In the era of globalization, the dynamics of the global economy are changing rapidly. These changes occur due to various factors, including technological developments, changes in the structure of international trade, and global political dynamics.
One of the important things to understand the dynamics of the global economy is to identify and understand the role of the richest countries in the world.
The richest countries are not only at the center of global economic activity but also determine the direction and stability of global markets.
Usually, a country that can be considered the richest in the world is determined by its high Gross Domestic Product (GDP) per capita.
To understand more about the richest countries in the world, from the definition to the list of countries, check out the full review below!
Criteria and Indicators of State Wealth
Quoting djkn.kemenkeu.go.id, indicators of state assets cover some aspects, including state property (BMN), separated state assets (KND), and other state assets (KNL).
The management of state assets is the responsibility of the Directorate General of State Assets (DJKN), which is part of the Ministry of Finance.
DJKN is not only responsible for managing state assets but also carries out the functions of valuation, managing state receivables, and organizing auctions.
Gross Domestic Product (GDP) is used as an indicator to assess the total value of production of goods and services produced by a country. The GDP figure is obtained by dividing that total value by the country’s population.
In addition, other factors, such as the inflation rate and the cost of producing domestic goods and services, can affect a country’s GDP. Through this calculation, we can understand the extent of wealth or poverty of a country’s population.
GDP provides an overview of a country’s economic activity and reflects the distribution of economic value per individual in society. By taking into account other factors that affect GDP, we can understand the economic dynamics of a country more holistically and deeply.
17 Richest Countries in the World by 2024
Quoting sahabat.pegadaian.co.id, the following is a list of the richest countries in the world in 2024 organized by Gross Domestic Product (GDP) per capita, including:
1. Luxembourg: A Dominating Global Banking Center
By 2024, Luxembourg ranks as the richest country in the world. In Northern Europe, Luxembourg is known as a global banking center with over 100 banks.
Luxembourg’s GDP per capita stands at $143,320, confirming its position as one of the countries with the highest income per individual globally.
Luxembourg is also renowned for using wealth to improve its residents’ living standards, healthcare, and education systems.
This approach marks the country’s commitment to utilizing its economic success to improve the overall well-being of its people.
2. Ireland: Low Tax Rates and Technological Advancement
Ireland is filling the second spot on the list of the richest countries in the world, with a GDP per capita of $137,640.
The significant increase in Ireland’s GDP per capita can be attributed to its low corporate tax rate of around 12.5%, one of the world’s lowest.
This pro-business economic model has made Ireland an attractive investment destination in the global market.
The positive impact of such policies can be seen in the advancement of Ireland’s technology and manufacturing sectors, which contribute significantly to GDP per capita growth.
3. Singapore: Global Business and Financial Services Center
Despite its limited natural resources, Singapore is strategically positioned as a global financial services center for various industries.
As one of the countries leading in global business and trade, Singapore achieved a GDP per capita of $133,110.
4. Qatar: Wealth from Oil and Gas Exports
Qatar ranks fourth on the list of the richest countries in the world, with a GDP per capita of around $114,210. Qatar’s wealth comes mostly from oil and gas exports, significantly surpassing its population.
5. Switzerland: High Living Standards and Stable Finances
Switzerland is one of the countries that has a high level of GDP per capita in 2024, reaching $89,537.
As one of the richest countries in the world, Switzerland offers a high standard of quality of life, supported by stable finances, continuous research development, and guaranteed privacy for its citizens.
6. United Arab Emirates: Diversifying Wealth from Various Sectors
The United Arab Emirates (UAE) is ranked sixth on the list of the richest countries in the world. The majority of the UAE’s wealth comes from the oil production sector. In addition, the UAE’s wealth also comes from the business, tourism, investment, technology, and renewable energy sectors.
7. San Marino: The Oldest Republic with Financial Strength
San Marino, the oldest republic in Europe, is renowned for its strength in the financial sector, with the main source of wealth coming from exporting high-quality goods.
San Marino’s GDP per capita in 2024 stands at $84,140. This wealth is also gained through tourism, which attracts interest thanks to the warm Mediterranean climate.
8. Norway: Natural Resource Management and Sustainability
Norway is ranked eighth on the list of the world’s richest countries in 2024, with a GDP per capita of $82,236.
The Western European country’s success can be attributed to advances in natural resource management, particularly in the oil and gas sector.
In addition to optimizing oil and gas production, Norway also implements policies that focus on the sustainability of its environment and ecosystems.
9. United States: A Combination of Innovation and Financial Stability
As the country with the largest economy in the world, the United States ranks ninth on the list of the richest countries in the world in 2024. The GDP per capita of the United States reached $80,412, which was obtained from various industrial sectors.
Its rapid economic growth is strengthened by technological innovation, such as that in Silicon Valley, and its financial stability.
10. Denmark: Economic Stability from Manufacturing Progress
Even though it is a small country in Northern Europe, Denmark is famous for its economic stability, supported by progress in the manufacturing and technology sectors.
With GDP per capita reaching $74,958, Denmark has succeeded in becoming an example of a country that empowers the welfare of its people.
11. The Netherlands: Wealth from the Trading and Technology Sectors
The Netherlands ranked eleventh on the list of the richest countries in the world in 2024, with GDP per capita reaching $73,316.
As one of the countries with the highest GDP in the world, the Netherlands’ wealth mainly comes from the trade sector, especially the services and technology sectors.
12. Brunei Darussalam: Balance between Wealth and Inequality
Brunei Darussalam occupies second place on the list of the richest countries in the world, which are members of ASEAN, with GDP per capita reaching $72,609. Brunei Darussalam’s main source of wealth comes from its oil production.
Despite being one of the countries with the highest GDP in the world, Brunei Darussalam is still faced with the challenge of significant economic inequality.
13. Iceland: Innovation and Natural Wealth as Economic Drivers
Iceland’s economic development is driven by the latest innovation and technology, especially in biotechnology, health, renewable energy, and software development.
The country’s wealth, with a GDP per capita of around $69,833, is also derived from its abundant natural resources.
14. Austria: EU Economic Center with a Strong Industrial Focus
As a member of the European Union, Austria shows formidable economic strength through progress in various industrial sectors, including tourism, insurance, banking, and medical technology.
Austria’s GDP per capita in 2024 will reach $69,069. This country’s economic strength is obtained through the expansion of export markets at the global level.
15. Saudi Arabia: Wealth from Natural Resources and Economic Diversification
Saudi Arabia ranks last on the list of the 15 richest countries in the world in 2024, with a GDP per capita of around $68,452. Abundant natural resources, especially oil and natural gas, drive Saudi Arabia’s wealth.
Apart from that, the tourism and technology sectors also make a big contribution to strengthening the economy of this country in the Middle East.
16. Russia: Income from the Petroleum Sector
Russia is still in the top ten super-rich countries today, with over 400 people holding assets of over US$100 million. Russia has a very large GDP (Gross Domestic Product), valued at 2,240.42 billion USD in December 2022. Russia’s GDP per capita is 10,030.04 USD in December 2022.
According to p2k.stekom.ac.id, Russia has the largest revenues from the oil and gas sector, which previously accounted for 16% of GDP, 52% of federal budget revenues, and more than 70% of exports. Apart from that, Russia also has a large and sophisticated weapons industry. Other income from Russia comes from the agricultural (9.7%), industrial (27.8%), and services (62.5%) sectors.
17. Germany: Income from Auto, Engineering, Chemical, and Pharma Sectors
With GDP per capita at $56.04, the German economy focuses on exports, especially in engineering, automotive, chemicals, and pharmaceuticals.
This advantage is supported by a skilled workforce, a culture of innovation, and a commitment to technological development, making Germany a key player on the global economic stage.
Do the Richest Countries Frequently Invest in Crypto?
Quoting cnbcindonesia.com, the author of the famous book Rich Dad Poor Dad, Robert Kiyosaki, revealed that he is a big investor in the crypto world. He is optimistic that his crypto assets will be a very successful investment in the future.
Even though there was a decline in crypto prices due to the FTX case, Kiyosaki was not worried, even when the price of one of his favorite crypto assets experienced a decline. The question arises: what crypto asset does Kiyosaki mean? The answer is Bitcoin.
Quoting cnbcindonesia.com, investing in crypto assets is also a consideration for many investors. However, keep in mind that the level of crypto volatility tends to be high, so the potential for profit and risk also increases.
One of the advantages of crypto as an asset is its ability to protect the value of fiat currency. Apart from that, the potential for high profits is also a motivation for many people to invest in crypto.
Apart from that, the growing number of crypto assets and increasing interest in them is also one reason investors invest in crypto assets.
Quoting databoks.katadata.co.id, Bitcoin (BTC) is the largest crypto asset currently, with a market capitalization value reaching $1,220,731,300,997 as of March 3, 2024, as quoted from coinmarketcap.com.
Satoshi Nakamoto created Bitcoin in 2009, and like most crypto assets, BTC operates on blockchain, a distributed transaction recording system across thousands of computers.
Security and resistance to fraud are added value to Bitcoin thanks to digital ledger technology. Bitcoin prices have continued to experience significant increases in the last few years until now.
Furthermore, although many individuals have gained sudden wealth through crypto investments, such as Bitcoin, it is important to be aware of the risks involved, such as high fluctuations in value and the uncertainty associated with the crypto asset’s value.
Where Does Indonesia Stand?
Quoting gfmag.com, currently, Indonesia is ranked 121st on the list of the richest countries in the world.
Meanwhile, quoted from telkomsel.com, based on data from Global Finance for 2023, Indonesia is ranked 102nd with a total GDP-PPP per capita of $15,855. By comparison, Ireland’s GDP stands at $140,694.
Conclusion
In conclusion, a country’s wealth is influenced by many complex factors. It’s not just GDP or per capita income. There are also other factors, such as wealth distribution, economic structure, and government policies.
Changes in the global economy significantly impact a country’s wealth ranking. Therefore, monitoring global economic dynamics and how these changes can affect a country’s wealth ranking is important.
Trading with OTC Feature on INDODAX
So, now you understand about the richest countries in the world, from the definition to the list of countries.
Furthermore, if you plan to use personal services to buy and sell crypto assets in amounts that exceed the capacity that can be processed through the order book, then you can visit the OTC trading page on INDODAX.
Please note that prices for OTC services will always follow market price movements. This is because transactions take place on the spot market. It is also important to note that even though the number of purchases increases, this does not guarantee a price decrease.
This service is also focused on transaction convenience for members. A dedicated team will guide the procedure, guarantee security, and maintain user privacy.
As a disclaimer, it is important to understand that security and privacy remain the user’s responsibility.
OTC trading involves certain risks, and the decision to use this service depends entirely on the user.
Therefore, it is important to conduct adequate research and understand the risks involved before embarking on this activity.
Start OTC trading on INDODAX right now!
