Top 20 Richest Countries In the World 2023 - By GNI Per Capita
♦ Top 10 Richest Countries in the World 2023 by Net Worth
♦ 10 Richest Countries in Europe
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What is Gross National Income (GNI) Per Capita?
Gross National Income (GNI) is the total amount of money earned by a nation's people and businesses. It is used to measure and track a nation's wealth from year to year. The number includes the nation's gross domestic product (GDP) plus the income it receives from overseas sources.
The more widely known term GDP is an estimate of the total value of all goods and services produced within a nation for a set period, usually a year. GNI is an alternative to gross domestic product (GDP) as a means of measuring and tracking a nation's wealth and is considered a more accurate indicator for some nations.
How Is GNI Calculated?
To calculate GNI, compensation paid to resident employees by foreign firms and income from overseas property owned by residents is added to GDP, while compensation paid by resident firms to overseas employees and income generated by foreign owners of domestic property is subtracted. Product and import taxes that are not already accounted for in GDP are also added to GNI, while subsidies are subtracted.
READ MORE: 7 Richest Countries In The World by GDP Per Capita
How Does GNI Differ from GDP and GNP?
Gross national income (GNI) calculates the total income earned by a nation's people and businesses, including investment income, regardless of where it was earned. Residence, rather than citizenship, is the criterion for determining nationality in GNI calculations. It also covers money received from abroad such as foreign investment and economic development aid.
GDP is the total market value of all finished goods and services produced within a country in a set time period. GNP includes the income of all of a country's residents and businesses whether it flows back to the country or is spent abroad. It also adds subsidies and taxes from foreign sources.
What GNI does not indicate
Although GNI is arguably the most accurate at-a-glance measurement of a country's overall economic health, it is not in any way indicative of the average wage of a worker in a given country. GNI cannot track income inequality. A country in which 10,000 residents each earned $100,000 a year would have the same GNI per capita as a country in which one resident earned a billion dollars and the other 9,999 people were penniless.
Top 20 Richest Countries In the World by GNI Per Capita
GNI Per Capita (PPP): $55,940
Industry, services and manufacturing make up a huge chunk of Finland's economy. Finland has one of the most diverse export economies in the world, selling paper goods, refined petroleum, and various machinery around the world.
GNI Per Capita (PPP): $58,370
Austria had a huge nationalized economy but the country is rapidly privatizing its sectors to spur growth.
GNI Per Capita (PPP): $59,040
Thanks to the country's huge oil resources, the Kuwaiti dinar is the highest-valued unit of currency in the world.
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GNI Per Capita (PPP): $59,460
Belgium's economy is a modern, capitalist economy that has benefited from the country's central geographic location, well-developed transportation infrastructure, and diverse industrial and commercial base.
Belgium leans heavily on exports to keep its economy running. Belgium primary exports include medicine, cars, refined petroleum, and diamonds.
GNI Per Capita (PPP): $59,680
Germany is the largest economy in the Europe and the fourth largest in the world.
GNI Per Capita (PPP): $61,090
Sweden's economy is a developed export-oriented economy that is supported by wood, hydropower, and iron ore. These are the foundational resources of an economy based on international commerce. Motor cars, telephones, pharmaceuticals, industrial machinery, precision equipment, chemical products, household goods and appliances, forestry, iron, and steel are among the major industries.
GNI Per Capita (PPP): $63,360
The Netherlands has enjoyed consistent natural gas resources. The Netherlands now has more than a quarter of the European Union's natural gas reserves. The selling of natural gas resulted in a considerable increase in revenue for the Netherlands over the past few years.
13. United Arab Emirates
GNI Per Capita (PPP): $66,680
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While over 80% of the country's economy is based on oil, UAE is opening itself to tech companies and startups and fast becoming a land of economic opportunity for young talent.
GNI Per Capita (PPP): $66,720
Services and exports account for a major chunk of Denmark's economy. The country exports machinery, chemicals, medicines and agricultural products.
11. Brunei Darussalam
GNI Per Capita (PPP): $67,580
The oil and gas industry contribute to more than 95% of Brunei’s exports.
Brunei has announced a development plan that aims to diversify the economy away from oil, but little progress has been made so far. However, the tiny country has strengthened its economic ties with China and plans to launch a stock market in the next few years.
In an effort to make the country more attractive to foreign investors, the new Energy and Industry minister is focusing on improving Brunei’s World Bank Doing Business ranking. Brunei currently ranks 84th, while the Southeast Asia and Pacific regional average is 61. The goal is to be among the top 50 within just a couple years.
10. United States
GNI Per Capita (PPP): $70,480
The U.S. has long been one of the wealthiest countries in the world thanks to its massive cache of natural resources, huge swaths of fertile farmland, strong infrastructure and innovation, and productive workforce. The U.S. also benefits from a thriving entrepreneurial culture and world-class research universities. The U.S. is the world's leading producer of oil and also natural gas (though it is also the leading consumer of both).
9. Hong Kong
GNI Per Capita (PPP): $70,700
Hong Kong is one of the favorites of global entrepreneurs, thanks to the country's tech-friendly startup ecosystem, strong banking systems and consumer-friendly regulations.
GNI Per Capita (PPP): $72,260
China is the world’s second largest economy. The average annual growth rate of China between 1989 and 2019 was 9.52%.
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GNI Per Capita (PPP): $75,860
One of the world's most peaceful nations, Switzerland has a thriving international banking industry, which has contributed to its economic success alongside the country's tourism and export industries. Switzerland is considered one of the world's most innovative countries and is among the richest landlocked countries on the planet.
GNI Per Capita (PPP): $79,450
Ireland was the first country in the European Union to fall into a recession during the 2008 financial crisis, and gained a reputation as one of the world's leading tax haven countries starting around 2015.
These days, many (but not all) economists have softened their stance on the integrity of the country's financial dealings. Either way, there's no denying the impact that financial services have on Ireland's GNI per capita.
Ireland is also one of the world's leading exporters of pharmaceutical goods and software services.
GNI Per Capita (PPP): $82,840
Norway's economy is strong, with a relatively small gap between the poor and the wealthy, and based largely around significant exports of petroleum and seafood. Norway has one of the highest costs of living in the world, but also enjoys one of the world's highest standards of living and is among the happiest countries in the world.
GNI Per Capita (PPP): $83,230
Banking, steel, and industrial sectors account for a major chunk of the country’s economy. As of 2022, Luxembourg has a GNI per capita value of $83,230. Luxembourg is a tiny country, but with an economy focused on highly profitable banking, steel, and industrial business, it has one of the highest per capita measures of GDP, GNI, and GNP in the world.
GNI Per Capita (PPP): $87,340
Tourists know this British territory for its beautiful beaches, but global economists know it as one of the highest-income countries in the world. While tourism is still a tentpole of Bermuda's economy, the country's financial services, particularly in the international insurance sector, generate the largest portion of its income. This, combined with the country's comparatively tiny population, is a main reason for its massive GNI per capita.
GNI Per Capita (PPP): $92,080
The tiny island in the Persian Gulf is known for being a multicultural, multi-nationality country with over 180 nationalities represented
Despite Qatar’s thin association with football, it was recently selected to host the 2022 FIFA World Cup. It will be the first Arab nation to do so. Qatar intends to spend an estimated $200 billion USD on internal infrastructure ahead of the international event.
Setting up a business, working as an employee or just spending a year abroad in the more stable countries on this list can be an excellent choice. For expats or young workers, living in a country that has figured out how to succeed in a globalized world can provide a valuable perspective. Plus, it can boost your income while giving you the chance to experience some of the most fascinating and fun places in the world
GNI Per Capita (PPP): $102,450
Singapore has become the pinnacle of the Asian economic miracle. It’s a hub of major banks, tech companies, tourism, shopping, real estate and several other, thriving economic segments.
Singapore’s economy is extremely developed and considered the most open and least corrupt market in the world. It is largely focused on trade and government-funded companies.
The tiny city-state and island of Singapore continues along our theme of very rich, but very small countries. Singapore has a GDP per capita of over $82,000 USD, making it the third wealthiest country on our list. It’s also one of the most expensive cities in the world to live in.
Top 20 Richest Countries in the world - By GDP Per Capital
United States of America
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