Luxembourg, a small European country with a population of just over 650,000, has been named the richest nation in the world, according to Global Finance. With a GDP per capita of $143,743 (£109,820), it is more than twice as wealthy as the United Kingdom, whose GDP per capita stands at £58,880.
The country, bordered by Germany, France and Belgium, is renowned as a global financial hub, hosting over 155 banks. Its economy also benefits from strong industries in tourism, information technology, logistics, and steel production, which together contribute to its high GDP.
In 2023, Luxembourg generated $31.6 million (£24.1 million) in total exports, led by iron products, cars, vehicle parts, gas turbines, and adhesive plastics. The nation uses its wealth to provide high living standards, including excellent housing, healthcare, and education.
Other small, wealthy countries in the top ten include Singapore, San Marino, and Switzerland. The UK ranked 31st on the list.
