Every year there is an annual index that determines the richest countries in the world according to GDP per capita. If you think that the US is on top of this list, that’s not true. In 2019, USA stands as the 8th richest country in the world. Qatar was previously on top of the list but it has now been dethroned by Luxembourg. Find out all the top 30 contributor’s to the world’s economy and what makes these countries so rich.
Richest countries in the world 2019
You will be surprised to know many smaller countries are doing much better than bigger and stronger ones. Here’s is the complete list of the richest countries in the world:
GDP per capita is $105,712.98
In 2019, Luxembourg escalated up high and currently have the highest GDP per capita. Yes, it is the richest country in the world and currently staggering 31% ahead of Switzerland that’s on the second rank.
Luxembourg has a landmass of just 988 sq. mi. but has the most money floating around. It has helped the population grow much more than what it was even a year back. Their financial and banking sectors are playing a huge role in multiplying their money. However, to be the richest country in the world, money has to be diversified and not come from a few sources. From construction to real estates, from IT to metal industries, this country’s economy has been better than ever.
GDP per capita is $80,642.58
Switzerland gives travel goals to common people or brings in thoughts of both banks and luxury watches. But you will be stereotyping if you don’t go beyond these! The Swiss economy has been growing by two times globally. They also produce fruits, grains, vegetables, eggs, meat, and dairy products that keeps them self-sufficient and also trade-worthy. Let’s not forget the Swiss chocolates also play a major role in such a case.
GDP per capita is $75,513.64
Norway is one of the richest countries in the world and proved it right when it went pass the $1 trillion mark in 2017. Norway’s economic output is greatly created to shipping, food processing, aquaculture, fishing, shipbuilding industries, gas, and petroleum.
GDP per capita is $72,389.87
The tourism boom is Iceland since 2010 has been one of the major reasons of its economic progress. The growth has made the annual visitor number increase by double digits every year. Traditional industries like fish processing, geothermal, hydropower, and aluminium smelting, all contribute to make the country one of the top five richest countries in the world.
GDP per capita is $68,722.58
Ireland is famous producers of beef, dairy products, and potatoes. Also, you can’t skip the beer as well. A country is diversified in terms of growing industries and they have contributed to the GDP as a whole. The chemical, pharmaceutical, computer hardware, and medical devices are some other contributors of Ireland’s economy.
GDP per capita is $62,826.06
If you regularly follow the trends of the richest countries in the world, it will surprise you to find Qatar at number six. Qatar is the biggest producer of natural gas and oil, which is the biggest reason for its contribution to the GDP. Moreover, industries like cement, ammonia, commercial ship repair, and fertilizer industries, are also major reasons behind the growth of this economy.
GDP per capita is $59,990.06
Singapore is one of the most economical diversified countries and is the center of a significant shipping route. The country is just 278 sq. mi. big and is also one of the smallest ones to have such a large economy.
The main industries that contribute to Singapore is electronics, financial services, chemicals, drilling equipment, petroleum, refining biomedical products, processed food, scientific instruments, telecommunication, and more. Singapore also offers ship repairing, has offshore platforms of constructive, and entrepot trade that further contribute to the economy.
8. United States
GDP per capita is $59,895
The United States is much largely populated among all other countries on this list and has the second largest landmass. It has a highly diverse economy and stands second in terms of industrial output. The main industries in the country encompass petroleum, steel, motor vehicles, telecommunication, and aerospace. There are several agricultural products like wheat, fruits, corn, vegetables, forest products, dairy, that serve the country’s GDP.
GDP per capita is $57,380.20
Denmark is advance in its economy due to diverse industries. They have wind turbines, medical equipment, pharmaceuticals, refurbishment, shipbuilding, steel, iron, and nonferrous metals. These are the key contributing industries but they also have chemicals, transportation equipment, machinery, textiles, electronics, furniture, and more.
GDP per capita is $55,957.72
Beef is one of the most commonly sold product in Australia, but it also relies on their mining industry. These two are contrasting but they have much to offer to higher GDP. Australia is currently in the top 10 richest countries in the world and can stand strong or get better. Other industries that contribute to Australia’s growth is equipment, chemicals, steel, and food processing. Top agricultural products in the country are barley, wheat, fruits, and sugarcane.
GDP per capita is $52,924.37
Sweden is the first nation among the Nordic countries with GDP per capita going over $50,000. Two major reasons that contribute to this are steel and iron industries. These are followed by wood pulp, precision equipment, paper products, motor vehicles, processed food, and more. In terms of agriculture, the country produces wheat, barley, sugar beets, milk, and meat.
GDP per capita is $48,555.35
Netherlands greatly rely on agricultural industries, engineering products, metal, electrical machinery, equipment, chemicals, construction, petroleum, and microelectronics, fishing, and more. It further gets contribution from ornamentals, vegetables, poultry, dairy, and livestock products.
GDP per capita is $47,383.87
Austria is almost in every traveler’s bucket list, which is why their tourism helps their economic boost. Other than that, construction, machinery, food, metals, lumber, paper, chemicals, electronics, are other reasons for such a hike. The federal parliamentary republic of Austria produces potatoes, grains, fruit, wine, and promotes poultry and cattle farming as well.
GDP per capita is $45,937.75
Finland is another Nordic country that has such a high GDP per capita income. The economy of this country greatly relies on metal products, machinery, electronics, scientific instruments, pulp and paper, shipbuilding, textiles, chemicals, and clothing. Agricultural products in the country includes dairy cattle, barley, fish, sugar beets, and wheat.
15. San Marino
GDP per capita is $45,882.36
San Marino is the tinniest country in this list because it only has a span of 24 sq. mi. It also has the smallest population with around 33,779 residents as recorded in July 2018. The tiny piece of land produces 15th largest GDP per capita income and you simply can’t ignore it due it its size.
The county is a major producer of wheat, corn, grapes, olives, cheese, beef, and pigs. They also rely a lot of banking, electronics, textiles, cement, ceramics, to enhance the economy. Also, it is greatly aided by the tourism sector as there are plenty of people flocking in here every year.
GDP per capita is $45,223.97
Canada is the second largest country on this list after the US. However, it has little population compared to its size. Again, this doesn’t stop the economy to be high as they are big producers of wheat, barley, tobacco, and oilseed. Some more key GDP contributors are transport equipment, minerals, and chemicals.
GDP per capita is $44,770.58
Germany is known to produce some of the best automobile and that’s what contributes the largest to their economy. Other than that, the company is also highest producers of iron, coal, steel, machinery, chemicals, machine tools, vehicles, electronics, ship, textiles, food and beverages.
GDP per capita is $43,672.41
The government of Belgium is pretty interesting as they have a federal parliamentary democracy and is under a constitutional monarchy. It is the only country under such legislation under this list.
Belgium has a large economy and contribute to producing engineering, metals, equipment, process food, beverages, scientific instruments, transportation equipment, chemicals, pharmaceuticals, textiles, base metals, petroleum, and glass.
19. New Zealand
GDP per capita is $41,350.26
New Zealand is the largest producers of beef, sheep, and wine. Other than the top three things, forestry, manufacturing, mining, and fishing also contribute to the country. Tourism is also pretty huge in the country and contributes a lot towards the economy. New Zealand has been repeatedly lauded as one of the most beautiful places in the world.
GDP per capita is $40,560.26
Israel was considered an independent country in 1948. Isn’t it amazing that within a span of 70 years it stands among top 20 richest countries in the world? Moreover, Israel is a pretty compared to the level of economic development is has shown. The country has a famous tech industry and large producers of paper and wood products. It also produces food, beverages, potash, phosphates, cut diamonds, tobacco, and other diversified products.
GDP per capita is $40,045.58
France is yet another country to have a great tourism industry in the world. But it majorly gets growth due to tourism and wine industries. Apart from these two, machinery, chemicals, metallurgy, automobiles, aircraft, textiles, electronic, and food are other things that boost the French economy.
22. United Kingdom
GDP per capita is $39,975.38
The United Kingdom is another diverse industrial economy with main contributors of GDP being machine tools and electronic power equipment. Other than these, railroad equipment, automation equipment, motor vehicles, motor parts, shipbuilding, aircraft, communications equipment, electronics, chemicals, and metals are also great contributors.
GDP per capita is $38,344.02
Among the countries on this list, Japan has the second-largest population. Japanese workers are among the largest people to into the technological industries. The major contributors to their economic growth depend on motor vehicles, electronic equipment, machine tools, and ships. In terms of agriculture, Japan contributes due to vegetable farming, rice, poultry, and fish.
GDP per capita is $32,660.57
The Bahamas is comprised of a chain of 700 islands and islets and tourism is the biggest contributor to economy. They also get huge contribution from other industries like bank, oil, maritime, bunkering, logistics, transhipment, salt, pharmaceuticals, and aragonite. The islands are also growers of vegetables, citrus fruits, seafood, and poultry
GDP per capita is $32,132.47
Italy has a famous base for agricultural production and largest producers of grapes and olives. It also has a booming tourism industry but that’s not all. The country is way ahead in industries like machinery, steel, iron, food processing, motor vehicles, textiles, footwear, clothing, and ceramics that keep the economy ahead.
26. Puerto Rico
GDP per capita is $31,581.39
Puerto Rico is a self-governing country due to its political association with the US. The country has its own economy and growing GDP per capita income. It is big enough to be under this list and also on the 26th position leaving many countries behind.
Agriculture is a major contribution of this industry as they are big producers of sugarcane, pineapples, plantains, and coffee. In terms of industrial growth, the company is great at pharmaceuticals, food products, electronics, and apparels. Also, they attract lots of tourists all across the world and has a booming tourism industry.
27. South Korea
GDP per capita is $29,749.80
The small country of South Korea that stretches for 38,502 sq. mi. packs in more than 51 million people. The population growth increased by 0.44% in 2018 and seems to get higher this year. The country is major contributors to electronics, automobile production, and telecommunications. Apart from these, they also have chemical industries, steel, and shipbuilding. In terms of agriculture they grow rice, barley, root crops, and veggies.28.
GDP per capita is $28,377.76
Spain is large compared to its 50 million residents that is grew by 0.73% in 2018. We all know that the beautiful country attracts lots of tourists across the world but there is more to it. Spain largely contributes due to textiles, food, beverages, metal production, shipbuilding, and chemicals. This is another country that greatly produces grapes and olives.
GDP per capita is $27,707.38
Malta is a spectacular nation and a pretty tiny part of an archipelago in the Mediterranean covering 122 sq. mi. only. It is a parliamentary republic that greatly produces potatoes, cauliflower, wheat, barley, tomatoes, and grapes. They also sell eggs, milk, pork, and poultry. Tourism keeps the economy at its highest and with shipbuilding, electronics, repair, pharmaceuticals, construction, and more.
GDP per capita is $25,954.83
Cyprus is yet another small country that stretches for only 3,572 sq. mi. It has more than 121 million people growing at a rate of 1.27% as seen in 2018. Tourism is the main reasons why the country is booming but food, beverage processing, gypsum, cement, textiles, refurbishment, and ship repair are other contributors. Vegetables and citrus fruits contribute in terms of agricultural growth.