The economic magazine “Global Finance” published its annual report on the richest countries in the world in 2024evaluated according to their GDP per capita adjusted for purchasing power parity (PPP).
This analysis highlights economies whose wealth is notable in relation to their small populations. Luxembourg, Macau and Ireland occupy the top three placeswhich might surprise those who expected to see larger or more traditional countries in this ranking.
What does GDP per capita measure and how does it relate to wealth?
He Gross domestic product (GDP) per capita It is obtained by dividing the total value of goods and services produced by a country by its population.
However, to give a more precise vision of the standard of living, The report uses purchasing power parity (PPP) adjustmentwhich compares the cost of a basket of goods in different countries.
This indicator allows us to measure how much an average person in each country can buy in real terms.
Luxembourg, the richest country in the world
Luxembourg regained its leading position the richest country in the world in 2024after coming in second place in 2023. With a population of around 650,000 inhabitants, its economy benefits from being a global financial center, with a high level of foreign investment and a strong banking sector.
Luxembourg has a diversified economy, where financial services, telecommunications and steel production.
Purchasing power parity reflects the ability of its population to access a wide range of goods and services, which increases its GDP per capita.
Although Luxembourg has a high cost of living, its small size and access to European markets facilitate a vibrant economy that maintains high income levels.
Macau, an economy dependent on gaming and tourism
Macauspecial administrative region of China, surprised the world by taking second place in the 2024 ranking, rising from fifth position the previous year. This small territory of less than 700,000 inhabitants has experienced strong economic growth in recent decades thanks to its gaming and tourism industry.
Macau’s gaming sector is bigger than Las Vegaswhich contributes a large part of its GDP.
Despite its reliance on these sectors, Macau’s economy has managed to maintain very high purchasing power parity because its income is distributed among a relatively small population.
It is important to note that although Macau has a high GDP per capita, its economy is vulnerable to external factors such as the decline of tourism, which can affect its long-term stability.
Ireland, where technology and multinationals drive growth
Ireland remains the third richest country in the worldaccording to the 2024 report, driven by an economy that has attracted large multinationals from the technology and pharmaceutical sectors. Companies like Google, Facebook and Apple have established their European headquarters in this country, taking advantage of its advantageous tax conditions.
Ireland has a low tax base, which attracts international companies and allows them to operate with economic advantages.
Although its GDP per capita is very high, a significant portion of this income is linked to the operations of multinational corporations, which does not always translate into direct benefits for the wider Irish population.
Despite this, Ireland maintains high standards of living and a growing job market, placing it among the most prosperous economies in the world.
The top 10 richest countries in the world in 2024
In addition to the first three countries mentioned, the report Global Finance It also includes other countries that stand out for their high purchasing power parity. Here are the top 10:
- Luxembourg
- Macau
- Ireland
- Singapore
- Taste
- United Arab Emirates
- Swiss
- San Marino
- USA
- Norway
This ranking confirms that the most prosperous economies are not always those of the most populated countries. On the contrary, The least populated territories are the richest countries in the worldbut with a solid economic base and high levels of per capita income.
