Europe, Asia dominate list of top 10 nations in 2024 by GDP per capita

The International Monetary Fund (IMF) forecasts a stable yet cautious trajectory for the global economy in 2024, with growth expected to maintain a pace of 3.2 per cent throughout 2024 and 2025, consistent with 2023 levels.

The global economy has shown unexpected resilience in recovering from the disruptions caused by Covid-19 and ongoing geopolitical challenges. Advanced economies are projected to experience a slight uptick in growth, moving from 1.6 per cent in 2023 to 1.7 per cent in 2024 and 1.8 per cent in 2025.

In contrast, emerging markets and developing economies are anticipated to see a slight deceleration, with growth slowing from 4.3 per cent in 2023 to 4.2 per cent in both 2024 and 2025.

 

As 2024 draws to a close, the IMF has also released updated projections, highlighting the world's wealthiest nations ranked by purchasing power parity (PPP) per capita.

Top 10 nations by GDP per capita

Luxembourg stands as the world's wealthiest nation, boasting a GDP per capita of $143,742, according to the International Monetary Fund (IMF). This is primarily attributed to its central location in Europe and a robust financial services industry.

Next on the list is Macau, a special administrative region of China, with a GDP per capita of approximately $134,140. Macau secures the second spot globally, largely driven by its flourishing gaming and tourism industries.

Interestingly, despite being the largest economy by nominal GDP, the US ranks ninth in GDP per capita at about $85,370, highlighting a gap between the nation's overall economic output and the average wealth of its citizens.

According to the IMF's estimates as of September 1, 2024, the third country in the list of top 10 countries ranked by GDP per capita based on purchasing power parity (PPP) is Ireland, followed by Singapore, Qatar, the UAE, Switzerland, San Marino, the US, and Norway.

These rankings highlight the economic success of smaller, frequently resource-rich countries, which often lead GDP per capita metrics due to their significant income levels in relation to their population sizes.

Where does India stand?

The United Nations has updated its growth forecast for India in 2024, now predicting the country's economy will grow by nearly 7 per cent this year. This upward revision is largely attributed to robust public investment and steady private consumption.

India, a developing country, has emerged as the world's fifth-largest economy, with the IMF projecting that it will continue to outpace China's growth. However, India's GDP per capita, adjusted for purchasing power parity (PPP), was recorded at $9,172.10 in 2023. This figure represents 52 per cent of the global average, according to the World Bank.