Another day, another global report, and Singapore has ranked again! This time we’ve been crowned with the title of one of the richest countries in the world for 2024. While this past year, we’ve scored titles such as one of the 2024 World’s Best Cities, the best roads, the best hospitals, and so on. Read on to see why Singapore is the richest country in Asia.
World’s Richest Countries 2024 – Singapore
According to the International Monetary Fund and a detailed report by Global Finance Magazine, Singapore is the third wealthiest country in the world based on GDP per capita.
Surprisingly, some of the world’s smallest countries are the richest. For instance, Luxembourg took first place with specific mentions to the use of wealth to deliver better healthcare, education, and housing in the region. The Republic of Ireland ranked second due to its attractiveness for many large global firms, from Microsoft to Google, who moved headquarters to Ireland because of the low corporate tax rate. However, multinational influence is over 60% in Ireland so this plays an important role in the ranking.
Meanwhile, Singapore’s richness is thanks to a number of billionaires residing in the city-state as well as its thriving reputation as a business, trade, and financial hub today. Although, the economy bounced back quickly after COVID-19, economic growth has been slow despite Singapore as the third richest country.
Here are the World’s Richest Countries 2024:
- Luxembourg (US $143,304 GDP per capita)
- Ireland ($137,638)
- Singapore ($133,108)
- Qatar ($114,210)
- Macao SAR ($98,157)
- Switzerland ($89,537)
- United Arab Emirates ($88,962)
- San Marino ($84,135)
- Norway ($82,655)
- United States ($80,412)
On the other hand, the poorest countries according to the report include many African nations such as South Sudan and Central African Republic.
GDP (gross domestic product) is the value of all goods and services produced in a country. The list was created by dividing this by the number of full-time residents to determine a country’s wealth and using PPP adjustments. These numbers must be taken lightly though. Do you think Singapore is really the third richest country globally?
SEE MORE: Singapore Is The Best Country To Build Multigenerational Wealth Worldwide