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10 Richest Countries in the World by GDP per Capita, Singapore Ranked 3rd

11 June 2024 13:34 WIB

TEMPO.CO, JakartaA country's wealth can be measured by looking at its Gross Domestic Product (GDP). GDP refers to the total monetary value of all goods and services produced in a country within a certain time period. According to a report from the International Monetary Fund (IMF), the following are the 10 richest countries in the world as measured by their GDP per capita.

1. Luxembourg

The richest country in the world is Luxembourg with a GDP per capita of US$143,742. This country’s main sector is financial, including banking and insurance. Luxembourg also succeeded in attracting multinational companies which contributes plenty to its GDP per capita.

2. Ireland

The next richest country is Ireland with GDP per capita reaching US$133,895. Despite lagging behind Luxembourg in terms of medicine exports and weakening manufacturing companies, Ireland is still showing its financial strength by being the 2nd richest country in the world in 2024. Success in attracting multinational companies such as Google and Apple has pushed Ireland to have the second-highest GDP per capita after Luxembourg.

3. Singapore

Singapore has succeeded in becoming the only Southeast Asian country on the list of the 10 richest countries in the world. Singapore's GDP per capita is US$133,733. Singapore applies a low corporate tax rate like Ireland, thereby successfully attracting multinational companies. This country is also Southeast Asia’s financial and trade center.

4. Qatar

Qatar is in the fourth position of the richest countries in the world with a GDP per capita of US$112,282. One of Qatar's financial foundations is oil and natural gas. Qatar has managed to excel compared to other oil-producing countries due to its strategy for managing revenues in the energy sector. Qatar also invests heavily in infrastructure, education, and tourism sectors.

5. United Arab Emirates

The GDP per capita of the United Arab Emirates is US$96,845. Notable for its natural wealth, the UAE has taken several strategic steps to reduce dependence on the energy sector such as large investments in the infrastructure, tourism, and technology sectors.

6. Switzerland

Switzerland is ranked the sixth richest country with a GDP per capita of US$91,931. This country is one of the world’s financial centers and a host to many innovation and research companies. Not only focusing on the financial sector, Switzerland also focuses on research and development.

7. San Marino

San Marino is a country surrounded by Italy with a GDP per capita of US$86,989. San Marino's state revenue comes from services and manufacturing such as ceramics, clothing, paint, wine, and many more. The poverty rate in San Marino is also among the lowest in the world. One of the factors is due to its transparent tax system.

8. United States

The United States is in eighth position with a GDP per capita of US$85,732. As one of the world's economic centers, the United States has many innovations in the field of technology, creative, and manufacturing industries which are the main pillars of its economic growth.

9. Norway

In ninth position as one of the richest countries based on GDP per capita is Norway, with a GDP per capita of US$82,831. One of Norway's economic pillars and source of exports is seafood. Most of the revenue from the energy sector in Norway goes to investment in renewable energy, education, and sustainable projects.

10. Guyana

The last richest country on this list is Guyana. Located on the North Atlantic coast of South America, Guyana has a GDP per capita of US$80,137. The rapid growth of its oil industry has become Guyana’s main source of revenue. 

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