Which is the world’s richest country? Three nations compete for the title

Three countries are competing for the title of world’s richest nation in 2025, according to The Economist’s annual analysis, which concludes that wealth cannot be measured by a single metric alone.

Switzerland, Singapore and Norway each claim the top position depending on how prosperity is calculated, highlighting that wealth is a multidimensional concept extending beyond simple income figures.

The analysis examined 178 countries using three different measures to account for varying prices between nations and differing work-life balance standards across economies.

Three measures of wealth

The Economist employed three distinct metrics after recognising that a modest salary can stretch further in countries where goods and services cost less, and some nations achieve high incomes with fewer working hours, leaving more time for leisure and holidays.

The first measure examined GDP per capita at market exchange rates – simple and measurable but ignoring price differences between countries.

The second used purchasing power parity (PPP), measuring what money can actually buy in different nations. This provides a better guide to living standards but doesn’t account for leisure time, as the proportion of people working and hours worked varies significantly between countries.

The third measure considered both local prices and working hours combined.

Switzerland leads in raw income

In pure monetary terms measured in US dollars, Switzerland ranks first with average income exceeding $100,000 in 2024. Singapore follows with $90,700 and Norway with $86,800.

However, Switzerland is also amongst the world’s most expensive countries, meaning high salaries cannot purchase as many goods and services. Consequently, in PPP terms, Singapore takes the lead thanks to lower costs for goods and services.

Norway wins on work-life balance

When factoring in working hours, Norway claims first position, as it did in 2024. Qatar ranks second and Denmark third under this measure.

The United States, the world’s largest economy by total GDP, ranks 4th, 7th and 6th respectively depending on the comparison method. Britain places 19th, 27th and 25th.

Social patterns influence rankings

Country rankings between measures can reflect social patterns. Nations like Turkey and Saudi Arabia, where few women receive payment for work, rank higher on income measures because earnings concentrate among fewer people.

Countries with unusually high proportions of elderly or young residents also present different pictures. Italy (many pensioners) and Nigeria (many minors) exemplify cases where smaller working populations support larger dependent groups.

Burundi ranks last

Burundi occupies the bottom position, where most of the population is under 17 years old and incomes represent just 0.15% of Swiss levels. Even adjusted for cost of living (PPP), one average Swiss income would be shared among 100 Burundi residents.

Excluded countries

Several countries were excluded from the ranking. Bermuda was omitted due to its small size, whilst Ireland was excluded because GDP calculations are distorted by tax arbitrage. Luxembourg was also excluded, as incomes are inflated by cross-border commuters and residents.

The ranking doesn’t account for inequality or asset values, and official data may be missing or unreliable in some included countries.

(information from in.gr)