There are many ways in which the wealth of a country can be measured, so what determines the world’s richest countries?
Projections from the International Monetary Fund, which looks ahead for 2024, break down the world’s richest countries based on GDP per capita in US dollars.
The financial metric breaks down the total economic output of a country divided by its population and is used by economists to analyse the prosperity and productivity of a country.
Small countries with developed economies tend to have the highest GDP per capita, though this isn’t always the case as our list of the world’s top 15 richest countries shows.
1. Luxembourg – $140.31 thousand
Luxembourg is a small European country with beautiful castles and culture, with a population of around 640,000 people. The GDP per capita of Luxembourg for 2024 sits at $140.31 thousand.
2. Ireland – $117.98 thousand
Another small country – though bigger than Luxembourg – Ireland has a population of around 5 million, with a GDP per capita of $117.98 thousand. The country is often a hub for European countries looking to set up branches near the United Kingdom.
3. Switzerland – $110.25 thousand
Located in central Europe, Switzerland is home to a population of more than 8 million alongside attractions such as the Alps, ski resorts and hiking trails. The GDP per capita for the country is $110.25 thousand – though it is said to have the highest density of millionaires in the world.
4. Norway – $102.46 thousand
Boasting a GDP per capita of $102.46 thousand, Norway is among the world’s richest countries for 2024, with a population of more than 5 million people.