Richest Country In The World 2023 [ Top 10 List ]

List of Top 10 Richest Country In The World 2023

At the top of the list of the world's wealthiest countries is the Grand Duchy of Luxembourg, a small nation in Western Europe. It is a landlocked country that shares borders with France, Belgium, and Germany. While the national language is Luxembourgish, French, and German are also used in administrative and judicial matters. Despite being one of the smallest European countries, covering an area of 2586 square kilometers, it is a developed country with the highest GDP per capita in the world. Moreover, the country is a founding member of the European Union, OECD, United Nations, and Benelux. Additionally, Luxembourg has a relatively low population compared to other European nations.

Luxemburg

Luxemburg Luxemburg ranks first with a GDP of 140,694 dollars per person. It has a low population of 645,397, which is why it is still on this list. Steel is produced in large quantities in this nation. Skype and Amazon, two of the biggest companies, have offices here.

Singapore

Singapore has the second-highest GDP per capita on this list, at 131,425. In addition to having the Asia-Pacific Economic Corporation's headquarters here, this nation has extremely low tax rates. 5,453,566 people live in this country. It is Asia's richest nation.

Ireland

Ireland Despite remaining third on this list, the Republic of Ireland ranks first for direct foreign investment. It has 131,034 times the GDP of Ireland per capita. This nation focuses on high-tech, life sciences, finance, and other areas. services for improved growth Its economy is expanding at the fastest rate. This nation's GDP has just doubled in the last ten years.

Qatar

Qatar, a nation rich in natural gas and petroleum, contributes more than 70% of government revenue. Exports account for 85% of Qatar's revenue and account for 60% of the country's GDP. It is the second biggest natural gas exporter in the world and has a GDP of 113,675 dollars per individual.

Switzerland

Switzerland With a GDP of 84,469 dollars per person, Switzerland occupies the fifth position on this list. It has a little population but is understood as the land of wealth because it is home to numerous millionaires. It is a European nation with multiple inventions to its credit. Switzerland was established in 1848 and underwent rapid development.

Norway

The largest oil exporter in the world is Norway. GDP of 78,128 dollars per person. It was the poorest of the three Scandinavian domains, and its economy was based on farming, fishing, and also timber.

United Arab Emirates

With a GDP of 77,272 dollars per person, the United Arab Emirates came in seventh place on the list. Petroleum and natural gas supply the company with its revenues, creating it the fifth largest in the Middle East. Additionally, one of the important revenue streams is tourism.

United States

United States of America, where women's incomes have increased rapidly since the 1970s The United States has a GDP of 75,180 dollars per person. In 2019, the country's highest income was 103,012 dollars, and over 60% of families have two or more income earners.

Brunei

Brunei is a tiny nation in Asia that is located on the island of Borneo's northern coast. This nation's population is half underneath 30 years old. This nation obtains its money from its natural gas and also petroleum reserves.

San Marino

San Marino, which is ranked tenth on this list, gets its money from tourism, banking, and the production of furniture, fabrics, clothing, paints, spirits, tiles, ceramics, and wine. It also makes wine.

Which is the Richest Country in the World?

Luxembourg is a diminutive European nation, ranking among the smallest on the continent with an area of approximately 2,500 square kilometers. To put this in perspective, it is even smaller than Rhode Island, which is the smallest state in the United States. Despite having one of the smallest national populations in Europe, with around 630,000 inhabitants, Luxembourg has one of the highest population growth rates, with foreigners comprising almost half of the population. Interestingly, rather than being a hindrance, the country's small population has contributed to its success.

Till date, Luxembourg is the wealthiest nation in the world. This is often measured by GDP per capita, which calculates the average economic output per person in a given country. However, this figure is not always indicative of the average wage, as it is calculated in local currency and is subject to constant change. Nonetheless, Luxembourg's GDP per capita is significantly ahead of other countries, except for Liechtenstein and Monaco, which are typically excluded from such lists.

In addition to its impressive GDP per capita of $140,000, Luxembourg has a PPP per capita value of about $118,500, and an average household net worth of $941,000, which is almost three times higher than the US average. As a landlocked country surrounded by Belgium, France, and Germany in the heart of Europe, Luxembourg is a unique and prosperous nation.

Luxembourg's economy heavily relies on its banking, steel, and industrial sectors. In 2022, according to IMF estimates, Luxembourgers had the highest per capita gross domestic product in the world.

Despite being known as the "Green Heart of Europe" in tourist literature, Luxembourg's pastoral landscapes coexist with highly industrialized and export-oriented areas. Its economy shares similarities with that of Germany. Luxembourg's level of economic prosperity is extremely rare among industrialized democracies.