What is the richest country in the world?
According to this post by Global Finance Magazine, it is Ireland. The article includes a list of the top 100 wealthiest countries in the world and should make a good reference for high-net-worth individuals mulling the idea of applying for a second citizenship in another country.
The countries in the list are ranked using PPP GDP per capita data from the International Monetary Fund (IMF). This is essentially gross domestic product (GDP) adjusted for purchasing power parity (PPP).
The PPP adjustment somewhat standardizes nominal per capita GDP figures, making them comparable across economies and more reflective of an economy’s real state of wealth.
Note: PPP GDP per capita is expressed in international dollars (abbreviated as Int$), not U.S. dollars. Every international dollar has the same purchasing power as one U.S. dollar has in the United States. Put another way, every PPP GDP international dollar would buy in your country a similar basket of goods and services that a U.S. dollar would buy in the United States.
In any case, suffice it to say that the higher a country’s PPP GDP per capita, the richer it is. Now, let’s take a look at the top five richest countries in the world by annual PPP GDP per capita as of April 2023.
1. Ireland
The Republic of Ireland is a country on the island of Ireland, which sits west of Great Britain. The country shares the island with Northern Ireland, which is part of the United Kingdom.
Ireland, the country (i.e., the Republic of Ireland), has a PPP GDP per capita of Int$145,196. Most of its wealth comes from multinational companies (MNCs), such as Google, Apple, Microsoft, Meta, and Pfizer.
These MNCs moved their corporate headquarters to Ireland to take advantage of the country’s relatively low corporate income tax rate of 12.5%. In 2022, these large multinational corporations contributed 56% to the total value added of the Irish economy and are thus a significant driver of the country’s GDP growth.
2. Luxembourg
Luxembourg is a small (991 square miles) Western European country bordered by Belgium to the north and west, Germany to the east, and France to the south. It has a PPP GDP per capita of Int$142,940.
The country gets a significant chunk of its wealth from its thriving banking and financial services sector. While Luxembourg’s economic growth may have slowed down post-pandemic, it remains one of the most stable economies in Europe. It also provides the highest standard of living in its region.
3. Singapore
Singapore is a tiny (281 sq.mi.) island country off the southern coast of Malaysia. It consists of the main Singapore Island and approximately 60 islets.
Singapore’s PPP GDP per capita is Int$133,895. Since Singapore is the largest port in Southeast Asia, shipping and shipbuilding are major drivers of its economy. Singapore also has booming financial services, electronics manufacturing, and electronic exports industries.
However, the country attracts some of the world’s wealthiest individuals because of its business-friendly fiscal policies. For instance, Singapore charges no taxes on capital gains and dividends.
4. Qatar
Qatar is a Gulf country, a peninsula projecting out into the Arabian Gulf from the coast of Bahrain near the border Bahrain shares with the United Arab Emirates.
Qatar’s PPP GDP per capita is Int$124,848. While this figure could fluctuate wildly (it plunged in 2014), Qatar has maintained its position as one of the wealthiest countries in the world for two decades.
Qatar’s wealth mainly came from the extraction and export of petroleum and natural gas. Hydrocarbon revenue remains a significant contributor of value to the country’s economy, accounting for 37% of the country’s GDP.
5. Macau
Macau, officially known as the Macau Special Administrative Region of the People’s Republic of China, is not a country. However, its PPP GDP per capita of Int$89,558 makes it the fifth most prosperous economy in the world.
Macau is a collection of islands off Zhuhai. It’s a port city located west of Hong Kong across the Zhujiang River Estuary (Pearl River Estuary). With its strategic location, it serves as a gateway to mainland China.
It attracts investors with its free economy and favorable tax rates. With its big casinos and hotels, tourism and gaming comprise most (more than 90%) of its GDP output. Dubbed the Las Vegas of Asia, it is one of the most successful resort cities in the world.
Top 10 Richest Countries in the World
The following are the PPP GDP per capita of the five other economies that comprise the rest of the world’s 10 richest countries list:
- 6th place: United Arab Emirates – Int$88,221
- 7th place: Switzerland – Int$87,963
- 8th place: Norway – Int$82,655
- 9th place: United States – Int$80,035
- 10th place: San Marino – Int$78,926
Second Citizenship Options
The above economies welcome investments from high-net-worth individuals. If you go beyond the top 10 wealthiest territories, moreover, you’ll find countries that provide a clear track to citizenship in return for substantial investments.
Check out the St. Kitts and Nevis citizenship by investment program. The Caribbean’s St. Kitts and Nevis is the 64th richest country in the world based on PPP GDP per capita.
Other high-GDP countries in the Caribbean that have established citizenship by investment programs are Antigua and Barbuda (rank 74), Grenada (rank 81), and St. Lucia (rank 94).
Citizens International is a second citizenship and offshore investment consulting company. We assist high-net-worth individuals in their second citizenship by investment and residency applications with top Caribbean destinations.
Talk to us to learn how we can help you obtain a second passport.
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