It is highly important to analyze the concept of GDP per capita to get a clear understanding of the countries’ wealth and economy. Gross domestic product or GDP per capita calculates a country’s total GDP by the total population, offering a view of the typical result per man or woman. It is a fact that Luxembourg possess a leading position in terms of GDP per capita which proves that this country is a strong economy.
Other countries also listed include Ireland and Macao SAR in this light because they boast specialized economies. At the same time, the United States is at the top of the list of countries with the total GDP while the number of inhabitants already influences per capita data. For ease of understanding how resources and a country’s population size determine economic wealth, this article presents rankings based on GDP per capita.
| Rank | Country | GDP per Capita (PPP) | Employment Rate (%) |
|---|---|---|---|
| 1 | Luxembourg | $143,742.69 | 68.5 |
| 2 | Ireland | $133,895.31 | 66.7 |
| 3 | Macao SAR | $134,140.93 | 93.0 |
| 4 | Singapore | $133,737.47 | 67.8 |
| 5 | Qatar | $112,282.92 | 97.0 |
| 6 | United Arab Emirates | $96,845.85 | 94.0 |
| 7 | Switzerland | $91,931.75 | 81.5 |
| 8 | San Marino | $86,988.99 | 70.0 |
| 9 | United States | $85,372.69 | 62.5 |
| 10 | Norway | $82,831.78 | 70.0 |
The table above lists the top 10 richest countries in the world by GDP per capita (in purchasing power parity, PPP) for 2024, along with their respective employment rates. The employment rates showcase the percentage of the working-age population that is employed in each country, which can vary majorly based on economic conditions and labour market policies.
Key Insights
- Luxembourg is by far ahead of others with its GDP per capita being over 1. That is five times the rate of the United States.
- Ireland and Macao SAR are neighbouring positions, they both have very developed economies that rely on the finance of Ireland and the tourism of Macao SAR.
- The United States of America has the highest total GDP in the world but its GDP per capita is the 9th highest showing that the country has a large population.
- San Marino and Qatar are examples of this where relatively small countries with a large financial and or natural resources industry have large per capita income.
The GDP per capita rankings afford a clear vision of how the economic wealth is shared among the nations. Luxembourg stands out with having the highest GDP per capita level, Ireland and Macao SAR prove that the specialized economy is strong.
The United States remains such a large economy despite employing a large population thus demonstrating how a large population may lower per capita income. Other examples include San Marino and Qatar in the context of the effects of a Resource-based economy.
These rankings show how measures of economic production and population should be taken into consideration when determining the health of a country’s economy, they give insights into the distribution of wealth around the world.
