The United States may be the richest country in the history of the world overall. But there are lots of countries with higher GDPs per capita. For the most part, these are small but very wealthy nations. Let’s take a look at the 5 countries with the highest incomes.
For reference, America’s GDP per capita is about $59,500.
5. Bermuda
GDP per capita: $99,400
Photo by Sandra Seitamaa on Unsplash
Somewhat surprisingly, Bermuda has the highest GDP per capita in the western hemisphere. Tourism from North America is one reason, accounting for about 28% of the island’s economy. But the main reason is that Bermuda has become a hub for offshore financial services.
4. Luxembourg
GDP per capita: $106,300
Image by Pit Karges from Pixabay
Luxembourg was once rich because of its coal deposits. When that went out of fashion, this small low country transitioned to a service economy. Specifically financial services. Today, Luxembourg is famous for its laissez-faire banking.
3. Monaco
GDP per capita: $115,700
Photo by Julien Lanoy on Unsplash
Monaco is a city state on the Mediterranean coast, surrounded by southern France on three sides. It is most famous for its capital -- Monte Carlo. Monaco’s reputation of seaside decadence -- and its loose tax laws -- have long attracted the well-to-do. In fact, about 30% of Monaco’s residents are millionaires.
2. Qatar
GDP per capita: $124,500
Qatar lands on this list for reasons you can likely guess. Firstly, it has a relatively small population. Secondly, it has some of the world’s largest deposits of oil and natural gas.
1. Liechtenstein
GDP per capita: $139,100
Photo by Oliver Schwendener on Unsplash
A big reason Liechtenstein makes this list is because it is so small -- about 32,000 people. But, like some other countries on this list -- it has learned to punch above its weight by embracing no-questions-asked banking.
