The world’s richest and poorest countries by GDP per capita revealed

Measuring GDP per capita is a common measure of economic wealth on a per-person basis.

This article sorts countries according to the latest International Monetary Fund (IMF) projections on GDP per capita for 2023.

Currently, this metric is at $13,920 globally in 2023, up from $13,400 in 2022 and $11,160 in 2020, all nominal figures, not accounting for inflation.

Which are the world’s richest countries?

Luxembourg, one of the smallest countries in the EU has a population of 634,000 and is the richest country in this ranking with a per capita GDP of nearly $130,000.

Formerly known for its steel manufacturing, the country now boasts a large financial services sector, which accounts for the majority of its economic output.

Luxembourg’s per capita GDP is nearly 415 times the per capita GDP of the world’s poorest country, Burundi, at $303.

Ireland is the second-richest country in the world on a GDP per capita basis with $107,000, followed by Switzerland at nearly $94,000.

Ireland’s GDP per capita, in particular, has seen a significant increase in recent years due to its pro-business environment, low corporate tax rates, and highly educated workforce that attracts foreign direct investment.

Meanwhile, Australia ranks 9th as one of the richest countries in the world by GDP per capita. 

Most of the richest countries are found in Europe and North America (the top two richest continents), with a per capita GDP of $34,500 and $59,000, respectively.

On the other hand, most of the poorest countries in the world are found in Africa.

Both metrics show a continuation of historical trends of regional wealth in the world.

Which are the world’s poorest countries?

Burundi, with a population of nearly 13 million people, is one of the smallest countries in Africa by physical size.

The country has the lowest per capita GDP at $308. Burundi gained independence in 1962 after being first a German, then Belgian colony, since the latter half of the 19th century.

It has struggled over the last 50 years with recurring civil strife and high levels of corruption.

However, the IMF projects positive trends for the country’s economy, citing the impact of more recent economic reforms.

As a comparison point for global wealth disparity, the richest country in the world, Luxembourg, has a per capita GDP that is nearly 415 times that of Burundi.

Meanwhile, the second and third lowest per capita GDPs belong to Sierra Leone and Malawi, also from Africa, both nearly $200 more than Burundi.

All 20 of the world’s poorest countries, except for Yemen, are located on the African continent.

This data points to the potential impacts of colonization, and later on globalization, which continues to have long-lasting implications on most African economies today.

Guest author is Pallavi Rao, writer for The Visual Capitalist. You can read the original articles here.

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