Do you want to know what is the richest country in the world in 2023? The richest countries are measured on the basis of GDP per capita (nominal). The list of richest countries consists of small countries with less population, the economy of these countries is very high in terms of population as compared to large countries. For example, the population of Luxembourg is very less compared to China, but it is the highest in the world in terms of GDP per capita. Here we have listed the top 10 richest countries in the world in 2023 by nominal GDP per capita. Let’s see!
Denmark is a Nordic country in Northern Europe. It is the most populous and politically central component of the Kingdom of Denmark, a constitutionally unitary state that includes the Faroe Islands and the autonomous region of Greenland in the North Atlantic Ocean. Denmark is the tenth richest country in the world with a GDP per capita of $65,713 in 2023. Denmark has a population of 5.84 million, the capital and largest city is Copenhagen.
Denmark’s economy is a modern mixed economy with a comfortable standard of living, a high level of government services and transfers, and a high dependence on foreign trade. The service sector is dominated by 80% of the jobs in the economy, while around 11% of workers work in manufacturing and 2% in agriculture. With 5.8 million inhabitants, Denmark is the 36th largest national economy in the world as measured by nominal gross domestic product (GDP), and the 51st largest in the world by purchasing power parity (PPP).
Australia is a wealthy country with a mixed market economy. By 2023, Australia was the 14th largest national economy by nominal GDP (gross domestic product), the 20th largest by PPP-adjusted GDP, and the 22nd largest goods exporter and 24th largest goods importer. Australia set the record for the longest period of uninterrupted GDP growth in the developed world with the March 2017 fiscal quarter. This was the 103rd quarter and 26th year that the country experienced a technical recession. By June 2021, the country’s GDP was estimated at $1.98 trillion.
The Australian Securities Exchange in Sydney is the 16th largest stock exchange in the world in terms of domestic market capitalization and one of the largest interest rate derivatives markets in the Asia-Pacific region. Australia is the 9th richest country in the world in 2023 with a per capita GDP of $66,408.
Iceland is a country with a small economy that is subject to high volatility. In 2011, the GDP was US$12 billion, but it has grown to a nominal GDP of US$27.7 billion in 2023. Australia is the 8th richest country in the world in 2023 with a GDP per capita of $73,981. Based on purchasing power parity (PPP) estimates, with a population of 350,000, this is $55,000 per capita.
The financial crisis of 2007–2010 produced a decline in GDP and employment that has since been completely reversed by a recovery aided by the tourism boom starting in 2010. Tourism accounted for over 10% of Iceland’s GDP in 2017. After a period of strong growth, Iceland’s economy is slowing according to the 2018–2020 economic outlook published by Arion Research in April 2018.
The United States of America is a wealthy country primarily located in North America. It includes 50 states, one federal district, five major unincorporated territories, 326 Indian reservations, and a few smaller estates. America is one of the top 10 richest countries in the world in 2023 with a GDP per capita of $68,309.
The economy of the United States is a highly developed mixed economy. It is the world’s largest economy by nominal GDP and net wealth, and the second largest by PPP purchasing power parity. It has the world’s seventh-highest per capita GDP (nominal) and eighth-highest per capita GDP PPP in the world in 2023.
Singapore is a sovereign island city-state in Maritime Southeast Asia. Singapore is the 6th richest country in the world in 2023. Its economy is a highly developed free market economy. The country’s main exports include electronics, chemicals, and services. Singapore is water-scarce and a large percentage of water is imported from Malaysia, so it is defined as a precious resource.
Additionally, Singapore’s economy is ranked by the World Economic Forum as the most open, third least corrupt and most pro-business in the world. Singapore has low tax rates in terms of purchasing power parity PPP and the second highest per capita GDP in the world. The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.
Qatar is a wealthy Arab country located in Western Asia. It occupies the small Qatar Peninsula on the northeast coast of the Arabian Peninsula. Qatar’s economy is one of the top 10 richest countries in the world in 2023 based on GDP per capita. Qatar ranks fifth in the world with a per capita income of $82,887.
The country’s economy has grown despite sanctions by neighbors, Saudi Arabia and the United Arab Emirates. Petroleum and natural gas are the cornerstone of Qatar’s economy. These account for more than 70% of total government revenue, more than 60% of GDP and about 85% of export earnings. Qatar has the third largest natural gas reserves in the world. and is the second largest exporter.
04. Switzerland – $92,434 per capita
Switzerland is a landlocked and wealthy country located at the junction of Western, Central and Southern Europe. Switzerland is the 4th richest country in the world with a GDP per capita of $92,434 in 2023.
Also, Switzerland’s economy is one of the most advanced free market economies in the world. The service sector has come to play an important economic role, particularly the Swiss banking industry and tourism. Switzerland has a population of 8.8 million, the capital and largest city is Zurich.
Norway is a Nordic country in Northern Europe whose mainland covers the western and northern part of the Scandinavian Peninsula. Norway is third in the top 10 richest countries in the world in 2023, with a GDP per capita of $92,646. Its population is 5.5 million, the capital and largest city is Oslo.
The economy of Norway is a highly developed mixed economy with state ownership in strategic sectors. Although sensitive to global business cycles, Norway’s economy has shown strong growth since the beginning of the industrial age. The country has a high standard of living and a strong integrated welfare system in line with other European countries.
Ireland is a wealthy country in northwestern Europe. Its capital and largest city is Dublin. About 40% of the country’s population of 5 million people live in the Greater Dublin Area. Ireland is the second richest country in the world in 2023. The country’s GDP per capita is at the 2nd place with $99,239.
The economy of the Republic of Ireland is a highly developed knowledge economy focused on agricultural services including high technology, life sciences, financial services and agribusiness. Ireland is an open economy and ranks first for high-value foreign direct investment (FDI) inflows.
Luxembourg is the richest country in the world in 2023, with a GDP per capita of $127,673. Its economy is largely dependent on the banking, steel and industrial sectors. Luxembourg enjoys the highest per capita GDP in the world.
Although Luxembourg has been called the “Green Heart of Europe” in tourist literature, its pastoral land is accompanied by a highly industrialized and export-intensive sector. The economy of Luxembourg is very similar to that of Germany. Also, Luxembourg enjoys little economic prosperity among industrialized democracies.