I’ve been wondering lately which country is the richest in the world, and the answer is more interesting than you think. Many people immediately think of the United States because it has the largest economy overall, but if you look at GDP per capita—that is, average income per person—the picture changes completely.

Luxembourg leads with nearly $155,000 per resident. It’s mind-boggling to consider that it’s a small European nation. How did it manage that? Mainly through the financial and banking sector, creating an environment where businesses and capital find ideal conditions. Alongside Luxembourg, Singapore ranks second with $153,000, transforming from a developing economy into a global powerhouse in just a few decades.

But what is the richest country in the world when we consider different economic models? Some, such as Qatar and Norway, have built their wealth by exploiting oil and natural gas—resources that completely changed their fate. Others, like Switzerland and Ireland, have focused on financial services, innovation, and specific industries. Guyana is an interesting case: offshore oil was discovered in 2015, and now it is among the wealthiest in terms of GDP per capita thanks to this resource.

So what makes these countries so prosperous? Stable governments, skilled workers, strong financial sectors, and business-friendly environments. It’s a combination that works. Macao, for example, has built its wealth on the gaming and tourism industry, attracting millions of visitors every year.

However, there’s one important thing: GDP per capita doesn’t tell the whole story. It doesn’t show income inequality. The United States, which ranks tenth with nearly $90,000 per capita, has one of the widest wealth-to-poverty gaps among developed countries. And despite being the largest economy in the world, its national debt exceeds $36 trillion.

So which country is the richest in the world then? It depends on how you measure it. By GDP per capita, Luxembourg wins. By overall economy, the United States. But what truly makes a nation rich is the combination of stability, innovation, and how it redistributes wealth among its citizens. The Nordic countries understood this lesson well.