The World's Top 10 Richest Countries
The United States ranks first on the list of richest countries in the world based on GDP. The country is known for its highly developed infrastructure and is a major global exporter.
Luxembourg, Ireland and Switzerland are also among the world's wealthiest countries based on their high GDP per capita. These countries are home to a large number of multinational corporations and offer favorable tax systems for business.
1. Luxembourg
Luxembourg is a wealthy country with an impressive standard of living. It became rich by developing its steel industry in the early 20th century, but it was when its banking secrecy and favourable tax laws (such as the 1929 Holding Company Law) encouraged a massive influx of global funds that the tiny Grand Duchy truly boomed.
It has a sophisticated service sector that includes banking, tourism and insurance, and it also has a strong manufacturing industry, producing things like chemicals, pharmaceuticals and measuring and musical equipment. It is no surprise that this rich European country also has a deep cultural identity, hosting famous museums and palaces for visitors to explore. A word of warning, though – GDP per capita is a measure of wealth and is not necessarily indicative of a country's actual wealth. Many nations on the list are tax havens that artificially inflate their GDP figures.
2. Singapore
The small island country of Singapore is a key financial hub in Asia. Its wealthy elite are known for their social connections and their affinity for luxury brands.
The country is attracting more ultra-wealthy Chinese families seeking to protect their fortunes from a communist regime that has reportedly cracked down on tech billionaires and tax-shy celebrities. Three years of zero-Covid also have tycoons booking flights to the city state, according to insiders.
The country is ranked sixth in 2021 with a GDP per capita of over two trillion dollars. French is known for its wines and sophisticated cuisine. The capital, Paris, is home to landmarks and museums. The Khoo family, which owns the Goodwood group of hotels and is based in Singapore, is worth $6.4 billion. The Wee family, which controls lifestyle portfolio Lo and Behold Group and is the founder of UOB, is close behind with a combined fortune of $6.25 billion.
3. Qatar
A booming oil industry has fueled Qatar's enormous wealth. Its citizens enjoy a luxurious lifestyle with low poverty rates. The emirate is known for its culture of arts, music and education. It has the world's third-largest natural gas reserves and is a leading global energy producer.
Several indicators exist to measure a country's wealth, including its gross domestic product (GDP) and the closely related gross national income (GNI). GDP can be influenced by population, as well as by the presence of offshore tax havens that artificially inflate its total value. That's why GNI is often considered a more reliable indicator. Nevertheless, it's not surprising to see tiny nations like Luxembourg, Switzerland and Singapore at the top of this list, or that wealthy vacation destinations such as Macao, Hong Kong and Bermuda also rank highly. These small countries have sophisticated financial sectors that attract foreign investment and professional talent.
4. United Arab Emirates
As oil and natural gas reserves have transformed this Arabian Peninsula nation, it has become one of the richest countries in the world. In 2023, its GDP per capita ranked as the seventh highest worldwide.
The UAE is known for its luxury shopping malls, fine cuisine and ultramodern architecture. The country also boasts 6% of the planet’s proven oil reserves, which has allowed its royal families to amass fortunes. Sheikh Tahnoon bin Zayed Al Nahyan, for example, owns Manchester City Football Club and a slew of palaces and has invested in everything from Rihanna’s lingerie line to Elon Musk’s SpaceX.
The UAE had the second-highest net inflow of millionaires in 2023, but that figure dipped significantly due to the COVID-19 pandemic and lower oil prices. Still, the UAE is considered a safe haven with a diversified economy and some of the most competitive tax rates in the world.
5. China
China has overtaken the United States to become the world's richest country after global wealth tripled in two decades, according to research by McKinsey. The Asian nation's net worth hit $120 trillion, a rise of nearly $113 trillion in the past 20 years.
Its residents enjoy one of the most comfortable lifestyles in the world, thanks to a highly innovative economy based on trading and services and low corporate tax rates that encourage foreign investment. It also boasts a vibrant culture that includes renowned cuisine, fashion houses and classical art museums.
Canada: Following the United States, this North American country is another rich and powerful nation with a strong economic framework. It is a top destination for investors and travelers. Its capital, Toronto, offers sophisticated shopping and dining as well as cultural attractions. Its citizens are among the most educated in the world.
6. Hong Kong
Hong Kong is home to a thriving community of ultra high net worth individuals. The city has over 4,080 millionaires and ranks as the third largest concentration of billionaires in the world after New York and London.
Despite its lack of natural resources, Singapore has become one of the richest countries in the world thanks to a burgeoning financial services sector. The country's strategic location, high-end infrastructure and forward-thinking policies attract foreign investment and professional talent.
While GDP per capita is one of the most common indicators of a nation's wealth, it can be easily inflated in tax haven countries. Other metrics like GNI per capita and real gross national product are considered more reliable measures of a country's wealth. These metrics account for factors such as a country's consumption, investment, and exports. They also take into account a country's geographic advantage and the quality of its workforce.
7. Norway
Norway has a thriving economy that owes its wealth to its fjords, mountains, and lakes—as well as a burgeoning natural resources industry. The country exports petroleum, seafood, lumber, hydro-power, and mineral wealth, while its citizens enjoy a high standard of living thanks to a progressive social security system and universal health care.
The government of Prime Minister Jonas Gahr Store is aiming to tax the rich more heavily, but many affluent Norwegians have responded by voting with their feet. A number have left for Switzerland, where they can escape a double-whammy of wealth and dividend taxes, according to business magazine Kapital.
Tord Kolstad, an entrepreneur and member of Norway's 400 richest people, is among those who have voted with their feet. He and others cited the new law as the reason they left for Switzerland. His family owns a real estate company and 240 apartment buildings through T Kolstad Eiendom AS.
8. Switzerland
Switzerland's financial acumen and central European location fuel its status as the world's wealthiest country. Its diversified economy includes banking, investment fund management, and high-tech industries.
The Swiss are famous for their taste for fine wines and sophisticated cuisine, as well as for their meticulous attention to detail. This cultural trait of understatement translates into a sense of thriftiness that also extends to capital spending. Things are only built if they can be maintained at a reasonable cost, unlike many flashy projects in other countries that quickly fall into disrepair.
But the nation is in danger of paying too little heed to its intangible riches; of losing its distinctiveness and becoming ordinary, of sacrificing itself to a changing environment driven by passing trends, in the name of conformity. That would jeopardize its material prosperity, as well as its social cohesion and political stability.
9. Japan
The island nation of Japan takes the ninth spot on our list and is one of Asia’s richest countries. It is a major producer of automobiles, electronics, chemicals, steel and nonferrous metals and ships. It is also known as the “billionaires’ playground” and has a low personal income tax and no capital gains tax.
In addition to its wealth, the country is also well known for its exquisite cuisine and traditional arts. However, high inheritance taxes make it difficult for wealthy families to retain their wealth in the country, which is driving many of its rich citizens to seek out Singapore or Australia as home. This is why the country slipped down a spot on our rankings. Nevertheless, its wealthy people still enjoy an exceptional standard of living. Purchasing power parity (PPP) is used to determine the ranking of the world’s top 10 richest countries.
10. United States
Countries’ wealth varies according to their economies and the goods and services they produce. But national and per-capita wealth rises fastest when people invest in equities and real estate.
The USA is rich primarily because of its huge economy, which is fueled by natural resources and high-tech industries. It also has a global presence that makes it the world's foremost military power.
Smaller countries, such as San Marino, Luxembourg and Switzerland, have sophisticated financial sectors and tax regimes that attract foreign investment, professional talent and large bank deposits. Meanwhile, Qatar and the United Arab Emirates have huge hydrocarbon reserves and benefit from their location on the world’s energy supply chain. Shimmering casinos draw visitors to Asia's gambling haven Macao, even as it struggles to regain its footing since Covid-19 brought global travel to a standstill for almost three years.
