I’ve always found it fascinating to see that what is the richest country in the world is not as simple a question as you might think. Everyone thinks of the United States, but in reality, if you look at GDP per capita, it’s a completely different story.

Luxembourg dominates by far with a GDP per capita of $154,910. It’s mind-blowing when you think about it—this small European country, once rural before the middle of the 19th century, has transformed into a financial powerhouse. Their secret? An ultra-strong banking and financial sector, an incredibly favorable business environment, and a reputation as a financial hub that attracts massive investment. Banking services, tourism, and logistics really make the difference there.

But wait—Singapore comes in just behind with $153,610 per capita. What I admire about Singapore is how it transformed in record time. From a small developing nation to a highly developed economy—all in just a few decades. Their container port is the second-largest in the world, their governance is impeccable, and low tax rates attract investors like magnets.

Macao SAR ($140,250) rounds out the podium with an economy driven by gaming and tourism. It’s interesting because their wealth translates into impressive social programs—they even launched 15 years of free education in China.

I’m particularly interested in Ireland ($131,550). They learned from their mistakes—after a period of protectionism in the 1930s that crippled them, they opened up their economy. Now, with their low tax rates and a pro-business approach, they attract giants in pharmaceuticals, medical equipment, and software. It’s a great story of economic rebound.

Qatar ($118,760) and Norway ($106,540) show how natural resources can create massive wealth. Qatar diversified beyond oil and gas by investing in education and technology. Norway, meanwhile, was once the poorest of the three Scandinavian countries before oil was discovered in the 20th century—a real turnaround.

Switzerland ($98,140) deserves special mention. Beyond their wealth, they’ve been ranked first in the global innovation index since 2015. Nestlé, ABB, Rolex—their ecosystem of excellence is remarkable.

And then there’s Brunei Darussalam ($95,040), Guyana ($91,380), which has seen explosive oil growth since 2015, and finally the United States ($89,680) in 10th place.

It’s strange to see the United States in 10th place when it comes to GDP per capita, especially since it has the largest nominal economy in the world. Wall Street, the Nasdaq, the dollar as the global reserve currency—their financial strength is undeniable. But they also face serious challenges: massive income inequality and a national debt exceeding $36 trillion. What is the richest country in the world? The answer really depends on how you measure wealth. In nominal GDP, it’s the United States. In GDP per capita, it’s clearly Luxembourg that reigns supreme.