Richest Countries In The World Rankings

 

The wealth of a country is ranked according to Gross Domestic Product per capita. But it usually does

not correspond to the average income of citizens.

Several factors affects GDP, most notably population and tax haven status of the country. 

Countries with large population as a rule of thumb will have a high GDP and this can be artificially inflated by tax haven countries. For this, GDP and Gross National Income GNI used together are considered as a true measure of a country’s wealth.

Using the above metrics, the richest country in the world as of 2024 is Monaco.

Monaco is the smallest country in Europe, located on the coast of France. As of 2021, Monaco had a GDP per capita of $234,317 USD.

Following closely is Liechtenstein, a small country also located in Europe, with a $169,260 USD GDP per capita.

Luxembourg stands at number three of world’s richest countries, with a GDP per capita of $131, 745 USD.

Ireland, Switzerland and Norway takes the 4th, 5th and 6th positions respectively with a GDP per capita of $101,109 USD , $93, 525 USD and $89,242 USD.

United States of America comes below in the world richest country index based on individual average GDP per capita after being considered a tax haven, as tax watchdogs cited various efforts companies make to hide their profits.

Ranking the world’s richest countries based on Overall (total) GDP and not average individual GDP per capita.

The 10 Richest Countries by Total GDP

United States $26.95 Tn

United Kingdom $3.33 Tn

Japan $4.23 Tn

Italy $2.19 Tn

India $3.73 Tn

Germany $4.43 Tn

France $3.05 Tn

China $17.70 Tn

Canada $2.12 Tn

Brazil $2.13 Tn