The richest countries in the world: 2023 ranking



The richest countries in the world: 2023 ranking

There are more than 250 countries in the world, each of which develops thanks to available resources. However, some countries are at the top of the richest countries in the world due to the well-being of their citizens and economic development. Find out more about the richest countries in the world by reviewing the best places for a comfortable and prosperous life

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The International Monetary Fund annually publishes data on nominal gross domestic product per capita, which determines the level of prosperity in countries. This indicator serves as a key criterion for assessing economic development, where a higher level indicates a greater wealth of the state. The annual surveys cover all regions of the world, allowing us to understand the global economic picture. Thus, we already know which countries are leading in this indicator in 2023, reflecting their economic strength and living standards.

1. Luxembourg - $113196

Luxembourg, a small European country with an area of 2,586 km, bordering Belgium, France and Germany, holds the first position among the richest countries in the world. Historically, it was ranked second, behind Macau and Qatar. Despite the competition, Luxembourg has become the undisputed leader this year.

The European country is famous for its high standard of living and is at the top of the Human Development Index. The offices of most European organizations, more than 1000 investment funds and 200 financial institutions are located here, which confirms the status of Luxembourg as the main financial center of Europe as recognized by the European Union Parliament.

The country's economy is supported by the banking sector, iron and steel production, and iron ore mining. A significant share of foreign capital is represented by American companies that value stability and a high level of human resources.

People in Luxembourg receive high quality education and speak several foreign languages, which proved to be a significant factor in the research. The government supports its citizens by setting the highest salaries. Luxembourg has a population of 602 thousand people, with a minimum salary of $2200, an average salary of $6700, and a maximum salary of $67600. This demonstrates the impressive economic stability and prosperity in this small but great country.

2. Switzerland - $83716

Switzerland, one of the strongest and most stable countries in the world, is defined by its impressive wealth, which is based on banking secrecy, insurance, high-tech watches, pharmaceuticals, chocolate production, and gold mining.

Although Switzerland does not have a large territory and access to the sea, the country is gaining popularity among tourists due to the pristine Alps, crystal clear lakes, beautiful landscapes, luxury shopping, rich culture and delicious authentic cuisine.

Switzerland remains a highly developed country with a successful economy and great human potential. It is home to multinational companies with large capital specializing in innovative developments of watches and smart cars.

The country is an active participant in international cooperation, interacting with Europe, Turkey, the Middle East, North and South America, Africa, and Australia. Its annual exports to these countries amount to 313.0 billion, imports - 282.0 billion, which forms a positive foreign trade balance.

A significant number of billionaires and millionaires choose Switzerland as their home because there are no minimum wages and incomes are the highest in the world. With a population of 8.6 million people and an average income of $6700, Switzerland continues to serve as an example of economic success and a higher standard of living.

3. Macau - $81151

Macau, a Chinese peninsula, is recognized as one of the ten richest countries in the world. In terms of GDP per capita, which is $81151, Macau is barely inferior to Switzerland. This autonomous center was once under Portuguese rule, but gained independence in 1999 and became part of China.

Due to the lack of natural resources, the Chinese government decided to develop Macau's economy through the gambling business. Casinos, initially controlled by the monopoly, developed, but due to the lack of significant profit, the system was terminated. China also demanded to move the gambling business from the mainland to the peninsula.

Today, Macau is especially popular among wealthy residents of China, Hong Kong, Singapore, South Korea, Japan, and Taiwan. About 70% of the local population works in the service sector, while the total number of residents is 653 thousand people, of which 457.1 thousand, are employed in the entertainment sector. Tourism, exports and port transit are other important areas for Macau.

Macau attracts tourists with its attractions, such as The Venetian Hotel, the Grand Prix Museum, the Wine Museum, the Old Quarter, observation decks, and the ruins of St. Paul's. The Macau tourist destination is becoming popular among Europeans, Americans, and Russians, with approximately 23 million guests coming here annually.

Gambling and tourism make up the main share of Macau's budget. As of the beginning of 2023, the GDP amounted to $54.55 billion, the cost of living is estimated at $588, and the average salary is $2184. Macau continues to be one of the most economically successful and prosperous countries in the world.

4. Norway - $77975

Norway, which gained its prosperity thanks to its vast oil resources, became an economically powerful country in the 60s. Today, this northern state is fully self-sufficient in energy resources and exports oil to other partner countries.

The oil market has brought Norway to the second place in the world in terms of production and trade of petroleum products, after Saudi Arabia. This has given the country an increase in wealth that has exceeded some European countries.

Cities in Norway, such as Oslo, Trondheim, Bergen, and Stavanger, are considered among the richest in the world. The cost of living in them is about $1000 per month, and the salaries of residents exceed $5000. The country's macroeconomic indicators are impressive - GDP is $435 billion, and the Human Development Index is 0.95. The infrastructure of cities is of a higher technological level, and the transportation system is developed, including rail, road, and air transport.

The average Norwegian can enjoy a stable income, own housing, a car, and high-quality food and clothing. With a population of 5.358 million, every Norwegian citizen has access to the country's economic success.

5. Ireland - $77771

Ireland, another of the Nordic countries, is a leader in terms of high GDP per capita. Located on the western island of Europe, the country has experienced financial difficulties, but has successfully overcome them in a short period, largely due to investments from the United States. Ireland is an active member of almost all European organizations and in recent years has preferred to develop relations beyond the UK, as it used to be.

In the international market, the country is steadily developing in pharmaceuticals, medical equipment, IT technologies, multimedia, engineering and food industry. Proud of its developed business environment, Ireland hosts subsidiaries of well-known global companies such as Microsoft, Dell, IBM, Intel, Hewlett Packard, and Oracle. The number of large companies choosing Ireland exceeds 300, and their production accounts for the bulk of the Gross Domestic Product. Last year, this figure reached $294 billion, with a population of 4.921 million Irish.