In this piece, we will take a look at the 35 richest countries by median income. If you want to skip our overview of the global economic environment, then head over to 10 Richest Countries by Median Income.
Economic Outlook for 2024
The richest countries by median income in the world tend to have a strong economic system that offers a wide range of jobs and business opportunities. The world’s most developed economies have suffered since the COVID-19 pandemic as things have not been the same since the pandemic. Despite the economic disruptions, the world has gone through a transformative decade of development with the practical application of technologies such as AI, Cybersecurity, Blockchain, and Metaverse, among others. However, the global economy is set to end 2024 on a downward side – the slowest half-decade of GDP growth in 30 years, as per the World Bank’s latest Global Economic Prospects report.
Compared with 2023, the global economy is expected to get better with the risk of a global recession fading, mainly due to the strengthening of the US economy. But the increasing geopolitical tensions are creating havoc. Especially, in the Middle East, things seem all tense with Israel’s inhumane bombardment of Gaza and Iran’s proxies acting against Israel and its allies. In addition, the Russia-Ukraine war has entered a new phase almost 700 days after its beginning. On January 19, Reuters reported that NATO is launching its largest exercise since the Cold War, with the participation of nearly 90,000 troops. The drill is expected to begin in May and will rehearse NATO’s execution of its regional plans, coming up against a potential response to Russian attack and European defense.
The medium-term outlook for many developing economies looks sluggish due to slowing growth in major economies, flat global trade, and tight financial conditions globally. According to the World Bank, global growth is expected to drop from 2.6% in 2023 to 2.4% in 2024, slowing for the third year in a row. Whereas, developing economies are projected to have a growth rate of 3.9% and low-income countries are expected to grow 5.5% in 2024. By the end of 2024, around 40% of people in low-income countries and people in one out of every four developing countries will still be poorer than they were before the COVID-19 pandemic.
The global economy is shifting its growth circle and Asia seems to be the strongest region heading forward. According to Goldman Sachs, China, the US, India, Indonesia, Germany, Japan, and the UK will be the leading economies in 2050. These economies are some of the richest countries by GDP per capita. By 2075, India will surpass the US to be the second-largest economy. Nigeria and Pakistan will replace Germany and Japan to be the fifth and sixth-largest economies in the world. The United Kingdom is tightening its immigration rules in 2024 to avoid a large inflow of immigrants and stabilize the country’s job market. Whereas, Germany is making its immigration more flexible as it needs a more skilled workforce. In the summer of 2023, Germany’s parliament passed the Skilled Immigration Act intending to quickly lower the barriers to immigration of skilled workers from countries outside the European Union.
Companies from the Richest Countries
Corporations are one of the biggest resources of an economy and strong industries reflect the power of an economy. International Holdings Co. PJSC (ADX:IHC), Novartis AG (NYSE:NVS), and Apple Inc. (NASDAQ:AAPL) are the biggest companies from some of the richest countries in the world.
International Holdings Co. PJSC (ADX:IHC) is the biggest public holding firm based out of the United Arab Emirates. On January 2, International Holdings Co. PJSC (ADX:IHC) announced the approval of a next-generation holding company to International Holdings. The new holding company, 2PointZero, will comprise multiple sectors with business combinations of entities under common control. 2PointZero is expected to have an asset size of over AED 100 billion. 2PointZero will cover sectors including technology and AI, financial services, investment banking, mining and resource management, and digital and crypto ecosystems.
Novartis AG (NYSE:NVS) is one of the top Swiss multinational pharmaceutical firms. On January 5, Novartis AG (NYSE:NVS) reported that it had obtained approval from the US Food and Drug Administration (FDA) for commercial manufacturing of PluvictoTM. The FDA’s approval of Novartis AG’s (NYSE:NVS) second US Radioligand Therapy (RLT) manufacturing facility increases RLT production capacity to 250,000 doses. The new RLT manufacturing facility is a 70,000-square-foot site based in Indianapolis, Indiana. Novartis AG’s (NYSE:NVS) new RLT manufacturing facility will add a substantial supply increase for the foreseeable future.
Apple Inc. (NASDAQ:AAPL) is one of the biggest companies in the world by revenue. On January 20, Apple Inc. (NASDAQ:AAPL) announced the opening of its 100th retail location in the Asia-Pacific region. The company has opened Apple Hongdae in Seoul, South Korea. On January 11, Apple Inc. (NASDAQ:AAPL) reported that former president and CEO of The Aerospace Corporation, Dr. Wanda Austin, was nominated for election to Apple’s board of directors. Dr. Austin brings extensive science and technology experience to her role at Apple Inc. (NASDAQ:AAPL). Tim Cook, the CEO of Apple Inc. (NASDAQ:AAPL), said:
“She’s an extraordinary leader, and her invaluable experience and expertise will support our mission of leaving the world better than we found it.”
These were a few top companies that are playing a massive role in both domestic and international economies. Now, let’s take a look at the richest countries by median income.
35 Richest Countries by Median Income
Our Methodology
To compile and list the richest countries by median income, we obtained the data on median income by country from the Data Pandas, updated as of 2024. We have also highlighted the GDP (PPP) of the countries in the lists, which is taken from the International Monetary Fund (IMF) database, updated as of 2024. Purchasing Power Parity (PPP) figures are used, and as a simple definition, PPP is calculated by subtracting price differences and nominal changes in the local currency and the US Dollar. We ranked the richest countries by median income in ascending order of their median income.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using different consensus approaches, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
35 Richest Countries by Median Income
35. Lebanon
Median Income: $7,712
Lebanon is the least richest country by median income on our list. With a median income of $7,712, Lebanon ranks 35th among the richest countries by median income.
34. Latvia
Median Income: $7,971
Latvia is a European country located between Lithuania and Estonia. Latvia has a GDP of $80.33 billion and has a median income of $7,971. Latvia is one of the richest countries by median income.
33. Slovakia
Median Income: $7,991
The Slovak Republic has a GDP of $240.65 billion. Slovakia has a median income of $7,991 and ranks among the richest countries by median income.
32. Lithuania
Median Income: $8,267
Lithuania has a GDP of $144.26 billion. One of the richest countries by median income, Lithuania has a median income of $8,267.
31. Portugal
Median Income: $8,439
Portugal is one of the strongest economies in Europe having a GDP of $482.85 billion. With a median income of $8,439, Portugal ranks 31st among the richest countries by median income.
30. Poland
Median Income: $8,885
Poland has a GDP of $1.79 trillion and a median income of $8,885. Poland is one of the richest countries by median income.
29. Czech Republic
Median Income: $10,046
The Czech Republic is also known as Czechia, located in Central Europe. The Czech Republic has a GDP of $564.19 billion and a median income of $10,046.
28. Estonia
Median Income: $10,651
Estonia is one of the richest countries by median income having a median income of $10,651. Estonia has a GDP of $63.86 billion.
27. Israel
Median Income: $10,866
Israel has a GDP of $565.99 billion and a median income of $10,866. Israel ranks 27th among the richest countries by median income.
26. Spain
Median Income: $11,786
Spain is one of the largest economies in Europe having a GDP of $2.51 trillion. Spain has a median income of $11,786 and ranks among the richest countries by median income.
25. Slovenia
Median Income: $11,878
Slovenia has a GDP of $113.6 billion and a median income of $11,878. Slovenia is placed 25th among the richest countries by median income.
24. South Korea
Median Income: $12,507
South Korea is one of the countries with the highest median income in the world. The country has a median income of $12,507 and a GDP of $3.06 trillion.
23. Cyprus
Median Income: $13,053
Cyprus has a GDP of $52.14 billion and a median income of $13,053. Cyprus ranks among the richest countries by median income.
22. Italy
Median Income: $13,170
Italy is one of the largest economies in Europe with a GDP of $3.29 trillion. With a median income of $13,170, Italy ranks among the richest countries by median income.
21. Taiwan
Median Income: $13,605
Taiwan is one of the richest countries in the world. The country has a GDP of $1.77 trillion and a median income of $13,605.
20. Japan
Median Income: $14,255
Japan is one of the largest economies in the world. The country has a GDP of $6.71 trillion and a median income of $14,255.
19. Ireland
Median Income: $14,520
Ireland has a GDP of $764.07 billion and a median income of $14,520. Ireland ranks 19th among the richest countries by median income.
18. Malta
Median Income: $14,543
Malta has a relatively small economy with a GDP of $35.17 billion. The country has a median income of $14,543 and ranks among the countries with the highest median income.
17. United Kingdom
Median Income: $14,793
The United Kingdom is one of the largest economies in the world with a GDP of $3.98 trillion. The United Kingdom has a median income of $14,793.
16. Belgium
Median Income: $16,157
Belgium has a GDP of $793.83 and a median income of $16,157. Belgium ranks 16th among the richest countries by median income.
15. Finland
Median Income: $16,332
Finland is one of the countries with the highest median income. Finland has a GDP of $346.97 billion and a median income of $16,332.
14. France
Median Income: $16,372
France is one of the largest economies in the world having a GDP of $4.01 trillion. With a median income of $16,372, France ranks among the richest countries by median income.
13. Germany
Median Income: $16,845
Germany has a GDP of $5.72 trillion and a median income of $16,845. Germany is one of the largest economies and has one of the highest median incomes.
12. Iceland
Median Income: $17,017
Iceland is a small island country with a GDP of $28.17 billion. Iceland has a median income of $17,017 and ranks 12th among the richest countries by median income.
11. Australia
Median Income: $17,076
Australia is one of the fastest growing economies in the world. The country has a GDP of $1.78 trillion and a median income of $17,076.
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Disclosure: None. 35 Richest Countries by Median Income is originally published on Insider Monkey.