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LUXEMBOURG, GERMANY – Luxembourg is currently recognized as the richest country in the world based on its GDP per capita (PPP) of $143,742, according to the 2024 IMF report.
Trailing behind Luxembourg are Ireland, Singapore, and Qatar, with GDP per capita figures of $133,895, $133,737, and $112,282, respectively.
Contrary to expectations that the richest countries would be larger global powers, the data reveals a surprising trend: many of the wealthiest nations are also among the smallest.
A recent Global Finance report comparing the domestic gross product (GDP) of countries worldwide highlighted Luxembourg as the wealthiest country in 2024. With a GDP per capita of $143,743 (approximately £109,820), Luxembourg’s wealth surpasses the UK’s GDP per capita of £58,880 by more than double.
The Global Finance report indicates that Luxembourg has seen a consistent increase in GDP per capita from 2010 to 2024, frequently ranking at the top among the world’s wealthiest nations.
Once dependent on its iron and steel manufacturing industry in the 1900s, Luxembourg, a small Grand Duchy in northwestern Europe bordered by Belgium, France, and Germany, has evolved significantly. The country is now home to ArcelorMittal, the world’s largest steelmaker, which still contributes seven percent to Luxembourg’s economy.
With a population of just over 650,000, Luxembourg has transformed into Europe’s leading “notable investment management center” over recent decades. The country’s wealth has surged thanks to its robust financial services sector and technological advancements.
Despite its small size, Luxembourg hosts over 155 banks and has established itself as a major global banking and financial hub. It remains highly attractive to foreign investors, specializing in managing international investment activities, including mutual funds, hedge funds, and pension funds.
Luxembourg’s reputation as a “business-friendly” country is bolstered by its low corporate taxes, a stable workforce, and government investment incentives. These factors, combined with its small population, contribute to its exceptionally high GDP per capita.
In 2023, Luxembourg generated $31.6 million (£24.1 million) in total exports, led by iron products, cars and vehicle parts, gas turbines, and adhesive plastics.
Other very small but wealthy countries that ranked within the top 10 include San Marino, Switzerland, and Singapore. These nations benefit from sophisticated financial sectors and favorable tax regimes, attracting substantial foreign investment and professional talent.
The UK, by contrast, did not make it into the top 30, securing the 31st place instead.
The 15 Richest Countries in the World are Luxembourg – $143,742; Ireland – $133,895; Singapore – $133,737; Qatar – $112,282; United Arab Emirates – $96,845; Switzerland – $91,931; San Marino – $86,989; United States – $85,372; Norway – $82,831; Guyana – $80,137; Denmark – $77,641; Brunei – $77,534;Netherlands – $74,157; Iceland – $73,783 and Saudi Arabia
