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The World’s Richest Countries Across 3 Metrics

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See this visualization first on the Voronoi app.

This graphic shows the world's richest countries based on three measures of GDP per capita.

The World’s Richest Countries Across 3 Metrics

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How do you measure the economic success of a country?

By one classic measure, GDP per capita shows individual economic prosperity. But comparing countries simply by this metric doesn’t tell the whole story. To get a better idea of living standards, it helps to look at how far your money will go along with adjusting for labor productivity.

This graphic shows the world’s richest countries by three different measures, based on data from The Economist and Sondre Solstad. All figures are in U.S. dollars.

World’s Richest Countries, by GDP per Capita

As the table below shows, smaller countries fare much better—of the top 10 richest countries, eight of them have populations under 10 million people.

RankCountryGDP per Capita 2022
1🇱🇺 Luxembourg$126,426
2🇧🇲 Bermuda$118,846
3🇳🇴 Norway$106,149
4🇨🇭 Switzerland$92,101
5🇶🇦 Qatar$88,046
6🇸🇬 Singapore$82,808
7🇺🇸 United States$76,399
8🇮🇸 Iceland$72,903
9🇩🇰 Denmark$66,983
10🇦🇺 Australia$64,491
11🇳🇱 Netherlands$55,985
12🇸🇪 Sweden$55,873
13🇨🇦 Canada$54,966
14🇮🇱 Israel$54,660
15🇦🇪 UAE$53,758
16🇦🇹 Austria$52,131
17🇫🇮 Finland$50,537
18🇧🇪 Belgium$49,583
19🇭🇰 Hong Kong SAR$48,984
20🇩🇪 Germany$48,432
21🇬🇧 UK$45,850
22🇫🇷 France$40,964
23🇧🇳 Brunei Darussalam$37,152
24🇮🇹 Italy$34,158
25🇸🇦 Saudi Arabia$30,436
26🇧🇭 Bahrain$30,152

Luxembourg, whose financial sector makes up 25% of its GDP, is the world’s richest country by GDP per capita.

With a population of just 660,000, the country is also considered a tax haven, incentivizing foreign investment due to its favorable tax policies. Due to the small nation’s considerable wealth, its citizens enjoy free education, healthcare, and transportation.

Bermuda, like Luxembourg, is known as a tax haven. Several multinationals shelter billions in the island nation—including Google, which moved $23 billion in a shell company in 2017 to lower foreign tax costs.

With a GDP per capita of $82,808, Singapore is the richest country in Asia thanks to its role as a global hub for finance, trade, and tourism.

A New Lens: Purchasing Power Parity (PPP)

Another way to compare countries adjusts GDP per capita based on the relative price of goods and services in order to account for differences in the cost of living and local currency strength.

This provides a clearer comparison of living standards across countries since the value of a dollar can buy more goods in different countries. Below, we show how countries perform differently based on this measure, known as GDP per capita adjusted by purchasing power parity (PPP):

RankCountryGDP per Capita 2022, PPP
1🇱🇺 Luxembourg$142,214
2🇸🇬 Singapore$127,565
3🇳🇴 Norway$114,899
4🇶🇦 Qatar$114,648
5🇧🇲 Bermuda$95,837
6🇦🇪 UAE$87,729
7🇨🇭 Switzerland$83,598
8🇺🇸 United States$76,399
9🇩🇰 Denmark$74,005
10🇳🇱 Netherlands$69,577
11🇧🇳 Brunei Darussalam$69,275
12🇮🇸 Iceland$69,081
13🇭🇰 Hong Kong SAR$69,049
14🇦🇹 Austria$67,936
15🇧🇪 Belgium$65,027
16🇸🇪 Sweden$64,578
17🇩🇪 Germany$63,150
18🇦🇺 Australia$62,625
19🇧🇭 Bahrain$61,228
20🇸🇦 Saudi Arabia$59,065
21🇫🇮 Finland$59,027
22🇨🇦 Canada$58,400
23🇫🇷 France$55,493
24🇬🇧 UK$54,603
25🇮🇹 Italy$51,865
26🇮🇱 Israel$49,509

As we can see, Singapore significantly jumps up the ranking, when adjusting for PPP.

Looking at the world’s richest countries this way shows that living standards are high in Singapore since their currency can go further than in other countries. Often, richer countries will have higher prices as a result of higher labor productivity, advanced technology, and other factors.

Similarly, the UAE rises into the top 10, outpacing both Switzerland and America. As one of the top oil-producing countries worldwide, it made $100 billion in oil revenues in 2022, equal to about $100,000 per citizen.

World’s Richest Countries, Adjusted for Hours Worked

How do the rankings change when accounting for productivity?

To analyze this, GDP per capita on a PPP basis is adjusted by the estimated hours worked per person. Economies that have high quality, productive workforces with strong standards of living tend to rank well using this measure.

RankCountryGDP per Capita 2022, PPP adjusted for hours worked
1🇳🇴 Norway$110,834
2🇱🇺 Luxembourg$92,446
3🇶🇦 Qatar$88,940
4🇧🇲 Bermuda$84,326
5🇩🇰 Denmark$74,461
6🇧🇪 Belgium$72,256
7🇨🇭 Switzerland$68,654
8🇦🇪 UAE$68,100
9🇦🇹 Austria$67,397
10🇸🇪 Sweden$66,909
11🇺🇸 United States$66,500
12🇩🇪 Germany$64,292
13🇮🇸 Iceland$64,082
14🇳🇱 Netherlands$62,918
15🇸🇬 Singapore$62,508
16🇫🇷 France$62,121
17🇫🇮 Finland$58,643
18🇬🇧 UK$53,925
19🇧🇭 Bahrain$52,929
20🇮🇹 Italy$52,165
21🇦🇺 Australia$50,915
22🇸🇦 Saudi Arabia$50,235
23🇨🇦 Canada$50,014
24🇭🇰 Hong Kong SAR$45,765
25🇮🇱 Israel$41,240
26🇧🇳 Brunei Darussalam$40,761

In this case, Norway has the best ranking globally. This strong showing is likely influenced by working fewer hours compared to the American population due to greater holiday allowances, among other factors.

Meanwhile, the U.S. is in 11th place when adjusting for hours worked, with mainly Western European nations ahead in the ranking. Similarly, countries including the Netherlands, Singapore, Hong Kong, and Brunei drop when adjusting for working hours.

Importantly, the world’s richest countries can’t be understood by a single measure. It’s only by looking at a range of metrics that we can see how countries vary in the rankings depending on the measure and criteria chosen.

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Personal Finance

Ranked: What People Value Most in a Financial Advisor

Positive reviews and recommendations are some of the least important factors—so what do people look for in a financial advisor?

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A bar chart of what people value most in a financial advisor, with the specific qualities removed to encourage people to click into the full article.

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The following content is sponsored by Morningstar

Ranked: What People Value Most in a Financial Advisor

Are advisors putting their focus where it matters? You might think that positive reviews and recommendations would be a top consideration for people choosing a financial advisor. However, other qualities appear to be much more important.

This graphic uses data from Morningstar’s Voice of the Advisor report to outline what people value most in a financial advisor. 

The Qualities Investors Value

Morningstar surveyed 400 people: 100 Caucasian women, 150 women of color, and 150 men of color. The values below show how often people chose an item as most or least important when working with an advisor.

QualityMost ImportantLeast Important
Expertise and knowledge in financial planning and investments60%11%
Personalized financial advice that meets my specific goals and needs54%16%
Ability to understand my risk tolerance and appropriately align my investments47%17%
Specialization in specific financial situations, such as retirement planning45%17%
Ability to communicate complex financial concepts in an understandable way42%22%
Transparent fee structure and pricing for my advisor’s services42%22%
Trust and rapport established during the initial meetings with my advisor36%24%
Ability to incorporate investment options that reflect my values22%41%
Positive online reviews or ratings about my advisor’s services22%46%
Recommendations from friends or family who had a positive experience with my advisor20%47%
Commitment to diversity and inclusion, making me feel comfortable and respected20%47%
Recommendations from other professionals, such as accountants or attorneys19%50%
Shares a similar background or cultural understanding10%68%

Participants were asked the following question: “On each screen, we will show you 3 items to think about when working with a financial advisor. Select which one is most important and which one is the least important of the items. You will see more than one screen and items may appear more than once.”

Enjoying this content? Dive into more insights in the Voice of the Advisor Report:

Report cover titled Four Opportunities to Elevate the Advisor-Client Relationship through Personalization with additional report pages shown. There is also a red button that says Click for exclusive insights.

Even among a survey pool that was mostly people of color, the majority of respondents didn’t think a commitment to diversity or a shared background were important.

Instead, three of the top four factors were related to personalization.

Personalization: A Key Quality in a Financial Advisor

People cared deeply about personalization regardless of gender and race. It was even more important to those with more than $250,000 in assets, suggesting that personalization may become more critical as a person’s portfolio value increases.

Even investors not currently working with an advisor and non-investors noted that personalization would be a top quality they would look for in a financial advisor.

Within personalization, people noted risk management was a very important element. Financial advisors can highlight their ability to tailor financial plans based on each person’s risk tolerance in order to attract clients.

Looking for tips on how to grow your advisory business? Get insights on what investors want, and how other advisors are evolving, in Morningstar’s Voice of the Advisor report.

Report cover titled Four Opportunities to Elevate the Advisor-Client Relationship through Personalization with additional report pages shown. There is also a yellow button that says get the free report now.

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