Which is the richest country in the world in 2025

The question “Which country is the richest in the world?” – however strange it may seem – does not have one single answer. It depends on which criterion you set.

How much money the average citizen earns does not tell the complete truth, because prices differ from country to country. A moderate salary can offer much higher living standards in a cheap country than in an expensive one.

Working hours also play a role: there are countries that achieve high income with less work and more free time.

With these in mind, The Economist ranked 178 countries using three different criteria:

• GDP per capita at current prices (in dollars). This is the simplest and most popular measure

• GDP per capita in purchasing power parity (PPP) terms, which takes local prices into account

• GDP per capita adjusted for working hours, which incorporates both local prices and how much citizens work

Who are at the top

The three states that dominate overall are Switzerland, Singapore and Norway.

In absolute numbers (current prices), Switzerland is first, with average income above $100,000 in 2024. Singapore follows with $90,700 and Norway with $86,800.

After adjustment for local prices, Singapore rises to the top, as it is cheaper than Switzerland.

After adjustment for working hours, Norway comes first, as last year, with Qatar and Denmark following.

The United States, the world’s largest economy, ranks 4th, 7th and 6th respectively. Britain is much lower: 19th, 27th and 25th.

What the deviations show

Each country’s position according to the criterion also shows its social particularities. In countries where few women work, such as Saudi Arabia and Turkey, income per hour appears higher, because it is concentrated in fewer people.

Conversely, in countries with very young or very elderly populations, such as Nigeria and Italy, the small working base supports a large part of the population.

The big winner and big loser

Guyana is the country that climbed fastest this year, gaining 17 positions on average, thanks to the oil boom that increased incomes by 40% in just one year.

At the bottom of the ranking is Burundi, where over half the population is under 17 years old and per capita income corresponds to 0.15% of Swiss income.

Even after adjustment for cost of living, one Swiss person earns as much as 100 citizens of Burundi.

Who are not included

Very small or peculiar states are excluded from the ranking, such as Ireland (due to artificial GDP inflation by multinationals), Luxembourg (because of cross-border workers) and islands such as Bermuda.

The system does not take into account wealth distribution or the value of assets. In some countries official data are incomplete or disputed.

No single measurement can fully capture prosperity. However, combined indicators offer a valuable guide to where in the world wealth is accompanied by quality of life.

(information from naftemporiki.gr)