Whether big or small, there are a number of different ways to determine the wealth of a country.
One of the most common metrics to measure the world’s richest countries is GDP per capita, which breaks down the total economic output of a country divided by its population. This figure is then used by economists to analyse the prosperity and productivity of a country.
According to the International Monetary Fund, which analyses global economic developments, Luxembourg is the richest country in the world for 2024 based on GDP per capita in US dollars.
While it isn’t always the case - as our list of the world’s top 15 richest countries shows - small countries with developed economies tend to have the highest GDP per capita.
But with nations such as the United States also making the cut, here are the 15 richest countries in the world.
1. Luxembourg – $131.38 thousand
Luxembourg is a small European country with beautiful castles and culture, with a population of around 640,000 people. The GDP per capita of Luxembourg for 2024 sits at $131.38 thousand. | sabino.parente - stock.adobe.com
2. Ireland – $106.06 thousand
Another small country – though bigger than Luxembourg – Ireland has a population of around 5 million, with a GDP per capita of $106.06 thousand as of April 2024. The country is often a hub for European countries looking to set up branches near the United Kingdom. | Spiroview Inc. - stock.adobe.com
3. Switzerland – $105.67 thousand
Located in central Europe, Switzerland is home to a population of more than 8 million alongside attractions such as the Alps, ski resorts and hiking trails. The GDP per capita for the country is $105.67 thousand – though it is said to have the highest density of millionaires in the world. | AFP via Getty Images
4. Norway – $94.66 thousand
Boasting a GDP per capita of $94.66 thousand, Norway is among the world’s richest countries for 2024, with a population of more than 5 million people. | Getty Images