World economics today is more dynamic than ever and that greatly affects the richest countries in the world by GDP per capita ranking. Every year the scenario looks different, but fluctuation may occur over a span of a month even. Some countries gain ranks while others fall from their position. But, there’s no telling that the top 20 are well among the most affluent nations in the world today.
GDP refers to the domestic product of the year, or the total prices of goods and services produced in a country. But you might notice that our list of 10 Richest Countries in the World by 2015 GDP bears a stark difference to our current list of richest countries in the world by GDP per capita. That is because GDP per capita is arrived at by dividing the GDP of the country with the mid-year population, and is much more reflective of the standard of living in a country. However economics is a wide subject and often extremely complicated, and therefore, even when considering GDP per capita there are a number of factors to be considered; for example – whether the figures are based on Purchasing Power Parity (PPP) or on nominal values. The results based on each can provide very different pictures and are considered by economists for specific purposes.
The list at hand shows the GDP per capita at nominal rates, based on the IMF World Economic Outlook (2014). This means market exchange rates have been used for conversion. When comparing with the ranking of 2013, the GDP per capita of 5 countries in the top 10 have decreased in 2014. And, Denmark has displaced Sweden at the 6th position. This goes to show how the game can change any time in the world of economics. And, while notably, most of the countries are located in Europe, almost 8 out of the top 10 countries have a population less than 10 million.
Let’s take a look at the complete list of the top 20 richest countries in the world by GDP per capita.
20. France,
GDP per capita ($): 44,538
Known for its sophisticated tastes in arts and fashion and insane baking skills, France also happens to be the EU’s second largest economy by purchasing power parity. The mixed economy excels in the export of manufactured goods and is also a major recipient of foreign direct investment from the world over.
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19. The United Kingdom,
GDP per capita ($): 45,653
With London being the largest financial sector in the world along with New York, United Kingdom has its strong foothold among the wealthiest and most powerful nations in the world. Even with a population of 64.5 million the GDP per capita in the country is fairly high.
18. Germany,
GDP per capita ($): 47,590
While Germany’s ranking according to GDP is at the 4th position, the population of 80 million drags it down to the 18th position of the richest countries in the world by GDP per capita. The great power enjoys a high level of skilled labor along with a low corruption rate and large capital stock with adds to its advantage.
17. Belgium,
GDP per capita ($): 47,722
The country has well preserved its medieval charm but also managed to build a strong globalized economy. Its strategic location in a highly industrialized region has become one of its advantages along with a highly productive workforce. The economy is service inclined and the integrated transport with the rest of Europe has been of great help to the country’s economy as well.
16. Finland,
GDP per capita ($): 49,497
The traditional yet progressive country has managed to develop an advanced economy that guarantees a high standard of living to its citizens. The late start in industrialization has done little to hinder the country’s spirit and it has performed extremely well on all indexes since its transformation from a predominantly agrarian country around the 1950s.
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15. Canada,
GDP per capita ($): 50,398
Canada’s economy has a host of achievement under its belt. From being ranked highly in international indexes of government transparency, quality of life, and education to being one of the wealthiest nations in the world. Its long liaison with neighbor United States has been to its benefit.
14. Iceland,
GDP per capita ($): 51,262
The land of the Viking explorers has been no stranger to economic development. The country has seen its fair share of setbacks but has bounced back each time with gusto. It has built upon its Scandinavian heritage and created a strong free-market economy.
13. Austria,
GDP per capita ($): 51,307
The Austrian economy is characterized by social market tendencies and a high standard of living. While industries are highly developed in the country, tourism is a major contributor to the economy with almost 9% of the GDP attributable to it.
12. Netherlands,
GDP per capita ($): 51,373
The beautiful country of tulips has a market-based economy! As reflected by the high GDP per capita, the standard of living in the country is pretty high. But, it is also one of the happiest countries in the world according to the United Nations World Happiness Report.
11. Ireland,
GDP per capita ($): 53,462
The land of many cultural influences enjoys a high GDP and a stable economy. Energy is a major industry in the country and it extensively delves into renewable energy like wind power. The GDP per capita varies across its regions but is overall quite high.
10. The United States,
GDP per capita ($): 54,597
The world’s largest economy by GDP slides back to the 10th position when GDP per capita is considered. There is no denying of United Nations being one of the leaders in technology and innovation. The post-industrial economy is one of the leading manufacturing countries and derived advantage from its skilled labor and abundant natural resources.
9. Singapore,
GDP per capita ($): 56,319
One of the Four Asian Tigers, Singapore’s has risen to a middle power, a commendable feat for a country of its size. The country has the highest trade-GDP ratio in the world which shows its high dependency on trade. Singapore has been open to technology and innovations and is considered a highly developed market economy.
8. San Marino,
GDP per capita ($): 56,820
Even though it is a micro-state surrounded by Italy that may be one of the smallest economies in the world, San Marino enjoys a highly stable economy with negligible unemployment rates and zero national debts. It is definitely one of the wealthiest in the world and probably the only country that has more vehicles than the population.
7. Sweden,
GDP per capita ($): 58,491
Sweden’s is an export-oriented mixed economy.The manufacturing industry is especially knowledge-intensive and highly export-oriented while the service sector is quite developed too. Among the most competitive nations, the country ranks fourth and also provides a high rate of employment to its citizens.
6. Denmark,
GDP per capita ($): 60,564
The Per capita income has increased by $614 in the past year, escalating the country to the 6th position of the richest countries in the world by GDP per capita. Denmark has been high performing in various areas including healthcare, education and prosperity.
5. Australia,
GDP per capita ($): 61,219
Australia’s is without a doubt one of the wealthiest economies in the world and even though the national poverty has been on the rise in recent years, the country has the second-highest average wealth per adult in the world. It also tops the Prosperity Index. The service sector dominates with over 70% contribution to the GDP.
4. Switzerland,
GDP per capita ($): 87,475
While the tourism sector is booming, Sweden’s manufacturing industry forms the most important part of its economy. Zurich and Geneva are amongst the cities with the highest quality of life in the world and the country as a whole enjoys the highest nominal wealth per adult.
3. Qatar,
GDP per capita ($): 93,965
The oil-rich country boasts of a high income and a highly developed economy. The country tops the list of richest countries by GDP which makes it the wealthiest country in the world. Almost 14% of the household in the country are millionaires.
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2. Norway,
GDP per capita ($): 97,013
Rich in natural reserves of petroleum, lumber, minerals, seafood and hydropower, the country’s economy enjoys an advantage over the others. The structure of the economy is a mix of market economy and traditional Nordic welfare model, which integrates a universal health care and a social security system.
1. Luxembourg,
GDP per capita ($): 111,716
Luxembourg’s economy is marked by a low inflation rate and a high level of innovation which makes it stable and high performing and the richest country in the world by GDP per capita. The industrial contribution of all sectors is fairly high in the country.
