Below is a list of the top 10 richest countries by GDP per capita in 2024

In 2024, Luxembourg will become the richest country in the world based on GDP per capita.

Gross Domestic Product (GDP) is used to assess the economic prosperity of countries and their citizens around the world. However, GDP is a parameter of the value of all goods and services produced by a country within a specified time frame, usually annually or quarterly. In contrast, a country’s GDP per capita is calculated by dividing the country’s total GDP by its total population. This indicator provides insight into a country’s average wealth and income levels, and thus how rich or poor a country’s average population is.

When population size and economic output are considered together, we get a number called purchasing power parity, or purchasing power parity. Purchasing power parity provides valuable insights, but it may not provide absolute statistics that accurately rank the richest and poorest countries. Still, rankings of GDP per capita in 2023 (taking into account purchasing power parity) give us a closer look at the wealth held by countries.

Now, these are the 10 richest countries as of February 2024 based on GDP per capita purchasing power parity. International Monetary Fund (IMF).

1. Luxembourg – $140,312
2. Ireland – $117,988
3. Switzerland – $110,251
4. Norway – $102,465
5. Singapore – $91,733
6. Iceland – $87,875
7. Qatar – $84,906
8. United States – $83,066
9. Denmark – $72,940
10. Macau SAR – $70,135

It is worth noting that according to International Monetary FundGlobal economic growth is expected to remain stable at 3.1% in 2024 and rise to 3.2% in 2025. “However, the forecast for 2024-25 is below the historical (2000-19) average of 3.8%, with central economic growth picking up. Bank policy rates are set to combat inflation and were withdrawn amid high debt weighing on economic activity Fiscal support, and underlying productivity growth, are lower,” the IMF said.

GDP per capita in India

Meanwhile, in terms of GDP per capita, India’s GDP per capita (nominal) as of December 2023 was $2,673 and GDP per capita (PPP) was $9,180. Forbes. This places India at 129th out of about 200 countries in the 2023 GDP per capita ranking. But in the world GDP ranking, India ranks fifth, behind the United States, China, Japan and Germany.