50 richest countries in the world by GDP per capita

Every year, the IMF and the World Bank calculate the gross domestic product, or GDP, of all countries in the world. Based on this indicator, a rating of the richest countries is formed. The gross product per capita reflects the well-being of the country’s citizens.

It’s important to remember that there are other indicators of a nation’s economic and social well-being besides GDP per capita. Factors like income inequality, wealth distribution, and the quality of public services greatly influence a country’s general financial condition and living standards.

Some wealthy and small nations, such as San Marino, Luxembourg, Switzerland, and Singapore, profit from having complex financial systems and tax structures that draw in outside capital, skilled labour, and sizable bank deposits.

Others, like Qatar and the United Arab Emirates, have abundant natural resource reserves, such as hydrocarbons. Despite over three years of sporadic lockdowns and travel restrictions connected to the virus, Asia’s gambling paradise Macao remains one of the world’s wealthiest states. It is thanks to its glittering casinos and throngs of tourists.

The Netherlands had a high GDP per capita, which indicated a relatively prosperous economy. Economic growth had been moderate but steady.

The country was known for its open and export-oriented economy. It was a major global exporter of goods and services, focusing on products like machinery, chemicals, food, and petroleum.

The services sector played a significant role in the Dutch economy, particularly in finance, logistics, and technology. The city of Amsterdam was a hub for financial services and technology startups.

The country had a reputation for innovation and investment in research and development, leading to advancements in various sectors.

Wealthy foreigners can move to the Netherlands and enjoy the benefits of living in one of the richest European countries in return for investment in the Dutch economy. To qualify, the applicant must invest a minimum of €1,250,000.

Other European nations also provide residency permit programs for investors. The required minimum capital varies by country and starts from €250,000. Applicants can choose from several investment options, including buying a home, giving to charity, investing in a business, buying shares, or buying government bonds.

Taiwan had a strong and growing economy, among the countries by GDP per capita. Economic growth had been consistent, driven by its export-oriented manufacturing sector.

Taiwan is known for its advanced manufacturing industries, particularly in the electronics sector. The country is a major global producer of semiconductors, electronics, and information technology products. Companies like TSMC, Taiwan Semiconductor Manufacturing Company, were global leaders in semiconductor manufacturing.

The country’s emphasis on innovation and technology has helped it become a global player in the high-tech industry. Research and development were significant contributors to the economy.

The services sector had been growing, with areas like finance, technology, and tourism contributing to the economy.

Taiwan’s focus on education and innovation has led to a skilled workforce and a favourable environment for research and development.

The economy of Denmark is dominated by the service sector, with 80% of all jobs. About 11% of employees work in manufacturing and 2% in agriculture. The economy also depends highly on foreign trade: Denmark’s exports and imports constitute about half of the GDP.

The average monthly wage in the country is DKK 44,514 (€5,986) before taxes. In 2020, Danes had an average net worth of DKK 1,190,730 (€160,120) after subtracting liabilities from assets.

Forbes has counted 9 billionaires in Denmark, four of whom are Lego company shareholders.

According to the US News & World Report, Denmark is the second-best country in the quality of life. Life expectancy in Denmark is 83.4 years for females and 79.6 years for males.

It’s not very easy to move to Denmark: to do so, you will need to find solid ground. Denmark issues residence permits to those who have found a job in the country, entered a Danish university or married a Danish citizen. Investment activity is not on the list, but creating a startup is a way to get residency.

Hong Kong is a Special Administrative Region (SAR) of China located on the country’s southern coast. It is situated at the Pearl River Delta and bordered by the South China Sea. Hong Kong consists of Hong Kong Island, the Kowloon Peninsula, the New Territories, and several outlying islands.

Hong Kong is a central global financial and business hub. It has a free-market economy with low taxation, minimal government intervention, and a well-developed financial sector. Its strategic location, world-class infrastructure, and business-friendly environment have made it a key international financial centre.

The diverse population of over 7 million people consists of people from various ethnic backgrounds and nationalities. Most of the population practises a mix of Chinese traditions and modern lifestyles.

The richest country in Southeast Asia is Brunei Darussalam. The sources of the country’s prosperity are oil and gas. The IMF estimates that hydrocarbon exports provide more than 70% of income. For comparison: the share of agriculture is less than 1% of GDP.

Brunei is ruled by the Sultan, who also serves as prime minister, minister of defence, finance, and religious leader. Over 200 thousand people live in the capital Bandar Seri Begawan, half the country’s inhabitants.

Brunei citizens do not pay income tax, receive interest-free bank loans, and use free medical services. Education for citizens of the Sultanate is also free, and not only in Brunei: if a citizen of the country enters a foreign university, the cost of education is covered by the state.

One of the priorities of Brunei is the development of tourism. In 2003, the Sultan provided $2.7 billion and a 180-hectare patch of rainforest for constructing The Empire Brunei Hotel. Despite investments, the share of tourism income in the country’s GDP is less than 0.5%. Strict laws, including a ban on alcohol, deter foreigners.

The only way to move to Brunei is to get a job offer and a work visa.

Expats who work for Brunei companies and foreigners who have married local women can apply for Brunei citizenship.

Foreigners receive a Brunei passport on the condition that they have invested in the economy of the Sultanate or deposited $300,000 in a local bank.

To obtain citizenship, applicants must pass an exam in knowledge of the language and culture.

The fifth-smallest nation globally, San Marino is the oldest republic in Europe. Although it only has 34,000 residents, its populace is among the richest in the world. The fact that income tax rates are so low — roughly a third of the EU average. San Marino is nonetheless attempting to align its budgetary rules and guidelines with those of the European Union and other international norms.

The little country demonstrated incredible fortitude during and after the pandemic in the face of difficult economic times and the energy crisis, with its manufacturing and tourism sectors performing well.

San Marino has a diverse economy that relies on various sectors, including tourism, banking, manufacturing, and services. It is known for its relatively low corporate tax rates, which have attracted businesses and financial institutions to establish a presence in the country.

The US is the largest economy in the world, accounting for about 20% of global GDP. The US GDP per capita structure is dominated by services of more than 75% pharmaceuticals, oil and gas industry. Auto and aircraft manufacturing account for 20%.

According to the website 24/7 Wall St., the United States is the second largest country in the world, with the second largest reserves of natural resources. The rating compilers collected data on explored reserves and calculated their market price. The total value of US natural resources exceeds $45 trillion.

Top 5 richest countries in natural resources

State

Value of resources

Russia

$75.7 trillion

United States

$45 trillion

Saudi Arabia

$34.4 trillion

Canada

$33.2 trillion

Iran

$27.3 trillion

The United States tops the list of countries with the most significant number of billionaires. Forbes estimates that 735 of the world’s 2,578 billionaires are American citizens.

The minimum wage in the US is $7.25 an hour. According to various sources, Doctors, cardiologists, anesthesiologists, surgeons, and psychiatrists earn the most in the country: from $217,000 to $350,000 annually.

You can get an EB‑5 visa for foreign investors to move to the US. The minimum investment amount is $800,000. An investor can get a green card and move to the US with a spouse and children under 21.

You must live in the United States for at least 183 days a year to maintain your status. After five years, you can apply for citizenship by naturalisation.

About 30% of Norway’s GDP comes from the oil and gas industry. Norway exports iron, magnesium, titanium and aluminium. The country has a developed fishing and woodworking industry.

Norway is fourth in terms of living standards and has the highest life expectancy: 80 years for men and 84 years for women.

The highest salaries are received by specialists employed in the field of mining. According to the Norwegian Central Bureau of Statistics, the average wage in the country is NOK 50,790 per month, equivalent to €4,944. At the same time, men earn an average of NOK 53,710 per month (about €5,228), and women — NOK 47,190 (€4,593).

Norway was ranked second on the list of countries with the lowest level of corruption.

One of the priorities of the Norwegian government is gender equality. According to Norwegian law, the share of women on public and private company boards and boards of directors is at least 40%.

Norway is in the top 10 countries where it is the fastest to obtain citizenship by naturalisation. To apply for citizenship, foreigners first obtain a residence permit and then live in the country for seven years. An exception applies to Sweden, Denmark, Finland and Iceland citizens, who can be issued a Norwegian passport after two years.

In 2020, Norway allowed its citizens dual citizenship so foreigners do not have to relinquish their first passports.

More than 70% of Switzerland’s GDP comes from the service sector. The industry share is 25%, and agriculture is less than 1%.

The financial sector employs less than 6% of the working population. About 75% of the Swiss work in tourism, restaurant and hotel business.

The main advantages of living in Switzerland are high salaries, political stability, safety and sound ecology.

The average salary in Switzerland is ₣6,538 per month, equivalent to €6,768. A kindergarten teacher earns ₣4,900 monthly, and a store clerk earns ₣4,400.

Switzerland is a country of immigrants: the share of foreigners living here is 25% of the 8.5 million people. The average income of foreigners working in Swiss companies is $203,000 annually.

To obtain a residence permit in Switzerland, foreigners agree to pay a flat tax to the canton authorities where they plan to live. Each canton determines the amount of the payment independently. The minimum is ₣450,000, or $477,000.

In the 63 years since the discovery of oil fields, the UAE has turned from a poor region into a country with a high standard of living. Oil and gas exports provide up to 30% of the country’s GDP. The main hydrocarbon reserves are concentrated in Abu Dhabi and Dubai, while oil accounts for less than 1% of Dubai’s GDP.

In 2020, the UAE attracted $19 billion in direct investment. According to the Financial Times, Dubai ranks third in the world regarding the number of investment projects with foreign capital.

One of the secrets of the prosperity of the UAE is free economic zones, where it is allowed to register companies that foreigners wholly own. In other cases, foreigners can open a company in the Emirates only together with a citizen of the UAE and issue 51% of the shares to him. The main limitation for companies from FEZs is that they can only do business in the territory of the free zone or abroad.

The UAE grants citizenship for contributions to the economy. The passport can be obtained by outstanding artists, doctors, inventors, scientists, investors and members of their families.

The fifth place in the ranking of the richest countries occupies the autonomous territory of China — Macau.

Macau is called the second Las Vegas, as 33 casinos exist, and every fifth inhabitant of the region is employed in the gambling business.

Tourism and gambling have made the people of Macau wealthier than Brunei. The share of tourism in GDP is 72%. According to the Next Vacay ticket search service, 3.3 million tourists visited Macau every month in 2019. Even at the height of the pandemic in 2020, the tourist flow amounted to 491 thousand people a month.

The basis of Qatar’s welfare is the export of liquefied natural gas and oil; the state has no other natural resources. Most of the territory is occupied by the desert, with practically no precipitation or fresh water. Hydrocarbon revenues account for half of the country’s GDP.

In the IMD Economic Competitiveness Index, Qatar ranks 18th. The Sheikh of Qatar is actively developing non-primary sectors of the economy.

One of the areas of public investment is logistics. Qatari deep water ports provide a quarter of the cargo flow to the Middle East. Doha Airport has become an international air hub, used by 50 million people annually. In 1997, Qatar Airways had only four aircraft, and since 2011 it has topped the Skytrax ranking of the best airlines in the world.

The government relies on high-tech industries: telecom and IT. Qatari telecom operator Ooredoo was one of the first in the world to launch a 5G network.

Qatar’s development strategy provides financial assistance to extensive holdings like Qatar Airways and small and medium-sized businesses. Small businesses can attract loans at 2.55 to 7% per annum. The main condition for obtaining financing is that a Qatari citizen must own 51% of the company’s shares.

Foreigners make up 1.5 of the 2.7 million people in the population. Temporary workers come to Qatar from India and Pakistan.

Two ways to obtain Qatari citizenship are to marry a Qatari or invest at least $3 million in the local economy. To marry a foreign woman, a Qatari citizen must obtain permission from the authorities. If a Qatari woman marries a foreigner, her husband and children cannot claim citizenship in the country.

Foreigners who have obtained a Qatari passport through naturalisation cannot qualify for government benefits and subsidies.

Singapore is one of the four “Asian tigers”, along with Hong Kong, Taiwan and South Korea.

A significant source of Singapore’s income is the export of electronics and pharmaceutical products, but the service sector provides almost 70% of Singapore’s GDP. Financial services account for 30% of revenue. The Singapore Exchange SGX is one of the top 10 Asian stock exchanges.

According to the Singapore Department of Statistics, the average salary is SGD 6,159, which is about $4,600 per month. The most demanded professions are doctors, IT specialists, teachers, engineers and architects.

The secret of Singapore’s success is beneficial conditions for businesses and investors. The city leads in two rankings: economic freedom, competitiveness and income level of the population.

The easiest way to get permanent residence in Singapore is to invest in a startup from SGD 2.5 million, equivalent to $1.8 million. Foreigners can also invest in existing businesses. The primary condition is that the company’s average annual turnover over the past three years can be at least SGD 50 million ($36.5 million).

Luxembourg is the world’s richest country and the world’s largest banking centre. More than 200 banks and 1,000 investment funds operate in the capital.

The high performance of Luxembourg is partly due to the fact that citizens of neighbouring countries work in the duchy: France, Germany and Belgium. Foreign workers contribute to GDP growth but are not included in the per capita calculation.

According to the National Institute for Statistics and Economic Research of Luxembourg, the minimum wage in the country is €2,257 per month. Adult unskilled workers can count on such an amount. The average monthly salary is €5,000. The highest paid specialists work in insurance companies, banks, IT and power industries.

Luxembourg is in the top five of the International Tax Competitiveness Index (ITCI). According to the newspaper Le Monde and Süddeutsche Zeitung, 90% of companies registered in the country are owned by foreigners.

Luxembourg attracts foreign businessmen with preferential taxation. Non-resident companies pay taxes only on those incomes that are received in the territory of the duchy.

You can get a residence permit in Luxembourg by investment. Foreigners have one of four options available:

1. Invest €500,000 in a company registered in the country. The investment can be returned after 5 years.

2. Invest €500,000 in a startup. In the first three years of operation, the company must hire at least 5 citizens of the country.

3. Invest €3 million in Luxembourg investment funds.

4. Open a deposit for five years in a local bank and put €20 million in it.

After five years, the investor has the right to apply for citizenship.

If an investor plans to live in Luxembourg, but does not intend to invest in the economy of the duchy, it is possible to obtain a residence permit in neighbouring Belgium.

Financially independent foreigners can obtain a residence permit if they prove that they receive legal income outside of Belgium. To maintain the status, it is enough to live in the country for 183 days a year.

Ireland is the wealthiest nation in the world, according to the IMF. Agriculture, food, textile industries, IT and mechanical engineering, helped the Irish economy to overtake Singapore, Qatar and even the USA. The country has developed the production of medicines and medical equipment.

The United Kingdom is Ireland’s leading trading partner, with the US accounting for 17% of trade and Germany for 11%.

The average pension in the country is €1,600 per month. When compiling the rating, Natixis took into account not only pension payments, but also the general financial and economic situation, the standard of living and medical care, and benefits.

What other countries have the best living conditions for pensioners

According to Credit Suisse, Ireland is among the top twenty countries with the highest wealth per adult, which estimates $251,340.There are 9 billionaires registered in the country.

There are several ways to obtain an Irish passport:

• by marriage: spouses must live together for at least three years;

• by naturalisation: one must legally live in Ireland for five of the nine years preceding the request.

1. The article lists the top 50 richest countries by GDP per capita in 2023. The rankings are based on data from the IMF and World Bank. The list’s leader is Ireland, with a GDP per capita of $145.2 thousand.

2. Wealthy countries have diverse sources of income. Some, like Qatar and the United Arab Emirates, rely on abundant natural resources like hydrocarbons. Others, like San Marino, Luxembourg, and Switzerland, attract outside capital, skilled labour, and sizable bank deposits due to complex financial systems and tax structures.

3. The article discusses opportunities for foreigners in rich countries. Many countries offer residency or citizenship programs for investors, entrepreneurs, and skilled workers. Requirements vary, but investments, economic contributions, and meeting specific criteria often play a role.

4. The article provides insights into various rich countries, such as their main sources of income and the sectors driving their economies. For instance:

5. Several countries, such as Luxembourg, UAE and the United States, offer pathways for foreigners to gain residency or citizenship through investment, business creation, or meeting specific criteria.