In 2024, Luxembourg is the world's wealthiest nation by GDP per capita.
Gross Domestic Product (GDP) is used to evaluate the economic prosperity of nations and their citizens globally. However, GDP is a parameter for the value of all goods and services produced in a country within a specified timeframe, typically annually or quarterly. In contrast, GDP per capita of a country is calculated by dividing the total GDP of the country by its total population. This metric offers insight into the average wealth and income levels within a country, which gives an idea of how rich or poor a country's general populace is.
When both, population size and economic output are considered, we get a figure called the PPP or the purchasing power parity. The PPP provides valuable insights but it may not offer absolute statistics for precisely ranking the wealthiest and poorest countries. Nevertheless, the GDP per capita ranking 2023 (accounting for PPP) brings us close to understanding the wealth held by various nations.
Now, when you go by GDP per capita PPP, these are the top 10 countries that come up as the richest as of February 2024, as per the International Monetary Fund (IMF).
Notably, as per the IMF, the global growth forecast for 2024 is anticipated to maintain stability at 3.1% and rise to 3.2% in 2025. "The forecast for 2024-25 is, however, below the historical (2000-19) average of 3.8 percent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth," the IMF said.
Meanwhile, when it comes to GDP per capita, India stands at $2,673 GDP per capita (Nominal) and $9,180 GDP per capita (PPP) as of December 2023, as per Forbes. This makes India stand at the 129th position out of about 200 countries in GDP per capita ranking in 2023. But when it comes to world GDP rankings, India stands at 5 after the US, China, Japan and Germany.
In 2024, Luxembourg is the world's wealthiest nation by GDP per capita. Gross Domestic Product (GDP) is used to evaluate the economic prosperity of nations and their citizens globally.
In 2024, Luxembourg is the world's wealthiest nation by GDP per capita. Gross Domestic Product (GDP) is used to evaluate the economic prosperity of nations and their citizens globally.
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.
GDP per Capita in Pakistan is expected to reach 1730.00 USD by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Pakistan GDP per capita is projected to trend around 1797.00 USD in 2025 and 1887.00 USD in 2026, according to our econometric models.
There are 195 countries in the world today. This total comprises 193 countries that are member states of the United Nations and 2 countries that are non-member observer states: the Holy See and the State of Palestine.
The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.
United States. The United States of America is a North American nation that is the world's most dominant economic and military power. Likewise, its cultural imprint spans the world, led in large part by its popular culture expressed in music, movies and television.
According to the CIA World Factbook and Forbes, the Arabian nation of Qatar holds the title of the "richest country of the world," boasting an annual average per capita income of $103,768.60. For a little perspective, that's more than double the average annual per capita income in the United States!
Top 10 Richest Persons in the World 2024: Bernard Arnault leading the list with a net worth of $221.5 billion. Bernard Arnault is once again the richest person in the world with a net worth of $221.5 billion.
China in fact, considered by many to become the biggest economy in the world by 2030, has had a fast growing economy over the last few decades, but its fortunes seem to have turned post Covid-19.
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