Whenever people think of the wealthiest countries in the world, most immediately imagine the United States. It makes sense, after all, they have the largest economy in absolute numbers. But here’s the interesting part: there are a bunch of smaller nations that outpace the U.S. when it comes to GDP per capita.

Luxembourg leads by a wide margin with an impressive $154,910 per person. Next is Singapore with $153,610. Ireland, Qatar, and Norway are also at the top. Meanwhile, the U.S. ranks only tenth with $89,680. Quite a difference, isn’t it?

What makes these countries the richest in the world so special? Basically, they have stable governments, highly skilled workforces, strong financial sectors, and environments that attract business. Some like Qatar and Norway became wealthy by exploiting oil and gas. Others like Switzerland, Luxembourg, and Singapore built their wealth on financial and banking services.

Luxembourg is the most interesting case. It went from a rural economy in the 19th century to becoming the wealthiest country globally. The banking and financial sector was the key. The country’s reputation for financial secrecy attracted companies and individuals from around the world. Today, social welfare spending accounts for about 20% of GDP.

Singapore is another impressive example. It transformed from a developing country into a high-income economy in record time. It has the second-largest container port in the world. Strong governance and a skilled workforce made it a top destination for foreign investment.

Macau also deserves mention. With a GDP per capita of $140,250, it is the third wealthiest region. It mainly relies on tourism and the gaming industry. It offers 15 years of free education, the first region in China to do so.

Ireland is an interesting turnaround. It stagnated in the 1950s with protectionist policies. It changed course, opened its economy, joined the European Union, and attracted investments in pharmaceuticals, software, and medical equipment.

Norway also has a great story. It was the poorest of the three Scandinavian nations until discovering oil in the 20th century. It became one of the wealthiest in Europe, despite having a very high cost of living.

Switzerland maintains a strong position with $98,140 per capita. Known for luxury watches, it hosts giants like Nestlé and ABB. It has been number one in the Global Innovation Index since 2015.

Brunei, Guyana, and Qatar round out the top 10 wealthiest countries in the world. Brunei relies heavily on oil and gas. Guyana experienced offshore oil discoveries that transformed its economy. Qatar invested in tourism beyond energy.

Despite being the world’s largest economy in nominal GDP, the U.S. ranks tenth in per capita terms. It has the world’s biggest stock exchanges, Wall Street, and the dollar as the global reserve currency. But it also has one of the highest income inequalities among developed countries and a national debt exceeding $36 trillion. Curiously, it spends about 3.4% of GDP on research and development, leading global innovation.

GDP per capita itself is just a measure. It shows average income per person but doesn’t capture inequality. A country can have a high GDP per capita but still have significant poverty. In any case, these numbers show how small nations can prosper while giants like the U.S. fall behind in per capita metrics.