Have you ever wondered which is the richest country in the world. Today, in this article, we will tell you about Top 10 richest countries in the world. As of October 2024, India’s GDP per capita is $2,730 (Nominal) and $10,120 (PPP). In the global GDP per capita rankings for 2024, India holds the 129th position out of nearly 200 countries. However, in terms of overall GDP, India ranks 5th in the world, behind the USA, China, Germany, and Japan.
Top 10 economies by GDP per capita ranking 2024
| Rank | Country | GDP-PPP per capita (in USD) |
|---|---|---|
| 1 | Luxembourg | 143,740 |
| 2 | Macao SAR | 134,140 |
| 3 | Ireland | 133,900 |
| 4 | Singapore | 133,740 |
| 5 | Qatar | 112,280 |
| 6 | United Arab Emirates | 96,850 |
| 7 | Switzerland | 91,930 |
| 8 | San Marino | 86,990 |
| 9 | United States | 85,370 |
| 10 | Norway | 82,830 |
| Rank | Country | GDP-PPP per capita (in USD) |
|---|---|---|
| 11 | Guyana | 80,140 |
| 12 | Denmark | 77,640 |
| 13 | Brunei Darussalam | 77,530 |
| 14 | Taiwan | 76,860 |
| 15 | Hong Kong SAR | 75,130 |
| 16 | Netherlands | 74,160 |
| 17 | Iceland | 73,780 |
| 18 | Saudi Arabia | 70,330 |
| 19 | Austria | 69,460 |
| 20 | Sweden | 69,180 |
Luxembourg
- GDP: $88.56 billion
- Global GDP Share (PPP): 0.05%
- Population: 639,000
Luxembourg stands as the richest country in the world, driven by its high GDP per capita and a robust financial sector. The country uses its wealth to improve living standards, healthcare, and education. It’s also a top tourist destination, known for its castles, greenery, and picturesque canals. Luxembourg is among the first nations to offer free public transport and boasts the highest minimum wage globally.
Macao SAR
- GDP: $54.68 billion
- Global GDP Share (PPP): 0.05%
- Population: 695,168
Macao SAR, a special administrative region of China, generates its wealth primarily from its thriving casino industry, making it a top global travel destination. Although Macao’s economy took a hit during the COVID-19 pandemic, it is recovering quickly, thanks to its distinct capitalist framework, which sets it apart from mainland China.
Ireland
- GDP: $564.02 billion
- Global GDP Share (PPP): 0.38%
- Population: 5.03 million
After the 2008 financial crisis, Ireland focused on banking reforms and fiscal discipline, including public sector wage cuts. Today, it’s one of the world’s largest corporate tax havens, with multinational companies like Apple, Google, and Microsoft significantly boosting its economy.
Singapore
- GDP: $525.23 billion
- Global GDP Share (PPP): 0.43%
- Population: 5.45 million
Singapore is a major global business and trade hub, home to numerous high-net-worth individuals. Though its economy has faced setbacks due to the pandemic and challenges with the Chinese economy, a key trading partner, Singapore remains a crucial player in the global market.
Qatar
- GDP: $244.69 billion
- Global GDP Share (PPP): 0.18%
- Population: 2.93 million
Qatar ranks high due to its massive natural gas reserves, the third-largest globally. Its small population benefits immensely from these resources. Qatar is also diversifying into other sectors, with the FIFA 2022 World Cup providing a significant boost to tourism and economic activity.
United Arab Emirates
- GDP: $527.8 billion
- Global GDP Share (PPP): 0.51%
- Population: 9.99 million
The UAE, the third-largest economy in the Middle East, thrives on its natural resources. Beyond oil, sectors like tourism, finance, and construction contribute significantly to its economy. The country is also working to position itself as a social and cultural hub, evidenced by events like the Dubai Expo 2020.
Switzerland
- GDP: $938.46 billion
- Global GDP Share (PPP): 0.44%
- Population: 8.70 million
Switzerland is a global financial powerhouse and a major tourist destination. Its economy benefits from exports of precious metals, precision instruments, and medical devices. The service sector accounts for 74% of the economy, with low taxes helping maintain its prosperity.
San Marino
- GDP: $2.03 billion
- Global GDP Share (PPP): 0%
- Population: 33,580
San Marino, Europe’s oldest republic, is known for its low taxes and absence of national debt. Though small, the country boasts significant wealth and attracts tourists with its picturesque landscape and rich Italian cultural influence.
United States
- GDP: $28.78 trillion
- Global GDP Share (PPP): 15.5%
- Population: 332 million
As one of the largest economies globally, the U.S. ranks among the top 10 in GDP per capita. Its dominance stems from a robust economy supported by innovation, technology, and military capabilities, solidifying its position as a global leader.
Iceland
- GDP: $33.34 billion
- Global GDP Share (PPP): 0.02%
- Population: 370,000
Iceland, known for its Viking heritage and famous football team, is also one of the world’s richest countries. Its economy thrives on low taxes, and the country consistently ranks high on measures of quality of life, government transparency, and economic freedom.
Norway
- GDP: $526.95 billion
- Global GDP Share (PPP): 0.25%
- Population: 5.41 million
Norway is a key petroleum provider in Western Europe. Despite economic challenges during the COVID-19 crisis, Norway has recovered well, supported by its $1.3 trillion sovereign wealth fund, the largest in the world, ensuring financial stability even during turbulent times.
