Whenever we think about the richest countries by GDP per capita the two names that always stay at the top of the list in our heads are the USA and China. But you’ll be surprised to know that the list of richest countries in the world by GDP per capita in 2024 does not rank the USA and China at top-notch positions. Do you wish to know which is the richest country in 2024? What is India‘s rank in the list? Keep reading to know more.
How Are Countries Ranked?
The value of all commodities/products and services generated in a nation is measured by its gross domestic product, abbreviated as GDP. This number is divided by the total number of full-time residents in a nation to get the overall level of wealth or poverty in that nation. However, accounting for local product and service prices as well as inflation rates provides a far more accurate picture of a country’s wealth.
Taking into account both variables yields a number known as purchasing power parity, abbreviated as PPP. The GDP per capita ranking (accounting for PPP) still comes close to illuminating the wealth held by different countries, even though these statistics may still not be absolute enough to rank the richest and poorest in the world.
Top Richest Countries Of 2024
From Luxembourg to Norway, here is the list of the top richest countries of 2024 as per GDP per capita.
1. Luxembourg
Luxembourg, a small European country, with a GDP per capita of $143742.69 in 2024 tops the list of the richest counties in 2024. The country is renowned for employing its wealth to guarantee improved healthcare, education, and living conditions for the general public. It also has the highest minimum salary in the world and was among the first nations to offer free public transportation to its citizens.
2. Ireland
In terms of GDP per capita, Ireland, a member of the European Union, ranks second among the top ten richest nations. Ireland’s GDP per capita is projected by the IMF to reach $1,33,895.315 in 2024. Ireland spent much of the 2008 global financial crisis restructuring its banking sector. It started taking crucial steps to bring its economy to this point, such as reducing wages in the public sector. Additionally, Ireland is one of the biggest corporate tax havens in the world, with over 50% of the country’s GDP coming from international corporations like Apple, Google, and Microsoft in recent years.
3. Singapore
In terms of GDP per capita, Singapore, an island nation in Asia, is the third richest nation on earth. According to IMF projections, Singapore’s GDP per capita is expected to reach approximately $1,33,737.469 by 2024. One of the major commercial and trading hubs in the globe is Singapore. The population of the country is made up of a large number of wealthy people. Many Indians reside here.
4. Macao SAR
In terms of purchasing power parity, Macao, a special administrative area of China, has the fourth-highest GDP per person worldwide. The GDP per capita of Macao SAR is expected to reach $1,34,140.929 in 2024, according to the IMF.
5. Qatar
Middle Eastern nation, Qatar, is ranked fifth out of the top ten nations with the greatest GDP per capita (PPP). According to IMF estimates, Qatar’s GDP per person would be $1,12,282.917 in 2024. It gains most of its advantages from its natural resource riches. Gas reserves in Qatar are the third largest in the world. It ranks highly among the richest nations in part because of its enormous reserves of natural gas and oil relative to its population. Additionally, The FIFA 2022 World Cup has boosted Qatar’s economy and tourism.
6. United Arab Emirates
In terms of GDP per capita, the United Arab Emirates, or UAE, is another nation in the Middle East and ranks sixth in the globe. The UAE’s GDP per person is expected to reach approximately $96,845.849 by 2024, according to IMF forecasts. Despite the UAE’s substantial reliance on its natural resources, the nation lacks a permanent river. Twenty percent of people are native to the area; the remaining population is drawn here by economic incentives such as tax-free salaries. The UAE’s profitable industries include tourism, finance, and construction in addition to its hydrocarbon sector. It is making great efforts to become a center of culture and society, as seen by its preparations for the 2025 Expo and its hosting of the Dubai Expo 2020, which was postponed due to lockdown.
7. Switzerland
In PPP terms, Switzerland, a well-liked travel destination in Europe, has the seventh-highest GDP per capita. According to IMF projections, Switzerland’s GDP per person is expected to reach $91,931.752 in 2024. One of the world’s most popular travel destinations, is home to a thriving banking industry. Precious metals, precision instruments, and gear such as computers and medical devices are among the other goods that the nation benefits from exporting. Approximately 74% of Switzerland’s GDP is derived from the services sector, with industry accounting for 25%.
8. San Marino
San Marino, a mountainous nation in Europe, ranks eighth globally in terms of GDP per capita. The GDP per capita (PPP) of San Marino is projected by the IMF to reach $86,988.999 in 2024. The fifth-smallest republic on the continent and the oldest in Europe is San Marino. The low-income tax rates in this area add to the riches that residents possess. It will be one of the few nations in the world without national debt until 2023.
9. United States Of America
On the GDP per capita (PPP) list, the United States of America, the largest economy in the world in terms of GDP, comes in at number nine. According to IMF projections, America’s GDP per capita is expected to reach $85,372.686 in 2024. America is not only a powerful military power but also a leading economic force.
10. Norway
Norway is 10th on the list of the world’s richest countries in GDP per capita (PPP) terms. The IMF projections for Norway’s GDP per capita for 2024 stand at $82,831.777. Norway is again a top petroleum provider in the Western European territories.
India’s Rank In The List Of The Richest Countries
If you are wondering about India’s rank on the list, here’s what you should know. On the list of nations with the greatest GDP per capita in PPP values, India, which now has the fifth-largest economy in the world, comes in at position 129. The IMF estimates that India’s GDP per capita (PPP) will be approximately $10,122.951 in 2024. India comes up at number five in the world GDP rankings, behind the United States, China, Germany, and Japan.
These are the top 10 richest countries in the world by GDP per capita in 2024. Were you aware of the list? Share the list with your friends and let them also know about it.
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