The Top 10 Richest Countries in 2023, According to Their GDP per Capita

Wealth can be calculated in many ways; for countries, one common metric is GDP per capita, which refers to a country’s economic output, taking into account its population size. According to this metric, these 10 countries were the wealthiest in 2023.

1. Luxembourg

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Luxembourg is a small and primarily rural country in Europe. And although it may be tiny, it’s grand in terms of its gross domestic product (GDP), which recently sky-rocketed to $128,820. 

This is due mainly to a stable political environment, a thriving financial sector, and private baking opportunities.

2. Ireland

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Following closely behind Luxembourg is Ireland at $106,998. Their wealth is mainly due to their low tax rate, ensuring they’re a hub for multinational firms. 

3. Switzerland

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At $94,835, Switzerland comes in third place. With its political stability, skilled workforce, and strong local currency, it’s clear to see why this triple-threat country is ranked in the top three.

4. Qatar

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Qatar comes in fourth place at $89,417, almost exclusively driven by its massive petroleum and natural gas reserves. In fact, Qatar is known for having the third-largest natural gas reserve.

5. Norway

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Norway, at $88,749, can also thank its high numbers for oil and gas production. However, other sectors contribute to their wealth, including hydropower, forests, and minerals. 

6. Singapore

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With an impressively stable economy, no foreign debt, and streamlined exportation of electronics and machinery, Singapore comes in sixth place with $84,501. 

7. United States

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The United States comes in at seven with $78,422. There are many contributing factors to the United States’ high GDP, including a plethora of natural resources, growth in business investments, and a strong labor market.

8. Iceland

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At $77,961, Iceland comes closely behind the US. An island country in the North Atlantic Ocean, Iceland has a high GDP thanks to geothermal and hydroelectric energy sources, plenty of foreign tourism, and surging investments.

9. Australia

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In ninth place is Australia, sitting at $68,042. With access to natural resources and minerals and an innovative economy that drives investments from across the globe, it’s clear to see why this country lands in the top 10.

10. Denmark

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With a GDP of $66,394, Denmark ranks as number 10. Their high GDP comes from various sources, including well-developed social services, manufacturing, and a pinch of agriculture.

Putting It in Perspective

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“This is only a measure of all the goods and services an economy produces, divided by the number of citizens . . .,” someone said.

Appreciation for US

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One user mentioned, “Every other country on the list is tiny compared to the US.”

A “Wealth” of Knowledge

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It’s important to note that these countries were ranked in the top 10 for GDP. So, in other categories, they may not be ranked so highly—if at all.

Source.