According to the United Nations’ Trade and Development report, global economic growth is expected to drop to 2.4% in 2023, down from 3% in 2022, as the toll of rising interest rates and inflation takes its toll. When we narrow our emphasis to the G7 economies, the UNCTAD assessments suggest that most nations are just moderately better off in real terms than they were in 2019.
The data assigns an index value of 100 to all economies prior to the pandemic, and its data shows that while the United States’ GDP has a value of 106.7 as of the second quarter of 2023, Italy, France, Japan, and Germany had values of 101.4, 101.3, 100.6, and 100.5, respectively.
In fact, Canada’s GDP, for which the most recent data is for the first quarter, stood at 104, while Britain was the only country that is still worse off economically than it was at the outset of the pandemic, with an index value of 99.7. As a consolation, the British economy was likewise the severely damaged by the epidemic, with the lowest index value of 76.9, with France coming in second.
We used data from the International Monetary Front (IMF) that provides global GDP per capita by country to compile our ranking of the world’s richest countries by GDP per capita. PPP data are employed, and in a nutshell, these are calculated by removing price discrepancies by equating the price of a basket of essentials in the local currency to the US dollar.
15. Republic of Austria – GDP Per Capita In 2023: $69,502
The Republic of Austria is a European country with a $700 billion GDP. It, like many other affluent countries, is primarily reliant on services and tourism for economic productivity.
14. Iceland – GDP Per Capita In 2023: $69,779
Iceland is a European country that is one of the world’s smallest in terms of population and population density. The country’s economic productivity is based on tourism, and it benefits from a well-developed power generation business.
13. Netherlands – GDP Per Capita In 2023: $72,973
The Netherlands is one of the most developed countries in the world, with a $1.2 trillion GDP. Because of the presence of large automakers and financial firms, it has well-developed services and industrial sectors.
12. Republic of China (Taiwan) – GDP Per Capita In 2023: $73,344
Taiwan, although not being recognized officially as an independent nation, is still an economic force in its own right, playing an important part in the global consumer electronics supply chain. TSMC, the world’s largest contract chip producer, is located there, as are several other significant electronics firms.
11. Kingdom of Denmark – GDP Per Capita In 2023: $73,386
Denmark is a Nordic European country that is one of the world’s most stable and peaceful nations. It ranks well in both income equality and human development since it is based on the Scandinavian model.
10. Brunei Darussalam – GDP Per Capita In 2023: $75,583
Brunei Darussalam is a Southeast Asian country with a PPP GDP of $31.9 billion in 2022. Its foreign exchange revenues are primarily reliant on petroleum exports.
9. Republic of San Marino – GDP Per Capita In 2023: $78,926
San Marino is another little country with a land area of about 61.2 square kilometers. Its economy is primarily reliant on tourism, finance, and electronics.
8. United States of America – GDP Per Capita In 2023: $80,035
In terms of nominal GDP, the United States has the world’s largest economy. However, because a dollar is still a dollar in America, the United States falls to second in the list of countries listed by PPP GDP.
7. Kingdom of Norway – GDP Per Capita In 2023: $82,655
The final Nordic country on our list is the Kingdom of Norway. It stands out among industrialized countries due to the state’s substantial participation in critical industries such as telecoms.
6. Swiss Confederation – GDP Per Capita In 2023: $87,963
The Swiss Confederation, or Switzerland, is Europe’s financial powerhouse, and its well-developed banking industry is well-known across the world.
5. United Arab Emirates – GDP Per Capita In 2023: $88,221
The United Arab Emirates is a country in Asia that is part of the region known as the Middle East. Its two most important economic regions are Abu Dhabi and Dubai, both of which contribute considerably to vital economic sectors like as petroleum exploration, finance, tourism, and real estate.
4. Republic of Ireland – GDP Per Capita In 2023: $124,596
The Republic of Ireland is an island European country that occupies the majority of the island of Ireland. It has a PPP economy of $633 billion, and the high GDP per capita is predictable given the nature of the Irish economy.
3. State of Qatar – GDP Per Capita In 2023: $124,834
Qatar is yet another rich Middle Eastern country. It is one of the few countries in the world where there are more immigrants than locals. As a result, Qatar has a highly productive economy and is a major player in the worldwide liquefied natural gas (LNG) market.
2. Grand Duchy of Luxembourg – GDP Per Capita In 2023: $142,490
The Grand Duchy of Luxembourg, or Luxembourg, is a landlocked country in Western Europe. The services sector is crucial for the country’s economic fortunes, and the profitable banking business plays a vital role within this sector.
1. Singapore – GDP Per Capita In 2023: $157,354
Singapore is both a city and a state, and it is one of only a few in the globe. The city has a global financial sector and plays an important role in the Asian economy, owing to its location, which makes it a vital shipping center for valued products such as consumer electronics.