Top 10 richest countries in 2024 by GDP per capita; Europe and Asia dominate the rankings

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:

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?

The United Nations has revised upwards India’s growth projections for 2024, with the country’s economy now forecast to expand by close to seven per cent this year, mainly driven by strong public investment and resilient private consumption. (file photo)

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.