• Friday, April 12, 2024
businessday logo

BusinessDay

These are the 10 richest countries by GDP per capita in 2024 – IMF

Cybersecurity policy framework remains insufficient, says IMF

The global economy showcases significant disparities in national wealth and prosperity. Gross Domestic Product (GDP) per capita, a crucial indicator measured at Purchasing Power Parity (PPP), provides insights into average income adjusted for varying costs of living.

In 2024, the International Monetary Fund (IMF) evaluated the prosperity of nations by estimating GDP per capita. This metric, derived from the total value of goods and services produced, offers a glimpse into the economic well-being of a country when divided by its full-time resident population.

Read also: IMF forecasts record fall in Nigeria foreign reserves in 2024

However, achieving a more precise understanding of a nation’s wealth involves considering factors such as inflation rates and local costs. The resulting comprehensive evaluation, known as PPP, offers a refined measure of a nation’s economic strength.

According to the International Monetary Fund (IMF), Here are the 10 richest countries by GDP per capita (PPP) in 2024 – IMF as of February 08.

Luxembourg

Topping the list is Luxembourg, a small European country known for its robust financial sector. With a GDP-PPP per capita of $140,312, Luxembourg stands out as the wealthiest nation, showcasing the economic strength derived from its diversified and thriving economy.

Ireland

Following closely is Ireland, with a GDP-PPP per capita of $117,988. Ireland has consistently demonstrated economic resilience and innovation, particularly in the technology and pharmaceutical sectors, contributing to its high standard of living.

Switzerland

Switzerland claims the third spot with a GDP-PPP per capita of $110,251. With its stable economy, precision manufacturing, and banking services, Switzerland maintains a strong position among the world’s wealthiest nations.

Norway

Norway ranks fourth with a GDP-PPP per capita of $102,465. The country’s wealth is largely attributed to its oil and gas sector, responsible for financing its comprehensive welfare system and sustainable development initiatives.

Read also: Nigeria can repay its COVID-19 fund, says IMF

Singapore

Singapore emerges as a financial and trade hub, securing the fifth position with a GDP-PPP per capita of $91,733. The city-state’s strategic location, efficient infrastructure, and pro-business policies contribute to its economic success.

Iceland

Iceland takes the sixth spot with a GDP-PPP per capita of $87,875. Despite its small population, Iceland’s economic prosperity is fueled by tourism, renewable energy, and fisheries.

Qatar

Moving to the Middle East, Qatar holds the seventh position with a GDP-PPP per capita of $84,906. Rich in natural gas reserves, Qatar has successfully diversified its economy, investing in infrastructure, finance, and education.

United States

The United States ranks eighth with a GDP-PPP per capita of $83,066. While it has a massive overall GDP, its per capita income is impacted by a large and diverse population. The U.S. economy is characterized by innovation, technology, and a diverse range of industries.

Denmark

Denmark, known for its high quality of life, secures the ninth position with a GDP-PPP per capita of $72,940. Denmark’s success lies in its strong social welfare system, renewable energy initiatives, and a robust manufacturing sector.

Read also: Debunking the economic myth: No country ever developed following the advice of the World Bank and IMF

Macao SAR

Closing the top 10 is Macao SAR, an autonomous region of China, with a GDP-PPP per capita of $70,135. Macao’s economy heavily relies on tourism and gaming, making it a unique player among the world’s wealthiest nations.