List of the richest countries in the world by GDP compared to the UAE

08/26/2024 09/11/2024 119 0 0 Author Elena Kirichenko

The United Arab Emirates is consistently among the ten richest countries in the world in terms of GDP per capita, along with Singapore, the United States, Norway, and Ireland. Relevant statistics are published annually by the International Monetary Fund (IMF) and the World Bank. Real estate in the UAE has traditionally attracted foreign investors, and the Emirates itself remains one of the most sought-after areas for relocation due to its high quality of life, thriving economy and attractive business environment.

In this review, we will discuss the richest countries in the world, compare them with the UAE and consider what opportunities they offer to foreigners planning to move to permanent residence.

One of the key indicators reflecting the level of economic development is the GDP of the countries of the world per capita. However, it is important to remember that in addition to the country’s GDP, there are other important factors. Thus, income inequality and the distribution of wealth play a significant role in shaping the standard of living in the country.

The ranking of wealthy states shows not only their economic power, but also their attractiveness for life. Many of them offer favorable business conditions, modern infrastructure, high quality education and medicine, and favorable tax policy. Discussing these factors will help to better understand why some regions have maintained their positions in the ranking of the richest for many years.

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The richest countries in the world by GDP per capita

GDP per capita is the ratio of total GDP to the population of a country. The higher this indicator, the more economically secure the country is considered to be. However, in order to adequately assess the level of well-being of citizens, it is important to understand how many goods and services they can purchase. Therefore, when comparing GDP per capita in different countries, purchasing power parity (PPP) must be taken into account. This indicator allows you to adjust the data taking into account the level of inflation and the cost of living in each specific region.

Below is the ranking of countries by GDP per capita in 2024, adjusted by PPP.

Top 50 countries in the world by GDP per capita

This indicator allows you to see not only countries with high GDP, but also to assess the opportunities they offer to their citizens, investors and expats.

Some of the wealthiest and smallest states, including San Marino, Luxembourg, Singapore, benefit from a favorable tax system. They attract foreign capital, highly skilled labor and significant bank deposits. While Qatar and the UAE, having rich hydrocarbon reserves, benefit from natural resources. These countries are actively diversifying their economies, but oil and gas remain key sources of income for them. Macau, despite more than 3 years of quarantine, is one of the wealthiest regions in the world due to its luxurious casinos and high tourist flow.

Top 5 richest countries in the world in terms of natural resources

Read more Moving to the UAE in 2024: five invaluable tips

Natural resources are materials or raw materials that are used to produce intermediate goods and finished products. The availability of these resources can significantly affect the economic development of a country, but this does not always guarantee its well-being. Some of the world’s poorest countries have significant reserves of natural resources. This phenomenon is known in economic theory as the resource curse. Its causes may be armed conflicts, an inefficient tax system, income fluctuations, excessive loans and corruption.

Among the richest countries in terms of natural resources:

15. Hong Kong: $75,128

Hong Kong is a Special Administrative Region (SAR) of China, located on the southern coast of the country. This region includes Hong Kong Island, Kowloon Peninsula, New Territories and several remote islands. It is known as one of the world’s leading business centers, where a free market economy operates with low taxation and minimal government intervention. Due to its strategic location, developed infrastructure and favorable business climate, Hong Kong has become a key international financial hub.

It is a multicultural city with a population of more than 7 million people, where various ethnic groups and nationalities coexist. Residents of the metropolis combine Chinese traditions with a modern lifestyle. Hong Kong also has an excellent transport system, including railway lines, buses, trams, ferries, roads and the metro, known as MTR, which ensures high mobility of the population.

14. Taiwan: $76,858

Taiwan’s economic stability is largely due to its strong export-oriented manufacturing sector. The region stands out in the global market due to its advanced manufacturing industry, especially in the field of electronics. Semiconductors and IT products are actively produced here.

Taiwan’s strategic focus on innovation and high technology contributes to its status as a global leader in high technology. Investments in research in various branches of science play a leading role in the development of the economy, as well as contribute to the growth of the service sector, including finance, technology and tourism. A high level of education and an emphasis on innovation ensured the emergence of a skilled workforce and created favorable conditions for scientific research.

13. Brunei: $77,534

Brunei Darussalam is one of the richest countries in Southeast Asia, thanks to its vast oil and gas reserves. According to IMF estimates, exports of hydrocarbons account for more than 70% of government revenues, while agriculture provides less than 1% of gross domestic product. Over 200,000 people live in the capital, which is about half of the total number of residents.

The Sultanate has developed social programs. Its citizens enjoy significant privileges, such as the absence of income tax, free medicine and education, while the state covers the costs of studying abroad.

The Sultan of Brunei has allocated $2.7 billion and a rainforest site for the construction of the premium Empire Brunei Hotel. However, despite these efforts, the share of income from tourism does not exceed 0.5% of GDP. Strict laws, such as alcohol bans, repel tourists.

A job offer from the host country and a work visa are required to move to Brunei. Expats working in Brunei companies or married to a citizen of the country can apply for citizenship. However, the process of obtaining it is very complicated and requires compliance with a number of strict criteria. Applicants must pass a Malay language and cultural proficiency test. Investing in the country’s economy or placing a large amount on deposit with a local bank can increase the chances, but does not guarantee citizenship. Each case is considered individually, and the decision remains with the authorities.

12. Denmark: $77,641

The Danish economy is largely focused on the service sector, where about 80% of jobs are concentrated. The manufacturing sector attracts about 11% of workers, while agriculture employs only 2% of the working-age population. Foreign trade occupies a significant place in the country’s economy, accounting for about half of GDP through exports and imports of goods.

The average salary in Denmark is 46,972 DKK ($7,000) before taxes. There are 13 billionaires in the country. According to US News & World Report, Denmark ranks second in the world in terms of quality of life. The average life expectancy in the country reaches 83.4 years for women and 79.6 years for men.

Moving to Denmark requires strict conditions. A residence permit can be obtained if you have a job, enroll in a Danish university or marry a Danish citizen. Although investment activity is not included in the list of grounds for obtaining a residence permit, creating a startup may be a possible option for immigration

11. Guyana: $80,137

Guyana, located on the northeastern coast of South America, has demonstrated significant economic growth in recent years due to the discovery of offshore oil fields. This oil boom has brought the country to 11th place in terms of GDP per capita in the region, which is one of the highest rates in Latin America and the Caribbean. Guyana’s economy is rapidly diversifying, moving from traditional industries such as agriculture and mining to oil and gas production, which has a positive impact on the standard of living of the population.

Despite the economic recovery caused by oil, Guyana still faces many challenges related to sustainable development and quality of life. The country continues to experience difficulties with infrastructure development, as well as the fight against corruption and the improvement of the legal system. In addition, a significant part of the population is employed in agriculture, and the poverty rate remains high. Nevertheless, continued GDP growth and investments in key sectors such as education and health provide hope for an improved quality of life in the future.

10. Norway: $82,832

About 24% of Norway’s GDP comes from the oil and gas sector. The country also actively exports ferrous and non-ferrous metals. The fishing and woodworking industries play an important role in the development of the economy.

Norway is one of the countries with a high life expectancy – it averages 82.5 years here. Specialists involved in the field of mining receive some of the highest salaries in the country. The average monthly salary is 56,360 NKr ($5,400). Norway ranks fourth in the world in terms of low corruption.

Gender equality is an important part of public policy. According to the law, at least 40% of the members of the boards of directors of both public and private companies must be women.

Norway is among the countries with one of the fastest procedures for obtaining citizenship by naturalization: it is available after 7 years of legal residence in the state. For citizens of Sweden, Denmark, Finland and Iceland, this period has been reduced to 2 years. Since 2020, the country has allowed dual citizenship, which allows foreigners to keep their original passports when obtaining a Norwegian one.

9. USA: $85,373

The United States remains the largest economy and one of the most developed countries in the world, accounting for approximately 24% of global GDP. The services sector accounts for 78% of the country’s per capita GDP. The United States has one of the largest reserves of natural resources, the total value of which reaches $ 45 trillion. The country also leads in the number of ultra-rich: 776 of the world’s 2,750 billionaires are Americans. The average salary is about $4,800 per month. Foreigners can move to the United States on an EB-5 visa, the minimum investment amount for which is $800,000.

8. San Marino: $88,879

San Marino, one of the smallest and richest countries in the world, is the oldest republic in Europe. Despite the fact that only about 34,000 people live here, the population has a high income level. Thanks to low income tax rates, the country has been able to demonstrate economic stability even in difficult times such as the pandemic and the energy crisis. The economy encompasses many sectors, including tourism, banking, manufacturing, and services. The favorable tax policy has attracted many companies and financial institutions to San Marino.

7. Switzerland: $91,932

Switzerland is one of the most economically developed countries. More than 70% of its GDP is made up of services, while industry accounts for 25% and agricultural production for less than 1%. The financial sector, despite employing less than 6% of the workforce, continues to be a key element of the economy. The average salary is about 6788 CHF ($7,900) per month. Switzerland is known for its political stability, but at the same time it is one of the most expensive countries to live in the world. Foreigners can obtain a residence permit by paying tax in the canton of residence, the amount of which starts from 450,000 CHF ($525,000).

6. UAE: $96,846

Since the discovery of oil deposits, the United Arab Emirates has transformed from a poor region into one of the best countries to live in the world. Exports of petroleum products and gas account for up to 25-30% of the country’s GDP. The leading reserves are concentrated in Abu Dhabi and Dubai, although oil currently accounts for less than 1% of Dubai’s GDP, thanks to economic diversification. In 2023, the UAE attracted $22.5 billion in foreign direct investment. Dubai is among the top 5 cities in the world in terms of the number and volume of investment projects involving foreign capital.

One of the key factors of the UAE’s economic success is the Free Economic Zones (FEZ), where foreigners can register companies wholly owned by them. In recent years, the country has also allowed 100% foreign ownership of companies outside the FEZ in certain sectors.

The UAE also offers a residence permit for the purchase of a house or apartment in Dubai and other emirates, investments in the economy and government bonds, and starting a business. A residence permit can also be obtained by qualified workers, freelancers, prominent artists, doctors, inventors, scientists and their families.

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5. Qatar: 112,283 $

Qatar’s prosperity is mainly based on the export of liquefied natural gas and petroleum products, as there are no other natural resources in the country. Most of the country’s territory is occupied by the desert. Revenues from the sale of minerals account for 40-45% of GDP. Qatar ranks 11th in the IMD Economic Competitiveness Index.

The authorities actively stimulate the development of non-resource sectors of the economy. One of the key areas of investment is logistics: Qatar’s deep-water ports provide 25% of cargo traffic in the Middle East region, and Doha International Airport serves about 40 million passengers annually.

Qatar focuses on high technologies such as telecommunications and IT. Local operators were among the first in the world to introduce the 5G network. The government supports both large holdings and small and medium-sized businesses. Small businesses can receive loans at 2.55–7% per annum, provided that a Qatari citizen owns 51% of the company’s shares. Foreigners make up 2.1 million of the country’s 2.9 million residents.

Foreigners can apply for a residence permit in Qatar when buying real estate worth from 730,000 QAR ($200,000). The procedure for obtaining citizenship is extremely complicated and strictly regulated. It is extremely rare for the authorities to provide passports to foreigners, even if they invest significant amounts in the country’s economy. One of the few ways is to marry a Qatari citizen, but even in this case, the result is not guaranteed. At the same time, if a Qatari woman marries an expat, her spouse and children cannot apply for citizenship. Foreigners who have received a Qatari passport through naturalization are deprived of the right to State benefits and subsidies.

4. Singapore: $133,737

Singapore has significant income from the export of electronics and medicines. More than 70% of the country’s GDP is occupied by the service sector. Financial services make up a significant part of this sector: their contribution to GDP is about 13-15%. The Singapore Stock Exchange is one of the 10 largest exchanges in Asia. Professions in the fields of medicine, IT, education, engineering and architecture are in the greatest demand.

Singapore’s success is explained by favorable conditions for business and investors. The city occupies a leading position in the ratings for economic development and income levels of citizens. The most affordable way to get permanent residence in Singapore is to invest from 2.5 million SGD ($1.8 million) in a startup or an existing business, but in the latter case, the average annual income of the company over the past 3 years should be from 50 million SGD ($36.5 million).

3. Ireland: $133,895

Ireland’s economic success is due to the developed sectors of information technology and pharmaceuticals, as well as attracting foreign investment. The production of medical equipment plays an important role in the country’s economy. The United States is Ireland’s largest trading partner, providing about 30% of exports, while the United Kingdom and Germany also remain significant partners. Ireland ranks fourth in the IMD Economic Competitiveness Index.

The country has programs for obtaining a residence permit for highly qualified specialists and entrepreneurs. There are several ways to get an Irish passport:

• Upon marriage: Spouses must live together and legally in Ireland for at least 3 years.
• Through naturalization: A foreigner must legally reside in Ireland for 5 out of 9 years before applying for citizenship.

2. Macau: $134,141

Macau, an autonomous territory of China, is called the second Las Vegas. There are about 40 casinos operating here, and about 15-20% of the region’s residents are involved in the gambling industry. Tourism and gambling have made Macau one of the richest regions in the world. The share of tourism in Macau’s GDP reaches 60%. 2-2.5 million foreigners visit the country every month.

1. Luxembourg: $143,743

Luxembourg is the richest country in Europe and the world. It ranks 1st in terms of wealth in the world and is the largest banking center. There are more than 200 banking institutions and 1,000 investment funds in the capital.

Luxembourg’s strong economic performance is partly due to the attraction of skilled workers from neighboring countries such as France, Germany and Belgium, which stimulates GDP growth. The highest salaries are observed among specialists in the fields of insurance, banking, information technology and energy.

The country with the richest citizens attracts businessmen due to the preferential tax system, in which non-resident companies pay taxes only on those incomes that are received on the territory of the state.

To obtain a residence permit, foreigners can:

• invest 500,000 € in a local company or startup that should create at least 5 jobs in the first 3 years;
• invest € 3 million in investment funds;
• open a bank deposit of € 20 million for a period of 5 years, after which you can apply for citizenship.

Key findings

The article presents the top 50 countries by GDP per capita, based on data from the IMF and the World Bank. Luxembourg is the leader in the list.

The sources of income for rich countries are diverse. For example, Qatar is heavily dependent on hydrocarbons, while San Marino, Luxembourg and Switzerland attract capital and skilled labor due to favorable tax conditions.

Opportunities for foreigners in countries with a high level of economic development are being considered. Many of them offer programs for obtaining a residence permit or citizenship for investors and entrepreneurs. For example, buying a property in Dubai will allow you to obtain a residence permit in the UAE, and in Luxembourg you will need to invest in the economy to obtain a long-term visa. There are many options for those who are planning to move. On our website, you can find apartments or a house in Dubai right now.

Popular questions

Is the UAE the richest country in the world? The UAE is among the top 10 richest countries in the world and is in 6th place in the ranking. How did the UAE become a rich country? The initial growth is due to the discovery and efficient use of oil reserves. Subsequently, the UAE achieved significant success due to the diversification of the economy and the creation of favorable business conditions, such as minimum taxation and free economic zones. Which country has the largest GDP per capita? Luxembourg ranks first in terms of GDP per capita. What is the richest country in the world? Luxembourg is the richest country in the world. Which country in the EU is the richest? Luxembourg occupies a leading position among the richest countries in Europe. The top 15 also includes Switzerland, Norway, Denmark, and San Marino. Which countries have the highest GDP per capita based on their oil wealth? Qatar is a state with large reserves of hydrocarbons, the sales of which significantly affect the economy. It is in fourth place in the ranking, and revenues from the sale of minerals reach 45% of GDP here. Which countries are considered the poorest? The IMF annually evaluates the welfare of the world’s countries. The lowest rates are recorded in South Sudan, Burundi and the Central African Republic.
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