2/19/24, 7:35 AM The World's Richest Countries Across 3 Metrics

MONEY

The World’s Richest

Countries Across 3 Metri
Published 2 weeks ago on February 4, 2024
By Niccolo Conte Article/Editing: Dorothy Neufeld

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2/19/24, 7:35 AM The World's Richest Countries Across 3 Metrics

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2/19/24, 7:35 AM The World's Richest Countries Across 3 Metrics

The World’s Richest Countries Across

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2/19/24, 7:35 AM The World's Richest Countries Across 3 Metrics

How do you measure the economic success of a

country?
By one classic measure, GDP per capita shows
individual economic prosperity. But comparing
countries simply by this metric doesn’t tell the whole
story. To get a better idea of living standards, it helps to
look at how far your money will go along with
adjusting for labor productivity.

This graphic shows the world’s richest countries by

three different measures, based on data from The
Economist and Sondre Solstad. All figures are in U.S.
dollars.

World’s Richest Countries, by GDP per

Capita
As the table below shows, smaller countries fare much
better—of the top 10 richest countries, eight of them
have populations under 10 million people.
Show 10 entries Search: X

Rank
 Country  GDP per Capita 2022 

1 Luxembourg $126,426
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Rank
 Country  GDP per Capita 2022 

2 Bermuda $118,846
3 Norway $106,149
4 Switzerland $92,101
5 Qatar $88,046
6 Singapore $82,808
7 United States $76,399
8 Iceland $72,903

9 Denmark $66,983
10 Australia $64,491

Showing 1 to 10 of 26 entries  Previous Next 

Luxembourg, whose financial sector makes up 25% of

its GDP, is the world’s richest country by GDP per
capita.
With a population of just 660,000, the country is also
considered a tax haven, incentivizing foreign
investment due to its favorable tax policies. Due to the
small nation’s considerable wealth, its citizens enjoy
free education, healthcare, and transportation. X

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2/19/24, 7:36 AM The World's Richest Countries Across 3 Metrics

Bermuda, like Luxembourg, is known as a tax haven.

Several multinationals shelter billions in the island
nation—including Google, which moved $23 billion in a
shell company in 2017 to lower foreign tax costs.
With a GDP per capita of $82,808, Singapore is the
richest country in Asia thanks to its role as a global hub
for finance, trade, and tourism.

A New Lens: Purchasing Power Parity

(PPP)
Another way to compare countries adjusts GDP per
capita based on the relative price of goods and services
in order to account for differences in the cost of living
and local currency strength.
This provides a clearer comparison of living standards
across countries since the value of a dollar can buy
more goods in different countries. Below, we show how
countries perform differently based on this measure,
known as GDP per capita adjusted by purchasing power
parity (PPP):
Show 10 entries Search:
Rank
 Country  GDP per Capita 2022, PPP 

1 Luxembourg $142,214
2 Singapore $127,565
3 Norway $114,899
X
4 Qatar $114,648
5 Bermuda $95,837

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Rank
 Country  GDP per Capita 2022, PPP 

6 UAE $87,729
7 Switzerland $83,598
8 United States $76,399
9 Denmark $74,005
10 Netherlands $69,577

Showing 1 to 10 of 26 entries  Previous Next 

As we can see, Singapore significantly jumps up the

ranking, when adjusting for PPP.
Looking at the world’s richest countries this way shows
that living standards are high in Singapore since their
currency can go further than in other countries. Often,
richer countries will have higher prices as a result of
higher labor productivity, advanced technology, and
other factors.
Similarly, the UAE rises into the top 10, outpacing both
Switzerland and America. As one of the top oil-
producing countries worldwide, it made $100 billion in
oil revenues in 2022, equal to about $100,000 per X

citizen.

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2/19/24, 7:36 AM The World's Richest Countries Across 3 Metrics

World’s Richest Countries, Adjusted

for Hours Worked
How do the rankings change when accounting for
productivity?
To analyze this, GDP per capita on a PPP basis is
adjusted by the estimated hours worked per person.
Economies that have high quality, productive
workforces with strong standards of living tend to rank
well using this measure.
Show 10 entries Search:
GDP per Capita 2022, PPP adjusted for hours
Rank
 Country  
worked
1 Norway $110,834
2 Luxembourg $92,446
3 Qatar $88,940
4 Bermuda $84,326
5 Denmark $74,461
6 Belgium $72,256
7 Switzerland $68,654
8 UAE $68,100
9 Austria $67,397
10 Sweden $66,909

Showing 1 to 10 of 31 entries  Previous Next 

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2/19/24, 7:36 AM The World's Richest Countries Across 3 Metrics

In this case, Norway has the best ranking globally. This

strong showing is likely influenced by working fewer
hours compared to the American population due to
greater holiday allowances, among other factors.
Meanwhile, the U.S. is in 11th place when adjusting for
hours worked, with mainly Western European nations
ahead in the ranking. Similarly, countries including the
Netherlands, Singapore, Hong Kong, and Brunei drop
when adjusting for working hours.
Importantly, the world’s richest countries can’t be
understood by a single measure. It’s only by looking at
a range of metrics that we can see how countries vary
in the rankings depending on the measure and criteria
chosen.

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2/19/24, 7:36 AM The World's Richest Countries Across 3 Metrics

RELATED TOPICS: #Europe #Richest Countries #Foreign Investment

#Singapore #Productivity #Gdp Per Capita

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