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The world is home to 195 recognized countries, each offering something completely different from the last. While some countries are famed for their sandy beaches and turquoise waters, others are known best for their vibrant cities and historic landmarks. However, some nations can be distinguished by their wealth.
With that in mind, we’ve compiled a list of the 12 richest countries in the world. The entries on our list were selected based on the World Bank’s GNI data. GNI stands for Gross National Income, which is the total amount of money earned by a nation’s people and businesses. Stick around to learn more about the world’s richest countries.
Singapore
Let’s start this list with the world’s current most prosperous country: Singapore. According to the World Bank, its current value is $118,710. One main contributing factor behind the country’s wealth is its strategic location, which has made the nation a hub for international trade and commerce. Some of the nation’s most significant exports include chemicals, electricals, and services.
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Furthermore, Singapore is widely considered one of the world’s best business centers for wealth management. If you visit Singapore, you’ll quickly see the nation’s wealth, which is evident throughout its modern architecture and infrastructure. Across the city, you’ll also find luxurious buildings, such as Marina Bay Sands, and innovative eco-friendly landmarks like the Supertree Grove.
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Qatar
Qatar, officially the state of Qatar, is the second most prosperous country in the world. It’s a wealthy country in the Middle East best known for its architecture, history, and luxurious hotels. In 2022, the World Bank valued Qatar at $116,870. So, what makes Qatar the second wealthiest country in the world?
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Firstly, the Middle Eastern nation is rich in oil and natural gas. Qatar possesses more than 15% of the world’s proven gas reserves. As such, the country’s wealth has grown dramatically. Better yet, the nation has emerged as a center of international culture, commerce, and architecture. With no personal income, inheritance, VAT, or property tax, Qatar is also a big hit with investors and entrepreneurs.
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Bermuda
When people think about Bermuda, they usually picture white sand beaches, sunny skies, and 5-star vacation resorts. However, they don’t usually think about how rich the country is. You can probably tell this British island territory is rich because a vacation to the island is so expensive, but did you know Bermuda is currently the third most prosperous country globally?
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With a value of $112,650, Bermuda is only valued at $4,220 less than Qatar. Multiple factors, including its multi-industry strength and tourism, help make Bermuda such a wealthy nation. According to the Government of Bermuda, tourism alone brought in more than $800 million in 2022. With firm finance, accounting, and legal sectors, Bermuda is also a hub for international business.
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Norway
Coming in at fourth place is Norway, often called the ‘Land of the Midnight Sun.’ Norway is a beautiful country loved most for its stunning natural scenery, vibrant architecture, and delicious cuisine. As one of the world’s wealthiest countries, it’s also a nation that provides its residents and visitors with countless opportunities.
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Valued at $108,790, Norway’s wealth is mainly due to the vast oil reserves off its coast. This abundance of oil has helped secure the country’s riches for a significant amount of time. In addition to the country’s vast oil and natural gas supplies, Norwegian companies lead the world in several fields, including shipping in Arctic waters, oil production on the seafloor, and sustainable fishing.
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The Republic of Ireland
The next addition to our list might surprise a few, but the Republic of Ireland, a small island nation in Europe, is currently the world’s fifth most affluent nation, valued at $98,650. The Republic of Ireland occupies most of the island of Ireland, which lies off the coast of England and Wales.
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It’s best known for its magnificent landscapes, rich heritage, friendly people, and charming towns and cities. Despite the nation’s miniature stature, the Republic of Ireland ranks highly in the tech and pharmaceutical sectors. On top of that, the country’s low corporate income tax rates give international companies a greater incentive to register as much of their profits as possible at their Irish subsidiaries.
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Luxembourg
Luxembourg is another small country that packs a big punch in the world’s financial industry. This tiny European nation is surrounded by Belgium, France, and Germany. It’s known for being one of the capitals of the European Union, and tourists who enjoy jaw-dropping hikes, magical castles, picture-perfect villages, and world-class wines love it.
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From a financial standpoint, Luxembourg is the sixth wealthiest country in the world. According to the World Bank, the nation’s current value is $98,490. This is seriously impressive, considering Luxembourg is home to less than 700,000 people. Luxembourg is rich because it’s a global hub for private banking and is one of Europe’s most significant investment management centers.
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Switzerland
If we told you to list the world’s wealthiest countries, Switzerland would likely be on that list. Dating back to the 19th century, Switzerland’s GDP has put it among the wealthiest countries in the world. In fact, it’s pretty surprising that the ‘Playground of Europe’ only finds itself in seventh place on our list. Switzerland’s GNI value, as of 2023, is $90,080.
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A key contributing factor to Switzerland’s richness is its strong and varied export market. The country is renowned for exporting gems, machinery, pharmaceuticals, and chemicals. Another main factor is the nation’s focus on its own industries. Banking has also played a significant role in the Swiss economy. In 2022, Switzerland’s banking industry reported profits of 6.5 billion Swiss Francs ($7.3 million).
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Brunei Darussalam
Brunei Darussalam is a tiny Asian nation located in the northern part of Borneo Island. The South China Sea and Malaysian Borneo surround it. Although this island nation might only be small, it’s still the eighth most affluent country in the world. As of 2023, Brunei’s GNI is $87,550.
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Almost all of Brunei’s wealth is accredited to the nation’s extensive petroleum and natural gas fields. According to the Association for Diplomatic Studies & Training, oil and gas account for 70% of its domestic product and 99% of its exports. Interestingly, the Sultan Hassanal Bolkiah of Brunei is worth a staggering $28 billion. Besides oil and gas, Brunei is known for its biodiverse rainforest, tropical beaches, and cultural heritage.
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United Arab Emirates
The United Arab Emirates, also known as the Emirates or the UAE, is a country in the Middle East situated at the eastern end of the Arabian Peninsula. The UAE is recognized for many things, including unparalleled luxury, grand mosques, artificial islands, and the Abu Dhabi Grand Prix. However, none of it would be possible without the country’s oil.
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Only 70 years ago, the UAE was a relatively poor desert country, but the nation’s luck changed when commercial oil was discovered in 1958. Ever since, the country has been an oil exporting giant. In 2022, the UAE exported $105 billion worth of oil. Oil money allowed the country to build better infrastructure. In 2023, the United Arab Emirates’ GNI was $83,750.
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United States
Considering the United States is the world’s fourth largest country, you might have expected to see it on this list sooner. However, the US is only the 10th richest country in the world. As of 2023, the USA has a GNI value of $82,190. Unlike many other countries, the United States isn’t rich because of oil and gas.
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Of course, oil and gas exportation is still essential to the US, but other things are more valuable. For example, agriculture, food, and related industries accounted for approximately $1.530 trillion in 2023, while oil made the country $332.9 billion in 2022.
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Denmark
The penultimate country on our list of the wealthiest countries in the world is Denmark, a Scandinavian country famed for its impeccable architecture, breathtaking natural scenery, and delicious Danish pastries. According to the World Bank’s GNI data, Denmark is currently valued at $79,390, almost $30,000 less than nearby Norway.
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Denmark’s economy grew during the post-war period when the country’s exports grew. Danish furniture and designer goods became popular worldwide, as did food products like butter and bacon. Furthermore, Denmark has well-developed social services and a thriving economy based primarily on trade and manufacturing. As such, Denmark is well recognized for its high standard of living.
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Iceland
Finally, Iceland is the twelfth richest country in the world, with a current GNI value of $79,290, just $100 less than Denmark. Iceland is a gorgeous island nation best known for its spectacular natural scenery, which includes glaciers, volcanoes, waterfalls, and hot springs. Millions of outdoor enthusiasts visit Iceland yearly to enjoy the great outdoors and watch the Northern Lights.
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Many key factors, especially the manufacturing and exporting industries, have helped make Iceland one of the world’s wealthiest countries. According to the Observatory of Economic Complexity, Iceland exports approximately $2.2 billion of raw aluminum, $1.2 billion of fish filets, and $477 million of non-fillet fish yearly. Better yet, Iceland is the world’s largest green energy producer and largest electricity producer per capita.
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Jack Bolton
Jack is a freelance content writer from the U.K. He writes about travel, health & lifestyle, and food amongst other things. As a passionate traveler, he’s always in search of his next big adventure, and ways to save his readers money on their next trip.
