Which Country Is Actually the World’s Richest?

How Do You Determine the World’s Richest Country?

Which country is the richest in the world? The answer depends on how economic output is measured, including differences in local prices and hours worked.

These adjustments can significantly change the rankings, even when comparing the same year’s economic output.

This graphic compares the top 25 countries and territories under three measures using The Economist’s 2025 dataset of 2024 estimates, the latest year of consistently comparable data across all three metrics.

These figures measure economic production per person rather than salaries or household wealth. Purchasing power parity (PPP) accounts for differences in local prices, while the final measure also adjusts for hours worked per resident relative to the global average.

Switzerland Leads in Nominal GDP per Capita

Switzerland tops the nominal GDP per capita ranking at $103,670, followed by Singapore at $90,674 and Norway at $86,810. These figures convert national output into U.S. dollars at market exchange rates, without adjusting for local prices.

The table below shows the top 25 countries and territories by nominal GDP per capita in 2024:

Rank	Country or Territory	GDP per Capita (USD)
1	Switzerland	103,670
2	Singapore	90,674
3	Norway	86,810
4	U.S.	85,810
5	Iceland	82,704
6	Qatar	76,276
7	Macau	73,047
8	Denmark	71,852
9	Netherlands	68,219
10	Australia	64,407
11	Sweden	57,723
12	Austria	56,833
13	Belgium	55,955
14	Germany	55,800
15	Canada	54,283
16	Israel	54,177
17	Hong Kong	54,107
18	Finland	53,189
19	UK	52,637
20	UAE	49,378
21	Andorra	49,304
22	New Zealand	48,747
23	France	46,150
24	Malta	42,347
25	Italy	40,226

The U.S. places fourth at $85,810, behind three much smaller economies. Dividing output by population produces a different ranking from comparing the size of entire economies.

Ireland and Luxembourg, along with small island territories, are excluded from The Economist’s rankings because multinational accounting and cross-border commuting can distort GDP per resident.

Singapore Takes First Place After Adjusting for Purchasing Power

Accounting for local prices puts Singapore first at $150,689 in PPP-adjusted dollars. Macau follows at $128,268 and Qatar at $126,110.

The table below ranks the top 25 countries and territories by GDP per capita at purchasing power parity in 2024:

Rank	Country or Territory	GDP per Capita (PPP Dollars)
1	Singapore	150,689
2	Macau	128,268
3	Qatar	126,110
4	Norway	101,032
5	Switzerland	93,819
6	Brunei	90,007
7	U.S.	85,810
8	Netherlands	84,218
9	Guyana	79,906
10	Denmark	79,514
11	Iceland	78,259
12	UAE	77,959
13	Hong Kong	75,216
14	Andorra	74,939
15	Germany	72,300
16	Belgium	72,126
17	Austria	71,618
18	Saudi Arabia	71,243
19	Australia	71,193
20	Sweden	71,030
21	Malta	67,364
22	Bahrain	67,211
23	Canada	65,463
24	Finland	64,091
25	France	61,322

Switzerland falls to fifth at $93,819, below its nominal figure. Singapore moves in the opposite direction, from $90,674 to $150,689. PPP values express output at a common price level, so the change reflects differences in local prices rather than an increase or decline in actual production.

Singapore has also climbed the global rankings over time. Over the past 20 years, it rose from ninth to second in GDP per capita adjusted for purchasing power parity.

Guyana makes an even larger jump between the measures, climbing from 38th in nominal GDP per capita ($29,884) to ninth on a PPP basis ($79,906). The U.S., meanwhile, falls from fourth to seventh, even though its figure stays at $85,810, since international dollars are benchmarked to U.S. purchasing power.

Norway Leads Once Working Hours Are Included

The final adjustment favors economies that generate high output relative to the hours their residents work. The Economist divides PPP-adjusted GDP per capita by hours worked per resident relative to the global average, lifting Norway to first at $114,804.

This adjustment highlights how rankings change when differences in working time are taken into account, rather than comparing economic output per resident alone.

The table below shows the top 25 countries and territories by PPP-adjusted GDP per capita, normalized for hours worked, in 2024:

Rank	Country or Territory	Hours-Adjusted GDP per Capita (PPP Dollars)
1	Norway	114,804
2	Qatar	111,369
3	Denmark	92,288
4	Belgium	90,179
5	Switzerland	89,471
6	U.S.	87,550
7	Netherlands	87,117
8	Singapore	85,552
9	Iceland	84,803
10	Germany	84,325
11	UAE	83,932
12	Austria	78,338
13	Macau	78,043
14	France	77,897
15	Saudi Arabia	77,213
16	Guyana	76,160
17	Andorra	75,299
18	Sweden	74,658
19	Finland	72,896
20	Bahrain	72,165
21	Australia	70,970
22	Italy	67,985
23	Spain	66,630
24	Canada	64,508
25	UK	64,338

Belgium rises from 16th in the PPP ranking ($72,126) to fourth after adjusting for hours ($90,179). France also advances, from 25th ($61,322) to 14th ($77,897).

Singapore falls from first to eighth, with its adjusted value dropping from $150,689 to $85,552. Its high output per resident is accompanied by more hours worked per resident than the global average.

Ultimately, the richest country depends on what you’re trying to measure. GDP per capita offers a useful snapshot of economic output, but differences in prices and working hours provide important context.

Learn More on the Voronoi App

If you enjoyed today’s post, check out Ranked: The Countries Where $1,000 Takes the Longest to Earn on Voronoi.