Many would assume that the richest country in the world is one of the world's great powers, but this is far from the truth.
In fact, you might be surprised to know that many of the wealthiest countries on Earth are also some of the smallest.
A recent data report from Global Finance comparing the gross domestic product (GDP) of countries around the world revealed that Luxembourg is set to become the richest country in the world by 2024.
Luxembourg's GDP per capita is $143,743 (around £109,820), making it more than twice as wealthy as the UK, whose current GDP per capita is £58,880.
A Global Finance report revealed that Luxembourg will see a steady increase in GDP per capita between 2010 and 2024, consistently ranking at or near the top compared to the rest of the world's richest countries.
The Grand Duchy of Luxembourg is a small country in northwestern Europe bordering Belgium, France, and Germany, and in the 1900s relied on steel manufacturing.
Home to the world's largest steelmaker, ArcelorMittal, the country produces 8% of the world's steel and the steel industry still accounts for 7% of the country's economy.
This small European country with a population of just over 650,000 has transformed itself over the past few decades into one of Europe's most prominent investment management centres.
The country has significantly increased its wealth through a wide range of financial services and technological advances.
Despite its small size, this small country is home to over 155 banks, making it a major banking and financial centre in the world.
The country specializes in managing international investment activities such as mutual funds, hedge funds, and pension funds, making it particularly attractive to foreign investors.
Luxembourg has earned a reputation around the world as a “business-friendly” country, with low corporate taxes, a stable workforce, government investment incentives and an unusually high GDP per capita despite its small population.
It's no surprise then that this small place is also the richest country in the world: in 2023 alone, Luxembourg's total exports are expected to reach $31.6m (£24.1m), with the main exports being steel products, automobile and vehicle parts, gas turbines, and adhesive plastics.
Other very small and rich countries that made it into the top 10 of the country wealth rankings include San Marino, Switzerland and Singapore.
These countries are also known for benefiting from sophisticated financial sectors and tax systems, which continue to attract foreign investment, professional talent and large bank deposits. The UK did not make it into the top 30, coming in at 31st.
