Top 12 Richest Countries In The World 2024
The world’s richest countries are some of the most advanced, innovative, and prosperous nations on earth. Their wealth comes from abundant natural resources, well-developed industries, strong economic policies, and high productivity.
In 2024, the richest countries remain concentrated in North America, Europe, and East Asia/Pacific regions. However, emerging economies are catching up as countries continue to invest in technology, education, and infrastructure.
Ranking the richest countries uses GDP per capita based on purchasing power parity. This measures the average economic output per person adjusted to reflect cost of living and inflation rates. It better captures people’s real disposable incomes relative to purely GDP numbers.
Below are the projected top 12 richest countries in 2024:
1. Luxembourg
- GDP per capita: $129,719
Luxembourg tops the list as the richest country in 2024. It has a stable and high-income economy fueled by strong steel, industrial, and financial services sectors. Almost a third of GDP comes from financial services. Low taxes and business-friendly policies also drive wealth creation. Luxembourg will continue leveraging its position as a major investment hub in Europe.
2. Switzerland
- GDP per capita: $98,987
Renowned for its banking sector and high standard of living, Switzerland takes second place. It has a diverse, highly skilled labor force driving thriving pharmaceutical, machinery, and electronics exports.
Switzerland also benefits from relative political stability and neutrality. Ongoing research and development spending aims to maintain the country’s innovativeness and competitiveness.
3. Norway
- GDP per capita: $92,249
Norway remains one of the richest European countries in 2024. It is a major oil and natural gas producer, with petroleum exports funding its sovereign wealth fund.
Norway also has strong fishing, manufacturing, and renewable energy sectors. It ranks high for economic freedom and ease of conducting business. Norway will continue investing resource income to build human capital and economic diversity.
4. Ireland
- GDP per capita: $91,475
Ireland emerges as one of the top gainers in wealth rankings by 2024. It has become a major hub for high-tech multinationals and pharmaceutical giants. Ireland’s low corporate tax rate, highly educated workforce, and business incentives power its growth.
Tourism, exports, and domestic consumption are other key economic drivers. Ongoing technology and infrastructure upgrades will boost Ireland’s productivity and competitiveness.
5. Singapore
- GDP per capita: $90,578
This city-state has grown into a global finance and transportation hub. Singapore thrives on advanced manufacturing, electronics, investment, and trade. It is a highly open market and one of the least corrupt countries.
While Singapore has limited natural resources, it sustains growth through infrastructure, education, and immigration. Singapore aims to transition toward a productivity and innovation-driven economy emphasizing services, digitization, and entrepreneurship.
6. United States
- GDP per capita: $87,456
The United States maintains its spot among the richest nations despite slowing growth. It houses technology giants, top universities, and key global financial centers. The US leads in advanced manufacturing, services, military power, and petroleum production.
However, wealth inequality remains high compared to other developed nations. Government policies, demographics, education, and immigration reforms will shape the country’s economic trajectory.
7. Denmark
- GDP per capita: $86,198
Denmark features among the world’s happiest and most economically developed countries. It boasts a highly skilled, educated population with strong English proficiency. Denmark thrives on renewable energy, pharmaceuticals, maritime, and information technology sectors.
Its mixed capitalist economy invests heavily in childcare, elder care, and workplace training. Denmark also prioritizes environmental sustainability and work-life balance.
8. Iceland
- GDP per capita: $83,576
Iceland punches above its weight for a country with just over 300,000 people. Alongside fishing and aluminum smelting, Iceland has emerged as a major tourism and renewable energy hub. It was also quick to recover from the 2008 financial crisis through economic reforms.
With over 80 percent of its electricity from hydropower and geothermal sources, Iceland aims to run fully on renewables by 2040.
9. Sweden
- GDP per capita: $82,238
Sweden maintains a healthy, diversified economy focused on foreign trade. It combines robust private sector growth with extensive welfare benefits. Sweden has highly innovative information technology, engineering, and auto sectors. It is also a major iron ore, hydropower, and timber producer.
Sweden will continue boosting R&D spending, workforce skills, and entrepreneurship to drive productivity. Its feminist foreign policy also elevates its global leadership role.
10. Australia
- GDP per capita: $77,784
Resource-rich Australia avoided technical recession even during the pandemic, underscoring its economic resilience. Key exports like iron ore, coal, and natural gas power growth, alongside mining, healthcare, finance, and tourism sectors.
Australia scores high for quality of life, income equality, and human development. It continues leveraging its proximity to fast-growing Asian markets. Climate change risks remain a big challenge for the commodity-dependent nation.
11. Netherlands
- GDP per capita: $72,935
The Netherlands ranks among the world’s top agricultural exporters. It also houses important technological, financial, and transportation hubs. Dutch emphasis on trade, innovation, and market reforms sustain its growth. However, natural gas production is declining.
The Netherlands is strengthening emerging industries in electronics, chemicals, and non-petroleum energy sources. It also leads in environmental policy, water management, and urban development.
12. Austria
- GDP per capita: $67,358
Austria has established itself as one of Europe’s most stable, prosperous nations. As a major European transit hub, Austria thrives on foreign trade and manufacturing. Key sectors include machinery, vehicles, chemicals, and tourism.
Its well-developed social market economy provides economic freedom alongside welfare benefits. Austria continues boosting R&D, digitization, and vocational training to move up the value chain. Regional integration within the EU also bolsters its resilience.
Analysis
The world’s wealthiest nations in 2024 remain concentrated in Europe, North America, and East Asia/Pacific. These regions provide optimal conditions for economic prosperity, including:
- Well-developed industries and services sectors
- Highly educated, skilled workforces
- Advanced infrastructure and technology
- Robust legal institutions and regulations
- Stable political environments
- Strong property rights and openness to commerce
However, emerging markets led by China, Brazil, India, and Southeast Asia are rapidly catching up. These countries are making massive investments in education, technology, and cities to drive growth. They are also transitioning from industrial production to services, innovation, and domestic consumption.
Within developed economies, smaller countries including Ireland and Singapore posted the fastest rise in wealth. Their strategic location, flexible policies, and targeted investments created thriving banking, tech, and trade hubs.
Larger economies like the US face more challenges maintaining growth momentum amid global competition, debt burdens, inequality, and political divisions. Their huge domestic markets remain an asset if countries can mobilize innovation and reforms.
Natural resource exports continue powering the wealth of countries like Norway and Australia. But environmental sustainability pressures are growing. These nations must also build economic diversity and human capital.
Overall, the world’s wealth rankings reflect how effectively countries leverage their advantages to power growth while building skilled workforces. Competitiveness and resilience will determine which countries lead the top of the rankings in the future.