Neither the United States nor Qatar: discover the richest country in the world in 2024 and where South America ranks

When analyzing the wealth of the world’s countries, it is essential to adopt a perspective that transcends traditional economic indicators such as Gross Domestic Product (GDP). Although GDP has been widely used to rank national economies, this measure does not consider the distribution of wealth within countries or the quality of life of their citizens.

GDP per capita, which adjusts the GDP Based on population, it provides a more accurate view of the wealth available per person and allows for more equitable comparisons between countries of different sizesHowever, this measure also has limitations, as it does not consider the disparity in income distribution. Therefore, to more fully assess a nation’s wealth, it is essential to include indicators of economic inequality, access to basic services and sustainability.

Thanks to its attractive tax and regulatory environment, this nation receives a significant amount of foreign direct investment. Photo: Pexel

Which is the richest country in the world in 2024 and where does South America rank?

The annual ranking of Global Finance reveals the richest countries in the world, with Ireland topping the list in 2023. Ireland rose from third place, overtaking Qatar and Switzerland, which swapped places.

The ranking highlights the influence of tax policies on the global economy, highlighting how Ireland has attracted large multinational corporations thanks to its low corporate tax rate of 12.5%. This strategy contributed to the 56% of the added value to its economy in 2022This phenomenon highlights the debate on jurisdictions that operate as tax havens and their impact on the distribution of wealth worldwide.

Ireland is known for its low corporate tax rate of 12.5%, which attracts numerous multinationals. Photo: Freepik

How did Ireland become the richest country in the world?

Ireland became the richest country in the world thanks to a combination of strategic economic and fiscal factors:

  • Attractive fiscal policy: Ireland has set one of the lowest corporate tax rates in the world, at 12.5%. This has attracted numerous large multinational corporations, especially in the technology and pharmaceutical sectors, to establish their European headquarters in the country.
  • Foreign Direct Investment (FDI): Favourable tax policy encouraged a massive influx of foreign direct investment, contributing significantly to economic growth and value added in the Irish economy.
  • Technology and pharmaceutical sector: The presence of tech giants such as Google, Apple and Facebook, as well as major pharmaceutical companies such as Pfizer, has boosted Ireland’s economic growth. These companies not only provide tax revenue, but also well-paid jobs and technological development.
  • Education and skilled labor: Ireland has invested in education and training, producing a highly skilled workforce that attracts technology and research companies.
  • Access to international markets: As a member of the European Union, Ireland benefits from access to the European single market, which facilitates international trade and investment.

This policy has turned the country into a hub for large corporations, especially in the technology and pharmaceutical sectors. Photo: Pexel

The list of the 10 richest countries in the world

  • IrelandGDP: USD 145,196
  • LuxembourgGDP: USD 142,490
  • SingaporeGDP: USD 133,895
  • QatarGDP: USD 124,848
  • MacauSAR (Special Administrative Region): USD 89,558
  • United Arab EmiratesGDP: USD 88,221
  • SwissGDP: USD 87,963
  • NorwayGDP: USD 82,655
  • USAGDP: USD 80,035
  • San MarinoGDP: USD 78,926

The highest-ranked South American countries in the ranking

To the surprise of many, Global Finance ranked Guyana highest among South American countries. The Cooperative Republic of Guyana is ranked 25th, with a GDP-PPP per capita of USD 61,099.

Chili It is the second highest-ranked country on the continent, ranking 64th with a GDP-PPP per capita of USD 29,935. Uruguay is ranked 67th, with a GDP-PPP per capita of USD 28,984, while Argentina is ranked 69th, with a GDP-PPP per capita of USD 26,506.

Leave a Reply

Your email address will not be published. Required fields are marked *