You Might Be Surprised to Know This Country is the Richest in the World, and It’s Not the US

Two years after sanctions were placed on Russia for its aggressions against Ukraine, the World Bank has classified the country as a high-income economy based on its gross national income (GNI). The World Bank releases an annual report each July 1, detailing the income classifications of countries based on their GNI per capita from the previous year. Economic growth, inflation, exchange rates, and population growth are considered when determining the GNI per capita.

Russia’s large increase in military activity influenced this upgrade for the country. "We are self-sufficient in energy resources, raw materials, and food. We have a skilled labor market. Our fundamental science is world-class. Our national innovation system is successfully solving the tasks of technological sovereignty and using the vacated market niches," says Prof. Alexander Dynkin, noted Russian economist & President of Primakov National Research Institute of World Economy and International Relations. China remains the frontrunner in GDP, with the United States a distant second. Russia and India remain in the top five and are holding on strong.

24/7 Wall St. chose GNI per capita data from the World Bank to rank countries and determine the richest ones in the world. The World Bank estimates GNI per capita using several methods; we chose the purchasing power parity method, which also considers the ability to buy the same amount of goods and services in each country. Using this measure, we ranked 193 countries with available current data. Figures are in current international dollars.

We chose to list the 45 countries with GNIs per capita more than double the world average of $20,593. All additional data came from the World Bank. (The World Bank calculates GDP growth rate in local currency units.) Finally, we added measures of average life expectancy at birth and annual population growth since 2000. For comparison, the world’s life expectancy is 71.3 years, while the population growth is 1.2%. All the countries on the list have higher life expectancy (with 30 having a life expectancy of over 80 years) and lower population growth.

Why Are We Talking About GDP, GNI, and PPP?

Understanding these fundamentals of economics is a way to better understand where these countries rank on the world stage. The numbers discussed here give information about the size of a country’s economy and how that economy is performing. They can also help in comparing levels of growth and standards of living. Together, they create a picture, in numbers, of the state of affairs of any given country.

Let’s dive into the top 45 wealthiest countries in the world.

45. Portugal

Gross national income per capita (PPP method), 2022: $41,290
Gross domestic product (current USD), 2022: $255.2 billion (#49 highest of 189 countries)
GDP growth: +6.8% (#39 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.1 years (#26 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.1% (#163 highest of 193 countries)
Population, 2022: 10,400,000
Region: Europe and Northern America

44. Poland

Gross national income per capita (PPP method), 2022: $42,390
Gross domestic product (current USD), 2022: $688.1 billion (#21 highest of 189 countries)
GDP growth: +5.3% (#60 highest of 193 countries)
Avg. life expectancy at birth, 2021: 75.6 years (#55 highest of 189 countries)
Avg annual population growth, 2000-2022: -0.2% (#172 highest of 193 countries)
Population, 2022: 36,800,000
Region: Europe and Northern America

43. Estonia

Gross national income per capita (PPP method), 2022: $45,200
Gross domestic product (current USD), 2022: $38.1 billion (#98 highest of 189 countries)
GDP growth: -1.3% (#177 highest of 193 countries)
Avg. life expectancy at birth, 2021: 76.7 years (#47 highest of 189 countries)
Avg annual population growth, 2000-2022: -0.2% (#172 highest of 193 countries)
Population, 2022: 1,348,840
Region: Europe and Northern America

42. Spain

Gross national income per capita (PPP method), 2022: $46,550
Gross domestic product (current USD), 2022: $1,417.8 billion (#15 highest of 189 countries)
GDP growth: +5.8% (#52 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.2 years (#8 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.7% (#130 highest of 193 countries)
Population, 2022: 47,800,000
Region: Europe and Northern America

41. Czechia

Gross national income per capita (PPP method), 2022: $46,890
Gross domestic product (current USD), 2022: $290.6 billion (#46 highest of 189 countries)
GDP growth: +2.4% (#148 highest of 193 countries)
Avg. life expectancy at birth, 2021: 77.4 years (#43 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.2% (#157 highest of 193 countries)
Population, 2022: 10,700,000
Region: Europe and Northern America

40. Aruba

Gross national income per capita (PPP method), 2022: $47,060
Gross domestic product (current USD), 2022: $3.5 billion (#159 highest of 189 countries)
GDP growth: +10.5% (#11 highest of 193 countries)
Avg. life expectancy at birth, 2021: 74.6 years (#64 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.8% (#125 highest of 193 countries)
Population, 2022: 106,445
Region: Latin America and the Caribbean

39. Lithuania

Gross national income per capita (PPP method), 2022: $47,120
Gross domestic product (current USD), 2022: $71.0 billion (#80 highest of 189 countries)
GDP growth: +2.4% (#142 highest of 193 countries)
Avg. life expectancy at birth, 2021: 74.3 years (#68 highest of 189 countries)
Avg annual population growth, 2000-2022: -1% (#187 highest of 193 countries)
Population, 2022: 2,831,639
Region: Europe and Northern America

38. Slovenia

Gross national income per capita (PPP method), 2022: $47,370
Gross domestic product (current USD), 2022: $60.1 billion (#86 highest of 189 countries)
GDP growth: +2.5% (#139 highest of 193 countries)
Avg. life expectancy at birth, 2021: 80.9 years (#28 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.3% (#150 highest of 193 countries)
Population, 2022: 2,111,986
Region: Europe and Northern America

37. Cyprus

Gross national income per capita (PPP method), 2022: $47,470
Gross domestic product (current USD), 2022: $29.3 billion (#104 highest of 189 countries)
GDP growth: +5.1% (#66 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.2 years (#25 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.3% (#90 highest of 193 countries)
Population, 2022: 1,251,488
Region: Northern Africa and Western Asia

36. Sint Maarten (Dutch part)

Gross national income per capita (PPP method), 2022: $48,360
Gross domestic product (current USD), 2022: $1.5 billion (#175 highest of 189 countries)
GDP growth: +9.8% (#13 highest of 193 countries)
Avg. life expectancy at birth, 2021: 74.0 years (#72 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.5% (#77 highest of 193 countries)
Population, 2022: 42,850
Region: Latin America and the Caribbean

35. Japan

Gross national income per capita (PPP method), 2022: $48,480
Gross domestic product (current USD), 2022: $4,256.4 billion (#3 highest of 189 countries)
GDP growth: +1.0% (#166 highest of 193 countries)
Avg. life expectancy at birth, 2021: 84.4 years (#3 highest of 189 countries)
Avg annual population growth, 2000-2022: -0.1% (#170 highest of 193 countries)
Population, 2022: 125,124,989
Region: Eastern and South-Eastern Asia

34. Israel

Gross national income per capita (PPP method), 2022: $49,330
Gross domestic product (current USD), 2022: $525.0 billion (#27 highest of 189 countries)
GDP growth: +6.8% (#38 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.5 years (#16 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.9% (#58 highest of 193 countries)
Population, 2022: 9,557,500
Region: Northern Africa and Western Asia

33. Malta

Gross national income per capita (PPP method), 2022: $50,230
Gross domestic product (current USD), 2022: $18.1 billion (#122 highest of 189 countries)
GDP growth: +6.9% (#37 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.9 years (#12 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.4% (#84 highest of 193 countries)
Population, 2022: 500,000
Region: Europe and Northern America

32. New Zealand

Gross national income per capita (PPP method), 2022: $50,910
Gross domestic product (current USD), 2022: $248.1 billion (#50 highest of 189 countries)
GDP growth: +2.9% (#130 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.2 years (#18 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.3% (#90 highest of 193 countries)
Population, 2022: 5,124,100
Region: Oceania

31. South Korea

Gross national income per capita (PPP method), 2022: $51,070
Gross domestic product (current USD), 2022: $1,673.9 billion (#13 highest of 189 countries)
GDP growth: +2.6% (#134 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.5 years (#5 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.4% (#147 highest of 193 countries)
Population, 2022: 51,628,117
Region: Eastern and South-Eastern Asia

30. Cayman Islands

Gross national income per capita (PPP method), 2021: $52,990
Gross domestic product (current USD), 2022: $6.8 billion (#150 highest of 189 countries)
GDP growth: +3.7% (#108 highest of 193 countries)
Avg. life expectancy at birth, 2021: N/A
Avg annual population growth, 2000-2022: 2.5% (#40 highest of 193 countries)
Population, 2022: 68,710
Region: Latin America and the Caribbean

29. Italy

Gross national income per capita (PPP method), 2022: $53,280
Gross domestic product (current USD), 2022: $2,049.7 billion (#10 highest of 189 countries)
GDP growth: +3.7% (#107 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.8 years (#13 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.2% (#157 highest of 193 countries)
Population, 2022: 58,900,000
Region: Europe and Northern America

28. United Kingdom

Gross national income per capita (PPP method), 2022: $55,210
Gross domestic product (current USD), 2022: $3,089.1 billion (#6 highest of 189 countries)
GDP growth: +4.3% (#87 highest of 193 countries)
Avg. life expectancy at birth, 2021: 80.7 years (#29 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.6% (#134 highest of 193 countries)
Population, 2022: 67,000,000
Region: Europe and Northern America

27. France

Gross national income per capita (PPP method), 2022: $56,370
Gross domestic product (current USD), 2022: $2,779.1 billion (#7 highest of 189 countries)
GDP growth: +2.5% (#140 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.3 years (#17 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.5% (#139 highest of 193 countries)
Population, 2022: 68,000,000
Region: Europe and Northern America

26. Canada

Gross national income per capita (PPP method), 2022: $57,760
Gross domestic product (current USD), 2022: $2,161.5 billion (#9 highest of 189 countries)
GDP growth: +3.8% (#101 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.6 years (#15 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.1% (#107 highest of 193 countries)
Population, 2022: 38,900,000
Region: Europe and Northern America

25. Bahrain

Gross national income per capita (PPP method), 2022: $58,540
Gross domestic product (current USD), 2022: $44.4 billion (#92 highest of 189 countries)
GDP growth: +4.9% (#71 highest of 193 countries)
Avg. life expectancy at birth, 2021: 78.8 years (#36 highest of 189 countries)
Avg annual population growth, 2000-2022: 3.3% (#11 highest of 193 countries)
Population, 2022: 1,472,233
Region: Northern Africa and Western Asia

24. Saudi Arabia

Gross national income per capita (PPP method), 2022: $59,870
Gross domestic product (current USD), 2022: $1,108.6 billion (#17 highest of 189 countries)
GDP growth: +8.7% (#22 highest of 193 countries)
Avg. life expectancy at birth, 2021: 76.9 years (#45 highest of 189 countries)
Avg annual population growth, 2000-2022: 2.4% (#43 highest of 193 countries)
Population, 2022: 36,408,820
Region: Northern Africa and Western Asia

23. Finland

Gross national income per capita (PPP method), 2022: $59,970
Gross domestic product (current USD), 2022: $282.6 billion (#47 highest of 189 countries)
GDP growth: +1.6% (#158 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.9 years (#20 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.3% (#150 highest of 193 countries)
Population, 2022: 5,556,106
Region: Europe and Northern America

22. Australia

Gross national income per capita (PPP method), 2022: $60,830
Gross domestic product (current USD), 2022: $1,693.0 billion (#12 highest of 189 countries)
GDP growth: +4.3% (#91 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.3 years (#7 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.4% (#84 highest of 193 countries)
Population, 2022: 26,005,500
Region: Oceania

21. San Marino

Gross national income per capita (PPP method), 2021: $61,060
Gross domestic product (current USD), 2020: $1.9 billion (#171 highest of 189 countries)
GDP growth: +8.5% (#24 highest of 193 countries)
Avg. life expectancy at birth, 2021: N/A
Avg annual population growth, 2000-2022: 1% (#115 highest of 193 countries)
Population, 2022: 33,660
Region: Europe and Northern America

20. Iceland

Gross national income per capita (PPP method), 2022: $65,920
Gross domestic product (current USD), 2022: $28.1 billion (#106 highest of 189 countries)
GDP growth: +7.2% (#34 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.1 years (#11 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.4% (#84 highest of 193 countries)
Population, 2022: 382,003
Region: Europe and Northern America

19. Germany

Gross national income per capita (PPP method), 2022: $65,990
Gross domestic product (current USD), 2022: $4,082.5 billion (#4 highest of 189 countries)
GDP growth: +1.8% (#155 highest of 193 countries)
Avg. life expectancy at birth, 2021: 80.9 years (#27 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.1% (#163 highest of 193 countries)
Population, 2022: 83,797,985
Region: Europe and Northern America

18. Belgium

Gross national income per capita (PPP method), 2022: $66,490
Gross domestic product (current USD), 2022: $583.4 billion (#25 highest of 189 countries)
GDP growth: +3.0% (#123 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.9 years (#21 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.6% (#134 highest of 193 countries)
Population, 2022: 11,700,000
Region: Europe and Northern America

17. Kuwait

Gross national income per capita (PPP method), 2022: $67,200
Gross domestic product (current USD), 2022: $175.4 billion (#57 highest of 189 countries)
GDP growth: +8.9% (#19 highest of 193 countries)
Avg. life expectancy at birth, 2021: 78.7 years (#39 highest of 189 countries)
Avg annual population growth, 2000-2022: 3.6% (#6 highest of 193 countries)
Population, 2022: 4,268,873
Region: Northern Africa and Western Asia

16. Sweden

Gross national income per capita (PPP method), 2022: $67,630
Gross domestic product (current USD), 2022: $591.7 billion (#24 highest of 189 countries)
GDP growth: +2.9% (#127 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.2 years (#10 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.8% (#125 highest of 193 countries)
Population, 2022: 10,486,941
Region: Europe and Northern America

15. Brunei Darussalam

Gross national income per capita (PPP method), 2022: $67,760
Gross domestic product (current USD), 2022: $16.7 billion (#126 highest of 189 countries)
GDP growth: -1.6% (#178 highest of 193 countries)
Avg. life expectancy at birth, 2021: 74.6 years (#63 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.3% (#90 highest of 193 countries)
Population, 2022: 449,002
Region: Eastern and South-Eastern Asia

14. Austria

Gross national income per capita (PPP method), 2022: $67,830
Gross domestic product (current USD), 2022: $470.9 billion (#32 highest of 189 countries)
GDP growth: +4.8% (#76 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.2 years (#24 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.5% (#139 highest of 193 countries)
Population, 2022: 9,041,850
Region: Europe and Northern America

13. Netherlands

Gross national income per capita (PPP method), 2022: $70,210
Gross domestic product (current USD), 2022: $1,009.4 billion (#18 highest of 189 countries)
GDP growth: +4.3% (#89 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.5 years (#22 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.5% (#139 highest of 193 countries)
Population, 2022: 17,700,982
Region: Europe and Northern America

12. Macao SAR, China

Gross national income per capita (PPP method), 2022: $73,170
Gross domestic product (current USD), 2022: $24.0 billion (#111 highest of 189 countries)
GDP growth: -21.5% (#192 highest of 193 countries)
Avg. life expectancy at birth, 2021: 85.4 years (#2 highest of 189 countries)
Avg annual population growth, 2000-2022: 2.2% (#52 highest of 193 countries)
Population, 2022: 695,168
Region: Eastern and South-Eastern Asia

11. Hong Kong SAR, China

Gross national income per capita (PPP method), 2022: $73,960
Gross domestic product (current USD), 2022: $359.8 billion (#42 highest of 189 countries)
GDP growth: -3.5% (#182 highest of 193 countries)
Avg. life expectancy at birth, 2021: 85.5 years (#1 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.4% (#147 highest of 193 countries)
Population, 2022: 7,346,100
Region: Eastern and South-Eastern Asia

10. Denmark

Gross national income per capita (PPP method), 2022: $77,370
Gross domestic product (current USD), 2022: $400.2 billion (#40 highest of 189 countries)
GDP growth: +2.7% (#131 highest of 193 countries)
Avg. life expectancy at birth, 2021: 81.4 years (#23 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.5% (#139 highest of 193 countries)
Population, 2022: 5,903,037
Region: Europe and Northern America

9. United States

Gross national income per capita (PPP method), 2022: $77,950
Gross domestic product (current USD), 2022: $25,439.7 billion (#1 highest of 189 countries)
GDP growth: +1.9% (#151 highest of 193 countries)
Avg. life expectancy at birth, 2021: 76.3 years (#52 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.8% (#125 highest of 193 countries)
Population, 2022: 333,287,557
Region: Europe and Northern America

8. Switzerland

Gross national income per capita (PPP method), 2022: $82,940
Gross domestic product (current USD), 2022: $818.4 billion (#20 highest of 189 countries)
GDP growth: +2.6% (#137 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.9 years (#4 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.9% (#121 highest of 193 countries)
Population, 2022: 8,800,000
Region: Europe and Northern America

7. United Arab Emirates

Gross national income per capita (PPP method), 2022: $88,050
Gross domestic product (current USD), 2022: $507.1 billion (#28 highest of 189 countries)
GDP growth: +7.9% (#29 highest of 193 countries)
Avg. life expectancy at birth, 2021: 78.7 years (#38 highest of 189 countries)
Avg annual population growth, 2000-2022: 4.8% (#2 highest of 193 countries)
Population, 2022: 9,441,129
Region: Northern Africa and Western Asia

6. Ireland

Gross national income per capita (PPP method), 2022: $91,090
Gross domestic product (current USD), 2022: $533.1 billion (#26 highest of 189 countries)
GDP growth: +9.4% (#15 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.1 years (#19 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.4% (#84 highest of 193 countries)
Population, 2022: 5,127,170
Region: Europe and Northern America

5. Luxembourg

Gross national income per capita (PPP method), 2022: $94,720
Gross domestic product (current USD), 2022: $81.6 billion (#70 highest of 189 countries)
GDP growth: +1.4% (#163 highest of 193 countries)
Avg. life expectancy at birth, 2021: 82.7 years (#14 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.8% (#63 highest of 193 countries)
Population, 2022: 653,103
Region: Europe and Northern America

4. Bermuda

Gross national income per capita (PPP method), 2022: $98,640
Gross domestic product (current USD), 2022: $7.5 billion (#149 highest of 189 countries)
GDP growth: +2.9% (#126 highest of 193 countries)
Avg. life expectancy at birth, 2021: 79.3 years (#33 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.1% (#163 highest of 193 countries)
Population, 2022: 100,000
Region: Europe and Northern America

3. Singapore

Gross national income per capita (PPP method), 2022: $107,070
Gross domestic product (current USD), 2022: $466.8 billion (#33 highest of 189 countries)
GDP growth: +3.6% (#109 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.4 years (#6 highest of 189 countries)
Avg annual population growth, 2000-2022: 1.5% (#77 highest of 193 countries)
Population, 2022: 5,637,022
Region: Eastern and South-Eastern Asia

2. Qatar

Gross national income per capita (PPP method), 2022: $110,050
Gross domestic product (current USD), 2022: $236.3 billion (#52 highest of 189 countries)
GDP growth: +4.2% (#92 highest of 193 countries)
Avg. life expectancy at birth, 2021: 79.3 years (#34 highest of 189 countries)
Avg annual population growth, 2000-2022: 6.5% (#1 highest of 193 countries)
Population, 2022: 2,695,122
Region: Northern Africa and Western Asia

1. Norway

Gross national income per capita (PPP method), 2022: $118,470
Gross domestic product (current USD), 2022: $593.3 billion (#23 highest of 189 countries)
GDP growth: +3.0% (#122 highest of 193 countries)
Avg. life expectancy at birth, 2021: 83.2 years (#9 highest of 189 countries)
Avg annual population growth, 2000-2022: 0.9% (#121 highest of 193 countries)
Population, 2022: 5,457,127
Region: Europe and Northern America

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The post You Might Be Surprised to Know This Country is the Richest in the World, and It’s Not the US appeared first on 24/7 Wall St..