Top Ten Countries with Highest GDP
Updated: May 4
Gross Domestic Product (GDP) per capita has steadily risen globally over time, and in pursuit, the standard of living worldwide has also increased immensely. Using data from the International Monetary Fund clearly shows the GDP per capita (nominal) of nearly every country and territory in the world. GDP per capita is the most accurate and best measure of wealth. It explains how each country's citizens live on average, representing the number of goods and services created per person.
1. Luxembourg – GDP per capita nominal in US dollars - $125,923
The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. The city enjoys the highest per capita gross domestic product in the world. Luxembourg's pastoral land coexists with a highly industrialized and export-intensive area. The country and economy are pretty similar to Germany's. Luxembourg enjoys a degree of economic prosperity, which is very rare among certain industrialized democracies.
2. Ireland - GDP per capita nominal in US dollars - $90,478
Ireland is acknowledged as one of the wealthiest countries in terms of GDP per capita, in the OECD and the EU-27. According to the World Bank, it stands 4th on the highest GDP growth and nominal GDP per capitalist.
3. Switzerland - GDP per capita nominal in US dollars - $90,358
The country and economy of Switzerland are one of the globe's most advanced and highly-developed free-market economies. The goods and service sector has come to play a significant economic role, particularly in the Swiss banking industry and tourism. In terms of economic growth, Switerzland's purchase power parity and its world GDP has risen steadily since 2015.
4. Norway - GDP per capita nominal in US dollars – $76,408
Norway has shown exponential growth and is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, Norway's economy has shown robust growth since the industrial era. Norway's economy and residents have a very high standard of living compared with other European countries and a firmly integrated welfare system.
5. United States - GDP per capita nominal in US dollars - $66,144
The economic output of the United States is a highly developed market economy. In the context of nominal GDP, it is the world's largest economy with its net wealth. It is also the second-largest purchasing power parity (PPP) behind China. It had the world's ninth-highest per capita GDP (nominal) and the fifteenth-highest per capita GDP (purchasing power parity) in 2021. The United States is comparatively one of the wealthiest countries globally with the most innovative/technologically robust economy. Its research centres and institutes are at the forefront of technological advances, especially in aerospace, pharmaceuticals, artificial intelligence.
6. Denmark - GDP per capita nominal in US dollars - $63,645
The economy of Denmark is a modern mixed economy with comfortable living standards, a high level of government services and transfers, and a high dependence on foreign trade.
7. Singapore- GDP per capita nominal in US dollars - $62,113
The economy of Singapore is a free and open market economy. The World Economic Forum has ranked it as the most open globally, the 3rd-least corrupt and the most pro-business. Singapore has low tax rates and the second-highest per-capita GDP globally in terms of purchasing power parity (PPP).
8. Iceland- GDP per capita nominal in US dollars - $58,371
Iceland's economy is small, yet it is a subject of high volatility. In 2011, the gross domestic product was $12 billion, but by 2018 it had increased to a nominal GDP of $27 billion. Tourism accounted for more than 10% of Iceland's GDP in 2017.
9. Netherlands - GDP per capita nominal in US dollars - $58,029
The economy of the Netherlands is one of the largest in the world in terms of gross domestic product (GDP), according to the World Bank and the International Monetary Fund (IMF). Its GDP per capita was estimated at $57,101 approximately in the past few fiscal years, making it one of the highest-earning nations in the world. Between 1996 and 2000, Netherlands annual economic growth averaged over 4%, which is above the European average of 2.5%.
10. Sweden - GDP per capita nominal in US dollars - $57,660
Sweden is a competitive open mixed economy because most Swedish establishments are market-oriented and privately owned. There is also a strong welfare state, with the public sector accounting for three-fifths of GDP.