The 20 Richest Countries in the World
There are various ways to determine how wealthy a particular country is. However, the per capita GDP is the most common way to measure the richest countries in the world. The per capita GDP is determined by dividing a country’s GDP by its population.
In other words, it’s the average amount of earnings for each person in that country. Nonetheless, a high GDP doesn’t necessarily mean that all citizens are doing well. Other essential factors to consider include the GINI index, which measures the distribution of wealth within a country.
The GINI index is significant because it can help identify countries with a large gap between the richest and poorest citizens. Based on the GDP, this post will explore the top wealthiest countries as per 2022 World Bank Nominal GDP Forecasts.
20. Sweden GDP: $62,926
Top Economic Activities: Hydropower, Timber, and Iron Ore
Sweden is a magnificent country located in Northern Europe. It borders Norway to the west and Finland to the northeast. It has a population of 10,034,000. And its economy is driven by the sectors of services, industry, and agriculture.
The country is rich in natural resources, with significant timber and iron ore reserves. Also, the country excels in manufacturing precision equipment and home appliances. With a GDP of over $62,000 per capita, Sweden is one of the wealthiest countries in the world.
19. Germany GDP: $63,271
Top Economic Activities: Mechanical Engineering and Automotive Industries
Germany is one of central Europe’s elite nations. It borders the Netherlands, Belgium, Luxembourg, and France. With a population of over 83 million, it is the most populous European country.
What’s more, it has the fourth-largest economy in the world. The main sectors driving its economy are services, manufacturing, and technology. And some of its notable exports include cars, chemicals, and machinery. The country is well-known for automotive brands such as BMW and Mercedes-Benz. Germans also have one of the highest living standards, with access to universal healthcare and free education.
18. Andorra GDP: $63,600
Top Economic Activities: Finance, Tourism, and Agriculture
You’ve probably not heard much about Andorra. Part of this is because it has a population of just 77,000. For this reason, it may not be able to thrust many athletes, musicians, or actors into the world arena. Nonetheless, it is a rich country located in Southern Europe.
It borders France to the north and Spain to the south. Regardless of its small size, Andorra has an impressive GDP per capita of over $63,000. Some of its main economic activities include tourism, finance, and agriculture. The country is also known for its beautiful scenery and ski resorts. Furthermore, it is a tax haven, which has attracted many businesses and wealthy individuals.
17. Iceland GDP: $64,621
Top Economic Activities: Fishing, Aluminium Smelting, and Technology
Iceland is a sovereign country located in Northern Europe. It is an island nation and has a population of 364,000 people. Although it is one of the smallest European countries, it has a GDP per capita of over $64,000.
According to Forbes, this is due to its formidable fishing industry and aluminum smelting sector. Iceland also exports significant amounts of hydropower. Not to mention that the country’s geothermal activity provides heat and power to many homes and businesses.
16. Austria GDP: $64, 571
Top Economic Activities: Service, Manufacturing, and Technology
Austria is a beautiful country located in Central Europe. It borders Germany to the west and has a population of 8,902,000 people. This country has a thriving luxury commodity and food sector. Additionally, Austria is a major producer of textiles, steel, and automobiles.
Its service sector is also robust and includes tourism, banking, and insurance. Consequently, Austria has one of the highest GDP per capita in the world at over $64,000. Austrians enjoy access to universal healthcare and free education.
15. The Netherlands GDP: $68,572
Top Economic Activities: Service, Manufacturing, and Technology
The Netherlands is well-respected with world-class cities such as Amsterdam and the third largest airport in Europe. It borders the North Sea to the north and west and has a population of 17,335,000.
The Netherlands ranks as one of the wealthiest countries in the world, with a GDP per capita of over $68,000. The main sectors driving its economy are agriculture, industry, and services.
And its notable exports include machinery, chemicals, and fuels. Besides that, it is a significant tourist destination, home to countless historical landmarks and museums. The Dutch enjoy low levels of poverty and crime. Consequently, the Netherlands is often considered one of Europe’s best places to live.
14. Taiwan GDP: $68,730
Top Economic Activities: Service, Manufacturing, and Technology
Taiwan is a multi-island country located in East Asia. It borders the South China Sea to the south and has a population of 23,874,000. According to Heritage, Taiwan is leading electronic manufacturer. It is known for brands such as Asus, Acer, and HTC.
Taiwan is also a top exporter of semiconductors. Furthermore, the service sector in Taiwan accounts for almost 70% of the GDP. The main economic activities include wholesale and retail trade, transportation, and tourism. The country is impressively developed, and its citizens enjoy a high quality of life.
13. Denmark GDP: $69,273
Top Economic Activities: Service, Manufacturing, and Technology
Denmark borders the Baltic Sea and the North Sea. This scenic country has a population of 5,892,202 people. With a GDP per capita of over $69,000, it is arguably one of the wealthiest countries in the world.
According to Bankofscotlandtrade, The main economic activities in Denmark are chemical, biotechnology, and pharmaceuticals. This wealthy country also boasts of oil and minerals such as uranium. Regarding wind turbines, Denmark is arguably one of the leading exporters. For this reason, the Danish people enjoy a high quality of life with one of the lowest poverty rates and high levels of social mobility.
12. San Marino GDP: $70,139
Top Economic Activities: Banking, Tourism, and Manufacturing
San Marino is located on the Italian Peninsula. It is surrounded by Italy on all sides and has a population of 33,562 people. Regardless, it is one of the wealthiest countries in the world, with a GDP per capita of over $70,000.
And this is mainly due to the country’s highly developed free-market economy and status as a global financial center. It is a reputable ceramics exporter. On top of that, San Marino is a significant tourist destination and has a thriving manufacturing sector.
11. Hong Kong GDP: $70,448
Top Economic Activities: Banking, Tourism, and Manufacturing
Hong Kong is a special administrative region of China located in East Asia. It borders the South China Sea to the south and has a population of 7,447,000. Despite its geographical inefficiencies, Hong Kong is a tremendously wealthy country, with a GDP per capita of over $70,000.
Taiwan owes its success to its highly developed free market that attracts traders from all over the world. This has made it a global financial hub. Besides its thriving manufacturing sector, Hong Kong is a significant tourist destination.
10. Brunei Darussalam GDP: $74,953
Top Economic Activities: Oil and Gas, Banking, and Manufacturing
Brunei Darussalam is a peaceful country located in Southeast Asia. It borders Malaysia to the north and the South China Sea to the south. Most people know it for its dense and picturesque rainforest.
As of 2019, Brunei has a population of 433,285 people. But apart from that, Brunei is remarkably wealthy. With a GDP per capita of over $74,000, most of its citizens lead a quality life. The country owes its riches to large oil and gas reserves. In 2020, it exported$1.47 billion worth of crude oil. Moreover, it is also a major financial center and has a thriving manufacturing sector.
9. The United States GDP: $76,027
Top Economic Activities: Service, Manufacturing, Oil and Gas
The United States is a federal republic located in North America. It borders Canada to the north and Mexico to the south. According to Census, the United States population is estimated to be 332,998790 people.
The United States has the largest economy in the world, with a GDP of over $76 trillion. And despite its booming economy and status as a global superpower, the United States is a revered service, manufacturing, and technology center. Its main exports include refined petroleum products, crude oil, electronic integrated circuits, etc.
8. Norway GDP: $77,808
Top Economic Activities: Oil and Gas, Fishing, and Tourism
Norway is a Scandinavian country located in the North Atlantic. It borders Sweden to the east and Finland to the south. As of 2019, Norway had a population of 5,333,675 people.
It ranks among the wealthiest countries in the world, with a GDP per capita of over $77,000. With world-class attractions, it is a highly sort after tourist destination.
Fishing is the other economic activity that contributes significantly to Norway’s economy. The country exports some of the finest seafood in Europe and beyond. In 2021, it sold over 1.4 million tonnes of fish.
7. The United Arab Emirates GDP: $78,255
Top Economic Activities: Oil and Gas, Banking, and Tourism
The United Arab Emirates is one of the economically dominant countries in the Middle East. It borders Oman to the east and Saudi Arabia to the south. As of 2019, the UAE has a population of 9,771,53.
With massive oil reserves, it exports oil products all over the world. The country has a GDP per capita of over $78,000 and has become a major financial centre and tourist destination. Due to its vast wealth, many immigrants go to the UAE for job opportunities.
6. Switzerland GDP: $84,658
Top Economic Activities: Banking, Tourism, and Manufacturing
Switzerland is a landlocked country located in Central Europe. It borders Austria to the east, France to the west, Italy to the south, and Germany to the north. As of 2019, Switzerland had a population of 8,571,520 people.
The Swiss economy is one of the richest in the world, with a GDP per capita of over $84,000. Its main drivers are chemicals, machinery, gems, and pharmaceuticals. Switzerland’s free trade culture has contributed to manufacturing most of its products in-house. And this has only made it’s economy better. Moreover, its highly skilled workforce is a world leader in banking, tourism, and manufacturing.
5. Macao GDP: $114,362
Top Economic Activities: Gaming, Tourism, and Banking
Macao is a special administrative region of China located in the country’s south. It borders Guangdong province to the north and has a population of 653,100 people. Macao is one of the richest countries in the world, with a GDP per capita of over $114,000.
This is largely due to the country’s gaming industry and tourism and banking sectors.
4. Qatar GDP: $112,789
Top Economic Activities: Oil and Gas, Banking, and Tourism
Qatar is a sovereign country with one of the best economies in the Middle East. It borders Saudi Arabia to the south and the Persian Gulf to the east. As of 2019, Qatar has a population of 2,988,066 people.
Qatar is the richest country in the world, with a GDP per capita of over $100,000. The country’s large oil and gas reserves mainly contribute to its economic success. But besides that, Qatar is a global financial hub and tourist destination.
3. Ireland GDP: $106,881
Top Economic Activities: Agriculture, Tourism, and Fishing
Ireland is an island country located in the North Atlantic. It is the third-largest island in Europe and the twentieth-largest island in the world. According to Worldometer, Ireland has a population of 4,757,976 people.
Despite its small size, its large economy is largely fueled by agriculture, tourism, and technology. In recent years, the country’s economy has been snowballing, making it one of the richest countries in the world.
Fishing is another formidable industry in this country that employs a large number of its citizens. Although its economy was mainly built around fisheries, Iceland now generates more revenue through tourism.
2. Singapore GDP: $131,180
Top Economic Activities: Information Technology, Manufacturing, and Banking
Singapore is an island city-state located in Southeast Asia. It borders Malaysia to the north and Indonesia to the south. As of 2019, Singapore has a population of 5,638,700 people.
Despite its small size, Singapore is one of the richest countries in the world. This country boasts a highly developed free-market economy that attracts investors from other parts of the world. Moreover, Singapore’s highly skilled workforce is a world leader in information technology and manufacturing.
1. Luxembourg GDP: $140,694
Top Economic Activities: Banking and Industry
The chances are that you hardly envisioned that Luxembourg could top the list of the richest countries. It is a landlocked country in Western Europe. On the west, it borders Belgium, Germany to the east, and France to the south.
As of January 2020, Luxembourg has a population of 613,894 people. What makes Luxembourg so wealthy is its banking sector, as well as other industries such as steel, chemicals, and rubber. According to Weforum, The country’s minimum wage is also one of the highest in the world. With a GDB of over $140,000 per person, Luxembourg is the wealthiest country in the world.
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