Welcome to this article about top 10 richest countries in the world, we will explore the ten wealthiest countries in 2024, via Afrokonnect. An objective indicator that is used to determine which countries are the wealthiest throughout the world is the gross domestic product (GDP) and purchasing power parity (PPP).
Since the beginning of time, nations all over the world have been involved in a competition with one another on both the economic and military fronts.
Because technological progress has brought forth increased riches and prosperity in these nations, it is important to rank them according to their levels of economy and perhaps even subjective well-being.
Yardstick used in measuring the Wealthiest and Richest Countries in the World in 2024
Each country’s current Gross Domestic Product (GDP) per capita and Purchasing Power Parity (PPP) per capita will be used to determine it’s ranking among the top 10 wealthiest nations in the world.
Gross domestic product (GDP) measures the monetary worth of all final products and services produced inside a country in a given time period, often a year. The gross domestic product (GDP) of a nation is typically expressed as a ratio based on the country’s current population.
If you want to compare a country’s standard of life to another or it’s level of wealth, GDP alone isn’t the best measurement to use because it doesn’t account for differences in the cost of living or inflation.
When calculating GDP, total figures for things like exports, imports, investments, and government spending are taken into account. Labor, which affects standard of life and final costs, is not mobile and may not adequately represent GDP. For instance, the price of an item in the United States might be ten dollars ($10), whereas in Nigeria the same item might retail for over two thousand Naira (N2,000).
According to rough calculations performed using the Currency exchange rate (1 USD = N1,560) in effect at the time this article was written, a Nigerian can purchase at least four items with the same amount of money spent in the United States. One possible explanation for this disparity is that the cost of labor in Nigeria is significantly lower than in the United States.
Richest Countries in the World
To account for the wide range in national standards of living among the world’s top 10 wealthiest nations in 2024, we have adjusted their GDP per capita using the Purchasing Power Parity (PPP) method.
Since PPP compares currencies based on the differing costs of a basket of products or commodities in each country, it provides a more accurate evaluation of wealth distribution between nations.
Economists are able to measure how affluent a country is and get a general idea of the level of life in a variety of countries all over the world, basically by using a tool called the purchasing power parity, or PPP. Before we continue, here are the top 10 Richest Countries In Africa based on GDP Per Capita.
Top 10 Richest Countries in the World 2024
The following is a list of the top 10 wealthiest countries in the world in the year 2024;
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Luxembourg is the richest country in the world in 2024
The GDP per person in Luxembourg is equivalent to $118,503.6 in US dollars, using the purchasing power parity method. Statistics show that there are currently 632,275 people living in Luxembourg.
Despite the fact that it is completely surrounded by land, Luxembourg has succeeded in becoming the wealthiest nation on the planet, with a PPP per capita worth of $118,503.6.
The relatively modest nation boasts one of the most significant economy in the Eurozone. If you find yourself in this country make sure you check at lease these five out of the 15 Best Places to Visit in Luxembourg (Tourist Attraction).
Richest Countries in the World
In 1960, Luxembourg’s steel industry was a source of national pride. Since then, the nation has taken steps to diversify its economy, and the banking industry has emerged as the most successful subfield.
Luxembourg is frequently referred to as a tax haven; Nonetheless, the country is home to a number of regional offices of big multinational companies such as Skype and Amazon. The economy in Luxembourg is robust, and both inflation and unemployment are quite low.
According to Eurostat’s findings the Agricultural industry provides employment for approximately 2.1 percent of the country’s total population. Because of the high level of taxation in the country, it is commonly believed that Luxembourg is one of the wealthiest countries in the world.
People who work in Luxembourg but live in another member state of the European Union are responsible for contributing a sizeable portion to Luxembourg’s overall tax take. Here are the top 10 Things to See and Do in Luxembourg City.
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Singapore
Gross domestic product (GDP) per capita in Singapore is worth around $98.483.3 in current US dollars. In Numbers: Singapore has 5,685,807 Residents living in it’s jurisdictions,
Sir Stamford Raffles, a British man, was the driving force behind the formation of Singapore in 1816. The island nation was formerly a trade post for the British Empire, which is no longer in existence.
Despite the fact that it does not possess any natural resources, Singapore has managed to transform its economy into one of the most prosperous in the world. All major sovereign rating agencies have given Singapore an AAA sovereign rating, because of the country’s high level of development.
As a result of improvements in trade as well as other aspects of the economy, the wealthy economy of this Asian country is now considered to be one of the four Asian tigers.
The percentage of people living in Singapore who were millionaires in 2011 was higher than in any other country in the world. If you’ll like to visit this country then check out Singapore Visa Application: Requirement, Fees and Complete Guide.
Richest Countries in the World in 2024
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Republic of Ireland
The GDP per person in Ireland is equivalent to $95,237.2 USD when measured using Purchasing Power Parity. The Current Population of Ireland was estimated at is 4,994,724,
Ireland, commonly referred to as the Republic of Ireland, is an island that may be found in the European continent. The economy of Ireland has been successfully transformed into a free market economy.
At least six years in a row, Ireland has been recognized as the nation that offers the best potential for attracting high-value Foreign Direct Investment (FDI).
Richest Countries in the World
Because of the friendly policies of the Irish government, foreign multinational corporations have become the primary contributors to Ireland’s economy. The implementation of certain policies in the Republic of Ireland has resulted in that nation’s position as one of the top 10 wealthiest countries in the world in the present day.
A reduction in the country’s corporate tax rate from 32 percent to 12.5 percent was one of the policies that led to the nation attracting major corporations, Multinational companies like such as Amazon, Apple, and other large technology companies.
According to a survey by Fora in 2015, foreign firms were responsible for paying over 80 percent of Ireland’s corporate tax.
Not only that, but foreign corporations are also responsible for employing almost one quarter of the private labor market. Before we move to the next country on the count down, here is the cost of living in Ireland.
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Qatar
GDP (purchasing power parity) per capita in Qatar is estimated at $89,935.3 while the population was estimated to be 2,881,060. Qatar has gone from being one of the poorest countries in the world roughly fifty years ago, to becoming the fourth wealthiest country in the world right now.
After being under British control for many years, the country gained it’s independence in 1971 and became an independent nation. There is a strong correlation between the discovery of natural gas in Qatar and the country’s rise into the ranks of the world’s richest nations.
Natural gas reserves that Qatar possesses are the third largest in the world, the government of Qatar has ensured that it’s residents enjoy a high level of living by putting the profits earned from oil exports to good use.
It could explain how the government could afford to have it’s residents pay zero dollars in income taxes; Qatar is a wealthy country that also has a reputation for having one of the lowest tax rates in the world.
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Richest Countries in the World – Wealthiest Nations in 2024
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Switzerland
The Gross Domestic Product, Adjusted for Purchasing Power Parity, of Switzerland is equal to 71,760.6 USD per person. Since the year 2020, the population of Switzerland has equaled over 8,636,896.
In terms of per capita GDP, Switzerland is the world’s fifth richest nation. Although it is physically situated in Europe, Switzerland is not a part of either the European Union or the EuroZone.
Zürich, Geneva, and Basel are just some of the main cities in Switzerland that consistently rank high on lists of towns with the highest standard of living. Switzerland, the home of the Red Cross, has remained impartial during all of the hostilities that have erupted in recent decades.
Switzerland is one of the wealthiest countries in the world as a result of its consistent and thriving economy, which has resulted in it producing one of the greatest GDPs per capita. According to the Global Innovation Index, Switzerland was the most innovative nation in the entire world.
Switzerland has a sophisticated manufacturing industry that manufactures and sells chemicals, pharmaceuticals, measurement and musical equipment. The country also has a powerful service sector that includes banking, tourism, and insurance, among other things.
6. United Arab Emirates
The per capita GDP in the United Arab Emirates is 66,746.6 USD based on the purchasing power parity method. UAE is a country in western Asia that is well-known for it’s attractive destination, Dubai.
It is located at the easternmost tip of the Arabian Peninsula, Dubai is the country’s most famous city. Even though the United Arab Emirates has one of the greatest oil and natural gas reserves in the world,
The government has taken steps to diversify its economy so that it is not overly reliant on revenues from oil sales.
The United Arab Emirates has more than tripled it’s GDP in the previous 40 years, thanks to it’s reliance on oil and natural gas, as well as on stringent government interventions.
Because of its status as one of the world’s wealthiest nations, the United Arab Emirates (UAE) has experienced a massive influx of migrants from Africa and other developing regions,
Reducing the number of native-born people to a minority, likely because requirements and fees for the UAE Dubai Visa tends to be more friendly compared to other Arab countries.
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Brunei Darussalam – Wealthiest Countries in the World
GDP (purchasing power parity) per capita in Brunei is equal to $65,588.3 USD. A total of 437,483 people have called Brunei home as of the year 2020. Brunei is a Muslim-majority country in Southeast Asia with a monarchical form of government.
After it gained its independence from the United Kingdom, Brunei’s economic trajectory took a sharp turn in a new direction. Following the attainment of independence, the country’s GDP increased by around 56% between the years 1999 and 2008.
The availability of crude oil in Brunei is an indisputable factor in the country’s rise to prominence. The export of crude oil is a major contributor to Brunei’s gross domestic product, education in Brunei is offered at no cost to it’s residents by the central government.
The country now boasts an astounding literacy rate of 97.2 percent, thanks to policies set in place by the government, which has been extremely effective. In addition, Brunei has cringed the 47th spot on the global Human Development Index report.
Richest Countries in the World in 2024
Before we continue, you might want to check out the top 25 poorest countries in the world and most corrupt countries.
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San Marino
Gross domestic product (PPP) per capita in San Marino is worth $63,420.3 in current US dollars. With a total population of 33,928, San Marino is often considered as a Micro-state.
The Republic of San Marino is a nation located in southern Europe that claims to be the oldest republic in the world. With a total land area of only around 61 square kilometers, San Marino is one of the smallest countries in all of Europe.
Over the course of several decades, San Marino’s economy has expanded. Tourism, banking, manufacturing, and exports are four major pillars on which the nation’s economy is built.
The low tax rates for corporations attract investors from other countries, which is another boon to the economy. San Marino is a country that is completely surrounded by land. But, it is nonetheless considered to be among the richest nations in the world.
It is a highly developed nation with a high quality of life and a GDP per capita that is on par with the majority of the states that make up the European Union (EU).
In spite of the fact that it is not a member of the European Union, San Marino uses the Euro as it’s official currency according to a special arrangement. Due to it’s citizen’s high standard of living, San Marino is now the only nation in the world to have more vehicles than people.
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The United States of America
GDP (purchasing power parity) per capita in the United States is estimated at $63,413.5. The population of the United States of America as of the year 2020 was 329,484,123.
United States of America (USA) has the biggest GDP in the world, it is widely considered to be the preeminent powerhouse on the global stage.
The United States of America is not only the greatest economy in the world, it is also the largest importer and second-largest exporter of products, behind only China.
Richest Countries in the World
After gaining victory in the Spanish-American conflict, World War I, and World War II, the United States came to control the economy of the entire world. After the end of the cold war, it eventually established itself in the aftermath of the collapse of the Soviet Union.
The economy of the United States is based on a free market that fosters an entrepreneurial spirit, it is protected by a solid structure of government institutions that are autonomous from one another.
Even though it only accounts for 4.2 percent of the world’s entire population, the United States of America not only controls the majority of the world’s total GDP, it also contributes 30 percent of the whole wealth that exists in the world.
The United States of America may be ranked as the ninth richest country in the world. However, there is a rampant inequality in many aspects, including race, income, and access to universal healthcare, according to opponents.
In spite of this, the United States has made significant advances in technology, through the establishment of a large number of prosperous new businesses and long-standing corporations. Here are the 10 Largest and Safest cities in United States (USA).
Wealthiest and Richest Countries in the World 2024
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Norway
GDP measured on a purchasing power parity basis, adjusted for inflation, equals 63,287.6 USD per capita for Norway. The population of Norway as of the year 2020 was estimated at 5,379,475 people.
Norway is one of the wealthiest countries in the world despite being a relatively tiny country with only around 5.3 million citizens, this is due to Norway’s varied economy as well as it’s natural resources.
Despite the country’s lack of a socialist political ideology, Norway has a well-developed welfare and social security system. The government of this nation has instituted new laws designed to more equitably disperse the nation’s riches among it’s citizens.
Richest Countries in the World
It is hardly surprising that it came in first place on the OECD’s Better Life Index. Additionally, Norway maintains the world’s largest Sovereign Wealth Fund (SWF), which is funded by the country’s earnings from the export of oil and gas.
In addition to it’s significant reserves of oil and natural gas, Norway is the world’s second-largest exporter of fish and possesses a wealth of other important mineral resources inside it’s borders.
As a result of having one of the highest GDP (PPP) per capita figures in the world, Norway has a high standard of living that is among the best in the world. In addition, Norway holds the number two spot on the list of the most unstable states index for the year. You might want to consider How to Migrate to Norway and Become a Permanent Resident.
Richest Countries in the World in 2024
Conclusion
The country’s population and the GDP (adjusted PPP) per capita are the two most important factors, it determines whether or not a country will be included in the list of the top 10 richest countries in the world.
While countries like the United States and China each have a real GDP of more than $15 trillion, their populations are so large that their citizens share very little of that income.
In the United States of America, government entities hardly possess any economic assets at all. In fact, the federal reserve system in the United States is not entirely under the government’s command. All of this demonstrates that the government as well as private enterprises play an essential part in the process of ensuring that money is dispersed fairly among its citizens.
