Richest Countries in The World 2024
Top 10 Richest Countries in The World 2024: The Gross Domestic Product (GDP) and purchasing power parity (PPP) are objective indicators that are used to rank the world’s wealthiest countries. The top ten richest countries in the world for 2024 are listed below.
Countries all across the world have been competing economically and militarily since the dawn of mankind. These countries’ technical growth has provided money and success to their citizens, making it critical to rank countries based on their economic prosperity and, maybe, overall happiness of their citizens.
A ranking of the top 10 richest countries in the world will be compiled based on current Gross Domestic Product (GDP) per capita and Purchasing Power Parity per capita.
The GDP is a monetary measure of a country’s market value of goods and services produced over a given time period, usually a year. GDP per capita is calculated by dividing a country’s GDP by its population at the time.
Because it does not represent the cost of living and inflation rates in countries, the GDP is not an ideal tool for comparing living standards between countries or determining how wealthy a country is.
Total exports, imports, investments, government spending, and other factors are used to calculate GDP. Labor, on the other hand, which contributes to disparities in living standards and the final cost of commodities, is not movable and hence may not adequately reflect GDP.
In the United States, a Big Mac (beverage) could cost $10, whereas in Nigeria, it costs 2000 NGN. Approximate calculations using the FOREX rate (I USD = N560) at the time of writing reveal that a Nigerian can purchase at least four Big Macs for the same $10 USD in Nigeria; the reason for this could be due to the differential in labor costs between Nigeria and the United States.
The GDP per capita is adjusted based on the Purchasing Power Parity (PPP) per capita, which incorporates the difference in the standard of living between nations, to better examine the top 10 richest countries in the world in 2024.
Because it compares currencies by utilizing the various costs of a basket of commodities or food in each country, PPP is a more accurate indicator of wealth distribution across countries.
Economists can use the PPP to determine a country’s wealth and to compare the standard of living in different countries around the world.
The top ten richest countries in the world in 2024 are listed below.
Norways’ GDP, PPP per capita = 63,287.6 USD
Norways’ Population since 2020 = 5,379,475
Norway, a small country with a population of about 5.3 million people, is one of the richest countries in the world thanks to its diverse economy and natural resources.
Despite the fact that Norway is not a socialist country, it has a well-developed social security and welfare system. The country has policies in place to redistribute wealth among its citizens. It’s no surprise that it came in first place in the OECD Better Life Index in 2021.
Norway also possesses the world’s largest sovereign wealth fund (SWF), which is funded by oil and gas export profits. Apart from oil and gas, Norway is the world’s second-largest exporter of fish and has access to vast natural resources within its borders.
Norwegian enjoys a good standard of living through its high GDP (PPP) per capita, which is among the highest in the world. Norway is also rated second to the list on the most fragile states index list for 2021.
9. United states of America
USA GDP, PPP per capita = 63,413.5 USD
USA Population since 2020 = 329,484,123
The United States of America (USA), arguably the world’s most powerful superpower, with the world’s highest GDP. The United States has the world’s largest economy, is the world’s largest importer, and is the world’s second-largest exporter of goods, trailing only China.
Following wins in the Spanish-American conflict, World War I, and World War II, the United States dominated the global economy. Following the disintegration of the Soviet Union at the end of the Cold War, it formed itself.
The American economy is a free market that fosters entrepreneurship while being protected by a strong framework of autonomous government institutions.
Even though it only accounts for 4.2 percent of the world’s population, the United States not only leads global GDP but also accounts for 30% of global wealth.
Although the United States is the world’s ninth most rich country, detractors contend that there is considerable disparity in race, income, universal healthcare, and other areas.
Despite this, the United States has made significant contributions to technical milestones through a number of successful startups and established businesses.
8. San Marino
San Marino’s GDP, PPP per capita = 63,420.3 USD
San Marino’s Population since 2020 = 33,938
San Marino is a country in southern Europe that claims to be the oldest republic in the world. San Marino is one of Europe’s smallest countries, with a land area of only 61 square kilometers.
San Marino’s economy has grown in recent years. Tourism, banking, manufacturing, and exports are all important parts of the country’s economy.
Because of its low corporation tax rates, the economy also benefits from international investment.
San Marino is a landlocked republic that is on the radar of the world’s wealthiest nations. It is a highly developed country with a high standard of life and a GDP per capita comparable to that of the majority of European Union (EU) member states.
San Marino is not a member state of the EU but has a special arrangement to use the Euro as its currency.
The high-income distribution in San Marino is reflected in the living standard of the inhabitants; San Marino is the only country in the world that has more cars than people.
Brunei’s GDP, PPP per capita = 65,588.3 USD
Brunei’s Population since 2020 = 437,483
Brunei is an Islamic country administered by an absolute monarchy in Southeast Asia. Following independence from the United Kingdom, Brunei’s economic trajectory shifted.
Between 1999 and 2008, the country’s GDP increased by around 56% after independence. Brunei’s success is inextricably linked to its crude oil supply. Brunei is a net exporter of crude oil, which accounts for a large portion of the country’s GDP.
Brunei’s government offers free education to its inhabitants. The program has been overtly obvious, with the country’s literacy rate reaching a staggering 97.2 percent. Brunei is also ranked 47th in the world in the Human Development Index for 2020.
6. United Arab Emirates
United Arab Emirate’s GDP, PPP per capita = 66,746.6 USD
United Arab Emirate’s Population since 2020 = 9,890,400
The United Arab Emirates (UAE), a western Asian country best known for its international hub, Dubai, is located on the eastern extremity of the Arabian Peninsula.
The UAE boasts one of the world’s greatest oil and natural gas reserves, but the government has diversified its economy to avoid relying solely on oil.
The UAE has tripled its GDP in the last 40 years thanks to its reliance on oil, natural gas, and stringent government intervention.
As one of the world’s wealthiest countries, the UAE has seen an influx of migrants from Africa and other developing countries, reducing the UAE’s population to a minority.
Richest Countries in The World 2024
Switzerland’s GDP, PPP per capita = 71,760.6 USD
Switzerland’s Population since 2020 = 8,636,896
Switzerland is the world’s fifth richest country. Although Switzerland is in Europe, it is not a member of either the European Union or the EuroZone.
Zürich, Geneva, and Basel, for example, are among the cities in Switzerland with the highest quality of life.
Switzerland, which is known for being the birthplace of the Red Cross, has remained neutral in previous wars and conflicts.
Switzerland has a stable and wealthy economy, with one of the highest GDP per capita in the world, making it one of the wealthiest countries on the planet. Switzerland was named the most innovative country in the world by the Global Innovation Index in 2020.
Switzerland has a robust service sector like banking, tourism, insurance, etc.; the country also has a developed manufacturing sector that produces and exports chemicals, pharmaceuticals, measuring and musical equipment.
Qatar’s GDP, PPP per capita = 89,935.3 USD
Qatar’s Population since 2020 = 2,881,060
Qatar has climbed from obscurity to become the world’s fourth richest country in the last fifty years. In 1971, the country obtained independence from British administration and became a sovereign republic.
In the Arab world, the west Asian country has the highest level of human development. Qatar’s rise to the top ten richest countries on the planet is inextricably related to the country’s natural gas discoveries.
Qatar has the world’s third-largest natural gas reserves. Qatari government have leveraged oil export income to provide a high quality of living for their inhabitants. It could explain how the government is able to afford for Qataris to pay no income taxes: the rich country is also known to have one of the lowest tax rates in the world.
Ireland’s GDP, PPP per capita = 95,237.2 USD
Ireland’s Population since 2020 = 4,994,724
Ireland is a European island that is also known as the Republic of Ireland. Ireland has successfully transformed its economy into a free market economy.
At least six times, Ireland has been rated the top country for high-value Foreign Direct Investment (FDI). Because of the government’s policies, foreign multinational corporations are driving Ireland’s economy.
The Republic of Ireland developed measures that allowed it to become one of the top ten wealthiest countries in the world today. The country lowered its corporate tax rate from 32 percent to 12.5 percent, attracting huge tech businesses like Amazon, Apple, and others.
In 2015, Fora reported that Foreign corporations paid about 80% of Ireland’s corporate tax; the former is also responsible for employing about a quarter of the private labour market.
Singapore’s GDP, PPP per capita = 98,483.3 USD
Singapore’s Population = 5,685,807
Singapore was created in 1816 by one Briton, Sir Stamford Raffles. The defunct British Empire used to use the island kingdom as a trading center.
Despite the fact that Singapore has no known natural resources, it has restructured its economy to become one of the world’s wealthiest countries.
Singapore is a highly developed country with AAA sovereign ratings from all major sovereign rating agencies. As a result of trade and other economic developments, the prosperous Asian economy is also one of the four Asian tigers.
The established market economy has resulted in global innovation, free commerce, and corporate interest. Singapore is a wealthy country with the highest percentage of millionaires in the world in 2011.
Luxembourg’s GDP, PPP per capita = 118,503.6 USD
Luxembourg’s Population = 632,275
Despite being a landlocked country, Luxembourg has become the world’s richest country, with a PPP per capita value of $118,503.6. The little country is one of the Eurozone’s key economies.
With its steel production in 1960, Luxembourg was once a proud industrial state. Since then, the country’s economy has become more diverse, with the banking sector being the most thriving sector.
Luxembourg, which is frequently referred to as a tax haven, is home to regional offices of big multinational corporations such as Skype and Amazon.
Luxembourg’s economy is steady, with low inflation and unemployment. According to Eurostat, the agricultural sector employs roughly 2.1 percent of the country’s population in 2010.
It is widely claimed that Luxembourg is among the richest countries in the world because of the country’s tax revenues. A considerable percentage of Luxembourg’s tax revenue comes from people working in Luxembourg but resides in other EU countries.
The population and GDP (adjusted PPP) per capita are directly related to a country’s chances of ranking among the top ten richest countries in the world. Countries with real GDPs of over 15 trillion dollars, such as the United States and China, have a small wealth distribution per capita due to their large populations.
On the above list of the world’s wealthiest countries, there is a clear pattern: 9 out of 10 countries have economies entangled in interventionist government policies.
In the United States of America, on the other hand, government entities possess essentially no economic assets, with the exception of the federal reserve, which is not completely owned by the government.
The above proves that both the government and private corporations have a crucial role in ensuring that wealth is distributed equally.
Top 10 Richest Countries in The World 2024 – Newshub360.net
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