Posted by You would probably consider each country’s GDP per capita when considering which countries are the richest in the world. GDP, or the gross domestic product, is a parameter for the value of all goods and services produced in a country.
Here are the top 10 countries that became the richest in the world:
1. Ireland
GDP: $499 billion
Population: 5.03 million
Ireland invested heavily in restructuring its banking industry in the wake of the devastating financial crisis of 2008. It implemented policies, such as lowering wages in the public sector, in order to get its economy to where it is today. Ireland is also one of the biggest corporate tax havens in the world, with multinational businesses like Apple, Google, and Microsoft making up more than 50% of the Irish economy in recent years.
2. Luxembourg
GDP: $86.7 billion
Population: 639 thousand
One of the only European countriesĀ to mostly escape the Covid-19 pandemic unscathed is Luxembourg. The country is known for using its resources to improve healthcare, fund public education, and raise living standards. Aside from that, the nation is a top tourist destination due to its beautiful canals, lush vegetation, and majestic castles.
3. Singapore
GDP: $397 billion
Population: 5.45 million
One of the biggest commercial and business hubs in the world is Singapore. There are many wealthy individuals living in the country. The economy has taken a few consecutive hits in recent years, with the pandemic at first and then the Chinese sputtering economy (a crucial trading partner, especially for Singaporeās manufacturing sector, making up 21.6 percent of the total GDP in Singapore).
4. QatarĀ 
GDP: $180 billion
Population: 2.93 million
Qatar (and also the UAE) are on this list of the top 10 economies by GDP per capita ranking for 2023, benefit largely from their reserves of natural resources. For example, Qatarās oil and natural gas reserves are significantly huge compared to its population, contributing to its high ranking among the richest countries.
5. Macao SAR
GDP: $22 billion
Population: 695,168
Macao SAR is a special administrative region under China, and its wealth mainly emerges from its over 40 casinos, which make it one of the biggest travel destinations around the world. Even though Macao took a tremendous hit during the Covid-19 crisis with travel restrictions and frequent lockdowns, the economy is already on its way to rapid economic recovery.
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6. United Arab Emirates
GDP: $359 billion
Population: 9.99 million
The UAE, as mentioned above, benefits greatly from its natural resources. Only 20 percent of the total population in this region is truly native, the rest being attracted by economic benefits like tax-free salaries. Aside from its hydrocarbon sector, tourism, finance, and construction are lucrative sectors in the UAE.
7. Switzerland
GDP: $813 billion
Population: 8.70 million
One of the biggest tourist hotspots globally, Switzerland also has a bustling financial sector. The export of precious metals, precision instruments, and machinery such asĀ computers and medical equipment also benefits this country. The services sector accounts for over 74% of the Swiss GDP, followed by industry at 25% and agriculture at less than 1%. Switzerland further has the lowest VAT rate in Europe.
8. Norway
GDP: $482 billion
Population: 5.41 million
Norway is again a top petroleum provider in the Western European territories. The country has made good financial progress after the economy crashed during the Covid-19 crisis. Further, Norway has a $1.3 trillion sovereign wealth fund to deal with any crises urgently, which also happens to be the largest of its kind in the world.
9. United States
GDP: $23.0 trillion
Population: 332 million
If you were wondering about GDP per capita in the US at the beginning, the country definitely makes it to the list of the top 10 economies by GDP per capita PPP, albeit at one of the lower ranks. Along with being a dominant economic entity, America is also powered by its military capacities.
10. San Marino
GDP: $1.86 billion
Population: 33,900
San Marino is the oldest republic in Europe and the fifth smallest on the continent. Income tax rates are meagre here, which contributes to the wealth held by citizens.