Richest Countries in the World in 2024: The global economic outlook for 2024, as projected by the International Monetary Fund (IMF), indicates a steady yet cautious path forward for the world economy. It will continue growing at 3.2 per cent during 2024 and 2025, at the same pace as in 2023. The global economy has surprisingly been resilient to recovery from COVID-19 disruptions and geopolitical tensions, as advanced economies witness a slight acceleration in growth from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. However, it will witness a modest slowdown in emerging markets and developing economies from 4.3 per cent in 2023 to 4.2 per cent in both 2024 and 2025. As we approach the end of 2024 in a few months, the International Monetary Fund (IMF) has released its latest projections, ranking the wealthiest nations based on purchasing power parity (PPP) per capita. What is Purchasing Power Parity (PPP)? Gross domestic product (GDP) is a parameter for the value of all goods and services produced in a country, with the GDP per capita providing insights into the relative prosperity and living standards of their citizens. Considering these factors, one can get the PPP, or purchasing power parity, which is calculated by dividing a country's wealth by its full-time residents, taking into account inflation rates and local product and service costs. Top 10 Richest Countries Worldwide by GDP per capita in 2024: Luxembourg is the world's wealthiest country, with a GDP per capita of $143,742 thousand, according to the IMF. This is largely due to its strategic location in central Europe and its strong financial services sector. China's special administrative region, Macau, follows with a GDP per capita of around $134,140 thousand, positioning itself to the second rank globally, thriving on its gaming and tourism sector. Notably, in contrast, the United States, while being the largest economy in nominal terms, ranks ninth in GDP per capita at around $85,370 thousand, indicating a disparity between the total economic output and individual wealth. So, as estimated by the International Monetary Fund (IMF), here are the top 10 countries that come up as the richest in terms of GDP per capita based on PPP, as of September 1, 2024: Rank Country Continent GDP-PPP per capita (in USD) 1 Luxembourg Europe 143,740 thousand 2 Macao SAR Asia 134,140 thousand 3 Ireland Europe 133,900 thousand 4 Singapore Asia 133,740 thousand 5 Qatar Middle East 112,280 thousand 6 United Arab Emirates Asia 96,850 thousand 7 Switzerland Europe 91,930 thousand 8 San Marino Europe 86,990 thousand 9 United States North America 85,370 thousand 10 Norway Europe 82,830 thousand Source: International Monetary Fund (IMF) These rankings illustrate the economic prosperity of smaller, often resource-rich nations, which tend to dominate the GDP per capita metrics due to their high levels of income relative to their population sizes. Where does India stand? India—a developing nation rises to the fifth largest economy, with the IMF indicating that it will continue to grow faster than China. However, the GDP per capita in India was last recorded at 9172.10 US dollars in 2023, when adjusted by purchasing power parity (PPP), which is equivalent to 52 percent of the world's average, as per the World Bank.
