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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

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

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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Money

Mapped: The Income Needed to Live Comfortably in Every U.S. State

A single adult needs to make at least $116k annually to live comfortably in Massachusetts.

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This map illustrates the income necessary for an individual to maintain a comfortable lifestyle in each state.

The Income Needed to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Individuals in the top 11 most expensive states in the U.S. need an annual income exceeding $100,000 to live comfortably.

This map shows how much income single adults need to live comfortably in each U.S. state. SmartAsset calculated the income needed using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

In this case, “comfortable” was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.

Massachusetts Ranks First

Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 annually or $55.78 per hour.

RankStateSalary needed for a single working adult
1Massachusetts$116,022
2Hawaii$113,693
3California$113,651
4New York$111,738
5Washington$106,496
6Colorado$103,293
7New Jersey$103,002
8Maryland$102,918
9Oregon$101,088
10Rhode Island$100,838
11Connecticut$100,381
12Virginia$99,965
13New Hampshire$98,093
14Arizona$97,344
15Georgia$96,886
16Alaska$96,762
17Vermont$95,763
18Illinois$95,098
19Delaware$94,141
20Utah$93,683
21Nevada$93,434
22Florida$93,309
23Maine$91,686
24Pennsylvania$91,312
25North Carolina$89,690
26Minnesota$89,232
27Idaho$88,733
28South Carolina$88,317
29Wyoming$87,651
30Texas$87,027
31Tennessee$86,403
32Indiana$85,030
33Montana$84,739
34Kansas$84,656
35Michigan$84,365
36Wisconsin$84,115
37Missouri$84,032
38Alabama$83,824
39Nebraska$83,699
40New Mexico$83,616
41Iowa$83,366
42Mississippi$82,742
43Louisiana$82,451
44South Dakota$81,453
45Ohio$80,704
45Kentucky$80,704
47North Dakota$80,538
48Oklahoma$80,413
49Arkansas$79,456
50West Virginia$78,790

West Virginia is the least expensive for a single adult, who only needs to make an estimated $37.88 per hour, or $78,790 annually.

To live comfortably on your own in the top five states, a person would need to earn nearly double the typical income for single earners, as the U.S. median income for single, full-time workers is around $60,000, according to Labor Bureau data.

If you enjoyed this post, be sure to check out this graphic, which ranks the income a family needs to live comfortably in every U.S. state.

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