GDP (Gross Domestic Product) per capita (GDP divided by the number of people) is often seen as better indicators of how wealthy a country really is as it reflects the average income and standard of living of individuals.
A higher number usually means that on average, each person has access to more money and resources which is seen as a sign of a wealthy country.
However, like any statistical measure, it has its limitation as it doesn't show how fairly money is shared among people, it doesn't reflect the overall quality of life and it also ignores whether the country's economic growth is sustainable in long run.
Still, despite all these drawbacks, GDP per capita remains a useful tool for comparing the economic well-being of different countries.
As of June 12, 2025 these are the top 5 richest countries based on GDP per capita.
Luxembourg:
Luxembourg is the world's richest country based on GDP per capita which is $140,941.
It is a small European country with a strong, stable economy and high standard of living. It shares borders with Belgium, Germany and France, which makes trade and business easier.
With a population of 680.5 thousand, people in Luxembourg respect their historical roots and also focus on modern sectors like technology and banking, which makes the country a good place for global businesses and investment.
Ireland:
Based on GDP per capita, Ireland is the second richest country in the world, with an average $108,919 per person.
Ireland, which has a population of 5.3 million, is a European country known for its green scenery and Celtic culture.
It has a modern and developed economy, especially strong in the technology sector which plays a big role in its economic success.
Also, Ireland's economy has been very strong compared to other European countries in recent year with consistently rising wages and almost zero unemployment rate.
Switzerland:
Switzerland is the world's third richest country based on GDP per capita which is $104,896. It has a population of nearly 9 million.
The country shares borders with several nation including Italy, France, Germany, Austria and Liechtenstein and because of this, it is influenced by a variety of different cultures and traditions.
Switzerland has a highly developed economy, especially strong in the banking and finance sectors.
Singapore:
Based on GDP per capita, Singapore, a country located in Asia, is the fourth richest country in the world, with an average $92,932 per person.
The country is well-known for its modern buildings and rich mix of cultures.
It has a population of about 6 million people and has a highly developed economy, especially strong in the areas of finance and technology, which makes it one of wealthiest and most successful countries in the region.
Iceland:
Iceland, a country in Europe, is the fifth richest country in the world based on GDP per capita which is $90,284.
As about 398,000 people live their, Ireland's economy mostly depend on tourism, as many people visit to see its natural beauty and it also has a strong fishing industry which plays an important role in the country's income.
