Globally countries strive to impact growth in all sectors of their economy. The push for a well-diversified economy for secured and higher income has been a strong indication of a stable economy. A strong economy is believed to increase the real gross domestic product (GDP) of a country. The GDP is the total of the country’s total value.
Nonetheless, the GDP does not necessarily ascertain a country’s true wealth reflection. To understand a country’s true wealth, the GDP per capita is an option best relied on by economists across the world.
GDP per capita is the total GDP of a nation divided by the country’s population. For instance, India possesses a very high GDP finishing as the 5th largest economy, however, it has a very small per capita GDP of $2,277.4. No nation in the world’s top 10 largest economies makes it to the world’s richest countries by GDP per capita.
This article looks at the top 10 richest countries in the world by GDP per capita according to the recent World Bank rankings.
What's in this guide?
List of the top 10 richest countries in the world
| Rank | Countries | GDP per capita |
|---|---|---|
| 1. | Monaco | $173,688.2 |
| 2. | Liechtenstein | $169,049.2 |
| 3. | Luxembourg | $135,682.8 |
| 4. | Bermuda | $110,869.5 |
| 5. | Ireland | $99,152.1 |
| 6. | Switzerland | $93,457.4 |
| 7. | Norway | $89,202.8 |
| 8. | Isle of Man | $86,481.6 |
| 9. | Cayman Islands | $85,346.8 |
| 10. | Channel Islands | $74,463.0 |
1. Monaco – $173,688.2
Tourists recognize this European nation for its lovely beaches. Monaco is regarded as a playing ground for the rich despite being the world’s second smallest country after the Vatican.
Adding to its small size is the significant spending attracted to the country by the rich and powerful all over the world. The country is made up of less than 40,000 people, and over 30% of the country’s entire population are millionaires.
Also Read: 10 Most powerful countries in Africa (2023)
2. Liechtenstein – $169,049.2
Liechtenstein is an European country, which leverages its position as a historical and financial centre in the heart of Europe.
Liechtenstein’s economy has dropped since the pandemic but still maintains a strong position with a per capita income of $169,049.2.
3. Luxembourg – $135,682.8
Luxembourg’s GDP per capita stands at $135,682.8 in 2021. Luxembourg is a small country, but with an economy based on extremely successful banking, steel, and industrial businesses, it has one of the highest per capita GDP measurements in the world.
4. Bermuda – $110,869.5
Tourists recognize this British region for its lovely beaches, but global economists recognize it as one of the world’s highest-income countries.
While tourism remains an important element of Bermuda’s economy, financial services, notably in the international insurance sector, contribute the majority of the country’s revenue. This, along with the country’s comparatively small population, is a major contributor to the country’s massive GDP per capita of $110,869.5 as of 2021.
Also read: The Smallest Countries In Africa
5. Ireland – $99,152.1
Ireland was the first nation in the European Union to enter a recession after the 2008 financial crisis, and it rose to prominence as one of the world’s biggest tax havens beginning in the first quarter of 2015.
Many, but not all economists have moderated their position on the country’s financial affairs these days. Whatever the case, there is no denying the effect the finance sector has on Ireland’s GDP per capita, which reaches $99,152.1 in 2021. Ireland is also a major exporter of pharmaceuticals and software services worldwide.
6. Switzerland – $93,457.4
Switzerland had a GDP per capita of $93,457.4 in 2021. Switzerland is one of the world’s most financially neutral countries, having a flourishing global banking industry, which, along with the country’s tourism and export sectors, has contributed to its economic success.
Switzerland is regarded as one of the most innovative countries in the world.
7. Norway – $89,202.8
As of 2021, Norway’s GDP per capita is $89,202.8, indicating that the country remains one of the richest in the world.
Norway has a studded economy, with a relatively small difference between the rich and the poor, and is mostly dependent on major exports of petroleum and fisheries.
Norway has one of the highest living costs in the world, but it also has one of the highest living standards and is one of the world’s most happy countries.
8. Isle of Man – $86,481.6
The country is a British Isles offshore financial centre located in the Irish Sea. Just like Cayman Island, the Isle of Man is also not part of the United Kingdom and is not a member of the European Union.
According to the World Bank, the Crown dependency’s GDP per capita in 2019 was US$86,481.6
Also Read: 10 Best countries in Africa to start a business
9. Cayman Island – $85,346.8
Cayman Island is yet another on the list as a British-held territory. Cayman Island is an offshore financial centre located in the western Caribbean Sea. Cayman Island is not part of the United Kingdom and is not a member of the European Union. According to the World Bank, the Crown dependency’s GDP per capita in 2021 is US$85,346.8.
10. Channel Islands – $74,463.0
The Channel Islands are an amalgamation of British-held territories off the French coast. Jersey and Guernsey are known to be highly established financial centres, trading with countries across Europe, including France and the United Kingdom. Aside from finance, the entire Islands is a tourist hot spot for Europe’s 1% who wish to escape the troubles of the continent to a more refined environment.
Conclusion
Countries’ strengths are usually predicated on the amount of GDP per capita the nation possesses, nations with strong per capita incomes are most likely to have a well-developed economic base and a high development index.
A unique feature of most nations on the list is the relatively small size of their population. Aside from Switzerland, Norway and Ireland all other nations’ populations come below a million with Switzerland being the most populated having less than 16 million people.
Frequently Asked Questions (FAQs)
Which country is the richest in Africa?
Seychelles is the richest African country with a GDP per capita income of $13,306.7 as of 2021
What position is the United States in the richest countries list?
The United States is the 12th richest country in the world as of 2021 just after Singapore at 11th. The US has a per capita of $69,287.5.
