It’s interesting how, when talking about the wealthiest country in the world, most people immediately think of the United States for total GDP. But if you look at GDP per capita, the story changes completely. There are nations that are much smaller yet leave the U.S. behind. I’ve noticed that countries like Luxembourg, Singapore, and Ireland dominate this ranking.

Luxembourg is practically the undisputed number one as the wealthiest country in the world by GDP per capita, with nearly $155,000 per inhabitant. It came from an unbelievable transformation—first it was a rural economy, then it built an extremely strong financial and banking sector. Singapore is a fascinatingly different story: from a developing country to a global economic hub in just a few decades, thanks to solid governance and a business-friendly environment.

What strikes me is how some countries have become wealthy in different ways. Qatar and Norway have tapped into oil and natural gas, while Switzerland, Singapore, and Luxembourg have built their wealth on financial and banking services. Macao, meanwhile, mainly lives off gambling and tourism—a rather interesting economic dependence.

Ireland is a textbook case: after closing its borders in the 1930s, it suffered massive stagnation. Then it opened up its economy, joined the EU, and—boom—it became one of the wealthiest countries in the world, with pharmaceutical and tech multinationals setting up there.

The United States remains the world’s largest economy by total GDP, but it ranks tenth for GDP per capita, at around $90,000 per person. Eppure the contrast is striking: it hosts the two largest stock exchanges in the world (NYSE and Nasdaq), the dollar is the global reserve currency, and it invests 3.4% of GDP in research and development. Yet it has one of the highest income inequalities among developed countries, and national debt has surpassed $36 trillion.

In the end, becoming the wealthiest state in the world doesn’t depend only on natural resources. Political stability, a skilled workforce, a business-friendly environment, and smart economic choices make the difference. Guyana is an interesting example of how an oil discovery in 2015 transformed a rapidly growing economy, even though they’re trying to diversify.