Datastream
Mapped: The 25 Richest Countries in the World
The Briefing
- The richest country in the world is Luxembourg with a GDP per capita of over $109,000
- The world’s 25 richest countries are located across North America, Europe, Asia, and Oceania
Mapped: The 25 Richest Countries in the World
Which are the richest countries in the world, by nominal GDP per capita?
This map looks at the top 25 countries by this metric. They’re located across North America, Europe, Asia, and Oceania. Notably, no South American or African countries make the list.
| Country | GDP per capita (USD) |
|---|---|
| 🇱🇺 Luxembourg | $109,602.32 |
| 🇨🇭 Switzerland | $81,867.46 |
| 🇮🇪 Ireland | $79,668.50 |
| 🇳🇴 Norway | $67,988.59 |
| 🇺🇸 United States | $63,051.40 |
| 🇸🇬 Singapore | $58,483.96 |
| 🇩🇰 Denmark | $58,438.85 |
| 🇮🇸 Iceland | $57,189.03 |
| 🇶🇦 Qatar | $52,751.11 |
| 🇦🇺 Australia | $51,885.47 |
| 🇳🇱 Netherlands | $51,289.57 |
| 🇸🇪 Sweden | $50,339.20 |
| 🇦🇹 Austria | $48,634.34 |
| 🇫🇮 Finland | $48,461.48 |
| 🇩🇪 Germany | $45,466.12 |
| 🇭🇰 Hong Kong SAR | $45,175.73 |
| 🇧🇪 Belgium | $43,813.80 |
| 🇨🇦 Canada | $42,080.10 |
| 🇸🇲 San Marino | $41,682.81 |
| 🇮🇱 Israel | $41,559.51 |
| 🇫🇷 France | $39,257.43 |
| 🇬🇧 United Kingdom | $39,228.52 |
| 🇯🇵 Japan | $39,047.90 |
| 🇲🇴 Macao SAR | $38,769.20 |
| 🇳🇿 New Zealand | $38,675.32 |
Although number one on the global stage in terms of total GDP, the U.S. places fifth with a GDP per capita of $63,051.
Interestingly, a number of countries with smaller population sizes have a high GDP per capita. For example, Iceland makes the top 10 at $57,189, but the island’s population is only around 342,000 people. Similarly, Luxembourg’s population is just under 633,000—but it’s the richest country in the world on a per capita basis.
Building Wealth
So how did these countries become so well off?
Looking at history, most high-income countries went through a similar linear journey. Beginning with agriculture-based economies, they went through a period of rapid industrialization, and finally became service-based economies.
In Luxembourg today, one of the top industries is banking and financial services, for example. Here’s a look at some of the top industries in the next five richest countries:
- 🇨🇭 Switzerland:
Banking and financial services, agriculture - 🇮🇪 Ireland:
Natural resources (including agriculture, fisheries, forestry, and mining), pharmaceuticals - 🇳🇴 Norway:
Oil and gas, hydropower, seafood - 🇺🇸 U.S.:
Real estate, healthcare, technology - 🇸🇬 Singapore:
Financial services, manufacturing, oil and gas
The world’s wealthiest economies will likely remain on top for the foreseeable future, though some may experience plateauing growth. In Japan, for example, the domestic market is beginning to shrink due to an aging population.
Regardless, the wealth of these countries today is astounding, with the richest country in the world having a GDP per capita of 415x more than the poorest country in the world.
Where does this data come from?
Source: IMF
Details: GDP per capita is measured in $USD, 2020. In IMF’s database, Macao SAR and Hong Kong SAR are both listed separately from China.
Money
Charted: Public Trust in the Federal Reserve
Public trust in the Federal Reserve chair has hit its lowest point in 20 years. Get the details in this infographic.
The Briefing
- Gallup conducts an annual poll to gauge the U.S. public’s trust in the Federal Reserve
- After rising during the COVID-19 pandemic, public trust has fallen to a 20-year low
Charted: Public Trust in the Federal Reserve
Each year, Gallup conducts a survey of American adults on various economic topics, including the country’s central bank, the Federal Reserve.
More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy. We’ve visualized these results from 2001 to 2023 to see how confidence levels have changed over time.
Methodology and Results
The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a “great deal” or “fair amount” of confidence.
| Year | Fed chair | % Great deal or Fair amount |
|---|---|---|
| 2023 | Jerome Powell | 36% |
| 2022 | Jerome Powell | 43% |
| 2021 | Jerome Powell | 55% |
| 2020 | Jerome Powell | 58% |
| 2019 | Jerome Powell | 50% |
| 2018 | Jerome Powell | 45% |
| 2017 | Janet Yellen | 45% |
| 2016 | Janet Yellen | 38% |
| 2015 | Janet Yellen | 42% |
| 2014 | Janet Yellen | 37% |
| 2013 | Ben Bernanke | 42% |
| 2012 | Ben Bernanke | 39% |
| 2011 | Ben Bernanke | 41% |
| 2010 | Ben Bernanke | 44% |
| 2009 | Ben Bernanke | 49% |
| 2008 | Ben Bernanke | 47% |
| 2007 | Ben Bernanke | 50% |
| 2006 | Ben Bernanke | 41% |
| 2005 | Alan Greenspan | 56% |
| 2004 | Alan Greenspan | 61% |
| 2003 | Alan Greenspan | 65% |
| 2002 | Alan Greenspan | 69% |
| 2001 | Alan Greenspan | 74% |
Data for 2023 collected April 3-25, with this statement put to respondents: “Please tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.”
We can see that trust in the Federal Reserve has fluctuated significantly in recent years.
For example, under Alan Greenspan, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble—which some attribute to Greenspan’s easy credit policies—resulted in a sharp decline.
On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell’s decisive actions to provide support to the U.S. economy throughout the crisis.
Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.
Confidence Now on the Decline
After peaking at 58%, those with a “great deal” or “fair amount” of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.
This is likely due to Powell’s hard stance on fighting post-pandemic inflation, which has involved raising interest rates at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:
- Negative impact on the stock market
- Increases the burden for those with variable-rate debts
- Makes mortgages and home buying less affordable
Higher rates have also prompted many U.S. tech companies to shrink their workforces, and have been a factor in the regional banking crisis, including the collapse of Silicon Valley Bank.
Where does this data come from?
Source: Gallup (2023)
Data Notes: Results are based on telephone interviews conducted April 3-25, 2023, with a random sample of –1,013—adults, ages 18+, living in all 50 U.S. states and the District of Columbia. For results based on this sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. See source for details.
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