List of the Richest Countries in the World by GDP Compared to the UAE

The United Arab Emirates consistently ranks among the top ten richest countries in the world by GDP per capita, alongside Singapore, the United States, Norway, and Ireland. This ranking is annually published by the International Monetary Fund (IMF) and the World Bank. Property in the UAE has traditionally attracted foreign investors, and the Emirates themselves remain a popular destination for relocation due to their high quality of life, flourishing economy, and attractive business environment.

In this overview, we will discuss the richest countries in the world, compare them with the UAE, and explore the opportunities they offer to foreigners planning to move permanently.

One of the key indicators reflecting a country’s level of economic development is its GDP per capita. However, it is important to remember that in addition to GDP, other significant factors such as income inequality and wealth distribution play a crucial role in determining the standard of living in a country.

The ranking of rich nations highlights not only their economic strength but also their appeal as some of the best countries to live in. Many of these countries offer favourable conditions for business, modern infrastructure, high-quality education and healthcare, and advantageous tax policies. Discussing these factors will help us better understand why certain regions have maintained their positions in the wealth rankings for many years.

The richest countries in the world by GDP per capita

GDP per capita is the ratio of a country’s total GDP to its population size. The higher this indicator, the more economically prosperous the country is considered. However, to adequately assess the standard of living, it is important to understand how many goods and services citizens can actually afford. Therefore, when comparing GDP per capita across different countries, it is essential to consider Purchasing Power Parity (PPP). This measure adjusts the data to account for inflation and the cost of living in each specific region.

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

Top 50 countries in the world by GDP per capita

This ranking not only highlights countries with high GDP but also evaluates the opportunities they offer to their citizens, investors, and expatriates.

Some of the wealthiest and smallest countries, including San Marino, Luxembourg, which is the richest country in the world, and Singapore, benefit from favourable tax systems. These nations attract foreign capital, highly skilled labour, and substantial bank deposits. In contrast, Qatar and the UAE, with their abundant hydrocarbon reserves, benefit from natural resources. Although these states are actively diversifying their economies, oil and gas remain key sources of income. Despite more than 3 years of lockdowns, Macau remains one of the wealthiest regions in the world, thanks to its luxurious casinos and high tourist influx.

Top 5 richest countries in the world by natural resources

Natural resources are materials or raw products used in the production of intermediate goods and finished products. The availability of these resources can significantly affect a country’s economic development, although it does not always guarantee prosperity. Some of the poorest countries in the world possess significant natural resource reserves. This phenomenon, known in economic theory as the “resource curse,” can result from factors such as armed conflicts, an inefficient tax system, income volatility, excessive borrowing, and corruption.

Among the richest countries by natural resources:

15. Hong Kong: Intl$ 75,128

Hong Kong is a Special Administrative Region (SAR) of China, located on the southern coast of the country. The region includes Hong Kong Island, the Kowloon Peninsula, the New Territories, and several outlying islands. It is renowned as one of the world’s leading business centres, with a free-market economy characterised by low taxation and minimal government intervention. Thanks to its strategic location, developed infrastructure, and favourable business climate, Hong Kong has become a key international financial hub.

This multicultural city, home to over 7 million people, hosts a diverse mix of ethnic groups and nationalities. The residents blend Chinese traditions with a modern lifestyle. Hong Kong also boasts an excellent transportation system, including railways, buses, trams, ferries, roads, and the MTR (Mass Transit Railway), ensuring high mobility for its population.

14. Taiwan: Intl$ 76,858

Taiwan’s economic stability is largely driven by its robust export-oriented manufacturing sector. The region stands out in the global market due to its advanced manufacturing industry, particularly in electronics, where semiconductors and IT products are actively produced.

Taiwan’s strategic focus on innovation and high technology contributes to its status as a global leader in the tech industry. Investments in research across various scientific fields play a key role in the economy’s development, while also fostering growth in the service sectors, including finance, technology, and tourism. A high level of education and an emphasis on innovation have resulted in a skilled workforce and favourable conditions for scientific advancements.

13. Brunei: Intl$ 77,534

Brunei Darussalam is one of the wealthiest countries in Southeast Asia, thanks to its vast oil and gas reserves. According to IMF estimates, the export of hydrocarbon resources accounts for over 70% of the state’s revenue, while agriculture contributes less than 1% to the gross domestic product. The capital city is home to over 200,000 people, which is about half of the total population.

The sultanate has well-developed social programmes. Its citizens enjoy significant privileges, such as the absence of income tax, free healthcare and education, and state coverage of overseas education expenses.

The Sultan of Brunei allocated USD 2.7 billion and a section of tropical rainforest for the construction of the premium Empire Brunei hotel. However, despite these efforts, the share of tourism revenue does not exceed 0.5% of GDP. Strict laws, such as the ban on alcohol, deter tourists. 

To relocate to Brunei, one must have a job offer from a local employer and a work visa. Expats working in Bruneian companies or those who have married a Bruneian citizen can apply for citizenship. However, the process is quite challenging and requires meeting several strict criteria. Applicants must pass a Malay language and culture exam. Investments in the country’s economy or placing a large sum in a local bank deposit may improve the chances but do not guarantee citizenship. Each case is reviewed individually, with the final decision resting with the authorities.

12. Denmark: Intl$ 77,641

Denmark’s economy is predominantly service-oriented, with around 80% of jobs concentrated in this sector. The manufacturing sector employs approximately 11% of the workforce, while agriculture accounts for only 2% of the working population. Foreign trade plays a significant role in the country’s economy, contributing to about half of the GDP through exports and imports of goods.

The average salary in Denmark is DKK 46,972 (USD 7,000) before taxes. The country is home to 13 billionaires. According to U.S. News & World Report, Denmark ranks second globally in terms of quality of life. The average life expectancy is 83.4 years for women and 79.6 years for men.

“Moving to Denmark requires meeting strict conditions. A residence permit can be obtained through employment, admission to a Danish university, or marriage to a Danish citizen. Although investment activities are not listed as grounds for obtaining a residence permit, creating a start-up may be a viable option for immigration.”

11. Guyana: Intl$ 80,137

Guyana, located on the northeastern coast of South America, has shown significant economic growth in recent years, thanks to the discovery of offshore oil fields. This oil boom has propelled the country to the 11th position in terms of GDP per capita in the region, making it one of the highest in Latin America and the Caribbean. Guyana’s economy is rapidly diversifying, shifting from traditional sectors such as agriculture and mining to oil and gas extraction, positively influencing the living standard.

Despite the economic surge driven by oil, Guyana still faces numerous challenges related to sustainable development and quality of life. The country continues to struggle with infrastructure development, combating corruption, and improving the legal system. Additionally, a significant portion of the population remains engaged in agriculture, and poverty levels are still high. Nevertheless, ongoing GDP growth and investments in key sectors such as education and healthcare provide hope for an improved quality of life in the future.

10. Norway: Intl$ 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 forestry industries play important roles in the economic development.

Norway ranks among the countries with high life expectancy, averaging 82.5 years. Specialists in the extractive industries earn some of the highest wages in the kingdom, with the average monthly salary being NOK 56,360 (USD 5,400). Norway is the fourth least corrupt country in the world.

Gender equality is a key part of public policy. By law, at least 40% of board members in both public and private companies must be women.

Norway is one of the countries with the fastest naturalisation processes, offering citizenship after 7 years of legal residence. For citizens of Sweden, Denmark, Finland, and Iceland, this period is reduced to 2 years. Since 2020, the country allows dual citizenship, enabling foreigners to retain their original passports when obtaining Norwegian citizenship.

9. USA: Intl$ 85,373

The USA remains the largest economy and one of the most developed countries, accounting for approximately 24% of the GDP of the world. The services sector makes up 78% of the country’s per capita GDP. The USA possesses some of the largest natural resource reserves, with a total value of USD 45 trillion. The country also leads in the number of ultra-wealthy individuals, with 776 of the world’s 2,750 billionaires being American. The average salary is about USD 4,800 per month. Foreigners can move to the USA through the EB-5 visa, with a minimum investment amount of USD 800,000.

8. San Marino: Intl$ 88,879

San Marino, one of the smallest and richest nations in the world, is the oldest republic in Europe. Despite having a population of just around 34,000 people, its citizens enjoy high-income levels. Thanks to low income tax rates, the country has maintained economic stability even during challenging times such as the pandemic and the energy crisis. The economy spans various sectors, including tourism, banking, manufacturing, and services. The advantageous tax policies have attracted numerous companies and financial institutions to San Marino.

7. Switzerland: Intl$ 91,932

Switzerland is one of the most economically developed countries. Over 70% of its GDP is generated by the services sector, while industry accounts for 25%, and agricultural production 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 CHF 6,788 (USD 7,900) per month. Switzerland is known for its political stability but is also one of the most expensive countries to live in the world. Foreigners can obtain a residence permit by paying a tax in the canton of residence, with amounts starting from CHF 450,000 (USD 525,000).

6. UAE: Intl$ 96,846

Since the discovery of oil reserves, the United Arab Emirates has transformed from a modest region into one of the best countries to live in the world. The export of petroleum products and gas accounts for 25–30% of the country’s GDP. The main reserves are concentrated in Abu Dhabi and Dubai, although currently, oil contributes less than 1% to Dubai’s GDP due to economic diversification. In 2023, the UAE attracted USD 22.5 billion in foreign direct investment. Dubai ranks among the top 5 cities globally in terms of the number and volume of investment projects involving foreign capital.

One of the key factors in the UAE’s economic success is the presence of free-trade zones (FTZs), where foreigners can register companies with 100% ownership. In recent years, the country has also allowed full foreign ownership of companies outside of FTZs in certain sectors.

The UAE also offers residence visas through the purchase of a house or apartment in Dubai and other emirates, investments in the economy and government bonds, or the establishment of a business. Qualified workers, freelancers, distinguished artists, doctors, inventors, scientists, and their families can also obtain residency.

5. Qatar: Intl$ 112,283

Qatar’s wealth is primarily based on the export of liquefied gas and petroleum products, as the country lacks other natural resources. Much of the country is desert. Revenues from the sale of fossil fuels account for 40–45% of GDP. Qatar ranks 11th in the IMD World Competitiveness Ranking.

The government actively promotes the development of non-resource sectors of the economy. One of the key areas of investment is logistics: Qatar’s deep-sea ports handle 25% of the cargo flow in the Middle East, and Doha International Airport serves around 40 million passengers annually.

Qatar focuses on high technologies, such as telecommunications and IT. Local operators were among the first in the world to launch a 5G network. The government supports both large holdings and small and medium-sized businesses. Small enterprises 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 state’s 2.9 million residents.

Foreigners can obtain residency in Qatar by purchasing real estate worth at least QAR 730,000 (USD 200,000). The process of acquiring citizenship is extremely difficult and strictly regulated. The authorities rarely grant passports to foreigners, even if they invest significant sums in the economy. One of the few ways is marriage to a Qatari woman, although even in this case, the outcome is not guaranteed. Moreover, if a Qatari woman marries an expatriate, her spouse and children cannot claim citizenship. Foreigners who acquire Qatari citizenship through naturalisation are not entitled to state benefits and subsidies.

4. Singapore: Intl$ 133,737

Singapore derives significant income from the export of electronics and pharmaceuticals. Over 70% of the country’s GDP comes from the services sector, with financial services contributing about 13–15% to the GDP. The Singapore Exchange is among the 10 largest exchanges in Asia. Professions in medicine, IT, education, engineering, and architecture are in high demand.

Singapore’s success can be attributed to favourable conditions for businesses and investors. The city consistently ranks high in terms of economic development and citizens’ income levels. The most accessible way to obtain permanent residency in Singapore is through an investment of at least SGD 2.5 million (USD 1.8 million) in a start-up or existing business, but in the latter case, the company must have had an average annual income of at least SGD 50 million (USD 36.5 million) over the past 3 years.

3. Ireland: Intl$ 133,895

Ireland’s economic success is driven by developed sectors in information technology and pharmaceuticals, as well as foreign investment. The production of medical equipment plays a significant role in the country’s economy. The USA is Ireland’s largest trading partner, accounting for about 30% of exports, while the UK and Germany also remain significant partners. In the IMD World Competitiveness Ranking, Ireland ranks fourth.

The country offers residence programmes for highly skilled professionals and entrepreneurs. Irish citizenship can be obtained through several means:

• Marriage: Spouses must live together and legally in Ireland for at least 3 years.
• Naturalisation: A foreign national must have legally resided in Ireland for 5 out of the 9 years before applying for citizenship.

2. Macau: Intl$ 134,141

Macau, a Special Administrative Region of China, is often referred to as the “Las Vegas of Asia.” It is home to around 40 casinos, with approximately 15–20% of the region’s population engaged in the gambling industry. Tourism and gambling have made Macau one of the wealthiest regions in the world. Tourism accounts for 60% of Macau’s GDP. The region is visited by 2–2.5 million foreigners each month.

1. Luxembourg: Intl$ 143,743

Luxembourg is the richest nation in the world. It ranks first in the world in terms of wealth and is a major banking centre. The capital hosts more than 200 banking institutions and 1,000 investment funds.

Luxembourg’s high economic performance is partly due to attracting skilled workers from neighbouring countries such as France, Germany, and Belgium, which stimulates GDP growth. The highest salaries are observed in insurance, banking, IT, and energy sectors.

The richest country per capita, Luxembourg attracts business people through a favourable tax system where non-resident companies are taxed only on income earned within the state.

Foreigners can obtain residency of the richest country in the world by:

• Investing EUR 500,000 in a local company or start-up, which must create at least 5 jobs within the first 3 years.
• Investing EUR 3 million in investment funds.
• Opening a bank deposit of EUR 20 million for 5 years, after which one can apply for citizenship.

Key takeaways

The article presents the 50 countries with the highest GDP per capita, based on IMF and World Bank data. Luxembourg leads the list, being the wealthiest country in the world.

The sources of income for rich countries vary. For instance, Qatar heavily relies on hydrocarbons, while San Marino, Luxembourg, and Switzerland attract capital and skilled labour through favourable tax conditions.

Opportunities for foreigners in economically developed countries are examined. Many of these countries offer residency or citizenship programmes for investors and entrepreneurs. For example, purchasing property in Dubai allows one to obtain residency in the UAE, while Luxembourg requires investment in the economy for a long-term visa. There are many options for those planning to relocate. You can find apartments or villas in Dubai on our website right now.