Recently, I’ve been looking at global economic data and noticed a pretty interesting phenomenon. Many people mention the wealthiest countries, and their first thought is the United States because its overall economic size is indeed the largest. But if you look at the ranking by per capita GDP, the situation is completely different.

In fact, there are a bunch of small countries that far outpace the U.S. on this metric. Places like Luxembourg, Singapore, Ireland, and Qatar all have per capita GDPs exceeding that of the United States. The U.S. ranks only tenth in this list, with a per capita GDP of $89,680, while Luxembourg has already reached $154,910. That’s quite a gap.

I’ve noticed that these countries share some common traits—they all have stable government systems, highly skilled labor forces, and very friendly business environments. Luxembourg and Switzerland mainly accumulate wealth through finance and banking industries, while Qatar and Norway rely on abundant oil and natural gas resources. Singapore, this tiny island nation, is even more impressive—thanks to open economic policies and low taxes, it has become a global economic hub.

Among the top ten countries by per capita GDP worldwide, there’s an interesting distribution. Besides the U.S. and Guyana, the other eight are in Europe or Asia. Macau ranks third ($140,250), Ireland fourth ($131,550), Qatar fifth ($118,760), Norway sixth ($106,540), Switzerland seventh ($98,140), Brunei eighth ($95,040), and Guyana ninth ($91,380).

Speaking of per capita GDP, this indicator is basically the total income of a country divided by its population to get an average. It’s usually used to measure living standards; the higher the number, the better the supposed quality of life. But there’s a problem—this metric doesn’t account for income inequality. The U.S. is a typical example: although its per capita GDP isn’t low, the wealth gap among its population is the largest among developed countries.

Interestingly, the paths to wealth for these countries vary. Luxembourg transformed from an agricultural country in the 19th century into a financial center. Singapore rapidly jumped from a developing country to a developed economy within just a few decades. Qatar achieved economic leapfrogging thanks to its energy reserves. Guyana is newer on the scene—discovered large oil fields only in 2015, and its per capita GDP has grown especially fast in recent years.

Looking at the historical background, some of these transformations are quite dramatic. Norway was once the poorest country in Scandinavia, relying mainly on agriculture and fishing until oil was discovered in the 20th century, which turned things around. Ireland has a similar story: its economy stagnated in the 1950s, but later, through market liberalization, joining the EU, and attracting foreign investment, it gradually became an economic powerhouse in Europe.

The core insight behind these data is: to become a wealthy country, stable institutions, open policies, and efficient governance are indispensable. Whether relying on finance, resources, or manufacturing, successful nations share a common trait—they create an environment friendly to business and innovation.