What Makes a Country Rich?
The wealth of a nation is driven by a host of factors. These include a stable political environment, robust legal frameworks that protect property rights, and a penchant for innovation and technological advancement. Human capital, in the form of a highly educated and skilled workforce, is another indispensable asset, as is the access to and savvy management of natural resources. Furthermore, a country’s integration into the global economy through trade and foreign investment is another powerful catalyst for wealth creation.
What Is GDP per Capita and Why Does It Matter?
Gross domestic product (GDP) per capita is calculated by dividing a country’s total economic output by its population. This figure represents the average economic output per person and is a widely used indicator of a nation’s prosperity. A high GDP per capita suggests that a country is generating significant economic value for each of its citizens, which often translates into higher incomes and greater purchasing power. It is a vital tool for economists and policymakers to gauge a country’s economic health and make comparisons between nations. While it is not a perfect measure of individual well-being, as it does not, for example, account for income inequality, it provides a strong indication of the resources available to a society.Â
Standard of Living and Quality of Life Indicators
While GDP per capita is a powerful economic indicator, it is essential to consider it alongside other metrics that paint a more holistic picture of a country’s well-being. The standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. It is closely linked to GDP per capita but also encompasses factors like access to quality healthcare, education and housing.
Quality of life, on the other hand, is a broader and more subjective concept that includes intangible elements such as political and religious freedom, environmental quality and social connections. While a high GDP per capita often correlates with a better standard of living and quality of life, it is not the sole determinant.Â
How We Ranked the World’s Wealthiest Countries
The following ranking is based on the 2025 Consensus forecasts of the dozens of expert analysts that make up our country panels. A caveat: The GDP per capita figures mentioned are in nominal USD terms, so don’t account for differing price levels between economies.Â
Ranking of the Top 10 Richest Countries
Country 1: Luxembourg
With a GDP per capita projected to be around USD 147,000 in 2025, Luxembourg consistently tops the charts as the world’s richest country. This small, landlocked European nation has masterfully leveraged its strategic location and political stability to become a global financial powerhouse. The cornerstone of Luxembourg’s economy is its massive and sophisticated financial sector, which is the largest contributor to its GDP. The country is a leading center for investment funds, private banking, and insurance, attracting vast amounts of foreign capital. Its success in this arena is underpinned by a favorable regulatory environment, a multilingual workforce, and a proactive government that has cultivated a business-friendly ecosystem.
Beyond finance, Luxembourg has a significant, albeit smaller, industrial sector, with a historical legacy in steel production. In recent years, the government has actively promoted economic diversification, with a focus on high-tech industries, e-commerce, and logistics—the latter taking advantage of the nation’s favorable geography, nestled between economic heavyweights France and Germany.Â
Country 2: Ireland
Ireland’s economic ascent since the 1980s has been nothing short of remarkable, transforming it from one of Europe’s poorer nations to one of its wealthiest, with a projected Irish GDP per capita of approximately USD 122,000 in 2025. The key to Ireland’s success has been its ability to attract a massive influx of foreign direct investment (FDI), particularly from large multinational corporations in the technology and pharmaceutical sectors. A low corporate tax rate has been a significant lure, but it is the country’s highly educated and skilled workforce, coupled with its membership in the European Union, that has cemented its status as a premier global business hub.
The Irish economy is characterized by a strong export focus, with a significant portion of its GDP generated by the activities of these multinational giants. While this has led to some debate about the sustainability and distribution of this wealth, there is no denying the profound impact it has had on the nation’s prosperity. The government has also been proactive in fostering a vibrant domestic startup scene and investing in research and development to ensure long-term, sustainable growth. That said, the headline GDP per capita figure overstates the living standards of the average citizen, due to the distorting impact of multinationals’ investment in intellectual property and aircraft leases. The country also faces profound challenges in areas such as affordable housing and infrastructure.
Country 3: Switzerland
Switzerland’s enduring prosperity, with an expected GDP per capita of around USD 111,000 in 2025, is a testament to its long-standing commitment to political stability, sound financial management and a culture of innovation. The Swiss economy is highly diversified, with key strengths in financial services, high-tech manufacturing and pharmaceuticals. Its banking sector is renowned for its discretion and stability, attracting wealth from around the globe.
In the realm of manufacturing, Switzerland is a world leader in precision instruments, machinery, and luxury goods, including its iconic watches. The country is also home to a thriving pharmaceutical and life sciences industry, with major global players headquartered within its borders. A highly skilled workforce, a world-class education system, and significant investment in research and development are the bedrock of Switzerland’s economic prowess. Furthermore, its stunning natural landscapes have fostered a lucrative tourism industry.
Country 4: Iceland
Despite its small population of around 400,000, Iceland has a highly developed economy, with a projected GDP per capita of approximately USD 97,000 in 2025. The pillars of the Icelandic economy are tourism, fishing and aluminum smelting. The country’s breathtaking natural beauty, from glaciers and volcanoes to the Northern Lights, has fueled a visitor boom in recent years, making tourism a significant contributor to GDP.
The fishing industry has historically been the backbone of the Icelandic economy and remains a vital sector, with sustainable practices ensuring its long-term viability. Iceland’s abundant geothermal and hydropower resources provide a source of cheap, renewable energy, which has attracted energy-intensive industries like aluminum smelting. The country has also been fostering a growing technology and software development sector, further diversifying its economic base.
Country 5: Singapore
The city-state of Singapore is a model of economic dynamism and strategic planning, with our Consensus forecast for Singapore’s GDP per capita to be around USD 95,000 in 2025. Since gaining independence in 1965, Singapore has transformed itself from a low-income nation into a global hub for finance, trade, and technology. Its strategic location at the crossroads of major shipping lanes has made it one of the world’s busiest ports and a critical node in the global supply chain.
Singapore’s economy is highly open and business-friendly, with low taxes and a welcoming environment for foreign investment. The government has played a crucial role in shaping the country’s economic development, with a focus on long-term planning and investment in infrastructure, education, and healthcare. These measures have been facilitated by enduring political stability, with the same party in power since the 1960s.Â
Country 6: Norway
Norway’s immense wealth—with a GDP per capita forecast of approximately USD 94,000 in 2025 according to our panelists—is largely attributable to its vast reserves of oil and natural gas in the North Sea. The petroleum industry is a key sector of the Norwegian economy, accounting for a significant portion of GDP and government revenue. However, what sets Norway apart is its prudent management of this natural resource wealth. The country has established the world’s largest sovereign wealth fund, which invests the proceeds from its oil and gas sector to secure the long-term financial future of its citizens.
Beyond oil and gas, Norway has a diversified economy with strong sectors in hydropower, fishing and shipping. The country’s stunning coastline and fjords have also fostered a thriving tourism industry. Norway’s commitment to social welfare, with a comprehensive social security system and universal healthcare, ensures that its wealth is broadly shared among its population.
Country 7: United States
The United States, with a projected GDP per capita of around USD 89,000 in 2025, stands out for the sheer scale of its economy. It is the world’s largest economy in nominal GDP terms and boasts a highly diversified and technologically advanced economic structure. A culture of innovation, entrepreneurial spirit and a deep pool of skilled labor are key drivers of its prosperity.
The U.S. economy is dominated by the services sector, including finance, technology, healthcare and retail. It is also a global leader in some high-tech manufacturing areas, with strong industries in aerospace, automotive, and pharmaceuticals. The country’s vast natural resources, including oil, natural gas and fertile agricultural land, further contribute to its economic strength. While income inequality and political division remain significant challenges, the dynamism and resilience of the U.S. economy are undeniable.
Country 8: Denmark
Our panelists expect Denmark to have a GDP per capita of approximately USD 77,000 in 2025. The services sector dominates the economy, employing a large portion of the workforce. Key industries in Denmark include pharmaceuticals, renewable energy and shipping—Danish pharma firm Novo Nordisk is one of Europe’s most valuable companies.Â
Moreover, the country is a global leader in wind turbine manufacturing and has a strong focus on sustainable and green technologies. A highly educated workforce, a stable political climate and a business-friendly environment contribute to Denmark’s economic success. The Danish “flexicurity” model, which combines a flexible labor market with a strong social safety net, is often cited as a key factor in its economic resilience and low unemployment rates.
Country 9: Macao
The small territory of Macao—a special administrative region of China—has a highly developed and open economy, with a projected GDP per capita of around USD 74,000 in 2025. Macao’s wealth is overwhelmingly driven by its massive tourism and gambling industry. As the only place in China where casino gambling is legal, it has become the world’s largest gambling center, attracting millions of visitors, primarily from mainland China.
The tax revenue generated from the gaming industry is the primary source of income for the Macao government, enabling it to provide a comprehensive social welfare system, including free education and healthcare. In recent years, there has been a push to diversify the economy away from its heavy reliance on gambling, with a focus on developing sectors such as financial services, traditional Chinese medicine and high-tech manufacturing.
Country 10: Netherlands
The Netherlands has a prosperous and open economy with a forecasted GDP per capita of around USD 73,000 in 2025. Its strategic location in Europe and the presence of the continent’s largest port in Rotterdam have made it a crucial hub for international trade and logistics. The Dutch economy is highly diversified, with strong sectors in agriculture, food processing, chemicals, petroleum refining and high-tech industries.
Despite its small size, the Netherlands is the world’s second-largest exporter of food and agricultural products by value, a testament to its innovative and intensive farming practices. The country is also home to a number of multinational corporations and has a thriving high-tech and startup ecosystem. A highly skilled and multilingual workforce, excellent infrastructure and a stable political environment are key factors in the Netherlands’ economic success.
Common Factors Driving Wealth in the World’s Richest Countries
A common thread running through the economic success stories of these top-ranking nations is a commitment to fostering a business-friendly environment. This includes low levels of corruption, a stable political landscape and a transparent and efficient legal system. Furthermore, these countries have made significant investments in human capital, with a strong emphasis on education and skills development to create a highly productive workforce.
Another key factor is their embrace of globalization and open markets (though this is being wound back in the U.S. under the Trump presidency). Many of these nations are major trading hubs and have actively sought to attract foreign investment. Finally, a forward-looking approach to economic policy, with a focus on innovation, diversification and sustainable development, appears to be a crucial ingredient in the recipe for long-term prosperity. While the paths to wealth may vary, these fundamental principles of good governance, investment in people, and an outward-looking perspective are the common denominators of the world’s richest countries.
GDP Per Capita Growth Outlook (2025 and Beyond)
Of the top 10 wealthiest countries, Macao should see the fastest economic growth in the coming years, buoyed by greater economic integration with the rest of China. Ireland should be next in line, as the country is likely to remain an attractive base for investments by large global firms. Iceland is set to follow in third, thanks to rising aluminium prices, stronger tourist arrivals and government diversification efforts. At the other end of the scale, the wealthy economies of continental Europe will be relatively slow-growing, held back by population ageing and a general lack of presence in fast-growing industries such as AI.