In this article, we will discuss the 20 countries with the highest GDP per capita by 2024. If you want to skip our analysis, you can proceed to the section highlighting the 5 Countries with Highest GDP per Capita by 2024.
Global Economic Outlook: Advanced Economies to Pick Up Pace in 2025
According to a report by the International Monetary Fund (IMF), global growth is projected to reach 3.1% in 2024, and 3.2% in 2025. The global growth remains below the historical average of 3.8% due to factors such as high inflation, monetary policy tightening, and reduced productivity.
For advanced economies, growth is projected to decline slightly from 1.6% in 2023, to 1.5% in 2024, before rising to 1.8% in 2025. In the United States, growth is projected to fall from 2.5% in 2023 to 2.1% in 2024, and 1.7% in 2025. The growth in Europe has also been affected by the war in Ukraine. The developed Euro area is forecasted to recover from 0.5% in 2023, to 0.9% in 2024, and 1.7% in 2025. Whereas the growth in emerging Europe is forecasted to pick up from 2.7% in 2023 to 2.8% in 2024, before declining to 2.5% in 2025. Asia remains the fastest-growing region, however, growth in emerging and developing Asia is also expected to decline from 5.4% in 2023 to 5.2% in 2024, and 4.8% in 2025. Growth in China is projected at 4.6% in 2024 and 4.1% in 2025.
As per IMF’s data, in 2024, the North American region boasted the highest GDP per capita, increasing to $63,060 from $57,710 in 2022. Meanwhile, Western Europe saw its GDP per capita rise to $51,450 in 2024, up from $45,180 in 2022. However, Australia and New Zealand experienced a decline in their GDP per capita dropping to $60,090 in 2024 from $61,940 in 2022. North America maintains its lead as the region with the highest GDP per capita in 2024, while Western Europe showcases steady growth, and Australia and New Zealand experience a slight decline in their GDP per capita in 2024.
Inflation is declining at a faster pace in most countries than previously anticipated, as central banks around the world raised interest rates. Projections indicate that global inflation is expected to decrease to 5.8% in 2024, and further decline to 4.4% in 2025. However high interest rates also affected various industries. The real estate sector was one of the most affected, as high interest rates caused high mortgage costs and a weaker business environment. Commercial real estate was the most affected, as owners wanted to raise rents and refinance their debt. The retail sector also suffered from decreased demand as consumers have less disposable income and supply chain disruption caused higher prices, especially for customer goods. The technology, media, and telecommunications industries are also highly dependent on debt and face higher borrowing costs impacting their profitability. However, as interest rates rise, banks are driving bigger profit margins, leading to increased profitability and higher interest income.
Banks Thriving on High Interest Rates
Some of the major banks driving growth in a high interest rate environment include Wells Fargo & Company (NYSE:WFC), Bank of America Corporation (NYSE:BAC), and HSBC Holdings plc (NYSE:HSBC).
Wells Fargo & Company (NYSE:WFC) has approximately $1.9 trillion in assets and offers a range of banking, investment, mortgage, and consumer and commercial financial products around the world. Its operations are divided into four segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. On January 12, Wells Fargo & Company (NYSE:WFC) announced earnings for fiscal 2023 and said its revenue reached $82.59 billion, up from $74.36 in the previous year. Net interest income grew by 16.5% year over year and reached $52.37 billion. Commenting on the financial results Charles W. Scharf CEO of Wells Fargo said:
“Although our improved 2023 results benefited from the strong economic environment and higher interest rates, our continued focus on efficiency and strong credit discipline were important contributors as well. We grew net income and diluted earnings per share with higher revenue and lower expenses. Revenue growth was driven by strong growth in net interest income as well as higher noninterest income.”
On March 14, Wells Fargo & Company (NYSE:WFC) announced its collaboration with construction technology pioneer, ICON which uses 3D printing, robotics, software, and advanced materials to develop advanced construction technologies. The collaboration seeks to construct affordable houses under $99,000 to address the global housing crisis by using affordable housing solutions and making them accessible to communities in need as more than 1.2 billion people around the world lack adequate shelter. Wells Fargo & Company (NYSE:WFC) is also supporting ICON in the global architecture competition called Initiative 99 which will be showcased at SXSW 2024.
Bank of America Corporation (NYSE:BAC) and its subsidiaries offer banking and financial services worldwide, serving individuals, businesses, investors, corporations, and governments. Its operations are divided into four segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, and Global Markets. On January 12, Bank of America Corporation (NYSE:BAC) reported that the revenue for the fiscal year 2023 reached $98.58 billion, up from $94.95 billion in the previous year. Net interest income reached $56.93 billion in 2023, from $52.46 billion in 2022. On February 29, Bank of America Community Development Banking (CDB) announced that it provided $7.1 billion in debt and equity financing during the year 2023 to build 11,000 affordable homes for community needs amid economic challenges. The Bank of America Corporation’s (NYSE:BAC) CDB works closely with affordable housing developers such as WinnCompanies which played a crucial role in making complex community housing developments possible. In 2023, Bank of America Corporation (NYSE:BAC) worked with Enterprise Community Partners to launch the “Workforce Housing Fund” with $150 million to provide 3,000+ housing units for those earning between 80% to 120% area median income (AMI). These efforts align with Bank of America Corporation’s (NYSE:BAC) commitment to deploy capital to address global issues outlined in the United Nations Sustainable Development Goals (SDGs).
HSBC Holdings plc (NYSE:HSBC) is a global provider of banking and financial services, operating through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. HSBC Holdings plc (NYSE:HSBC) serves around 42 million customers worldwide in 62 countries. On February 21, HSBC Holdings plc (NYSE:HSBC) reported that its 2023 revenue surged by 30%, reaching $66.1 billion, a $15.4 billion increase from the previous year. This growth was primarily fueled by a $5.4 billion rise in net interest income, bringing the total to $35.79 billion. For the year 2024, HSBC Holdings plc (NYSE:HSBC) targets a net interest income of at least $41 billion and mid-single-digit percentage growth in customer lending. However, HSBC also expects a 5% increase in costs including an increase in staff compensation, higher technology spending, and investment for growth and efficiency.
In the last eighteen months, interest rates have escalated at rates not witnessed in nearly five decades. High interest rates have proven to benefit banks as they capitalized on earnings from consumer and business loans, thereby boosting their revenues and interest income. With that said here is the list of 20 countries with highest GDP per capita by 2024.
20 Countries With Highest GDP Per Capita by 2024
Our Methodology
To make our list of the 20 countries with highest GDP per capita by 2024, we utilized the data provided by the International Monetary Fund (IMF) on GDP per capita, as of 2024, calculated at current prices. Here are the 20 countries with highest GDP per capita by 2024, ranked in ascending order.
Note: We have included special administrative regions such as Hong Kong and Macao in our rankings.
20 Countries With Highest GDP Per Capita by 2024
20. Hong Kong (Special Administrative Region)
GDP per Capita in 2024: $54,080
Hong Kong is a global financial and trading hub. The economy of Hong Kong is a highly developed free-market economy. Hong Kong’s GDP per capita of $54,080 is one of the highest in the Asia-Pacific region.
19. Canada
GDP per Capita in 2024: $55,530
Canada has abundant natural resources, including oil, minerals, and timber, which have historically played a significant role in its economic development. Canada has a GDP per capita of $55,530 additionally, Canada attracts skilled immigrants and international investments from all around the world, further enhancing its economic growth and prosperity.
18. Germany
GDP per Capita in 2024: $56,040
Germany is known for its manufacturing sector, technological advancements, and strong export-oriented economy, Germany has a GDP per capita of $56,040 and continues to be a powerhouse in Europe, contributing significantly to the region's economic stability.
17. Belgium
GDP per Capita in 2024: $56,080
Belgium has a GDP per capita of $56,080 and serves as a major hub for international trade and commerce. Its economy consists of various sectors including manufacturing, services, transportation, and finance.
16. Finland
GDP per Capita in 2024: $56,160
Finland is known for its high-quality education system and commitment to research and development. Finland has a GDP per capita of $56,160 and is a global leader in sectors such as telecommunication, the forest industry, and clean technology.
15. Sweden
GDP per Capita in 2024: $56,890
Sweden is known for its progressive policies, high-quality education system, and well-developed welfare state. Sweden has a GDP per capita of $56,890 and its economy is a diverse mix of industries, including manufacturing, services, and technology.
14. Austria
GDP per Capita in 2024: $60,590
Austria is known for its rich cultural heritage, scenic landscapes, and high standard of living. Austria has a GDP per capita of $60,590 and its economy benefits from a diverse range of sectors including tourism, manufacturing, and services industry.
13. San Marino
GDP per Capita in 2024: $61,490
San Marino is a tiny mountainous country surrounded by Italy. San Marino is a developed free-market economy that is focused on industries such as tourism, banking, and manufacturing. San Marino has a GDP per capita of $61,490.
12. Australia
GDP per Capita in 2024: $62,600
Australia is known for its vast natural resources, particularly in minerals and energy. Australia has a significant role in global commodity markets. Australia has a diverse range of industries including mining, agriculture, services, and tourism. Australia continues to be a desirable destination for both business investment and quality of life. Australia has a GDP per capita of $62,600.
11. Netherlands
GDP per Capita in 2024: $65,190
The Netherlands is known for its progressive policies, innovative industries, and strategic location as a gateway to Europe, the Netherlands has a GDP per capita of $65,190 and continues to attract businesses and talent from around the world.
10. Macao (Special Administrative Region)
GDP per Capita in 2024: $70,130
Macao is known for its thriving tourism and gambling industry, Macao continues to attract visitors and investors from around the world, driving economic growth and cultural exchange. Macao’s GDP per capita of $70,130 is one of the highest in the Asia-Pacific region.
9. Denmark
GDP per Capita in 2024: $72,940
Denmark has a diverse and innovative economy with significant natural resources in the North Sea. Denmark has a well-developed social welfare system and is committed to environmental sustainability, making it a global leader in green technology and clean energy initiatives. Denmark has a GDP per capita of $72,940.
8. United States
GDP per Capita in 2024: $83,063
The United States has a GDP per capita of $83,063, which is the highest among countries with a sizeable population. Although some countries have higher GDP per capita, these countries have a very small population compared to the United States. The United States benefits from its diverse industries, technological innovation, and entrepreneurial spirit, driving continued growth and global influence.
7. Qatar
GDP per Capita in 2024: $84,900
Qatar’s GDP per capita of $84,900 is one of the highest in the Middle East. Qatar’s growth is driven by its abundant natural gas reserves and visionary economic policies. Qatar is a leading exporter of liquefied natural gas (LNG), and also invests heavily in infrastructure, education, and diversification, ensuring sustained prosperity for its citizens.
6. Iceland
GDP per Capita in 2024: $87,870
Despite its small population and remote location, Iceland has a GDP per capita of $87,870. Iceland's economy thrives on renewable energy, tourism, and fisheries, and has a strong welfare system.
