, it is. People are actually well to do here, even though they might not be stinkingly rich. 

If it is to measure the country's wealth to other European countries, by Western European standards, it is a wealthy nation. 

The country has a high GDP per capita because the government here makes huge profits from multinational corporations due to the government policy on low taxation. Ireland is home to many of the continent's largest tech companies.

4.  Switzerland                  

GDP per capital: 93,457.4

Population: 8,785,337

Land Area: 39,516.0 sq. Km

Continent: Europe

It's a nation known for its wealth, a hot spot for the mega-rich. The country experience more wealth with a 53% increase from the year 2000 to 2019. Certainly, it is one out of the richest countries in the world in 2024 through its innovation and industrialization. 

They are also famous for clocks and chocolate but the main thing that contributed to their economy is their machinery, chemicals, gems, and pharmaceutics. About 40% of the world's billionaires are Swiss citizens. 

According to a report, per person, the nation has the world's highest wealth. Among the total population mentioned above, there are 800,000 millionaires living in the country. 

That is 1% of the wealthy people on earth live in Switzerland. Even though it is a rich country, the citizens here buy things at high prices. 

Rich foreigners have traditionally been drawn to Switzerland because of the country's high earnings, steady economy, and favorable tax rates. Around half of Switzerland's multimillionaires are foreigners, and more than 25% of the population has roots outside of this country.

5. Norway                         

Image credit: Peakpx

GDP per capita: 89,202.8

Population: 5,508,903

Land Area: 365,107.8 sq. Km

Continent: Europe

 It is a country known for its beautiful fjords, aurora Borealis, snow sports, and Viking history. The country also has large reserves of fresh water, natural gas, minerals, lumber, hydropower, and sea foods. People here are rich from a young age compared to other young people around the world. 

On average every year, citizens in their early thirties make about 460,000 kroner (about $56,200). In the 19th century, Norway's economy is like the rest of the European countries until oil and gas were discovered in the North Sea. 

Even though they are rich before that time, the country is below about 15% of Sweden and Denmark regard being wealthy. Now, it is 10 to 20% higher than these countries due to the discovery of oil. 

As a result, its economy grows rapidly due to its petroleum and oil and gas exports. To both public and private, oil play an important role in this country's economy. Young people can study in this country and still have a job on the side. It has the lowest employment rate and the residents enjoy free health care too. 

6. Singapore                      

Image credit: Hu Chen / Unsplash 

GDP per capita: 72,794.0

Population: 5,945,523

Land Area: 709.0 sq. Km

Continent: Asia

Before 1945, the country has nothing, but things change in 1965 when the country gain independence. It's a country with a rags-to-riches story. The country is now filled with well-groomed greenery and beautiful architecture. 

However, Singapore does not have any important natural resources like petroleum or coal. So, how does Singapore become wealthy? 

The first thing that helps this country is its government having the strong will to develop it and trying to set up anti-corruption legislation. Secondly, the country makes wise use of its port's strategic location to grow its economy. 

For instance, it engages in entrepôt trade. That is importing raw materials or products that have only been partially produced locally and internationally. They refine these products and then export them out again. 

The manufacturing of wafers and the refinement of oil are two perfect examples of this. Thirdly, the government has a business-friendly policy that attracts foreign investments around the world. 

The government also helps its citizens to be literate as much as possible. For example, it invests heavily in education and makes sure its resident knows English which helps them to communicate with anyone around the globe. 

See also:

The Top 13 Safest Countries In The World 

7. The United States                     

Image credit: Ben o'bro / Unsplash 

GDP per capita: 69,287.5

Population: 334,999,586

Land Area: 9,147,420.0 sq. Km

Continent: North America

The United States is a wealthy powerful country full of amusement parks, resorts, sports stadiums, and skyscrapers. It has a unique geographical location. It covers deserts, craggy peaks, and lush grasslands, as it spans from coast to ocean. 

Numerous diverse species of flora and animals, abundant energy sources, and other factors are required for the thriving of human life are available in this country. The U.S is among the richest countries in the world 2024 for many reasons. 

It is a country that is civilized in entrepreneurs and has financial structures that support it. More to this, our world-class research universities, comparative little regulation, efficient labor markets, extended work hours, and lesser and more localized governments compares to other industrial countries like Italy and Germany. 

In addition to a higher percentage of income that is taken in taxes, increased government spending in other nations also entails bigger transfer payments, which lessen incentives to labor. 

Immigration policies that contribute to the growth of population and abundance of energy is experienced by this country too. All of this contributes to the high standard of living in the country. 

8. Iceland                               

Image credit:  nextvoyage / Pixabay 

GDP per capita: 68,383.8

Population: 345,819

Land Area: 100,830.0 sq. Km

Continent: Europe

It is one of the richest countries in the world in 2024 because of the abundance of natural resources. Even though Iceland does not have suitable agricultural land, due to its location. 

It is a perfect fertile fishing ground since it is situated in the massive area of the Atlantic ocean. In this country, a large amount of food is produced due to fisheries. Hydroelectric power is the second sector in the country that contribute to its wealth. 

The climate and the difficult terrain are such a great asset to the country which provides energy. With this energy or electricity through its hydroelectricity, the country is able to have huge industries such as aluminum smelting. 

The country also has a large amount of Geothermal energy. Tourism is another growing sector in this country. Iceland has raw natural beautiful places.

The country attracts millions of visitors annually, in a country where its residents are just more than three hundred thousand. Citizens here are well educated, both young and old compares to other European countries. For this, Iceland's big industries are built on designs and innovations. 

9. Denmark                            

Image credit: Jonny_Joka / Pixabay 

GDP per capita: 67,803

Population: 5,834,069

Land Area: 40,000.0 sq. Km

Continent: Europe

Among the European countries, Denmark has a stable economy. It is a wealthy country because when it comes to the welfare system, an efficient workforce, and infrastructures, they are well advanced. 

If you think about new media, the internet, and wireless communication, this country is among the leading countries. Denmark is capable of providing all of its own energy needs, including oil, natural gas, bioenergy, and wind, thanks to its highly productive industrial sector and high-profit margins. 

To countries like the US, Germany, UK, and Sweden, this country exports its main goods there. Goods like oil and gas, foodstuffs, chemicals, leather, machinery, sugar, meat, dairy products, furniture, and the likes. 

Many multinational companies find homes in this country like Lurpak, Arla, Lego, Tuborg, and Carlsberg. Many international countries also have their big global business centers in Denmark's capital. Undeniably, this country is one out of the richest countries in the world in 2024. 

See also:

The Top 15 Most Visited Countries In The World

 

10. Qatar                            

Image credit: LAGRANDEENTREPRISE / Pixabay 

GDP per capita: 61,276

Population: 2,984,078

Land Area: 11,490.0 sq. Km

Continent: Asia

Qatar is a small independent country that gets rich so quickly. In the 1920s, the country was impoverished and its citizens then experienced diseases and malnutrition. 

Then in the 1930s, oil was discovered and since that time to the early 1990s, the production of natural gas continues to go higher. Due to its inhabitable desert lands, it is a sparsely populated country. 

It has massive natural gas with its small population, and many resources are shared with the tiny population. Its gas reserves and its population bring this country on the list of the richest countries in the world in 2024. 

The government here also helps the residents to enjoy and benefit from its wealth. The resources help the majority in the country and not a minority. There is a high standard of living here too because the government is able to get more funds from foreign investments. 

+ Monaco                     

Image credit: Derek Lynn / Unsplash 

GDP per capita: 173,688.2 (2020)

Population: 39,818

Land Area: 2.0 sq. Km

Continent: Europe

Monaco has always been the richest country in the world, including last year. We are unable to rank this country among the top 10 world's richest countries in 2024 because there is no 2021 GDP per capita data to rank it this year. 

In the previous data of GDP per capital mentioned above, it clearly shows that, it is a wealthy country. Monaco is one of the world's smallest country and each individuals residing here are wealthy. 

The country is known as a billionaire's playground because the place actually attracts super-rich individuals. Tax is the secret of this very country's wealth, it is a paradise from tax. In spite of extremely low tax rates for both businesses and people, the nation eliminated income taxes as far back as in 1869. 

With this, many wealthy people are attracted to this sovereign country as they can hold most of their wealth by avoiding tax. It is a safe place too with a nice climate and beautiful environment.

++ Liechtenstein                    

Image credit: Stones / Pixabay 

GDP per capita: 169,049.2 (2019)

Population: 38,352

Land Area: 160.0 sq. Km

Continent: Europe

Similar to Monaco, the last GDP per capita data of Liechtenstein is from the year 2019. This country too cannot go without being mentioned among the richest countries in the world today. 

It is a tiny country situated between Austria and Switzerland. It is a country that nearly does not have debt. It is a rich country that does not have a coastline or airport. The biggest city in the country has a population of about 6,000. 

People here enjoy a high standard of living, in which citizens experience low to no level of unemployment rate with high salaries in comparison to other European countries. The source of this country's wealth is that it is a tax haven and its innovative industries bring in more funds as well.

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