Top 10 Richest Countries in the World 2024

Here we are going to explore one of the most sought-after lists of nations worldwide. This article will present the world’s richest nations in terms of GDP per capita as of 2024. Let’s first examine the concept of GDP per capita and how a nation is rated using it before proceeding to the list of the top 10 richest countries in the world in 2024.

What is GDP?

GDP is the total monetary or market worth of all finished products and services manufactured within the territory of a nation over a given period. As a broad measurement of total domestic production, it serves as an in-depth evaluation of a country’s economic health. It is generally estimated yearly, however it can also be measured quarterly.

Types of GDP

GDP can be expressed in a variety of ways, all providing somewhat different details. Let’s take a brief look at the types of GDP to understand the list of richest nations in a better way.

Nominal GDP

Nominal GDP is a measure of economic output in a country that includes current costs in its calculation. In other words, it does not account for inflation or the rate of price increases, which might inflate growth figures. All commodities and services included in nominal GDP are evaluated at the price at which they were traded in the given year. 

When calculating nominal GDP, it considers variables including inflation, shifts in prices, fluctuations in interest rates, and shifts in the amount of cash supply.

Formula to Calculate the Nominal GDP

GDP = C + I + G + (X – M)

Where,

C is the Total Consumption,
I is the Total Investment,
G is the Total Government Spending
X is the Total Exports and 
M is the Total Imports

Real GDP

Real GDP is an inflation-adjusted metric that examines the rate of all commodities and services produced in a country during a given year. It is stated in base year pricing and known as a fixed cost price. It is also referred to as inflation-corrected GDP or constant price GDP. Real GDP is regarded as a reliable indication of a country’s economic progress since it focuses purely on production and is unaffected by currency movements.

Real GDP is determined using a GDP price deflator, which is the price difference between the current year and base years.

Formula to Calculate Real GDP

Real GDP = Nominal GDP/R

Where,

R is the GDP deflator

GDP Per Capita

GDP per capita measures the GDP per individual in a country’s population. It implies that the amount of output or revenue per person in an economy can reflect average productivity or living standards. GDP per capita can be expressed in nominal, real (inflation-adjusted), or purchasing power parity (PPP) terms. At its simplest, GDP per capita illustrates how much economic production value may be assigned to each citizen. This also translates to a measure of overall national wealth, as GDP values for individuals may easily be used to calculate prosperity.

Now that we have understood the basics of the GDP let’s take a look at the top 10 richest countries in the world as of 2024 from bottom to top.

List of Top 10 Richest Countries in the World

In this section of the article we will take a brief look at the top 10 richest countries in the world as of 2024:

10. Macao SAR

Macao SAR acquires the 10^th position in this prestigious list of countries. Macau, or Macao, is a special administrative area of the People’s Republic of China. It’s the world’s most densely populated region, covering 32.9 km² (12.7 sq. mi) with a population of roughly 680,000. Located on the western side of the Pearl River Canal, Macau is 60 km (37 mi) west of Hong Kong on the southern coast of China. The South China Sea surrounds it to the east and south, and Zhuhai, Guangdong, to the west and north.

• GDP: $22 billion
• GDP Per Capita: $70,135
• Estimated Population: 695,168

Being within China’s special administrative area, Macao SAR is mostly known for its 40 casinos, which have made it one of the world’s most popular tourism destinations. The gaming market in Macau is the biggest in the world; it brings in approximately MOP195 billion (US$24 billion) annually and is almost seven times bigger than that of Las Vegas. In 2018, Macau brought in nearly $37 billion from gaming. An annual cash distribution to Macau’s people and a strong welfare system are funded by taxes from gaming earnings. Macao’s economy is already recovering quickly, despite the fact that the COVID-19 crisis severely damaged the city due to periodic lockdowns and travel restrictions.

9. Denmark

Denmark ranks ninth among the world’s richest countries in terms of GDP per capita. Denmark is a Nordic country situated in northern Europe’s south-central region. The most populous region of the constitutionally unitary Kingdom of Denmark, which also includes the North Atlantic Ocean’s autonomous regions of Greenland and the Faroe Islands, is the state’s metropolitan area, located to the south-west and the south of Sweden, south of Norway, and north of Germany, with whom it shares a short land border.

• GDP: $420.8 billion
• GDP Per Capita: $72,940
• Estimated Population: 5.86 million

When compared to other economies worldwide and the Index of Economic Freedom, Denmark’s economy is very open. Denmark was formerly predominantly an agricultural nation due to its arable terrain, but since 1945, it has significantly increased the size of its industrial base and service sector. As of 2017, manufacturing made up over 15% of the GDP, agriculture less than 2%, and services around 75%. Construction, food processing, pharmaceuticals, medical equipment, machinery, and wind turbines are some of the major businesses.

8. United States

You may have wondered about the US being on the list of richest countries; it has always been on this reputed list. The United States of America (USA or U.S.A.), also referred to as the US, U.S., or simply America, is located on the continent of North America. It is the third-largest country in the world after Russia and Canada by area. It shares its border with Canada in the north and Mexico in the south.

• GDP: $26.95 trillion
• GDP Per Capita: $83,066
• Estimated Population: 332 million

Since roughly 1890, the United States has had the largest economy in the world. With a nominal GDP of $27 trillion in 2023, the United States had the greatest GDP in the world, accounting for approximately 25% of the world economy, or 15% when purchasing power parity (PPP) was taken into account.

The United States is home to the headquarters of 136 of the 500 biggest firms worldwide. Accompanied by the nation’s military, the petrodollar system, the connected euro dollar, and sizable U.S. Treasury markets, the U.S. dollar is the most widely used currency in international transactions and is the world’s leading reserve currency.

7. Qatar

Our next entry to the list is one of the oil-rich economies of the Middle East. The West Asian nation of Qatar is formally known as the State of Qatar. Situated on the northeastern coast of the Arabian Peninsula in the Middle East, it shares its only land boundary with Saudi Arabia to the south, with the Persian Gulf encircling the remainder of its territory. The region is known as the Qatar Peninsula. Qatar is separated from nearby Bahrain by the Gulf of Bahrain, an inlet of the Persian Gulf.

• GDP: $235.5 billion
• GDP Per Capita: $84,906
• Estimated Population: 2.93 million

Qatar has enormous supplies of crude oil and natural gas relative to its population, which helps explain why it is ranked among the richest nations. Before the discovery of oil, fishing and pearl hunting dominated the local economy. Qatar’s pearling industry declined as Japanese-cultured pearls flooded the global market in the 1920s and 1930s. In 1940, oil was discovered in Qatar’s Dukhan field. The economy of the state was revolutionized by the discovery of natural gas and oil. The country’s lawful citizens currently enjoy a good quality of life. Qatar does not impose income tax, making it one of the nations with the lowest tax rates worldwide. 

6. Iceland

The country occupying the 6th position on this coveted list is Iceland. Iceland is a Nordic island nation situated on the Mid-Atlantic Ridge, which connects North America and Europe, and between the North Atlantic and Arctic Oceans. It is the most sparsely populated nation in the region and shares political and cultural ties with Europe. Iceland is closer to continental Europe than North America, but it is closest to Greenland (290 kilometers; 155 nautical miles), a North American island.

• GDP: $30.57 billion
• GDP Per Capita: $87,875
• Estimated Population: 373 thousand

Iceland had been a rather poor nation up until the twentieth century. Historically, commercial fishing has been an important contributor to Iceland’s economy, employing 7% of its workforce and accounting for about 20% of export revenues. Although tourism has become a bigger part of the economy, fish and fish products, aluminum, and ferrosilicon are still significant industries. The previous ten years have seen Iceland’s economy diversify into manufacturing and service sectors, such as software development, biotechnology, and financing. Approximately 25% of economic activity is made up of industry, and nearly 70% is made up of services. In the modern world, it ranks among the most developed nations.

5. Singapore

Singapore is the only second country in this list from a large number of countries in Asian continent. It seats at the 5th position in the richest nation’s list. Situated in maritime Southeast Asia, Singapore is a city-state and island nation officially known as the Republic of Singapore. Situated near the southernmost point of the Malaysian Peninsula, it’s roughly one degree latitude (137 kilometers or 85 miles) north of the equator. It shares borders with the State of Johor in Malaysia to the north, the South China Sea to the east, the Straits of Malacca to the west, and the Singapore Strait to the south, where it meets the Riau Islands of Indonesia.

• GDP: $497.35 billion
• GDP Per Capita: $91,733
• Estimated Population: 5.45 million

The population of the country is made up of a large number of wealthy people. Its market economy is highly developed and has always been predicated on extensive international trade. As one of the Four Asian Tigers, Singapore has outperformed its contemporaries in terms of GDP per capita, together with Hong Kong, South Korea, and Taiwan. Due to its strategic location, highly qualified workforce, low tax rates, cutting-edge infrastructure, and zero tolerance for corruption, Singapore is a major draw for foreign direct investment. According to the International Institute for Management Development’s 2023 World Competitiveness Ranking, it ranked fourth among 64 countries.

4. Norway

Norway is the next Nordic nation to feature in this list. It ranks 4^th in the league of richest nation in the world. Norway, officially the Kingdom of Norway, is a Nordic nation on the Scandinavian Peninsula in northern Europe. Norway also includes the Svalbard archipelago and the isolated Arctic island of Jan Mayen. Norway is the northernmost and, when Svalbard is taken into account, the easternmost of the Nordic nations.

• GDP: $546.77 billion
• GDP Per Capita: $102,465
• Estimated Population: 5.41 million

Norway has the fourth-highest GDP per person in all of Europe. Norway boasts one of the highest standards of living throughout the world. Petroleum production makes up a sizable portion of the state’s revenue from natural resources. It has some of the highest rates of hourly production and average hourly pay in the world. Natural resources such as fish, forests, electricity, minerals, and petroleum are abundant in the nation. The discovery of significant natural gas and petroleum reserves in the 1960s spurred the economy. After the economy collapsed during the COVID-19 crisis, the nation has made significant financial progress. Furthermore, Norway has the $1.3 trillion Sovereign Wealth Fund to handle any emergencies swiftly.

3. Switzerland

The next country on this list is one of the favorite travel destinations for a lot of people around the world. Switzerland ranks third on the list of the richest nations. It is a landlocked nation in west-central Europe known by its official name, the Swiss Confederation. Italy borders it on the south, France borders it on the west, Germany borders it on the north, and Austria and Lichtenstein border it on the east. Switzerland can be classified geographically into three regions: the Swiss Plateau, the Alps, and the Jura.

• GDP: $813 billion
• GDP Per Capita: $110,251
• Estimated Population: 8.70 million

Switzerland’s economy is technologically advanced, stable, and affluent. Based on many rankings, it is the richest nation in the world per capita. The nation is among the least corrupt in the world, but its banking industry is considered to be “among the most corrupt globally.”

Switzerland was undoubtedly the richest nation in Europe (per capita GDP) for the majority of the 20th century. Manufacturing is the main revenue generator in Switzerland. Specialty chemicals, pharmaceuticals, scientific and precision measurement equipment, and musical instruments are among the manufactured commodities. Chemicals account for 34 percent of foreign exports, followed by machinery and electronics (20.9%) and precise instruments and wristwatches (16.9%).

2. Ireland

Based on GDP per capita, Ireland is the second richest nation in the world. It is an island located in northwest Europe in the North Atlantic Ocean. The Irish Sea, St. George’s Channel, and the North Channel divide it from Great Britain on the east. Ireland is the third largest island in Europe, the second largest island in the British Isles, and the twentieth largest island worldwide. From a political perspective, the island of Ireland is split between Northern Ireland, which is a member of the United Kingdom, and the Republic of Ireland (formally known as Ireland), which occupies five-sixths of the island and is an independent state.

• GDP: $589.57 billion
• GDP Per Capita: $117,988
• Estimated Population: 5.03 million

Ireland has an open economy, ranking third on the Index of Economic Freedom and leading the way in high-value FDI flows. Moreover, international corporations (including Apple, Google, and Microsoft) have contributed more than 50% to Ireland’s GDP in recent years, making it one of the biggest corporate tax havens in the world. Multinational corporations with foreign ownership continue to play a major role in Ireland’s economy; they account for 14 of the country’s top 20 businesses (based on turnover), employ 23 percent of the workforce in the private sector, and pay 80 percent of corporation tax collected.

1. Luxembourg

The number one richest country in the world is Luxembourg, one of the smallest countries in Europe. Located in Western Europe, Luxembourg is a small landlocked nation. Germany borders it to the east, France to the south, and Belgium to the west and north. Covering 2,586 square kilometers (998 sq. mi) in area, measuring 82 km (51 mi) in length and 57 km (35 mi) in width, it is among Europe’s smallest nations, ranking 168^th out of the 194 sovereign nations of the world.

• GDP: $89.1 billion
• GDP Per Capita: $140,312
• Estimated Population: 639 thousand

By the 1960s, the manufacturing industry was mostly focused on steel, but it has since expanded to include rubber, chemicals, and other goods. Services, particularly banking and finance, contribute significantly to the economy.

Luxembourg is the world’s second-largest investment fund center (behind the US), the most significant private banking center in the eurozone, and Europe’s top hub for reinsurance businesses. The Luxembourg labor market includes 445,000 jobs for 120,000 Luxembourgers, 120,000 foreign residents, and 205,000 cross-border commuters. Furthermore, the country’s gorgeous castles, lush vegetation, and picturesque canals make it one of the world’s most popular tourist destinations.

Conclusion

This ranking of nations is different depending on different parameters, and it changes quarterly or yearly. This list is prepared on the basis of GDP per capita. It can change in the future, depending on the various economic measures and political situations of the countries. 

Also don’t forget to check the list of

Top 10 Poorest Country in the World

Video on Top 10 Richest Countries in the World

References

• https://www.forbesindia.com/article/explainers/top-10-richest-countries-in-the-world/87305/1
• https://currentaffairs.adda247.com/top-10-richest-countries-in-the-world-by-march-2024/
• https://worldpopulationreview.com/country-rankings/richest-countries-in-the-world
• https://gfmag.com/data/worlds-richest-and-poorest-countries/
• https://www.visualcapitalist.com/worlds-richest-countries-across-3-metrics/
• https://gfmag.com/data/richest-countries-in-the-world/