Exploring Wealth: Top 10 Richest Countries in 2024

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1. Luxembourg : 

GDP: $89.1 billion  Population: 639 thousand

Luxembourg is one of the relatively unscathed European countries to come out of the Covid-19 pandemic. The nation is known for using wealth to ensure better living standards, healthcare, and education for the general populace. Further, the country is one of the biggest tourist destinations in the world, with its idyllic castles, abundant greenery, and picturesque canals. 

2. Ireland

GDP: $589.57 billion  Population: 5.03 million

After the great financial crisis of 2008, Ireland put a lot of effort into reforming its banking industry. It initiated measures like cuts to public-sector wages to get its economy where it is today. Further, Ireland is one of the largest corporate tax havens in the world, with multinational companies (such as Apple, Google, and Microsoft) adding over 50 percent to the Irish economy in recent years.

3. Singapore

GDP: $497.35 billion  Population: 5.45 million

Singapore is one of the world's biggest hubs for businesses and trading centres. The nation has many high-net-worth individuals among its population. The economy has taken a few consecutive hits in recent years, with the pandemic at first and then the Chinese sputtering economy (a crucial trading partner, especially for Singapore’s manufacturing sector, making up 21.6 percent of the total GDP in Singapore).

4. Qatar

GDP: $235.5 billion  Population: 2.93 million

Qatar (and also the UAE) are on this list of the top 10 economies by GDP per capita ranking for 2023, benefit largely from their reserves of natural resources. For example, Qatar’s oil and natural gas reserves are significantly huge compared to its population, contributing to its high ranking among the richest countries.

5. Macao SAR

GDP: $22 billion  Population: 695,168

Macao SAR is a special administrative region under China, and its wealth mainly emerges from its over 40 casinos, which make it one of the biggest travel destinations around the world. Even though Macao took a tremendous hit during the Covid-19 crisis with travel restrictions and frequent lockdowns, the economy is already on its way to rapid economic recovery.

6. Switzerland

GDP: $813 billion  Population: 8.70 million

One of the biggest tourist hotspots globally, Switzerland also has a bustling financial sector. The country further benefits from exports of precious metals, precision instruments, and machinery like computers and medical devices. About 74 percent of the Swiss GDP comes from the services sector and 25 percent from industry, with less than one percent from the agricultural sector. Switzerland further has the lowest VAT rate in Europe.

7. UAE

GDP: $359 billion  Population: 9.99 million

The UAE, as mentioned above, benefits greatly from its natural resources. Only 20 percent of the total population in this region is truly native, the rest being attracted by economic benefits like tax-free salaries. Aside from its hydrocarbon sector, tourism, finance, and construction are lucrative sectors in the UAE.

8. San Marino

GDP: $1.86 billion  Population: 33,900

San Marino is the oldest republic in Europe and the fifth smallest on the continent. Income tax rates are meagre here, which contributes to the wealth held by citizens.

9. Norway

GDP: $546.77 billion  Population: 5.41 million

Norway is again a top petroleum provider in the Western European territories. The country has made good financial progress after the economy crashed during the Covid-19 crisis. Further, Norway has a $1.3 trillion sovereign wealth fund to deal with any crises urgently, which also happens to be the largest of its kind in the world.

10. United States

GDP: $26.95 trillion  Population: 332 million

If you were wondering about GDP per capita US at the beginning, the country definitely makes it to the list of the top 10 economies by GDP per capita PPP, albeit at one of the lower ranks. Along with being a dominant economic entity, America is also powered by its military capacities.

Location: India

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