Singapore, Ireland, Qatar, Macao and Switzerland follow - all rather small countries.

Some of the world's wealthiest nations are also the tiniest, an article by Global Finance pointed out, with Luxembourg topping the list.

Besides noting Luxembourg's cultural and gastronomic wealth, the article argues that "Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone."

A recent STATEC report analysed the subjective well-being of residents, and concluded that the wealth of a country does not necessarily follow the same trajectory as the population's well-being.

Read also:Politmonitor - 52% of residents concerned about their finances

The coronavirus pandemic forced many businesses to close up shop, but compared to its European neighbours, the Grand Duchy weathered the pandemic much better, says the author. Luxembourg's GDP "rebounded from -1.7% in 2020 to 6.8%" and in 2014 "the country topped the $100,000 mark in per capita GDP."

But there is a problem with this analysis: The Grand Duchy really is quite unique with its high proportion of cross-border workers, counting nearly 212,000 in the second trimester of 2021. And while they contribute to the country's wealth, they are not included when the GDP is divided by inhabitants, leading to an artificially high number.

One of the main factors that lead to this richness are the "sophisticated financial sectors and tax regimes that help attract foreign investments and professional talent", structures that can also be found in Switzerland and Singapore.

Countries like Qatar, Brunei and the United Arab Emirates, which are also in the top 10 wealthiest nations, benefit from large reserves of natural resources. Meanwhile in Macao, casino businesses are booming, attracting wealthy tourism.

Germany is in 19th place, Belgium 22nd and France 26th.

South Sudan and Burundi make up the bottom of the list while countries like Afghanistan, Syria or Ukraine were not counted.

Read also:IMF - Is Luxembourg the richest country in the world?