Initially, Qatar ranked fourth as per a report issued by Global Finance magazine in January 2024. 

Qatar has been recognised as one of the world’s wealthiest nations, securing a spot in the top 10 countries based on Gross Domestic Product (GDP) per capita.

The report underlines that many of the world’s wealthiest countries are also the world’s smallest, as San Marino, Luxembourg, Switzerland, and Singapore have been seen to benefit from refined financial sectors and tax regimes that attract foreign investment. 

Qatar’s wealth is credited to its oil, gas, and petrochemical reserves and its population of just 3 million.

The report highlights that in 2014, the per-capita GDP of a Qatari citizen was over $143,222; one year later, it plunged significantly and remained below the $100,000 mark for the next five years. 

Despite the temporary setback, the report reveals a promising trend: per capita GDP has steadily increased by about $10,000 yearly.

Looking ahead, the report projects a positive outlook for Qatar’s economy, with a growth rate of around 2% anticipated for 2024 and 2025.

Initially, Qatar ranked fourth as per a report issued by Global Finance magazine in January 2024

On top of the list, Luxembourg topped the $100,000 mark in per capita GDP in 2014. 

Macao SAR is listed second, with the Republic of Ireland as third, while Singapore is fourth. 

Following Qatar are the United Arab Emirates, Switzerland, San Marino, the United States, and Norway. 

According to data from the International Monetary Fund (IMF), the average per capita purchasing power in the 10 poorest countries is less than $1,500, while in the 10 wealthiest countries, it is over $110,000.