The 20 Richest Countries in the World Right Now Might Surprise You

How do you measure a country’s wealth? You could look at its gross domestic product or GDP, which shows how much money there is in the country but doesn’t take population into account. More accurate would be looking at the GDP per capita but a country with a high GDP per capita might have such a high cost of living that its people aren’t that rich at all.

If you use GDP based on purchasing power parity, or PPP, per capita, you can get a more accurate picture of how wealthy a country is because you also take into account inflation rates and the cost of local goods and services. Using this measure and data from the International Monetary Fund and Global Finance, we present the 20 richest countries in the world in 2022.

By the way, there is one newcomer to the list since its last update in 2021, displacing Australia. While Canada retained its standing in 24th place for a third year in a row, its PPP went up to $57,812 from $48,720 (it was $50,626 the year before). Another trend we’re seeing? It’s taking more money to make the top 20. In 2021, the Australia in 20th spot had a GDP (PPP) of $51,680 per capita. In 2022, it takes $62,926 to make the cut-off.

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20. Sweden

Sweden has a GDP (PPP) per capita of $62,926. This spot was previously held by Australia, which has since been bumped off this list. As for Sweden, it dropped two spots, down from 18th in 2021. Services make up the largest part of the Swedish economy, but the country is also a major exporter of machinery, cars, arms, timber and paper products. The Swedish capital, Stockholm, is considered one of the greenest cities in the world.

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19. Germany

While Germany is firmly holding onto its 19th spot, its GDP (PPP) per capita of $63,271 is up from $54,076 in 2021, and it's no surprise as it's the largest economy in Europe. While the service sector contributes the bulk of the German GDP, Germany is also one of the world’s largest exporters, including goods such as machinery, electronics and cars.

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18. Andorra

The only newcomer on this list, Andorra snuck in to bump off Australia from its 20th spot. The tiny independent principality situated between France and Spain in the Pyrenees mountains has a GDP (PPP) per capita of $63,600. The country is known for its ski resorts and a tax-free status that makes duty-free shopping extra attractive. The easing of travel restrictions and the uptick in tourism worldwide in 2022 may have something to do with this country's rise onto the top 20 richest list.

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17. Iceland

Iceland, too, dropped two spots from 2021, and now has a GDP (PPP) per capita of $64,621. The Icelandic economy is small and based mainly on geothermal and hydro energy, fish processing and tourism.

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16. Austria

Austria has the GDP (PPP) per capita of $64,571, up from $55,218 in 2021 climbing up a spot. It has a well-developed social market economy. It relies heavily on its service sector and tourism, which has somewhat reduced its dependence on Germany.

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15. Netherlands

The Netherlands has a GDP (PPP) per capita of $68,572 (up from $57,534). The country was 13th last year, so it dropped two spots in that time. It's also home to the world’s first multinational, the VOC, and several of the most well-known multinationals today are Dutch. Electronics, machinery, chemicals, engineering and construction, oil and natural gas, fishing and agriculture are some of the main Dutch industries. The capital, Amsterdam, is one of the best cities for tech start-ups.

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14. Taiwan

Taiwan has a GDP (PPP) per capita of $68,730 (up from $55,724, and climbing two spots from last year). Most of the country’s income is from manufactured goods such as machinery and computers, plastics and vehicles. The country’s capital, Taipei, is also considered one of the best cities for young people.

Tourists enjoying the sunset along Nyvatn canal with colored houses and restaurants reflecting in the water

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13. Denmark

Recognized as being one of the happiest countries in the world several times since the report on world happiness has been issued, Denmark's GDP (PPP) is $69,273 (up from $58,932). Since 2020, it not only saw a one-year climb to the top 20 list, but also the top 10, but in the last year the the beautiful country (like many others on this list) dropped three spots, to 13th on this list. With robust social services to support its population in times of need, Denmark’s economy is based primarily on service industries, trade and manufacturing, with only a small portion dedicated to agriculture and fishing.

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12. San Marino

San Marino has a GDP (PPP) per capita of $70,139 (up from $58,427). The tiny country maintained its spot in 12th, and makes most of its money from banking and tourism as well as goods like clothing, wine and ceramics. Coins and stamps are an unusual but lucrative source of income too.

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11. Hong Kong

Hong Kong has a GDP (PPP) per capita of $70,448 (up from $59,520) even as it dropped two spots from 9th in 2021. Now a special administrative region of China, this former British Colony offers tax incentives (it is considered a tax haven, with no sales taxes, no capital gains or payroll taxes). Hong Kong is a free-market economy, with a well-established trade and international financial markets.

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10. Brunei

Still in the top 10, Brunei dropped two spots from 8th in since 2021. It has a GDP (PPP) per capita of $74,953 (up from $62,371) and the Sultan of Brunei was on the list of the world’s richest leaders. Most of the tiny country’s economy is built on oil and gas, so it's interesting to see that with the rise in cost of gas in 2022 the country still fell two spots.

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9. United States

Even though the United States has the most billionaires in the world, many of its citizens struggle to get by. While the country dropped two spots, like many others on this list, its GDP (PPP) per capita still went up. In 2022, it's at $76,027 (up from $63,416 in 2021) and is the world’s largest economy. Services and industry make up most of the country’s economic activities.

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8. Norway

Norway has a GDP (PPP) per capita of $77,808 (up from $65,800), dropping two spots from 6th in 2021. The Norwegian economy relies heavily on the country’s natural resources, with petroleum and natural gas, timber, fishing and mining among its major industries.

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7. United Arab Emirates

The United Arab Emirates is a bit of an anomaly on this list since it climbed rather than fell over the past year. The country is now in 7th spot, from last year's 11th and it has a GDP (PPP) per capita of $78,255 (up nearly $20,000 from $58,753 in 2021). While most of the country’s economy still depends on oil and petrochemicals, tourism and construction are major industries too. We're willing to bet that the price of oil though has had the largest impact for this country's rise though.

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6. Switzerland

Switzerland has a GDP (PPP) per capita of $84,658 (up from $72,874 in 2021, even though the country fell one spot in this time). Services such as banking, tourism and insurance are major sources of revenue but Switzerland is also a major exporter of goods such as watches, precision instruments and pharmaceuticals.

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5. Macau

A bit of a unicorn on this list, Macao saw the most dramatic rise of all the countries in the top 20. While most dropped a few spots, Macao actually leapt up to 5th from 14th in just one year's time. The country's GDP (PPP) is now $85,611 (up nearly $30,000 from $56,078 last year). The former Portuguese colony is Asia’s gambling capital, so it's perhaps no surprise that the pandemic year of 2020 pushed the country from it's second spot down to 14th in 2021, with its PPP more than halved from 2020's $122,201. More than 40 casinos abound in the tiny 30 square kilometre region, and the lax gambling regulations, it is a favoured travel destination for many looking to cash in their luck. It's dramatic comeback may be due to the easing of travel restrictions, as people resume gambling here again. Another major source of revenue includes apparel exports.

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4. Qatar

Qatar is holding it's fourth spot and has a GDP (PPP) per capita of $112,789 in 2022 (up from $93,508), making its citizens some of the richest in the world. The country is also home to one of the world’s richest royals. Oil, gas and petrochemical products are the main sources of revenue for Qatar.

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3. Ireland

Ireland has a GDP (PPP) per capita of $124,596 (up from $94,392 in 2021), and like Qatar, is similarly holding it's spot. Distilling and brewing are mainstays of the Irish economy but the country also has lucrative pharmaceutical, financial services and tech industries.

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2. Singapore

Singapore has a GDP (PPP) per capita of $131,580 (up from $97,057). The country, like the previous two, also remains in its 2021 spot at tw on this list. Financial services make up most of the city state’s economy and many multinationals have their regional offices here. It’s no surprise then that in 2017 Singapore topped the list of the best countries to live and work abroad.

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1. Luxembourg

Luxembourg has a GDP (PPP) per capita of $140,694 (up from $118,001 the year prior) and it too, like the top four, is firmly holding onto its position (in this case as the richest country in the world). Banking, tech and industry are among the main economic sectors here.