March 23, 2023, 10:56 am | Read time: 3 minutes
The U.S. is the world’s richest economy—at least when it comes to gross domestic product (GDP). However, when GDP is divided by the population, the U.S. ranks only fifth among the wealthiest countries. Which countries lead in GDP per capita—TRAVELBOOK provides an overview.
The richest country in the world can be determined by various criteria. One way is to use the overall size of the economy or the country’s GDP as a parameter. While this method is the most important indicator of a country’s economic performance, it says little about the population’s wealth. GDP per capita, on the other hand, expresses a country’s economic output in relation to its population.
For this ranking, GDP per capita is decisive—the data published by “Statista” is based on the International Monetary Fund’s (IMF) analysis. They refer to the year 2020 and were published in October 2021. Which country is the richest in the world according to this data—TRAVELBOOK shows the leaders in the GDP per capita ranking.
Also interesting: The 20 most populous countries in the world
The Richest Country in the World
The richest country in the world is Luxembourg, known for its high income level and low unemployment rate, with a GDP of $116,921 per capita. This puts the small European state far ahead, with a gap of nearly $30,000 per capita from second-place Switzerland, which has $87,366.6. Just behind Switzerland is Ireland, considered a tax haven, in third place with $85,205.5 per capita.
Luxembourg impresses not only with its high GDP per person but also with a relatively fair distribution across society, earning it the top spot in the “Richest and Poorest Countries in the World 2022” ranking by the American financial magazine Global Finance, which places particular value on this factor. It states: “Luxembourg uses a large portion of its wealth to improve housing, health, and education for its population, which enjoys by far the highest standard of living in the Eurozone.” This is evident, for example, in the fact that since March 1, 2020, public transportation in Luxembourg has been completely free—for residents and tourists alike!
When considering a country’s total GDP, the list looks quite different, as previously mentioned. According to the current “Global Wealth Report” by Credit Suisse, the U.S. leads, followed by China in second place, and Luxembourg ranks 63rd, which is unsurprising given the sheer size and population of the leading countries.
Also interesting: The 10 most expensive countries to live in worldwide
The Best Country in the World is in Europe
These Countries Offer the Best Opportunities for Expats
Germany Makes It into the Top 20
Germany’s GDP per capita in 2020 was $46,216. This places the Federal Republic in 17th place among the world’s wealthiest countries. For comparison: In terms of total wealth according to GDP, Germany secured fourth place among the world’s richest countries in 2020 with around $3.8 trillion.
The 20 Richest Countries in the World by GDP per Capita
- Luxembourg: 116,921.11
- Switzerland: 87,366.6
- Ireland: 85,205.5
- Norway: 67,326.07
- USA: 63,358.49
- Denmark: 61,153.92
- Singapore: 59,794.6
- Iceland: 59,643.09
- Qatar: 54,184.97
- Australia: 52,905.4
- Netherlands: 52,456.09
- Sweden: 52,129.13
- Finland: 48,786.03
- Austria: 48,592.71
- Hong Kong (SAR): 46,657.2
- San Marino: 46,282.47
- Germany: 46,215.6
- Belgium: 44,688.46
- Israel: 44,181.17
- Canada: 43,294.8