The wealth of the country can be known by two methods: first, by taking GDP into account, or second, by taking the inflation rate and the cost of local products and services into account. GDP means gross domestic product. Under this method, the value of all goods and services produced within a country can be found. Now what we will have to do is divide it by the number of people living in the country, and then we will get to know how rich or poor a country is. GDP per capita helps us find out the average income of one person living in that country, and it is a very easy method to find out which country is the wealthiest.
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Top 10 Largest Economies in the World in 2024: GDP Rankings and Economic Insights
In this article, we have listed the top 10 countries based on the data given by international monetary funds. Our list can surprise you, as there are some of the smallest countries in the world too. At present, the GDP of India is increasing at the fastest rate, but when divided by the total population, the GDP is very low. That’s why India and China are not on our list, and even the USA is in the 9th position.
1. Luxembourg
Continent -Europe
GDP-PPP per capita in USD 143,740
Luxembourg is popular for its castles and beautiful countryside; its cultural festivals are one of its specialities. Luxembourg is situated in the heart of Europe and is the nation of 670000 residents. This country has many things to offer, including better housing, healthcare, and education for its residents, and the people of Luxembourg enjoy higher standards than people living in the eurozone.
This country controls the pandemic duration better than any other European country. In 2020, they had a growth rate of minus 0.9%, and the country will grow by 7% in 2021.
Hans Luxembourg is at the top of the list of the richest countries in the world by GDPÂ 14,3740 USD.
2. Macao SAR
Continent -Asia
GDP, PPP per capita 134,140
Macau SAR stands for Macau Special Administrative Region. It is a small country located next to Hong Kong and became part of the People’s Republic of China in 1999. This region of China is known as Las Vegas in Asia. This special administrative region area has seen significant growth in its wealth. It is a country of about 700,000 people, and over 40 casinos are spread over the Macau region. Casinos take up over 30 square kilometres of this country. But then COVID struck and changed the situation. global travel was restricted and these money-making casinos were closed for years becoming a cause for losing money rather than making it.
Hence, the country’s per capita income was 125,000 in 2019, and at present it is 134,140 USD, according to the International Monetary Fund’s data.
3. Ireland
Continent- Europe
GDP, PPP per capita 133,900
Island is a nation of 5.3 million inhabitants, and they were hit harder by the financial crisis of 2008–2009 that let the government cut down on the wages of public sector workers. Initially, it took time to restructure its banking industry and other necessary facilities. And the island regained its financial stability by boosting its employment rate, and it saw the GDP grow. There is a lot of financial gap between rich and poor and rich. On the Island, 20% of the people earn five times more than those in the lower.
4. Singapore
Continent- Asia
GDP, PPP per capita 133,740
Singapore became independent in 1965 when one-half of the population was illiterate. But this country boosts its GDP by using smart policies and hard work; it has become one of the most friendly countries for businesses in the world at present. Singapore is a city of attraction for the rich. And the richest person even in Singapore is an American who is the co-founder of Facebook and settled in Singapore. Apart from him, there are many other millionaires and billionaires settled in this country because of its exclusive fiscal heaven and tax-free dividends.
5. Qatar
Continent- Asia
GDP PPP per capita: 112,280
Qatar is mostly known for its oil, gas, and petrochemical reserves. With a small population of three million, this country is a marvel in the architectural world. Starting with luxurious shopping malls and fine dining, they always manage to stay at the top of the list of the world’s richest nations. Only 13% of the Qatari population lives in this country, and when the strike struck, all the migraine workers returned home, and those who remained got positive results. The revenues of the private sector and the falling energy prices meant the fall of the government too. But this country managed to stand up again and has shown significant growth of around 2% in 2024.
6. UAE
Continent- Asia
GDP, PPP per capita 96,850
Nowadays, the United Arab Emirates is known for its oil reserves, but before the 1950s, the country was famous for its agriculture, fishing, and trading policies. Only 20% of the UAE population is born there. This country is famous for its mix of traditional and Islamic architecture with shining shopping centres. Labourers come to work here from all over the world because of their taxi salaries.
The UAE is majorly known for its industries, including the hydrocarbon sector, construction sector, tourism, and finance. Corona also had a big side effect on this country’s economy, but the UAE still manages to hold its position in our top richest nations list according to the IMF’s ranking.
7. Switzerland
Continent- Europe
GDP, PPP per capita 91,930
Switzerland is a European country, and it is officially known as a swing configuration located in West Central Europe. This country is not only famous for its architectural beauty and nature but also for music festivals, chocolate watches, and ecetra. Switzerland is known for its inventions, and this country has the highest number of millionaires in the world.
8. San Marino
Continent -Europe
GDP, PPP per capita 86,990
San Marino is the 5th-smallest country in the world and the oldest republic country in Europe. This country has a very small number of citizens (3400), and maybe that’s what makes it on the list of the top 10 wealthiest countries in the world. At present, San Francisco is making efforts to liberalise its fiscal law and regulations per the European Union and international standards of the export system.
Because of San Marino’s tourist industry and manufacturing sector, this country earned its place in our top 10 list.
9. US
Continent: North America
GDP, PPP per capita -85,370
When the pandemic struck, many countries like Qatar, Norway, and the United Arab Emirates that were based on their petroleum storage went down, and countries like Brunei fell out of this list, but the United States finally made its way after having had a large pandemic-related social and economic measures.
The United States managed to remain stable after a bad pandemic situation and inflation in the IMF’s top 10 wealthiest countries. According to the International Monetary Fund update, its current data says that the US economy will grow by 2.7% in 2024.
10. Norway
Continent- Europe
GDP per capita: 82,830
Norway discovered its oil storage in the late 1960s and is also known as the top petroleum producer. This oil storage helps Norway gain a position in our top 10 list. Norway’s GDP PPP, which is 82830, shows the wealth of the people living in that country and does not have any in-quality gaps like other countries in the world.
In our list, we have discussed the top 10 richest countries by measuring their gross domestic product and their per capita income, as these two methods are the easiest way to know which country is rich and which country is not.