Research Articles

Top 50 Countries in the World by GDP Per Capita

3 Mins read
GDP Per Capita illustration

A nation’s wealth is determined by its economic stability and prowess.  And while a lot of countries are still striving for economic growth and prosperity, some have managed to emerge as leaders in amassing wealth.

What is GDP?

GDP stands for Gross Domestic Product. It is an economic indicator that showcases the total value of all goods and services produced in a country for a period, usually a year. It is mostly used by the government of a country to measure its economic health.

What is GDP Per Capita?

GDP per capita is a measure of how much economic output or income, on average, each person in a country generates. It is gotten by dividing the total GDP (the value of all goods and services produced) of a country by its population.

What is the difference between GDP and GDP Per Capita?

GDP provides the total value of economic production within a country usually within a year while GDP per capita gives an average measure of economic output each person generates in a country. 

Top 50 richest countries in the world based on GDP per capita

S/NCountryGDP Per CapitaGDPPopulation Size
1Luxembourg$135,68386 billion655,489
2Bermuda$110,8697 billion64,055
3Ireland$99,152504 billion5,101,817
4Switzerland$93,457801 billion8,842,605
5Norway$89,203482 billion5,547,152
6Singapore$72,794397 billion5,987,131
7United States of America$69,28823.3 trillion333,772,010
8Iceland$68,38426 billion387,758
9Denmark$67,803398 billion5,852,704
10Qatar$61,276180 billion3,025,675
11Sweden$60,239636 billion10,285,938
12Australia$59,9341.6 trillion26,379,798
13Netherlands$58,0611 trillion17,247,312
14Finland$53,983297 billion5,566,268
15Austria$53,268480 billion9,159,142
16Canada$52,0512 trillion38,726,052
17Belgium$51,768594 billion11,739,522
18Israel$51,430489 billion9, 058,234
19Germany$50,8024.3 trillion84,579,285
20Hong Kong$49,661369 billion7,677,645
21New Zealand$48,802250 billion4,938786
22United Kingdom$47,3343.1 trillion68,945,912
23Macao$45,42230 billion675,640
24France$43,5193 trillion65,702,654
25Andorra$43,0483 billion80,115
26Japan$39,2854.9 trillion125,326,833
27Italy$35,5512.1 trillion60,198,032
28South Korea$34,7581.8 trillion51,400,260
29Malta$33,25717 billion445,031
30Brunei$31,72314 billion449,923
31Cyprus$30,79828 billion1,233,463
32Spain$30,1161.4 trillion46,808,524
33Slovenia$29,20162 billion2,079,786
34The Bahamas$28,23911 billion404,396
35Estonia$27,28137 billion1,329,180
36Czech Republic$26,378282 billion10,767,899
37Portugal$24,262254 billion10,108,590
38Turks and Caicos Islands$24,047943 million40,274
39Saudi Arabia$23,586834 billion36,423,878
40Lithuania$23,43366 billion2,609,773
41Bahrain$22,23239 billion1,877,481
42Slovakia$21,088117 billion2,079,786
43Latvia$20,64240 billion1,824,345
44Greece$20,277215 billion10,271,919
45Hungary$18,773182 billion9,587,579
46Saint Kitts and Nevis$18,2301.05 billion54,316
47Poland$17,841679 billion37,723,615
48Croatia$17,39969 billion4,030,127
49Barbados$17,0345 billion288,419
50Uruguay$17,02159 billion3,509,471
Top 50 richest countries in the world based on GDP per capita

Source: The data on the GDP and GDP Per Capita on this page are from the World Bank and presented in US dollars (USD). And the population size data is from Worldometer.

How is GDP calculated?

GDP is usually calculated in different ways depending on inflation, population changes, and changes in the value of a currency. But, the most common one is the expenditure approach, which adds up the spending on various components of the economy. The components include:

  1. Consumption (C): This includes the expenditure on personal consumption of households, such as food, housing, transportation, healthcare, and entertainment.
  2. Investment (I): This includes expenditures businesses invest in equipment, machinery, changes in business inventories, construction of new buildings, and structures. 
  3. Government Spending (G): This includes expenditures incurred by all levels of government, such as salaries of government employees, public infrastructure projects, and purchase of goods and services for the use of the public.
  4. Net exports (NX): This shows the difference between exports (the value of goods and services produced domestically and sold abroad), and imports (the value of goods and services produced abroad and bought domestically). If the value of exports is higher than that of imports, there will be a trade surplus, which means there is an increase in GDP. Conversely, if imports are higher than exports, there will be a trade deficit, which means a subtraction from GDP.

What is the Formula for Calculating GDP?

The formula for calculating GDP using the expenditure approach is: GDP = C(consumption) + I(Investment) + G(Government spending) + NX(Net exports)

What is the richest country per GDP Per Capita?

The richest country in the world is Luxembourg, with a GDP per capita of $135, 683.

This is because of its diversified economy, strong financial sector, and favourable tax policies. Luxembourg’s wealth is mostly sourced from the banking, steel, and industrial sector. The country is best known as the one with the largest banking center with 200 banks and 1000 investment funds operating there.

Renowned for its favourable business environment, political stability, and robust regulatory framework, Luxembourg has become a home for international investors. The country’s banking sector, investment funds, and wealth management services attract capital from around the world.

Luxembourg is committed to innovation, particularly in financial technology (FinTech), and this has further solidified its status as a leading country in the financial services industry. 

What are the 10 Richest Countries in the World?

The 10 richest countries in the world are:

  1. Luxembourg – $135,683
  2. Bermuda – $110,869
  3. Ireland – $99,152
  4. Switzerland – $93,457
  5. Norway – $89,203
  6. Singapore – $72,794
  7. United States of America – $69,288
  8. Iceland – $68,384
  9. Denmark – $67,803
  10. Qatar – $61,276

Bottom Line

The richest countries in the world showcase different factors that contribute to their economic prosperity. Luxembourg has through its commitment to financial technology attracted international investors to itself and thereby in the lead, despite its small size. 

However, it is important to know that, that a country is wealthy doesn’t mean there is equal distribution of wealth among its citizens. When measuring a country’s well-being, it is important to take into consideration its social welfare, and other socio-economic factors.

Also, economic ranking fluctuates at every point in time due to various global and domestic factors. Changed technological disruption, policy shifts, commodity prices, and geopolitical events can influence the economies of these nations.


Top Investments in Nigeria | Naira and Dollar

Top 10 Richest Men In The World

Top 10 Richest Women in the World

15 Useful Life Hacks from 5 World Billionaires

Top 10 Wealth Management Firms In Nigeria

7 Money Nuggets From “The Richest Man In Babylon”

Leave a Reply

Your email address will not be published. Required fields are marked *