The global economy is going through a turbulent phase where it shows signs of recovery and faces severe risks as well. Major risks such as the Russia-Ukraine war and the war in the Middle East create a huge uncertainty among global economic developments and pose a greater threat to the global economy. Apart from the geopolitical risks, the global economy is working its way back to a soft landing, with inflation declining steadily and growth holding up. However, the pace of expansion remains slow, and turbulence may lie ahead.
In the second half of 2023, global activity proved to be resilient as demand and supply backed major economies. One of the major pushes in demand was due to stronger private and government spending activity. For instance, Saudi Arabia’s largest sovereign wealth fund, the Public Investment Fund (PIF), totaled almost a quarter of the $124 billion spent by SWFs worldwide in 2023. The Public Investment Fund spent more than $31.5 billion in 2023 against the $123.8 billion spent for all sovereign wealth funds. Whereas, on the supply side, cheaper energy and commodity prices, labor force participation, and mended supply chains played a vital role in recovery.
According to the International Monetary Fund (IMF), global growth is forecasted to remain steady at 3.1% in 2024, a 0.2% upgrade from the October projections. Global growth is expected to reach 3.2% in 2025. The IMF expects slower growth in the United States with tight monetary policy still in play. On February 4, Federal Reserve Chair Jerome Powell said that the central bank will proceed carefully with interest rate cuts in 2024. Powell believes that the central bank will move towards rate cuts at a considerably slower pace than what the market expects. According to the transcript released by CBS, Powell said:
“We want to see more evidence that inflation is moving sustainably down to 2%. Our confidence is rising. We just want some more confidence before we take that very important step of beginning to cut interest rates.”
China is expected to remain under weaker consumption and investment, which will continue to weigh on activity in 2024. The US and China are two of the largest economies and countries with the best wealth distribution. China is also one of the richest countries in Asia by GDP per capita. At the same time, the Bank of England has kept interest rates steady at 5.25%, almost at a 16-year high. Six members of the bank’s Monetary Policy Committee voted to hold rates, while two voted in favor of a 0.25% increase and one member voted for a cut of 0.25%.
The Euro area is expected to rebound slightly after a challenging 2023, suffering from tight monetary policy and high energy prices. Economies such as Brazil and India have shown strong resilience with improving growth. Inflation continues to ease. Global headline inflation is expected to drop to 4.9% in 2024, excluding Argentina. Headline and core inflation for advanced economies will average around 2.6% in 2024, close to central banks’ inflation targets.
According to the IMF’s latest update on the global economy, India is projected to grow at 6.5% in the financial year beginning April 1, 2024. Whereas, exports in South Korea have gone up for a straight fourth month in January 2024, following an increase in chip shipments as well as sales to China. On February 1, Reuters reported that South Korea saw its biggest surge in chip shipments in six years, which boosted the trade-reliant economy at the start of 2024. South Korea’s exports surged to $54.69 billion in January, a rise of 18% year-over-year. It was the biggest percentage increase since May 2022. Nigeria, one of the richest countries in Africa by GDP per capita, has devalued its currency for the second time in eight months. The idea is to attract investment and simplify its system of exchange rates.
The World Trade Organization will most likely cut its estimates for goods trade growth for 2023 and 2024. In October 2023, the World Trade Organization projected a 0.8% and 3.3% growth of the global merchandise trade for 2023 and 2024, respectively. However, the global trade forecast is likely to be lower now due to increasing geopolitical tensions in the Red Sea. On January 29, the Chief Economist at the World Trade Organization, Ralph Ossa, spoke to Reuters and mentioned that annual growth estimates for 2023 and 2024 now appear "overly optimistic" .
Business in the Richest Countries
Corporations are an important driver of an economy. The richest countries in the world by GDP per capita prove to have better job and business opportunities. Companies from rich countries have better growth opportunities, which are reflected in their economies. ArcelorMittal S.A. (NYSE:MT), DBS Group Holdings Ltd (SGX:D05), and Berkshire Hathaway Inc. (NYSE:BRK-B) are top companies from some of the richest countries in the world.
ArcelorMittal S.A. (NYSE:MT) is a multinational steel manufacturing company based out of Luxembourg. On November 15, 2023, the company announced that it is entering into the additive manufacturing (AdM) market as a steel powder supplier. ArcelorMittal S.A. (NYSE:MT) is building an industrial-scale inert gas atomiser in Aviles, Spain. The atomiser started production beginning in January 2024 and has an initial annual production capacity of up to 1000 tonnes. The atomiser will produce steel powders for AdM technologies including laser powder bed fusion (LPBF), binder jetting (BJ), and direct energy deposition (DED). ArcelorMittal S.A.’s (NYSE:MT) CEO of Global Research and Development, Gregory Ludkovsky, said:
“By producing and supplying steel powders for additive manufacturing, we are expanding our portfolio of advanced materials and solutions for the future of manufacturing. We believe that steel has great potential to become the material of choice for additive manufacturing, thanks to its versatility, performance, and sustainability.The additive manufacturing industry has grown phenomenally over the past decade and is expected to continue to grow in double digits over the next 10 years.”
DBS Group Holdings Ltd (SGX:D05) is the leading banking and financial services company based in Marina Bay, Singapore. On February 2, DBS Group Holdings Ltd (SGX:D05) announced that it will be merging equity capital markets, brokerage DBS Vickers, and DBS Digital Exchange (DDEX) with its existing Treasury Markets business. The company’s new group will be renamed Global Financial Markets (GFM), which will take effect on March 1, 2024. The CEO of DBS Group Holdings Ltd (SGX:D05), Piyush Gupta, said:
“DBS is synonymous with equity capital markets in Singapore, and much of this can be credited to Seat who has been pivotal in pioneering many industry-firsts. This includes the development of the REITs industry in Singapore and the region.”
Berkshire Hathaway Inc. (NYSE:BRK-B) is one of the largest holding companies in America. On January 16, Berkshire Hathaway Inc. (NYSE:BRK-B) announced the acquisition of Pilot Corporation’s remaining 20% stake in Pilot Travel Centers LLC. The acquisition has happened under the terms of a settlement agreement reached with Pilot Corporation. Berkshire Hathaway Inc. (NYSE:BRK-B) now owns a 100% stake in Pilot Travel Centers.
These were a few leading companies based out of the richest countries. Now, let's take a look at the richest countries in the world by GDP per capita in 2024.
50 Richest Countries in the World by GDP Per Capita in 2024
50 Richest Countries in the World by GDP Per Capita in 2024
Our Methodology
To compile or list the richest countries in the world by GDP per capita in 2024, we have taken the GDP per capita data from the International Monetary Fund’s (IMF) database, as of February 2024. We have ranked the countries in ascending order of their GDP per capita. We have also mentioned the wealth per adult for the countries, as of 2022. The data for the wealth per adult is taken from Credit Suisse’s Global Wealth Report 2023.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
50 Richest Countries in the World by GDP Per Capita in 2024
50. Slovakia
GDP Per Capita (2024): $44,259
Slovakia is one of the richest countries in the world with a GDP per capita of $44,259. Slovakia has a wealth per adult of $62,125, as of 2022.
49. Panama
GDP Per Capita (2024): $44,883
Panama is a country on the isthmus linking Central and South America. Panama has a GDP per capita of $44,883 and a wealth per adult of $50,917. Panama ranks 49th among the richest countries in the world by GDP per capita in 2024.
48. Croatia
GDP Per Capita (2024): $45,087
Croatia has a GDP per capita of $45,087 and a wealth per adult of $70,461. Croatia is one of the richest countries in the world by GDP per capita in 2024.
47. Hungary
GDP Per Capita (2024): $46,037
Hungary has a wealth per adult of $59,348 and a GDP per capita of $46,037. Hungary is one of the richest European countries.
46. The Bahamas
GDP Per Capita (2024): $46,299
The Bahamas is one of the richest countries in the Caribbean having a GDP per capita of $46,299. The Bahamas has a wealth per adult of $72,971.
45. Portugal
GDP Per Capita (2024): $46,903
Portugal is one of the fastest growing economies in Europe. Portugal has a GDP per capita of $46,903 and a wealth per adult of $158,840.
44. Estonia
GDP Per Capita (2024): $47,383
Estonia tops among the countries in the International Tax Competitiveness Index. With a GDP per capita of $47,383, Estonia is placed 44th among the richest countries in the world by GDP per capita in 2024.
43. Poland
GDP Per Capita (2024): $47,700
Poland has a wealth per adult of $52,741 and a GDP per capita of $47,700. Poland is one of the richest countries in Europe.
42. Czech Republic
GDP Per Capita (2024): $50,889
The Czech Republic, or Czechia is a landlocked country in Central Europe. The country has a GDP per capita of $50,889 and a wealth per adult of $90,393.
41. Lithuania
GDP Per Capita (2024): $52,200
Lithuania has a GDP per capita of $52,200 and a wealth per adult of $69,541. Lithuania is one of the richest countries in the world.
40. Spain
GDP Per Capita (2024): $52,271
Spain is one of the largest economies in Europe and has a GDP per capita of $52,271. Spain has a wealth per adult of $224,209.
39. Aruba
GDP Per Capita (2024): $53,196
Aruba has a wealth per adult of $61,622 and a GDP per capita of $53,196. Aruba ranks 39th among the richest countries in the world by GDP per capita in 2024.
38. Slovenia
GDP Per Capita (2024): $53,698
Slovenia is one of the richest countries in Europe having a GDP per capita of $53,698. Slovenia has a wealth per adult of $112,526, as of 2022.
37. Kuwait
GDP Per Capita (2024): $53,758
Kuwait is a small island state and one of the richest Arab countries. With a GDP per capita of $53,758 and a wealth per adult of $175,072, Kuwait ranks 37th among the richest countries in the world by GDP per capita in 2024.
36. Japan
GDP Per Capita (2024): $54,103
Japan is one of the largest economies in the world with a GDP per capita of $54,103. Japan has a wealth per adult of $216,078, as of 2022.
35. New Zealand
GDP Per Capita (2024): $55,034
New Zealand has a GDP per capita of $55,034 and a wealth per adult of $388,761. New Zealand is one of the richest countries in the world by GDP per capita in 2024.
34. Italy
GDP Per Capita (2024): $56,016
Italy is one of the richest European countries with a GDP per capita of $56,016. Italy has a wealth per adult of $221,370, as of 2022.
33. Cyprus
GDP Per Capita (2024): $56,600
Officially the Republic of Cyprus is an island country situated in the Eastern Mediterranean Sea having a GDP per capita of $56,600. Cyprus has a wealth per adult of $158,321, as of 2022.
32. Israel
GDP Per Capita (2024): $56,678
Israel has a wealth per adult of $235,445 and a GDP per capita of $56,678. Israel is one of the richest countries in the world.
31. United Kingdom
GDP Per Capita (2024): $58,227
The United Kingdom is one of the largest economies in the world with a GDP per capita of $58,227 and a wealth per adult of $302,783.
30. South Korea
GDP Per Capita (2024): $59,349
South Korea has a wealth per adult of $230,760 and a GDP per capita of $59,349. South Korea is one of the richest countries in East Asia.
29. France
GDP Per Capita (2024): $60,375
France is a large economy with a GDP per capita of $60,375 and a wealth per adult of $312,235. France is ranked 29th among the richest countries in the world by GDP per capita in 2024.
28. Canada
GDP Per Capita (2024): $61,318
Canada is one of the largest economies in the world having a GDP per capita of $61,318. Canada has a wealth per adult of $369,577, as of 2022.
27. Finland
GDP Per Capita (2024): $61,600
Finland has a GDP per capita of $61,600 and a wealth per adult of $179,986. Finland is one of the richest countries in the world.
26. Bahrain
GDP Per Capita (2024): $62,751
Bahrain is one of the richest Arab countries having a GDP per capita of $62,751. Bahrain has a wealth per adult of $84,313, as of 2022.
25. Australia
GDP Per Capita (2024): $66,098
Australia is one of the fastest growing economies in the world. Australia has a GDP per capita of $66,098 and a wealth per adult of $496,819.
24. Malta
GDP Per Capita (2024): $66,716
Malta is a small country in the central Mediterranean between Sicily and the North African coast. Malta has a GDP per capita of $66,716.
23. Sweden
GDP Per Capita (2024): $67,530
Sweden has a wealth per adult of $296,800 and a GDP per capita of $67,530. Sweden is one of the richest countries in Europe.
22. Belgium
GDP Per Capita (2024): $67,650
Belgium has a GDP per capita of $67,650 and a wealth per adult of $352,814. Belgium is ranked 22nd among the richest countries in the world by GDP per capita in 2024.
21. Germany
GDP Per Capita (2024): $68,129
Germany is one of the largest economies in Europe having a GDP per capita of $68,129. Germany has a wealth per adult of $256,179, as of 2022.
20. Andorra
GDP Per Capita (2024): $69,042
Andorra is an independent principality in the Pyrenees mountains between France and Spain. Andorra has a GDP per capita of $69,042.
19. Austria
GDP Per Capita (2024): $70,821
Austria is one of the richest European countries with a GDP per capita of $70,821. Austria has a wealth per adult of $245,225, as of 2022.
18. Saudi Arabia
GDP Per Capita (2024): $71,365
Saudi Arabia is one of the richest Arab countries having a GDP per capita of $71,365 and a wealth per adult of $90,975. Saudi Arabia ranks 18th among the richest countries in the world by GDP per capita in 2024.
17. Iceland
GDP Per Capita (2024): $72,492
Iceland is a small country with a GDP per capita of $72,492. Iceland has a wealth per adult of $498,290, as of 2022.
16. The Netherlands
GDP Per Capita (2024): $75,541
The Netherlands is one of the richest countries in Europe. The Netherlands has a GDP per capita of $75,541 and a wealth per adult of $358,235.
