10 Richest Countries in the World

Brunei Darussalam is a small country in southeast Asia bordered by Malaysia and the South China Sea. Though the country has a relatively small economy of just $13.5 billion, it also has a small population of less than half a million people.

The country is oil rich, and petroleum gas and crude petroleum accounted for over 90% of its $6.4 billion in exports in 2018. With a well-educated population and high quality infrastructure, the country draws in considerable foreign investment. The country is in the process of diversifying its economy, expanding into IT manufacturing. Due in part to its wealth, residents do not pay income tax.

Ireland is the ninth wealthiest country in the world and the fourth wealthiest in Europe, with a GNI per capita just over $65,000. Ireland is one of the most trade dependent countries in the world. In 2018, the country exported $210 billion worth of services, the most of any country.

Ireland Ireland’s chief export, of the $175 billion in goods it sold in 2018, is chemical products, which include vaccines, cultures, and packaged medicines. More than a quarter of Ireland’s exports go to the U.S., and most of the rest go to other European countries.

With a GNI per capita of nearly $70,000, Norway is the wealthiest Scandinavian country and the eighth wealthiest in the world. Its natural resources, which include fish, forests, minerals, and oil, are major drivers of the national economy. Norway is one of the world’s top exporters of oil and one of the top exporters of seafood.

Like other wealthy European countries, Norway provides a strong social safety net to citizens and has relatively little corruption and wealth inequality. Life expectancy at birth in the country is nearly 83 years, about a decade longer than the global average.

Like other Middle Eastern countries on this list, the United Arab Emirates derives its wealth largely from its natural resources — namely, oil. The UAE controls nearly 6% of the world’s proved oil reserves, and crude and refined petroleum exports generated nearly 40% of the country’s $242 billion in exports in 2018. The country is in the process of diversifying its economy, bolstering its trade and tourism sectors and focusing on improving education of its population.

The UAE struggles more than most countries on this list with income inequality and public sector corruption. It is also one of only five countries on this list where life expectancy at birth is less than 80 years.

Thanks in part to its competitive business environment and strong free trade climate, Switzerland is one of the wealthiest nations in the world. Its GNI per capita of $72,390 is the sixth highest in the world. The country is one of just 20 in the world with GDP that exceeded $700 billion in 2019.

Switzerland is the world’s leading exporter of gold — exporting $63.8 billion worth in 2018. Gold exports accounted for over one-fifth of its total exports that year. Switzerland is also one of the best educated countries in the world, with 36.9% of adults 25 and older holding at least a bachelor’s degree, or the equivalent.

Home to fewer than 64,000 people, Bermuda is the smallest country on this list. With a GDP of only $5.6 billion, it also has the smallest economy. Still, at $75,620, GNI per capita in Bermuda is fifth highest in the world.

Bermuda’s economy is heavily dependent on insurance and financial services for international business. Tourism, driven by visitors from the United States, is also an economic pillar.

Luxembourg is one of the smallest countries in the world, both in terms of landmass and population, with just over 600,000 citizens. With a GDP of $71.1 billion, Luxembourg’s GNI per capita is one of the highest in the world, at $77,570.

Surrounded by Germany, France, and Belgium — all countries that rank on this list — Luxembourg is dependent on trade with its European neighbours. It also has a strong financial sector.

Formerly a British trading post, Singapore, a city state in southeast Asia is now a thriving economic powerhouse. Singapore’s economy is dependent on its financial and trade sectors. Its chief exports include electronics, petroleum products, chemicals, medical devices, and pharmaceuticals.

The country is largely unburdened by public sector corruption and has a well-educated population and low unemployment. It is one of only three countries in the world with a GNI per capita over $90,000.

Qatar has the second highest GNI per capita in the world at $94,170 — more than five times the worldwide GNI per capita. Like many other Middle Eastern countries to rank among the richest in the world, Qatar’s wealth is largely derived from significant oil and gas production. Qatar exported $59 billion-worth of gas and petroleum in 2018, mostly to Asian countries like South Korea, India, and China.

Qatar is one of the fastest growing countries in the world, with a population growth rate of 10.4% from 2015 to 2019 — more than double the worldwide rate.

Macao is a special administrative region of China. Though it is officially a part of China, it has broad authority over its own government and economy. Home to fewer than 65,000 people, Macao is one of the smallest countries on this list. Still, with a $53.9 billion economy, Macao’s GNI per capita of $123,290 is higher than that of every other country in the world.

Macao’s economy is almost entirely dependent on its service sector. Since foreign casinos were allowed to operate there in 2003, tourism and gaming have come to account for more than 90% of the economy.