Top-10 Richest Countries in the World in July 2024

When evaluating global wealth, GDP per capita is a crucial metric, revealing how much economic output each person generJates. This article explores the top 10 richest countries in the world by GDP per capita as of July 2024, focusing on Purchasing Power Parity (PPP). Surprisingly, the richest nations are often smaller countries with specialized economies, rather than larger, more powerful nations.

Methodology for Ranking of Richest Countries in the World

GDP, or Gross Domestic Product, measures the total value of goods and services produced in a country. To understand wealth on a per-person basis, this figure is divided by the number of residents, giving the GDP per capita.

However, to get a clearer picture, it’s essential to adjust this figure for inflation and the cost of living. This is where Purchasing Power Parity (PPP) comes into play. PPP adjusts for the cost of living and inflation rates, providing a more accurate representation of a country’s wealth.

Riches Country in the World 2024

In 2024, Luxembourg stands out as the richest country in the world with a GDP -PPP per capital of $143,740 and a population of 639,000. This European nation has emerged relatively unscathed from the Covid-19 pandemic and uses its wealth to enhance living standards, healthcare, and education. Renowned for its picturesque landscapes, castles, and canals, Luxembourg also leads in social policies, offering free public transport and the highest minimum wage globally.

Top-10 Richest Countries in the World in July 2024

As of July 2024, Luxembourg, with the GDP per capital of $143,740, stands as the richest country in the world, followed by Macao SAR, Ireland and Singapore.

Here is the list of top-10 richest countries in the world in July 2024:

Top-10 Richest Countries in the World 2024
Rank	Country	GDP-PPP per capita (In USD)
1.	Luxembourg	$143,740
2.	Macao SAR	$134,140
3.	Ireland	$133,900
4.	Singapore	$133,740
5.	Qatar	$112,280
6.	United Arab Emirates	$96,850
7.	Switzerland	$91,930
8.	San Marino	$86,990
9.	United States	$85,370
10.	Norway	$82,830

World’s Richest Country – Luxembourg

GDP per capita: $143,740

Luxembourg, the world’s richest country in 2024, has emerged relatively unaffected by the Covid-19 pandemic. Known for its strategic use of wealth to improve living standards, healthcare, and education, Luxembourg also boasts stunning tourist attractions, including charming castles, lush landscapes, and scenic canals. Additionally, it was among the pioneers in offering free public transport and holds the record for the highest minimum wage globally.

Second Richest Country in the World – Macao SAR

GDP per capita: $134,140

Macao SAR, the world’s second richest region in 2024, is a special administrative area of China known for its thriving casino industry, which drives its immense wealth. As a major global travel hub, Macao SAR was the final European colony in Asia before its return to China. Despite a significant economic impact from the Covid-19 pandemic, including travel restrictions and lockdowns, Macao is swiftly rebounding thanks to its unique capitalist model, distinct from mainland China’s regulations.

Wealthiest Country in the World – Ireland

GDP per capita: $133,900

Ranked as the world’s third richest country in 2024, Ireland undertook extensive banking reforms following the 2008 financial crisis. The nation implemented policies such as public-sector wage reductions to stabilize its economy. Additionally, Ireland has become a major corporate tax haven, attracting multinational giants like Apple, Google, and Microsoft. These companies have significantly boosted the Irish economy, contributing over 50 percent to its recent growth.