Top 10 Countries with the Highest Average Income in the World

Singapore is one of the world’s major commercial hubs, holding the position of the world’s fourth-largest financial center and one of the five busiest ports. With a globally integrated and diverse economy, it heavily relies on trade, especially manufacturing, which accounted for 26% of its GDP in 2005. In terms of purchasing power parity (PPP), Singapore ranks as the third-highest in average income worldwide. The country excels in international rankings related to education, healthcare, government transparency, and economic competitiveness.

Despite its small size, occupying only a third of the area of larger nations, Singapore has a per capita GDP (PPP) of $105,796 and a total GDP of $602 billion. Its focus on developing financial services and export-driven chemical industries has propelled it to new heights. With an open economic policy aimed at innovation, Singapore remains one of the richest nations globally.

As one of the founding members of ASEAN, Singapore hosts the APEC Secretariat and is part of various international organizations such as the East Asia Summit, Non-Aligned Movement, and the Commonwealth of Nations. The country ranks high in standards of living, with a very high Human Development Index (HDI). Its citizens hold the world’s second-most powerful passport (2021), having ranked first globally in the Global Competitiveness Report of 2019. Singapore's economic development is classified as advanced by the IMF, WB, CIA, and the United Nations. Its nominal GDP places it as the 4th largest economy in Southeast Asia, 12th in Asia, and 34th globally (2020). Despite its small size, Singapore is considered a regional powerhouse in Southeast Asia and a global economic stronghold.

Singapore – $105,796

Population: 5.7 million

Area: 728 km²

Brunei, a small nation with a highly developed economy, ranks among the wealthiest countries in the world. Its GDP per capita (PPP) stands at approximately $94,374, with a total GDP of $42 billion. The country’s prosperity is largely fueled by domestic entrepreneurship and foreign investments. Despite its small size, Brunei has a thriving economy, a blend of both foreign and local businesses, government regulations, welfare measures, and traditional village-based policies. Oil and natural gas production contribute about 90% to the country’s GDP. Brunei produces around 167,000 barrels (26,600 m3) of oil daily, making it the fourth-largest oil producer in Southeast Asia. Additionally, it produces about 25.3 million cubic meters (8.95×108 cu ft) of liquefied natural gas daily, ranking it as the world’s ninth-largest exporter of this resource. The country also benefits from substantial returns on its overseas investments, mainly managed by the Brunei Investment Agency, an arm of the national Ministry of Finance. The government provides all healthcare services and subsidies for rice and housing. Brunei heavily depends on imports of goods such as agricultural products, cars, and electronics from other nations, with around 60% of its food needs met by imports, 75% of which come from ASEAN countries. As of 2016, Brunei’s GDP per capita stood at $10,458, ranking 134th globally, 34th in Asia, and 10th in Southeast Asia.

Brunei experienced rapid economic growth during the 1970s and 1990s, with an average annual growth rate of 5.6% from 1999 to 2008. Today, Brunei is considered a newly industrialized country, enjoying prosperity thanks to its vast reserves of oil and natural gas. The country boasts a very high Human Development Index (HDI), ranking second in Southeast Asia, just behind Singapore, and is classified as a developed nation. According to the International Monetary Fund (IMF), Brunei ranks fifth globally in terms of income per capita adjusted for purchasing power parity. The IMF also estimated that in 2011, Brunei was one of only two countries with zero public debt as a percentage of nominal GDP. Forbes ranked Brunei as the fifth wealthiest nation in the world. Brunei continues to set high social welfare standards, fostering success in its natural gas sector and contributing to notable export achievements.

Brunei – $94,374

Population: 0.45 million

Area: 5,765 km²

Ireland is ranked among the top 25 wealthiest nations globally based on GDP per capita, and it was the tenth wealthiest country worldwide in a 2015 ranking. After joining the EEC, Ireland introduced a series of liberal economic policies that led to rapid growth. The country achieved significant prosperity during the "Celtic Tiger" period from 1995 to 2007, which was halted by the financial crisis that began in 2008, compounded by the global economic downturn. However, Ireland saw the fastest-growing economy in the European Union in 2015, quickly regaining its top spots in international wealth and prosperity rankings. In 2015, Ireland ranked joint sixth (with Germany) on the United Nations Human Development Index (HDI). Ireland also excels in various measures, including press freedom, economic freedom, and civil liberties. As a member of the European Union, Ireland is also a founding member of the Council of Europe and the OECD. The Irish government follows a policy of military neutrality, which dates back to before World War II. Although Ireland did not join NATO, it participates in NATO’s Partnership for Peace program.

When discussing the most developed and prosperous nations in the world, Ireland stands out. In 2020, Ireland’s GDP per capita (PPP) was $94,374, with a total GDP of $428 billion. The nation's wealth stems from the growth of the food production, mining, and textile industries. According to the Organisation for Economic Co-operation and Development (OECD), Ireland ranks fourth in this sector.

Ireland officially emerged from recession in 2010 thanks to strong export growth. However, due to a sharp increase in public debt costs as the government had guaranteed private bank debts, Ireland agreed to an €85 billion bailout package from the EU, IMF, and bilateral loans from the UK, Sweden, and Denmark. After three years of economic downturn, the economy grew by 0.7% in 2011 and 0.9% in 2012. Unemployment reached 14.7% in 2012, including 18.5% among young immigrants. By March 2016, the unemployment rate had dropped to 8.6%, down from a record high of 15.1% in February 2012. From 2008 to 2013, Ireland experienced a net emigration of 120,100 people, approximately 2.6% of the total population according to the 2011 census, with a third of emigrants aged 15-24. In 2013, Forbes named Ireland the "Best Country to Do Business In." Ireland officially exited the EU-IMF bailout program on December 15, 2013.

Ireland – $87,868

Population: 4.8 million

Area: 70,273 km²

In 2020, the Nordic country of Norway continued to strengthen and expand its economy, with a remarkable GDP per capita (PPP) of $78,544 and a total GDP of $430 billion. Norway has consistently been a leader in oil and gas exploration, fishing, and boasts abundant natural resources.

Norway follows the Nordic welfare model with a universal healthcare system and comprehensive social welfare, inspired by the ideals of social equity. The country plays a significant role in key industries, holding large reserves of natural resources including oil, natural gas, minerals, timber, fish, and freshwater. The oil and gas industry alone accounts for about one-quarter of Norway's GDP. On a per capita basis, Norway is the largest producer of oil and natural gas outside of the Middle East.

Norway ranks fourth globally for GDP per capita according to the World Bank and IMF, and 11th according to CIA estimates in 2015. The Norwegian Sovereign Wealth Fund is the largest in the world, valued at $1 trillion. Norway has topped the Human Development Index (HDI) rankings since 2009, ranked first in the 2017 World Happiness Report, and currently leads the OECD’s Better Life Index, Transparency Index, and Democracy Index. It also enjoys one of the lowest crime rates in the world.

Furthermore, Norway is a major global exporter of natural gas (3rd), crude oil (8th), and refined oil (9th), contributing to employment and driving economic growth. This helps create high productivity in the workforce, fostering the country's continued development.

Norway – $78,544

Population: 5.4 million

Area: 385,207 km²

Along with other wealthy nations, the United Arab Emirates is ranked among the richest countries in the world. The UAE has a thriving economy, with a GDP per capita (PPP) of $71,613 and a total GDP of $793 billion. It is the second-largest economy in the Gulf Cooperation Council (GCC) after Saudi Arabia, with a GDP of $377 billion (1.38 trillion AED) in 2012. Since gaining independence in 1971, the UAE's economy has grown nearly 231 times, reaching 1.45 trillion AED by 2013. Non-oil trade has grown to 1.2 trillion AED, increasing approximately 28 times from 1981 to 2012. The UAE ranks 26th globally for the best place to do business, based on its economic environment and regulation, according to a 2017 World Bank report.

Abu Dhabi is the largest emirate, covering 67,350 km², and holds around 80% of the UAE's oil and gas reserves. Except for Dubai, most of the federation's revenue comes from oil exports. Oil and natural gas continue to play a central role in the economy, especially in Abu Dhabi. Over 85% of the UAE's economy is driven by oil exports, based on 2009 data. While Abu Dhabi and other emirates have been relatively conservative in their diversification efforts, Dubai has been more aggressive in diversifying its economy. In 2011, oil exports accounted for 77% of the UAE's government budget. Successful diversification efforts have reduced the share of GDP dependent on oil production to 25%.

Oil and natural gas reserves have made the UAE one of the wealthiest nations globally. Today, the UAE continues to focus on exporting these resources to developed nations, generating substantial profits and ensuring its economy remains robust and prosperous.

United Arab Emirates (UAE) – $71,613

Population: 11 million

Area: 83,600 km²

A small but incredibly wealthy country in Western Asia, Kuwait boasts a GDP per capita (PPP) of $70,933 and a total GDP of $339.3 billion. The nation's economic prosperity is driven primarily by its vast oil reserves, which rank sixth in the world. Continued investment in the export of this natural resource has enabled Kuwait to rise to the 9th spot among the richest nations.

Kuwait is a constitutional monarchy with a semi-democratic political system. The country enjoys high income levels, thanks to having the sixth-largest oil reserves globally. The Kuwaiti dinar is the highest-valued currency in the world. The country's constitution, enacted in 1962, made Kuwait one of the most democratic states in the region. Kuwait is also home to the largest opera house in the Middle East and is often dubbed the "Hollywood of the Gulf" due to its popular television dramas and theater.

With proven oil reserves of 104 billion barrels, Kuwait holds around 10% of the world's total reserves. According to its constitution, all natural resources within the country are considered national assets. Kuwait also provides a state-funded healthcare system, offering free medical treatment for citizens. There are outpatient clinics in every residential area, and a public insurance program provides affordable healthcare for foreign residents. Private healthcare providers also operate in Kuwait, accessible through corresponding insurance plans. The country has 29 public hospitals, with many more under construction. The Sheikh Jaber Al-Ahmad Hospital is the largest medical facility in the Middle East. Kuwait is also advancing in scientific research, having registered 284 patents by 2017, ranking second in the Arab world after Saudi Arabia.

Kuwait – $70,933

Population: 4.78 million

Area: 17,818 km²

Among the top 10 largest economies in the world is Hong Kong (China), which has surpassed New York to secure its place among the wealthiest nations. With a GDP per capita (PPP) of $70,354 and a total GDP of $534.2 billion, Hong Kong is home to a significant number of ultra-wealthy individuals. As a key gateway to mainland China, its strategic location fosters global trade and investment, contributing to the country's economic growth.

Hong Kong is one of the 'Four Asian Tigers' (along with South Korea, Taiwan, and Singapore) and is classified as an Alpha+ global city, highlighting its immense influence on the global economy. The city is one of the world’s top financial hubs, with the highest financial development scores and consistent rankings as one of the most competitive and economically free regions. It's also famous for having the highest concentration of skyscrapers in the world, especially around Victoria Harbour. Hong Kong regularly ranks highly in human development indices (HDI) and boasts one of the world’s highest life expectancies. Over 90% of the population uses public transport, but air pollution from nearby industrial areas in mainland China has had a significant negative impact on the local environment.

Although it is a prosperous region with a high standard of living, political instability and interventions from mainland China have hindered its economic and social progress, as well as the region’s move towards greater democracy.

Hong Kong (China) – $70,354

Population: 7.6 million

Area: 1,106 km²

Macau ranks as the richest country in the world, with a GDP per capita (PPP) of $143,116 in 2020. The region has surpassed Qatar and is expected to continue its rise, with per capita income forecasted to peak at $172,681 by 2023, well above other nations.

According to the CIA World Factbook, Macau ranked second globally in terms of life expectancy in 2012. Additionally, Macau is one of the few areas in Asia to have a very high Human Development Index (HDI). The average income of Macau's residents is among the highest in the world. The International Monetary Fund (IMF) has classified it as a highly developed economy, with a large portion of its economic activities driven by trade, services, casinos, and tourism, alongside some light manufacturing.

Macau's rapid rise to the top, surpassing Qatar in 2019, is largely attributed to the booming casino industry. Gambling and betting are legal in Macau, attracting wealthy gamblers from across the globe.

Macau (China) – $143,116

Population: 0.63 million

Area: 115.3 km²

Qatar ranks second among the wealthiest nations worldwide, with a GDP per capita (PPP) of $139,151 and a total GDP of $91.2 billion. The country’s oil and gas industry plays a dominant role, accounting for 70% of government revenue, 85% of exports, and 60% of GDP. Qatar’s economic strength has helped it remain at the forefront of global economic, cultural, and social spheres. Despite a dip in the rankings in 2020, Qatar’s GDP remains impressive compared to other wealthy nations.

Geographically, Qatar is located in the northeastern part of the Arabian Peninsula, bordered by Saudi Arabia to the south and the Persian Gulf on the other sides. It shares maritime boundaries with the UAE and Iran. The nation’s strategic location has contributed to its economic growth, though it also faces challenges like economic and social inequality, particularly among migrant workers. Qatar’s diplomatic and economic ties have been strained since a 2017 blockade imposed by its neighbors, including Saudi Arabia, the UAE, Bahrain, Egypt, and others. In response, Saudi Arabia proposed building the Salwa Canal along the border to isolate Qatar by transforming it into an island.

Qatar – $139,151

Population: 2.8 million

Area: 11,571 km²

Ranked among the top 10 wealthiest countries, Luxembourg is a symbol of prosperity. With a GDP per capita (PPP) of $118,149 and a total GDP of $74.7 billion, this small European nation holds a position in the top 3 wealthiest countries, just behind Macau and Qatar.

Luxembourg has consistently invested in key sectors such as industry, steel production, finance, and fiscal policy. The nation's banking sector is particularly strong, holding assets exceeding $1.24 trillion. Over the years, Luxembourg has been one of the fastest-growing economies in the European Union, with high per capita GDP. Major sectors include trade, banking, insurance, rubber and plastics, steel production, and food processing. The financial and banking services sector is the primary driver of Luxembourg’s economic growth, contributing 28% of the GDP. The country has a GDP composition of 1% agriculture, 14% industry, and 85% services (as of 2007). Its main trading partners include Belgium, France, Germany, Italy, the Netherlands, and the United States. While Luxembourg often runs a trade deficit, it consistently maintains a surplus in its balance of payments, due to significant foreign financial inflows. Luxembourg is also part of the Eurozone. Steel production is concentrated in the southwestern region, with food industries focused on dairy, processed meats, and wine. The tertiary sector employs 90% of the workforce.

Luxembourg – $118,149

Population: 0.63 million

Area: 2,586 km²