Richest countries in the world by GDP per capita in 2023

The combined impact of these enabled people to spend vast amounts of funds towards purchases as the economy opened up, which led to the ugly beast of inflation rearing its head. Then, to make matters worse, the Russian invasion of Ukraine kicked off and disrupted the global commodities and energy market – causing both grain and oil prices to rocket to record highs. Among the top 10 richest economies, Ireland has the fastest-growing
economy with 13.04%. Among the top 50 economies having the highest gdp per capita, Macao SAR is the fastest growing economy
with a growth rate of massive 20.44%, followed by Ireland. Only Puerto Rico will have a negative growth rate of -0.6%, followed
by Kuwait (0.95%). The US GDP per capita is one of the highest GDP per capita in the world at $70,249.

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. The table initially ranks each country or territory with their latest available estimates, and can be reranked by either of the sources. This article was published as a part of Visual Capitalist’s Creator Program, which features data-driven visuals from some of our favorite Creators around the world. The U.S. leads the Americas in both nominal and PPP-adjusted per capita GDP. However, Canada drops to 3rd place under the new metric, overtaken by Guyana. Some countries have switched ranks in the top 10, such as Ireland and Luxembourg.

Countries by GDP Per Capita

Despite this, 39 of these countries are in debt distress—or are close to it—as high interest rates add pressure to government balance sheets. With this economic backdrop, we’ll look at the countries with the highest gross domestic product per capita today, as the global economy shakes up and purchasing powers drop. The Commonwealth of Australia is an Oceanic country with vast natural resources and a GDP per capita of $68,080. As we settle into 2023, with the first quarter almost coming to an end, the global economy is reeling from the devastating impacts of last year. The coronavirus pandemic, which saw record stimulus spending from central banks all over the world, led to excess capital flowing into the market. This was compounded by a drastic reduction in overall expenditure, as travel and other restrictions limited the money that people could spend on luxury activities.

• Low-income countries have smaller debt levels compared to output, which is expected to continue over the next five years.
• Among the top 10 richest economies, Ireland has the fastest-growing
  economy with 13.04%.
• Estimates from the International Monetary Fund (IMF) show that while global inflation nearly doubled from 4.7% in 2021 to 8.8% in 2022, it will drop back to 6.5% this year and 4.1% next year.

In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the US dollar (US$) most commonly used as the base or „numeraire“ currency. Denmark is another Nordic country, which relies on a wide variety of manufactured products to earn its foreign exchange. Canada is a North American country with a large land border with the U.S., which is also its largest trading partner.

Republic of China

European countries like Monaco, Luxembourg, and Switzerland tend to dominate the top ranks, highlighting the region’s prosperity. Meanwhile, Sub-Saharan African countries, such as Burundi, Mozambique, and the Central African Republic, struggle with lower GDP per capita figures, indicative of economic hardships faced by many countries in the region. The good news is that 60% of economies are forecast to see their public debt-to-GDP ratios fall below COVID-19 peaks by 2027. Debt sharply increased in both 2020 and 2009 in conjunction with economic downturns.

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• On the other hand, Israel and Japan drop out of the richest countries in Asia when using PPP calculations, with countries like Saudi Arabia and Bahrain edging them out.
• The United States has the ninth highest GDP per capita in the world at $70,249, and the Faroe Islands round out the top ten with $69,010.
• Its favorable tax system has made it an attractive destination for high-net-worth individuals seeking to preserve and grow their wealth.
• As we settle into 2023, with the first quarter almost coming to an end, the global economy is reeling from the devastating impacts of last year.
• Furthermore, Monaco’s strategic location on the French Riviera has made it a popular tourist destination, attracting visitors who contribute to the local economy through spending on accommodations, dining, and entertainment.

Qatar invests heavily in infrastructure development, tourism, finance, and real estate, positioning itself as a regional hub for business and trade. The country’s strong welfare state, high standard of living, and well-regulated market economy contribute to its high GDP per capita. Denmark has a diverse economy, with key sectors including manufacturing, services, renewable energy, and pharmaceuticals. Bermuda’s thriving offshore financial sector, which includes insurance and reinsurance industries, has been a major driver of its high GDP per capita.

All Countries and Economies

The Cayman Islands have the seventh highest GDP per capita at $86,569, and Singapore has the eighth highest GDP per capita at $72,794. The United States has the ninth highest GDP per capita in the world at $70,249, and the Faroe Islands round out the top ten with $69,010. There is a substantial disparity in GDP per capita across different regions.

Additionally, Finland boasts high-quality education and a skilled labor force, contributing to its economic prosperity. The Faroe Islands – a Danish territory – has the tenth highest GDP per capita at $69,010. The Faroe Islands’ high GDP per capita is primarily driven by its fishing industry, which contributes significantly to its economy. Additionally, the islands have benefited from investments in renewable energy, tourism, and the development of niche industries. This comes as aging populations, slower economic growth, and healthcare costs are straining government spending, a trend seen across many advanced economies.

Are you interested in knowing which countries have the strongest economies? Our article provides a list of the wealthiest countries based on their GDP per capita ranking for the year 2023. GDP per capita is a significant economic measure that offers an understanding of the average income and living standards of a country’s citizens.

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Rather, it is a measure of the relative health of that country’s overall economy and industry. GDP per capita is often considered an indicator of a country’s standard of living;[1][2] however, this is inaccurate because GDP per capita is not a measure of personal income. China’s debt has also risen rapidly, and is projected to eclipse 100% by 2026. Public debt as a percentage of GDP is forecast to jump fourfold between 2005 and 2027.

Historically, debt levels compared to GDP tend to increase as little as 4% and much as 15% in the five years after a global recession has ended. And in Oceania, adjusting GDP for purchasing power doesn’t have much effect on the sizable gap between Australia and New Zealand and their smaller island neighbors. top gdp per capita countries But some local economies are noticeably stronger when adjusting for PPP, especially Fiji‘s, which has a GDP per capita (PPP) three times bigger than its nominal value. Non-tradable goods in a country (haircuts, local transport, schools, etc.) do not get valued when using an exchange-rate conversion.

Among the top 50, Oman’s rank would move up by six positions and enter the top 50 lists. These economies are not ranked in the charts here, but are listed in sequence by GDP for comparison. Over the next five years, it is projected to jump even further—raising concerns about government leverage in a high interest rate and slower growth environment. Total global debt stands at nearly $305 trillion as of the first quarter of 2023.

Others have been replaced all together, with Iceland, Denmark, and Australia falling out of the top 10, replaced by Macao, the UAE, and San Marino.

This year alone, new government debt issuance is projected to hit record levels. A large portion of this debt consists of infrastructure bonds that are focused on boosting the economy. In the U.S., public debt-to-GDP is set to reach a record 134% by 2027. The sharp rise in interest rates is increasing net debt servicing costs, which stood at $475 billion last year. Over the next 10 years, net interest costs on U.S. debt are projected to total $10.6 trillion.

A higher per capita GDP generally corresponds to higher income, consumption levels, and standards of living. However, while conditions in the developed world appear to be quite tough, the troubles pale when some of the world’s most perilous regions in terms of economic conditions are considered. Even though inflation of 6% is worrying both the population and the Fed, this appears to be almost negligible when we look at the happenings in Argentina. The country’s inflation soared past a devastating 102% in February 2023 according to data from the country’s statistics agency. For reference, the Lebanese Pound was trading at around 1,500 to the dollar just four years back. However, there is some good news, especially when it comes to inflation.