Top 10 richest countries in the world by GDP per capita in 2024

While smaller countries like Luxembourg and Singapore benefit from well-regulated financial sectors and tax regimes ideal for foreign investments into their economies, bigger and more powerful countries like the US and China rank lower in the list of richest economies.

Also Read: Top 10 most peaceful countries in the world

Richest countries (by GDP per capita): Rank 11 to 20

 Now, let’s explore each of the top 10 more closely.

Also Read: The top 10 largest economies in the world in 2024

A closer look:  Top 10 richest countries by GDP per capita ranking 2024

While we know the GDP per capita country-wise for them, let’s see why the top 10 economies from the list above became the richest in the world:

Luxembourg

• GDP: $91.21 billion
• Share of the world's GDP based on PPP: 0.05%
  
• Population: 675 thousand

Luxembourg, with its high GDP per capita and strong financial sector, is the richest country in the world. The nation is known for using its wealth to ensure better living standards, healthcare, and education for its populace. Additionally, Luxembourg is one of the world’s top tourist destinations, famed for its idyllic castles, abundant greenery, and picturesque canals. It is also one of the first countries to provide free public transport and boasts the highest minimum wage in the world.

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Singapore

• GDP: $530.71 billion
• Share of the world's GDP based on PPP: 0.45%
  
• Population: 5.8 million

Singapore is one of the world's biggest hubs for businesses and trading centres. The nation has many high-net-worth individuals among its population. The economy has taken a few consecutive hits in recent years, with the pandemic at first and then the Chinese sputtering economy a crucial trading partner for Singapore’s manufacturing sector.

Macao SAR

• GDP: $53.45 billion
• Share of the world's GDP based on PPP: 0.05
  
• Population: 720 thousand
  

Macao SAR is a special administrative region of China, and its wealth primarily comes from its over 40 casinos, making it one of the world’s top travel destinations. Macao was the first and last European colony in Asia. Despite taking a tremendous hit during the COVID-19 crisis due to travel restrictions and frequent lockdowns, the economy is rapidly recovering thanks to its distinct capitalist approach, which differs from mainland China’s laws.

Ireland

• GDP: $560.57 billion
• Share of the world's GDP based on PPP: 0.36%
  
• Population: 5.2 million

After the great financial crisis of 2008, Ireland put a lot of effort into reforming its banking industry. It initiated measures like cuts to public-sector wages to get its economy where it is today. Further, Ireland is one of the largest corporate tax havens in the world, with multinational companies (such as Apple, Google, and Microsoft) adding over 50 percent to the Irish economy in recent years.

Qatar

• GDP: $221.41 billion
• Share of the world's GDP based on PPP: 0.18%
  
• Population: 3.07 million

Qatar (and also the UAE) are on this list of the top 10 economies by GDP per capita ranking for 2024 benefit largely from their reserves of natural resources. Qatar has the third-largest reserves of gas in the world. Qatar’s oil and natural gas reserves are significantly huge compared to its population, contributing to its high ranking among the richest countries. Qatar is also increasing its economy in other sectors like hosting FIFA 2022 gave a huge boost to Qatar’s tourism and economy.

Norway

• GDP: $503.75 billion
• Share of the world's GDP based on PPP: 0.3%
  
• Population: 5.51 million

Norway is again a top petroleum provider in the Western European territories. The country has made good financial progress after the economy crashed during the Covid-19 crisis. Further, Norway has a $1.3 trillion sovereign wealth fund to deal with any crises urgently, which also happens to be the largest of its kind in the world.

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Switzerland

• GDP: $942.27 billion
• Share of the world's GDP based on PPP: 0.44%
  
• Population: 8.9 million

One of the biggest tourist hotspots globally, Switzerland also has a bustling financial sector. The country further benefits from exports of precious metals, precision instruments, and machinery like computers and medical devices. About 74 percent of the Swiss GDP comes from the services sector and 25 percent from industry, with less than one percent from the agricultural sector. Switzerland further has the lowest VAT rate in Europe.

Brunei Darussalam

• GDP: $15.71 trillion
• Share of the world's GDP based on PPP: 0.02%
• Population: 458 thousand

Brunei Darussalam is a small, wealthy nation on the island of Borneo in Southeast Asia, bordered by Malaysia and the South China Sea. Known for its rich reserves of oil and natural gas, Brunei has second-highest Human Development Index among Southeast Asian nations. The country is an Islamic monarchy, ruled by Sultan Hassanal Bolkiah, one of the world’s longest-reigning and wealthiest monarchs. Its capital, Bandar Seri Begawan, features notable landmarks like the opulent Omar Ali Saifuddien Mosque. Brunei maintains a peaceful, conservative culture with strong emphasis on traditional Islamic values.

United States

• GDP: $29.17 trillion
• Share of the world's GDP based on PPP: 14.99%
  
• Population: 335 million

If you were wondering about the GDP per capita of the US, the country definitely makes it to the list of the top 10 economies by GDP per capita PPP, albeit at one of the lower ranks. Along with being a dominant economic entity, America is also bolstered by its military capabilities.

Denmark

• GDP: $412.29 billion
• Share of the world's GDP based on PPP: 0.26%
  
• Population: 5.98 million

According to the Global Peace Index, Denmark is the second safest country in the world, and as per Numbeo’s Quality of Life Index, the Scandinavian country ranks fourth in the standard of living in the world. It is self-reliant for its energy and exports to the European countries. Although services contribute 67 percent to its GDP, Denmark is known for its pharmaceutical products, industrial machinery, and electrical machinery production.

FAQs

1. What is the GDP per capita ranking of India?

As of November 2024, India’s GDP per capita is $2,700 (Nominal) and $11,110 (PPP). In the GDP per capita ranking for 2024, India stands at the 129th position out of approximately 200 countries. In terms of overall GDP rankings, India ranks 5th in the world, following the USA, China, Germany, and Japan.

2. Which country has the lowest GDP per capita?

According to the GDP per capita ranking 2024, South Sudan has a GDP per capita (PPP) of $762.93, making it the poorest country in the world.