I recently noticed an interesting pattern in the global economy that misleads many people. When talking about the wealthiest country, most immediately think of the USA with its huge GDP. But if you look at GDP per capita, the picture is quite different.

It turns out there are a number of small countries that significantly surpass America in this metric. Luxembourg, Singapore, Ireland, Qatar — these countries consistently rank at the top. Luxembourg actually leads with a figure of $154,910 per capita, while the USA is only tenth with $89,680. The difference is simply colossal.

What’s interesting is that these countries’ paths to wealth are quite different. Qatar and Norway became rich thanks to oil and gas — they were simply lucky with natural resources. Meanwhile, Switzerland, Singapore, and Luxembourg built their prosperity on financial services and innovation. Luxembourg, for example, became an attractive hub for banking operations and financial services, which completely transformed its economy. It used to be an agricultural country, and now it’s one of the wealthiest.

Singapore is an especially remarkable example. A small city-state with tiny territory has turned into a global economic center. Thanks to a favorable business environment, low taxes, and excellent governance, it ranks second in the world for GDP per capita. It has the second-largest container port in the world and attracts foreign investment like a magnet.

Macau also deserves attention — third in the world for GDP per capita at $140,250. Its economy mainly relies on gambling and tourism industries, which attract millions of visitors annually. At the same time, the region has invested heavily in social welfare and education.

Ireland demonstrated how proper economic policy can completely change a country’s fate. It was relatively poor before, but when it joined the EU and opened up its economy, everything changed. Low corporate taxes attracted major companies in pharmaceuticals, medical equipment, and software development. Now it’s the fourth wealthiest country in the world by GDP per capita.

Norway is an interesting case. Once one of the poorest Scandinavian countries, its economy was based on agriculture and fishing. But the discovery of oil in the 20th century completely transformed the situation. Today, it’s one of the most developed countries with an excellent social security system, though it’s very expensive to live in.

Switzerland is another example of success through innovation. Known for manufacturing luxury goods, it is home to many global companies like Nestlé and ABB. It has ranked first in the Global Innovation Index since 2015. Its social expenditures exceed 20% of GDP.

Brunei and Guyana are countries that became wealthy from oil and gas but are trying to diversify their economies to avoid being fully dependent on commodity price fluctuations.

And then there’s the USA, which, despite having the largest nominal GDP in the world, lags behind many other countries in GDP per capita. America’s economic power is maintained by financial centers like the New York Stock Exchange and Nasdaq, Wall Street, and the dollar as the global reserve currency. Plus, it invests heavily in research and development — about 3.4% of GDP. But despite all this, the country has one of the highest income inequality levels among developed nations, and its national debt has exceeded $36 trillion.

Overall, when talking about the wealthiest country, it’s important to specify which indicator is being referred to. In terms of total economic volume — that’s the USA. In terms of individual prosperity — it’s a completely different story. And this story shows that the size of a country isn’t the most important factor for economic success. Political stability, sound economic policies, investments in education and innovation matter more.