Determining the richest nationality in the world is not a straightforward task. There are a few different ways one could approach this question – looking at which countries have the highest GDP per capita, which have the most billionaires per capita, or which have citizens with the highest average or median wealth per adult. Each approach has its merits, but also its limitations. In this article, we’ll explore the data behind the richest nationalities from a few different angles to get a fuller picture.
GDP Per Capita
One common way to compare the relative economic strength of countries is to look at GDP per capita. This measures the gross domestic product (total value of goods and services produced) divided by the population. It gives a sense of the average economic output per person in a country. By this metric, the richest nationalities in the world come from small, wealthy countries and territories:
| Country | GDP Per Capita (2020) |
|---|---|
| Luxembourg | $118,001 |
| Switzerland | $85,593 |
| Norway | $81,697 |
| Ireland | $78,785 |
| Qatar | $59,821 |
Luxembourg tops the list with a GDP per capita of over $118,000 annually. Citizens of Luxembourg produce and earn significantly more on average than any other country. Switzerland, Norway and Ireland round out the top four, all with per capita economic output over $78,000 per person.
While GDP per capita is a useful economic indicator, it also has some limitations in determining the richest nationality. Small countries with relatively small populations can be skewed higher in the rankings. For example, Luxembourg has a population of only about 600,000 people. The small population means total GDP is divided across fewer people, increasing per capita figures. Larger countries like the United States and China may have strong overall GDP, but lower per capita numbers because of massive populations.
Billionaires Per Capita
Another way to look at the wealth of nationalities is to examine which countries have the most billionaires per capita. Billionaires represent the ultra-wealthy individuals who have amassed personal fortunes in the billions. When looking at billionaires per capita, the strongest nationalities are:
| Country | Billionaires Per Million People |
|---|---|
| Hong Kong | 29.7 |
| Switzerland | 17.1 |
| Sweden | 16.7 |
| Israel | 16.5 |
| United States | 15.7 |
On a per capita basis, Hong Kong is the clear leader, with nearly 30 billionaires for every 1 million residents. Known as a global financial center, Hong Kong’s capitalist economy and proximity to mainland China have allowed numerous tycoons and dynasties to accumulate vast wealth. Switzerland, Sweden, Israel and the United States round out the top 5 in billionaires per capita.
Billionaires per capita helps focus on the concentration of ultra-high net worth individuals within a country. However, it also has limitations. First, billionaires’ fortunes are often tied to global business empires, not just assets within their home country. Also, because it only reflects a tiny subset of the population, the measure may exaggerate wealth among broader nationalities.
Wealth Per Adult
A third way to examine the richest nationality is by looking at overall wealth per adult. This metric takes into account the total private wealth held by all adult individuals in a country and divides by the adult population. According to the Credit Suisse Global Wealth Report, the nations with the highest median wealth per adult are:
| Country | Wealth per Adult |
|---|---|
| Australia | $292,453 |
| Luxembourg | $269,799 |
| Switzerland | $268,767 |
| United States | $251,651 |
| Denmark | $216,525 |
Australians top the list here with a median wealth per adult of nearly $300,000. Buoyed by property ownership, retirement savings and strong financial markets, Australians edges out residents of Luxembourg, Switzerland and the United States. Denmark rounds out the top 5 with median wealth per adult over $200,000.
Wealth per adult encompasses financial assets like stocks and bonds, property assets, business interests and other valuables. By measuring at the adult individual level, wealth per adult avoids issues related to small populations skewing results. However, variations in cost of living and taxation across countries are not accounted for. Residents of high-tax nations like Denmark may have lower disposable income than the wealth figures suggest.
The Richest 1 Percent
In addition to looking at entire nationalities, another lens is examining the income levels of the richest segment of the population. Economists frequently study trends related to income and wealth inequality.
To that end, here are the countries with the highest income thresholds to be considered in the richest 1% nationally:
| Country | Minimum Income to be in the Top 1% |
|---|---|
| Switzerland | $559,000 |
| United States | $506,000 |
| Denmark | $445,000 |
| Singapore | $436,000 |
| Norway | $420,000 |
Switzerland tops this list as well, with citizens requiring an annual income of over $500,000 to crack the top 1% nationally. Given Switzerland’s existing wealth advantages, an income of half a million dollars is needed just to be considered among the elite. The US, Denmark, Singapore and Norway round out the top 5 countries where citizens require the highest incomes to reach top percentile status.
This data reflects large wealth gaps within and across countries. Switzerland consistently ranking near the top across categories indicates nationalities with very high levels of income and wealth concentration overall.
Gini Coefficients by Country
The Gini coefficient is a statistical measure used by economists to gauge income inequality and wealth distribution within a nation. It quantifies the gap between the rich and poor on a scale from 0 to 1 – with 0 representing perfect equality (all citizens earn the same) and 1 representing perfect inequality (one person earns everything).
Here are the countries with the highest Gini coefficients according to the World Bank’s Development Indicators:
| Country | Gini Coefficient |
|---|---|
| South Africa | .63 |
| Namibia | .59 |
| Zambia | .57 |
| Eswatini | .52 |
| Central African Republic | .52 |
On the Gini scale, South Africa has the most wealth inequality in the world with a coefficient of 0.63. This indicates a highly uneven wealth distribution within the country. Namibia, Zambia, Eswatini and the Central African Republic round out the top 5 most unequal nations.
It is notable that the most unequal nations are concentrated in Africa, while advanced economies like Western Europe and Scandinavia tend to have lower Gini coefficients. However, the United States has a Gini coefficient of .42, above the OECD average, reflecting comparatively high inequality for a developed nation.
Conclusion
In reviewing the data on richest nationalities, several key themes emerge:
- Small nations like Luxembourg, Switzerland and Norway with strong economies, high incomes and concentrated wealth consistently rank near the top.
- Metrics like billionaires per capita and the income threshold for the top 1% demonstrate the vast wealth gaps between the rich and poor globally.
- Even among advanced economies, the United States and Denmark exhibit high levels of income inequality relative to peers.
- While African nations score poorly on inequality metrics, countries like Australia and Denmark with generous social programs have more equal wealth distribution.
There is no definitive answer on the richest nationality, as different metrics tell different stories. Overall, smaller European nations like Switzerland, Luxembourg and Norway tend to have higher average wealth and income across their populations. Yet even within these wealthy nationalities exists significant income stratification between normal households and ultra-high net worth individuals.