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.
5. Singapore – $88.45 thousand
Another small population, this time of around 5.4 million people, Singapore is known as a hub of business. It is also home to many wealthy individuals, and boasts a GDP per capita of $88.45 thousand. | Getty Images for the Commonwealt
6. United States – $85.37 thousand
With a GDP per capita of $85.37 thousand, the United States is among the world’s richest countries with a population of almost 332 million people. | AFP via Getty Images
7. Iceland – $84.59 thousand
The population of Iceland sits around 373 thousand people, with an economy centred around tourism, fishing and aluminium. The GDP per capita for Iceland sits at around $84.59 thousand, making it the sixth richest country in the world for 2024. | AFP via Getty Images
8. Qatar – $81.4 thousand
With large reserves of natural resources, Qatar is among the world’s richest countries with a GDP per capita of $81.4 thousand and a population of almost 3 million. | ivanoel - stock.adobe.com