- Discover the world's richest country: tiny but mighty Luxembourg leads the pack with a GDP per capita of $126,427 in 2023.
- Surprisingly, Luxemburg is cheaper to live in than many U.S. cities, offering a slice of affordable luxury with free public transportation.
- Luxemburg may be the richest country, but it's also one of the Continent's most expensive, though a charming city full of historical wonders.
The country that tops the list as the world's richest country may vary somewhat from year to year, but according to the Visual Capitalist, the richest country (based on GDP data from 2022) was Luxembourg. It may come as a surprise, but it is considered cheaper to live in Luxemburg than in many of America's cities. The surprising affordability of Luxembourg is just one of the reasons to visit the world's richest country.
Luxembourg is one of the largest of the peculiar microstates of Europe. While Luxembourg may be cheaper than the main cities of the United States, it is still one of the most expensive countries in Europe. Here's what to know about visiting and how Luxembourg stacks up against the cost of living in the US.
Luxembourg: The Richest Country In The World
Luxembourg is considered the richest country in the world for 2023 with a GDP per capita of $126,427
The country that tops the list of the richest countries in the world varies from year to year and by methodology (but the top five are generally consistent). The United States is the wealthiest by the absolute size of its economy (around $27.36 trillion in 2023) — larger than the European Union plus the United Kingdom.
But the United States has hundreds of millions of people while Luxembourg has less than one million.
Richest Countries By GDP Per Capita 2022
- Luxembourg: $126,427
- Bermuda: $118,846
- Norway: $106,149
- Switzerland: $92,101
- Qatar: $88,046
The United States comes in at seventh place of richest countries per capita with $76,399 per capita, making it the wealthiest country in the world with a population greater than 10 million people.
10 Safest Countries To Visit In 2024, According To The Global Law & Order Index
Safety is the top priority when traveling. So, here are the safest countries to visit in 2024.Luxembourg Is Cheaper Than New York City
Luxembourg is around 45% cheaper than NYC and public transportation is free
According to Numbeo, Luxembourg is considerably cheaper than the cost of living in NYC. People in Luxembourg city only need around $5,531 to enjoy the same standard of living as what $10,000 buys in NYC.
The prices are lower in Luxembourg almost across the board. Notably, rent prices are around 55% lower, consumer prices are 35% lower, and restaurant prices are 28% lower. Where Luxembourg is particularly notable is that public transport is free (for the whole country). Just hop on the bus or train and go wherever you want, all without a ticket.
Example Expenses In NYC & Luxembourg:
- Meal at Inexpensive Restaurant: NYC $28.00 / Lux $20.96
- Mass Transit: NYC $2.90 / Lux $0
- Monthly Transport Pass: NYC $132 / Lux $0
- Rent Apartment: NYC $4,062 / Lux $1,871 (one bedroom, city center)
Still, it seems that the price of a McMeal at McDonald's is about the same ($12 for NYC and $11.86 for Luxembourg).
That being said, comparing Luxembourg to NYC may be a little misleading, as New York City is the most expensive city in the United States and one of the wealthiest cities in the world. In some years, NYC tops the list of the most expensive cities in the world.
Luxembourg may be the world's richest country, but NYC is a richer city. New Yorkers enjoy an average monthly salary after tax of around $6,505, while in Luxembourg it's $4,925. It seems that for New Yorkers, everywhere in the world is cheaper (or at least similarly-priced) than back home.
Even so, Luxembourg has a lower cost of living than major US cities like Washington DC, Los Angeles, Atlanta, and Dallas. Its cost of living is very similar to Detroit's.
This Is The Most Crowded Tourist Country In Europe
With nine tourists for every resident, Monaco is the most crowded tourist country in Europe.Why Luxembourg Is One Of Europe's Most Charming Little Countries
Luxembourg is smaller than Rhode Island but has plenty of historic and natural attractions to explore
Luxembourg is a tiny country in Europe sandwiched between Germany, France, and Belgium. Its capital and largest city is the city of Luxembourg (which is also home to the Court of Justice of the European Union).
Luxembourg is a charming but small country, as can be guessed by its official name; the Grand Duchy of Luxembourg. It is the world's last remaining sovereign grand duchy. For comparison, Luxembourg is smaller than Rhode Island (998 square miles vs 1,214 square miles) and has a population lower than Alaska (660,000 vs 730,000).
- Size: 998 square miles
- Population: 660,000
The small country is full of things to see and do. The city of Luxembourg is famous for its shopping and its UNESCO-listed historical fortifications, while the rest of the country is noted for its castles and rolling green hills.
Luxembourg is a great place to relax. It has some stunning medieval shopping streets and plenty of excellent hiking trails to explore.
