Richest Country in the World by GDP Per Capita In 2024

The human brain thinks that the largest countries come under the richest country in the world. But what if I say that even small countries are on the top and have the highest GDP per capita? Shocking right? But that’s true. Based on the International Monetary Fund, the richest countries are the smaller ones in 2024. 

Moreover, GDP measures a country’s economic strength. It shows whether the country is wealthy and includes its investment in development. However, the countries below managed their GDP and developed their nations. 

7 Richest Country in the World

These seven countries come to mind when discussing the countries with the highest GDP per capita. They have been in the top ten for the last few years. 

7. Qatar

Qatar is the seventh richest country, with a GDP of $244.69 billion and a population of  2.93 million. It is also known as the UAE, and its natural resources contribute to its richness. Qatar is popular because of its oil, but the country’s financial sector is growing because of tourism. The infrastructure, such as buildings, roads, beaches, and more, makes it the best choice for tourism. 

6. Iceland

Iceland is also the richest country in the world. With a population of 3.7 lakh and a GDP of $33.34 billion, it is the sixth-richest country in the world. Iceland’s riches are due to tourism, fishing, and renewable energy production. Its low-tax economy helps the market grow. Also, life quality, education and economic freedom play an important role. 

5. United States

The United States has a population of 332 million and a total GDP of $28.78 trillion. It is among the richest countries in the world. Its natural resources include coal, oil, natural gas, minerals, and fertile land, which helps in the agriculture sector. It helps export agriculture-related products to other countries. Other than agriculture, the US is leading in technology. 

Moreover, the US is popular due to its digital markets, such as the stock market and investments. In terms of economy, the US is leading. The country has the largest tech, financial, and industrial companies. America has a strong military force, which gives it power. 

4. Norway

Norway is a small country in Northern Europe but among the richest countries. Its population is 5.41 million, and its GDP is $526.95 billion. Norway is popular because it is the largest petroleum provider. It exports products such as Oil, gas, and seafood. During COVID-19, the country faced financial loss. However, Norway has a $1.3 trillion fund to face any crisis. 

Norway exports natural resources such as hydropower, oil, and gas. It is also rich in tourism, which contributes to its GDP. It has many popular travel destinations, such as Trondheim, Tromso, Bergen, and Oslo. Norway’s government saves funds from all the oil and gas revenues.

3. Switzerland

Switzerland is one of the largest tourist countries. Its main source of income is exporting products such as metal, pharmaceuticals, natural or cultured pearls, and more. Switzerland’s GDP is $938.46 billion, and its population is 8.70 million. The citizens are well educated, contributing to the GDP. 

A large portion of the GDP (approximately 74%) comes from the service sector. Switzerland has many popular destinations, such as Lake Lucerne, Matterhorn, and the mountains. It also exports machinery products such as computers and laptops to the world. The country has popular brands such as Rolex and Omega. 

2. Ireland

Ireland is one of the richest countries in the world, with a GDP of  $564.02 billion. The country’s population is 5.03 million, and in 2008 it faced the highest financial crisis. After that, the government worked hard, and here it is. The government has worked on economic policies such as low taxes and multinational companies such as  Apple, Google, and Microsoft.

Moreover, with the help of “double Irish,” they have worked on lowering the tax burden. The country has improved and strengthened its banking sector. However, Ireland is popular because of its tourism. In 2023, the total income generated from tourism is 19.3 billion euros.

1. Luxembourg 

Luxembourg is the richest country in the world and one of the smallest European countries. Its GDP is $88.56 billion, and its population is 639 thousand. Luxembourg has a better standard of living in every field, such as business, education, healthcare, technology, etc. It has a growing financial services sector. 

Furthermore, the country is known as an International private banking centre. What contributes the most to the GDP is that it is a tourist destination. Luxembourg is the best travel destination, including Vianden, Echternach, and more. The best thing about this country is that it provides free transportation. 

Bottom Line

Over the last decade, these seven countries have held their position as the richest countries in the world. This is because of their GDP, which is contributed to by tourism, infrastructure, quality of life, and more. These countries have also changed their funding system, economic activities, innovation, and technology.

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