It is all very simple. Peace, Mother Teresa said, begins with a smile. With peace, cue the economists, prosperity tends to follow. Peaceful societies enjoy greater income growth, stronger currencies and higher foreign investment—not to mention political stability and a greater sense of happiness among their citizens.

The economic impact of violence on the global economy is quantifiable: in 2024, it accounted for $19.97 trillion in purchasing-power parity (PPP) terms, or 11.56% of total global GDP—that’s $2,446 less economic output for each person on the planet. Military spending alone contributed $9 trillion to this figure, making up 45% of the total economic impact of violence. Meanwhile, expenditure on peacebuilding and peacekeeping efforts totaled just $47.2 billion, or just 0.52% of total military spending.

These are the most significant takeaways from the 2025 Global Peace Index, the world’s leading measure of global peace. Compiled by the international think-tank Institute for Economics and Peace (IEP), it covers 163 independent states and territories home to 99.7% of the world’s population. The ranking, which is based on 23 indicators grouped into three criteria (societal safety and security; extent of ongoing domestic and international conflict; and degree of militarization), shows 66 countries recording improvement and 94 showing deterioration, and one recording no change. Overall, since the Index was first introduced in 2008, 17 of its 23 indicators have worsened.

In total, the level of global peacefulness decreased this year by 0.36% according to the IEP researchers. That might not seem like much, yet it is worth noting that since the index’s inception in 2008, it is the thirteenth time that the average has declined, with the average country score declining by 5.4%. Meanwhile, the number of refugees and internally displaced persons has rocketed to 122 million, with 17 nations with at least 5% of the population being either refugees or internally displaced.

It should be no surprise that political instability and unresolved internal conflicts are major factors undermining global peacefulness. Afghanistan ranked as the world’s least peaceful country for six years in a row but was surpassed last year by South Sudan, Sudan and Yemen. The changes at the lowest rungs of the index are even more striking this year, where we can now find Ukraine followed by Russia, the least peaceful country on earth. Needless to say, the conflict in Gaza also has hurt global peacefulness, with Israel recording the largest deterioration when it comes to military expenditure as a percentage of GDP.

On the whole, last year saw 152,000 deaths due to conflict—Ukraine, Palestine and Russia accounted for over 63% of them. Another worrying trend is that conflicts are becoming more internationalized: 98 countries were at least partially involved in some form of external conflict over the past five years, up from 59 countries in 2008.

Even more concerning, the Institute for Economics and Peace researchers point out, many of the factors that typically precede major conflicts are more pronounced today than they have been since the end of the Second World War. There are currently 59 state-based active conflicts, the most since the late 1940s, and three more than last year.

Regionally, the Middle East and North Africa (MENA) remains the least peaceful region globally, and it is home to four of the ten least peaceful countries in the world. South Asia, which recorded the largest average deterioration of all the regions, due in part to significant declines in peacefulness in Bangladesh and Pakistan, is now the second least peaceful region globally. Sub-Saharan Africa also recorded a deterioration in peacefulness, with its average score falling by 0.17%.

In contrast, South America was the only region in the world to record an improvement, with its average score improving by 0.59%. Eight of the eleven countries in the region improved, with Peru and Argentina recording the largest improvements, while Colombia remains the least peaceful country in South America.

Western and Central Europe remains the most peaceful region in the world, hosting eight of the ten most peaceful countries globally, including Iceland, which retains its position as the most peaceful country globally. Still, the region recorded a deterioration in peacefulness of 0.57% over the past year, primarily due to a deterioration in the militarization domain, as many countries increased defense spending in response to the war in Ukraine. Asia-Pacific remains the second most peaceful region globally, with its overall score deteriorating by 0.21%.

Eastern Europe and Central Asia experienced the second-largest deterioration of any region, with their average deteriorating by 0.77%, due in large part to the conflict between Ukraine and Russia. Meanwhile, Central and North America is the third most peaceful region but saw an overall 0.7% reduction in peacefulness—Canada recorded the region’s largest deterioration, by 5.85%, while Haiti had the largest improvement in the region.

Amid widespread global turmoil, perhaps the more peaceful nations show a way forward. While countries like Iceland and New Zealand may benefit from their geographic isolation—making them more culturally cohesive and less exposed to territorial disputes—several nations in the top positions of the index fought vicious wars at one point in history, but today are integral members of the world’s most peaceful region, Europe. Elsewhere, Singapore and Malaysia illustrate the impact of democratic institutions and economic growth, as well as the ability to draw important lessons from a past marked by struggle and poverty, on bolstering peace.

While the institutions that manage societies—at least in terms of global averages—have generally improved and become more efficient and transparent, conflicts and violent protests stemming from opposing political views have increased across the world over the past decade, they have accelerated during the Covid-19 pandemic, and have continued after. Peaceful societies are not weighed down by the costs and burdens of violence, political instability and corruption, and they are more productive, informed and educated.

Source: Global Peace Index 2025

What does it even mean to be a happy country in a world rattled by war, inequality and political divisions? It is often said that even in the worst of times there is joy to be found, and the World Happiness Report rankings back this adage with plenty of data. Since the ranking was launched in 2013, the researchers of the Sustainable Development Solutions Network, the United Nations nonprofit designed to push for broader measures of global happiness and health, have demonstrated time and time again that the happiest countries have high levels of trust and are more resilient when a crisis hits.

Measuring trust in a society is not an easy task.  In their 260-page study, the happiness experts offer plenty of detailed charts, graphs and historical data. As a quick alternative, we can skip all that and ask ourselves a simple question: how worried would I be if I lost my wallet?  To feel that it would be returned by a police officer, a neighbor or a stranger, tells a lot about how happy you and the people around you are. For example, in an experiment, when wallets were intentionally dropped in the street by researchers, far more were returned than people had expected.

This year’s report has specifically examined how acts of kindness and generosity—both in terms of what recipients gain and what givers gain from these acts—affect personal happiness,  and one of the key findings is that we are often too pessimistic about the benevolence of others. For example,  in an experiment, when wallets were intentionally dropped in the street by researchers, far more than people had expected.

Also, because we often undervalue others’ kindness, learning about their generosity can boost our well-being, and when a society is more benevolent the people who are least happy see the greatest benefit. To prove their point, the researchers note that benevolence increased during COVID-19: “People needed more help and others responded. This ‘benevolence bump’ has been sustained since then.” In fact, despite a fall from their peak, these acts are still about 10% above their pre-pandemic levels.

Nordic countries continue to excel, as they have historically: Finland tops the list, but Denmark, Iceland, Sweden, the Netherlands and Norway make the top 10 too.

What sets them apart from nations with lower scores are support systems that can soften the impact of shocks. Whether through support for mental health and well-being or a strong sense of leaving a positive legacy for future generations through efforts like the Sustainable Development Solutions Network, citizens of happy countries report better life evaluations and more positive assessments of their own lives. What is exactly the right mix of ingredients for happiness? High GDP per capita, social support in times of need, an absence of corruption in government, healthy life expectancy, freedom to make life choices, and generosity or charity towards others—these are the original six key factors that the researchers have used over time in their report on global life satisfaction.

Yet, this edition of the Happiness ranking contains some big surprises too: two countries from Latin America, Costa Rica and Mexico, have entered the top 10 for the first time, jumping 6 and 15 spots respectively. Their GDP per capita is roughly a fifth of that of the richest nations in the world (Luxembourg or Singapore, for example), and roughly a third of that of all the just-mentioned Nordic countries, but money—as the report has repeatedly demonstrated over many years (and as many of us are still stubbornly reluctant to believe)—truly does not buy happiness.

Today, banks are not merely providing traditional financial services, but have become drivers of innovation, spearheading fintech solutions and contributing to the country’s sustainable development initiatives. These are the leading banks in the Dominican Republic listed alphabetically, each with its own distinctive strengths and history.

Asociacion Popular de Ahorros y Prestamos (APAP)

Also known by its acronym, APAP, the Asociación Popular de Ahorros y Préstamos was established in 1962 with the primary goal of financing the purchase, construction and improvement of homes for lower and middle-income families. While still formally classified as a savings and loan association, today the institution operates much like a bank, offering a wide range of financial services, including checking accounts, loans and credit cards. It also provides financial solutions for small and medium enterprises, as well as for corporate clients.

With assets exceeding $2 billion and its trademark customer-centric approach, APAP is among the top financial institutions in the Dominican Republic and a pillar of its banking system.

Banco BHD

Founded in 1972 as Banco Hipotecario Dominicano by a small group of businessmen, Banco BHD started as a mortgage bank. Since then, Banco BHD has actively contributed to the Dominican Republic’s financial reform process and gradually transformed itself into the country’s first commercial bank. Today, it is the second-largest private lender in the country and third-largest overall.

With assets of around $10 billion, one million customers representing about 20% of the market, more than 4,000 employees and customer service offices nationwide, Banco BHD offers banking solutions to individuals and businesses of all sizes, as well as financial institutions and government entities.  Banco BHD also takes great pride in its commitment to social responsibility, supporting microfinance, environmental projects, youth programs and social initiatives aimed at women’s empowerment.

Banco Popular Dominicano

Born in 1929 in Santiago de los Caballeros, Alejandro Grullón’s family business was tied to the production of lumber and agricultural products—he chose banking instead. Founded by Grullón in 1963, Banco Popular Dominicano was established to serve rural communities and support small businesses. Today, with assets of about $10 billion, it is the largest private bank and the second-largest overall in the Dominican Republic.

Banco Popular Dominicano provides financial solutions to over two million customers in all areas of banking, including personal, business and corporate services. With a particular focus on young customers, the bank has also been at the forefront of digital and mobile banking: currently, about 90% of Banco Popular’s operations are conducted online. Over the years, the institution has also won many Global Finance Awards, including multiple recognitions as the Best Private Bank in the Dominican Republic, as well as in the Sustainable Finance, Foreign Exchange and Consumer Digital Banks categories.

Banco Santa Cruz

Founded in 1999, Banco Santa Cruz specializes in credit, insurance and financial consulting for individuals and small-to-midsize businesses across all sectors. What began as a single branch in Santiago at the turn of the millennium has since grown into a nationwide institution, with 49 business centers and more than 2,200 employees catering to over 600,000 clients.

A leader in digital innovation, the bank has prioritized cutting-edge financial solutions to serve its tech-savvy customers. It was also a pioneer in microfinancing in the Dominican Republic, playing a key role in expanding financial access for underserved communities. Beyond banking, Banco Santa Cruz is committed to social impact, investing in education, entrepreneurship and community development.

BanReservas

One million Dominican pesos in initial funding, six offices in six different cities, and one mission: bringing banking to the masses, promoting economic stability and supporting international trade. This was Banco de Reservas de la República Dominicana in 1941, the year of its foundation. Today, it is simply known as BanReservas, and it accounts for one-third of the country’s banking assets, worth about $20 billion. With over 10,000 employees and 300 branches serving more than 3 million customers in the Dominican Republic, BanReservas offers a wide range of solutions to a broad clientele, from individual consumers to government entities, and businesses of all sizes. In addition, BanReservas backs social programs focused on community initiatives in health, housing and education, and champions cultural and sporting events.

With offices in Madrid, New York and Miami, the International Banking division of BanReservas aims to connect clients in other countries with the Dominican economic and banking system, and to boost investment in the country. BanReservas has won innumerable Global Finance Awards, most notably in the Best Bank in the World, Safest Bank, Best SME Bank and Best Trade Finance Providers categories.

Cibao Savings and Loan Association

Known locally as Asociación Cibao de Ahorros y Préstamos, or ACAP, the Cibao Savings and Loan Association was founded—much like its larger counterpart APAP—to meet the housing and banking demands that emerged after the end of the authoritarian Trujillo regime, and to support the phase of economic growth, social progress and entrepreneurial opportunity that came afterward. 

Established in 1962, from its mortgage-based origins ACAP has since evolved into a full-service financial institution. Over the decades, it has financed countless micro, small and midsize businesses, as well as major residential developments, high-rises and shopping centers across the country.

Today, ACAP operates a network of 55 branches and 60 ATMs nationwide, offering a broad range of financial products, including savings and investment accounts, loans and credit cards, and insurance services.

Scotiabank República Dominicana

In a banking landscape dominated by homegrown institutions, the Canadian Scotiabank has held its own for more than one hundred years. In the Dominican Republic since 1920, today the bank operates 58 branches, 23 agencies and 99 ATMs nationwide. With more than 2,000 employees and a diversified portfolio spanning retail banking to corporate finance, Scotiabank República Dominicana delivers tailored solutions for individuals and businesses of all sizes, including specialized microcredit services.

Not only has Scotiabank been supporting the nation’s economic evolution, but also its communities. The institution prioritizes financial inclusion through innovative products, grassroots partnerships, and various community initiatives in education, health, arts and cultural programs.

Formerly a British colony, Singapore turned to its banks to power its economic growth and transformation after becoming a sovereign country in 1965. Banks provided credit to businesses and entrepreneurs, financed infrastructure projects, and fostered financial inclusion. 

Today, Singapore’s financial system boasts a robust regulatory framework and cutting-edge fintech innovations. The Lion City has also emerged as a leader in sustainable finance, promoting green banking practices and investments that support environmental and social goals.

These are the leading banks in Singapore listed alphabetically, each with its own distinctive strengths and unique history.

Founded in New York in 1812 as City Bank of New York, Citibank’s roots in Singapore trace back to 1915, when it acquired the International Banking Corporation (IBC), which was established at the start of the century to facilitate trade between East Asia and the United States. Over the following decades, Citibank became a force in Singapore’s banking landscape, helping its transformation from a trading center to a global financial powerhouse. A full-service bank, Citibank pioneered products like credit cards and 24-hour ATMs, and catered to consumers, corporations, and institutions with an extensive portfolio of financial offerings.

In recent years, however, the bank’s traditional branch model has undergone a major overhaul. In 2020, the bank opened in Singapore its largest global Wealth Hub in the region, and in 2024 it closed its last regular branch in Jurong East to focus primarily on high-net-worth clients and online financial services.

https://www.citibank.com.sg

Singapore had only just recently declared its independence when, in 1968, a small group of government officials and entrepreneurs created the Development Bank of Singapore (DBS) with the goal of supporting the newborn country’s economic development. In the years and decades that followed, they fulfilled that mission. DBS funded projects spanning all major industries, helped the public listing of some of Singapore’s most iconic brands (Rollei, Singapore Airlines, and Singtel, to name a few), and even financed the construction of what were then the tallest building and the tallest hotel in the nation. Not only that, during the 1980s, the bank introduced a share ownership program that allowed employees to become stakeholders and rolled out a housing loan initiative that made home ownership more accessible. In 1997, ahead of its competitors, it launched the region’s first comprehensive internet banking platform.

Today, DBS is the largest retail and commercial bank in Singapore with assets of about $450 billion, and maintains a presence in 18 markets globally, providing services for individuals, small and medium enterprises, along with corporate, wealth, and investment banking. The Development Bank of Singapore has won numerous Global Finance awards, including in the Best Private Banks and Best Corporate/Institutional Banks categories.

https://www.dbs.com.sg/

Best known by its acronym HSBC, the London-based Hongkong and Shanghai Banking Corporation is one of the largest banks and financial services companies in the world, serving more than 40 million personal, wealth, and corporate customers in about 60 countries and territories. 

In 1877, HSBC opened its first office in Singapore, where it had conducted business through an agency since 1865. In those early stages, the Hongkong and Shanghai Banking Corporation extended loans to Chinese merchants and funded the import, export, and entrepôt trade of spices and raw materials. In the early 20^th century, its focus shifted to primarily financing tin and rubber exports, which at the time constituted 35% of Singapore’s total export trade. HSBC also played an important part in the reconstruction and rehabilitation of Singapore’s economy after the Second World War, handling one-third of Singapore’s foreign and trade exchange business by 1948. 

Ever since, HSBC has continued growing with Singapore and Singapore with HSBC. As a regional leader, HSBC offers comprehensive solutions, including retail, commercial, private, and investment banking, as well as wealth, insurance and capital market services, to its clients in the Lion City and across Asia.

https://www.hsbc.com.sg

As the first bank from Malaysia to operate in the country, Maybank’s entry into Singapore in 1960 played a key role in improving cross-border financial operations between the two neighbors and across the region as a whole. Today, the Maybank Group has an international network of over 2,600 branches in 18 countries including all 10 ASEAN nations, with more than 42,000 employees serving customers worldwide.

Locally incorporated and identified by the Monetary Authority of Singapore (MAS) as one of the systemically important banks operating in the country, Maybank Singapore holds assets of about $60 billion and employs approximately 2,000 people. It offers an extensive range of products and services for individuals, businesses, and corporations, including investment banking, asset management and stock-broking, insurance, and takaful. Its presence across Southeast Asia allows the bank to provide clients with seamless cross-border financing and support their overseas investment ventures.

https://www.maybank2u.com.sg

On October 31, 1932, three banks—the Chinese Commercial Bank, Ho Hong Bank, and the Oversea-Chinese Bank—merged and consolidated their strengths to form Oversea-Chinese Banking Corporation (OCBC). Since then, OCBC Bank has grown into one of Singapore’s leading financial institutions and the second-largest financial services group in Southeast Asia with assets close to $500 billion, catering to millions of customers through its more than 400 branches and representative offices in 19 different countries.

With a special focus on the ASEAN region and the Greater China clientele, OCBC Bank offers a wide range of products and services, including retail banking, wealth management, and insurance.

A leader in online banking and in providing innovative solutions for its customers, in 2024 OCBC Bank also brought digital banking aimed at children aged 7 to 15, who can now have their own bank account and debit card and improve their financial education. The Oversea-Chinese Banking Corporation has won many Global Finance Awards, most recently for Best SME Bank in the Asia-Pacific region and for excellence in the Sustainable Finance category.

https://www.maybank2u.com.sg/

Then known as the Chartered Bank of India, Australia, and China, Standard Chartered opened its first branch in Singapore in 1859, and has since contributed to its development by facilitating trade, supporting local businesses, and driving financial growth. Officially a London-based multinational bank, Standard Chartered does not operate in the United Kingdom and derives almost all of its profits from operations in Asia, Africa, and the Middle East. Furthermore, its largest shareholder is the Singaporean state-owned multinational investment firm Temasek Holdings. 

With an entire range of financial services across personal, business, corporate and private banking, alongside wealth management, investment banking, and treasury services, Standard Chartered has contributed to the transformation of the country into the world-class financial and commercial center that it is today.  

Its contribution, however, goes beyond the business and trade domains. To promote community involvement, Standard Chartered grants its employees three days of annual leave for volunteer work. Additionally, the bank sponsors the Singapore Marathon, also known as the Standard Chartered Marathon, which attracts approximately 60,000 runners from all over the world each year since 1982.

https://www.sc.com/sg

Alongside the Development Bank of Singapore (DBS) and Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank is one of the three big local banks in Singapore. 

UOB offers a broad spectrum of financial services, from personal banking essentials like savings, loans, and credit cards, to insurance services, trade and corporate finance, and wealth management for high-net-worth clients. Over the years, United Overseas Bank has earned many honors from Global Finance, most recently winning the coveted award for Best Bank in Asia-Pacific and in Singapore for 2024.

You heard the news: propelled by the AI frenzy, the chipmaker Nvidia passed the $3 trillion market cap and became the most valuable company in the world by market capitalization—for a few days last June, that is. Since then, things have returned more or less to what they used to be: as of September 3, 2024, when the market closed, Apple was still the king of the stock exchanges, closely followed by Microsoft. Incidentally, that was also the day when, amid a stock selloff, Nvidia lost $279 billion in market value, the largest wipeout in U.S. history (while still managing to retain the third spot).

Then again, Apple’s dominance is not to be taken for granted. After all, over the years, it lost the title of the world’s largest many times—more frequently, and very recently too, to Microsoft, but also to Amazon, Google, and even Saudi Arabia’s state oil giant Aramco. Market capitalization can change quickly, and in recent years the rankings of the world’s largest companies have seen some significant shifts.

How these companies get to the top, and how they get to stay there, has changed too. For years, Apple has often seen its market cap fall victim to its sales success. While the popularity of products such as the iPhone, Mac and iPads propelled Apple to new heights, whenever sales appeared to slow its market capitalization suffered.

By contrast, Microsoft built itself into one of the world’s largest companies with a focus on steady recurring revenue streams. You might not need a new smartphone or laptop every year, but a software license, cloud-computing package or video game subscription means ongoing payments—and client stickiness.

Then Apple started borrowing from Microsoft’s playbook: it launched news and games subscriptions, a video streaming service, and even its own credit card. Once Apple moved beyond hardware to software and services, its revenue growth became unstoppable. On January 3, 2022, Apple became the first company ever to surpass $3 trillion in market value, and it is still the world’s largest today.

Today, most of the top 10 companies by market capitalization are technology firms. Until a decade ago, many of the most valuable firms were traditional long-standing blue-chip industrial behemoths like Exxon, Chevron, General Electric or AT&T.

This is not to say that traditional sectors have lost all their appeal. Saudi Aramco continues to rank in the top 10, and Exxon, another oil giant, is hanging on in the top 20. Finance and healthcare are also represented. Berkshire Hathaway leads with a market value of over $1 trillion; Visa and Mastercard make the top 20 with a market cap of about $500 billion. Meanwhile, U.S. healthcare companies UnitedHealth Group and Eli Lilly, and Denmark’s Novo Nordisk are also in the top 20.

Yet, more often than not, the biggest companies by stock market valuation tend to be tech firms, even if they make things (Tesla) or sell things (Amazon)—not only that, rather than being a one-time purchase, these physical objects can often continue to generate steady and predictable revenue streams over long periods of time. Tesla, for example, has monthly fees for its autopilot and self-driving features, as well as for its premium connectivity package; Amazon offers all kinds of subscriptions and premium subscriptions linked to its Alexa, Fire TV, and Kindle devices.

Successful strategy (and product, and timing, and management) aside, the total dollar value of a company’s outstanding shares can be affected by a myriad of other unpredictable factors. It was not too long ago that a controversial tweet by former US President Donald Trump could send the stock markets spiraling downward or soaring to new highs without much rationale to support the move.

Then, there are even unforeseeable events like the Covid-19 pandemic. So-called stay-at-home stocks, particularly digital platforms and those in e-commerce, saw significant gains as shutdowns and remote working drove demand for new technologies. Conversely, tourism stocks and live entertainment services plummeted. When vaccines became available and the global economy slowly began to reopen, the landscape shifted once more: companies that had thrived during the shutdowns saw their values drop, while those poised to benefit from the reopening experienced a resurgence.

Focusing too closely on ever-changing share prices, investor sentiment, and world events rather than on underlying fundamentals can be misleading. Warren Buffett, the chairman of Berkshire Hathaway (the 8^th largest company as of Sept. 3), famously said that the stock market is a device for transferring money from the impatient to the patient.

Fear often drives decisions when it comes to buying and selling stocks, but even in these tumultuous times, amid lingering high inflation rates, the U.S. election, the war in Ukraine and Gaza, and a myriad of other geopolitical tensions and uncertainties, many businesses have experienced relatively little change in terms of assets, market share, revenues, cash flow, headcount, guidance and R&D.

This is why, to determine which is the largest, Fortune’s annual Global 500 list ranks the world’s top corporations by revenue instead of market capitalization. Where does Apple, the most capitalized company in the world, stand in Fortune’s ranking? By using the revenue metric, Apple—which made it into the top 10 for the first time only a few years ago—ranks just 7th globally and, along with Amazon, is the only big American tech company making the top 10. Meanwhile, supermarket juggernaut Walmart takes the top spot. When ranking companies by revenue, technology stocks do not fare as well as when they are ranked by their market value.

Why, then, do stock investors often prefer to pour money into startups that generate significant buzz but minimal or no revenue? Precisely because they hope to discover the next Apple or Amazon and turn hundreds into millions. Both Steve Jobs and Jeff Bezos, after all, always maintained that investing in future profitability through new products and services takes priority over hitting earnings estimates.

There is just no simple way to fully ascertain the size, influence and outlook of a company. To that end, the annual Forbes Global 2000 list takes yet a different approach—a multi-dimensional one. It ranks the world’s largest companies by using a composite score achieved by weighing revenues, profits, assets, and market value equally. Once again, different metrics will yield very different results: in this ranking, financial holding company JPMorgan Chase takes the top spot, while Apple is only twelfth, and Walmart barely makes it into the top 20.

In conclusion, while it is relatively straightforward—using economic, technical, and organizational criteria—to tell a large company from a small one, determining which is truly the largest is far more complicated. Is it Apple, with its massive market capitalization; Walmart, with revenues through the roof and over 10,000 stores across 19 countries; or JPMorgan Chase, with its huge assets and soaring profits?

Size, like many things in life, is in the eye of the beholder.

EDITOR’S NOTE: The annual Forbes Global 2000 ranks the world’s largest companies, listing the “best” based on Forbes’ composite score of revenues, profits, assets, and market value.

Two years ago, inflation reached a 40-year high in the United States. Globally, it grew in 179 out of 194 nations compared to 2020. Since then inflation’s global growth slowed, prompting hopes that prices paid by consumers would soon return to normal.

Unfortunately, bringing inflation down does not mean that consumer prices will revert to what they once were—they will just stop increasing so quickly and dramatically.

It is also important to point out the distinction between overall inflation and core inflation which is the key metric of the Consumer Price Index. The first includes food and energy prices—which are more sensitive to seasonal factors and fluctuate more rapidly—while the latter excludes food and energy prices because of their volatility. Core inflation sticks longer since gasoline prices fluctuate more than the prices of the cars fueled by said gasoline.

The most immediate inflation-fighting tool in the hands of policymakers is for the central bank to raise interest rates. Doing so dampens lending and thereby the overall economic activity that drives price increases. But sometimes the cure can be worse than the disease—raising interest rates at the wrong time or to the wrong level can trigger a recession, so central bankers tend to tread cautiously. However, this caution may have hamstrung the kind of bold action that was necessary to successfully confront and contain the unprecedented, dramatic surge in inflation across the globe in the aftermath of the 2020 pandemic.

Let’s rewind. In 2020—at the onset and during the worst phase of the pandemic—the increase in prices was relatively small. But a sudden, steep climb began in early 2021 with the easing of lockdowns and partial restoration of normal economic activity. Encouraged by the almost concomitant vaccine rollout in many countries, central bankers around the world were perhaps overly optimistic: they often described the first spikes in inflation as just “blips” bound to disappear soon.

They were certainly right about the main reason for those blips: Covid-19 had caused serious disruption to the global economy—supply-chain bottlenecks meant that demands for what consumers and firms wanted and needed could not be met which prompted demand to far exceed supply, driving prices upwards. What they could not imagine is that new variants of the virus would continue to bubble up, that so many people would resist or outright reject mask mandates and vaccines, and that the global distribution of vaccines would be so unequal and uneven. Sparked by a once-in-a-lifetime pandemic, episodic supply chain disruptions became endemic.

But there was also a second reason why central bankers tended to downplay the threat of inflation. The ability to reassure consumers and businesses that things are—and will be—fine is, in itself, a crucial part of their job description because the belief that prices will continue rising becomes a self-fulfilling prophecy as businesses raise prices to get ahead of impending cost increases. A rise in prices is often an effect of a rise in fear as much as it is an effect of rising costs.

When the fear of inflation gains traction, a business that does not change its prices often—for example a car manufacturer—will safeguard its profit margins by getting ahead of expected future inflation (and if it has already started experiencing higher costs, making up for past inflation as well). It is at that point that words like “blip” start appearing less often in the headlines and terms like “temporary” and “transitory” show up more often—how temporary and transitory generally remains unclear. Something else happens: wages rise. When workers expect to pay more for everything, they demand higher wages from employers to keep up with rising costs of living. When firms pay their employees more, those costs are passed on to consumers in the form of higher prices. This is the vicious circle of consumer price inflation—higher prices lead to higher wages, higher wages lead to even higher prices still.

The persistence of inflation despite central bankers raising interest rates consistently for years points to some novel features of the current post-pandemic moment: corporate consolidation and market concentration may be major contributing factors to the inflationary malaise. Many companies have used inflation as an excuse to hike prices far beyond the rise in production costs, scoring some of the best financial quarters and highest profit margins in their history. Asthma inhalers are perhaps the most notorious example of this, with prices jumping from roughly $10 a decade ago to $100 now even though production costs have not risen radically. This is why neologisms like “shrinkflation” (the practice of reducing the size or weight of a product with no corresponding reduction in price) and “greedflation” (a situation where the price increase of goods is not the result of an increase in their production costs) have started appearing in our newsfeeds. There is little that central banks can do about either of these phenomena and the inflationary pressure resulting from them with the tools at their disposal. Companies enjoying a semi-monopolistic grip on consumers’ choices can set prices however they like. 

What happens, then, when inflation keeps increasing instead of declining or slowing down? Nothing good. One possibility is what economists call “stagflation” where economic growth stalls, unemployment remains high and inflation remains at elevated levels. Then there’s every central banker’s nightmare scenario: hyperinflation in which prices grow uncontrollably sending the value of the currency into a seemingly unstoppable free-fall as in Weimar Germany after World War I. But one need not look to history to find examples of hyperinflation: Zimbabwe has been struggling with spiraling inflation for over a decade; Venezuela—the IMF estimates—will hit this year an inflation rate of 250% (which, believe it or not, is a stellar improvement compared to the five-digits rates of some years ago); Sudan is forecast to come second at about 145%; Argentina’s inflation crisis catapulted an unlikely far-right candidate into the presidency; and many other nations will experience a surge in prices many times greater than the 2% threshold that most central banks set as their optimal inflation target. Hyperinflation also provides the clearest proof that expectations on a mass scale play a fundamental role in determining the price of goods and services: when millions of people believe that their currency will be worth much less tomorrow, individuals and businesses begin rejecting the national currency in favor of alternatives such as cryptocurrencies or perhaps the U.S. dollar.

Then there’s the opposite extreme: persistent deflation which is what happens when prices continually fall. Continually falling prices are worrisome because it is a symptom of a weakening economy characterized by anemic consumer spending and low production levels (which leads to falling wages, which causes even lower demand for goods and services, which leads to even lower prices). Like inflation, not all deflations are alike: Greece—which during the debt crisis experienced a deflationary phase as a result of the wage and pension cuts part of its bailout terms—fell back into negative territory shortly after the beginning pandemic. Japan’s economy had been stuck in this vicious cycle for two decades: it was officially declared to be no longer in deflation only last March and subsequently ended decades of negative interest rate monetary policy. And then there is Switzerland, which for many years suffered—but also benefited—from deflation of its own making. The country managed to sustain its exports by countering the appreciation of its currency through super-low interest rates—yet, baffling many economists—avoiding at the same time the most dramatic effects of deflation (such as a crippling contraction in economic activities or high unemployment). Things only changed in 2022, when inflation hit a three-decade high of 2.8% and the Swiss National Bank was forced to raise its policy rate from -0.75% to 1.5% to combat it.

All these peculiar scenarios demonstrate why there is no one-size-fits-all solution when it comes to the many sides of inflation. Furthermore, once a crisis is over, another one can always appear out of nowhere. Energy prices were already on the rise before the Covid-19 pandemic—Russia’s invasion of Ukraine before and the Israel-Gaza war made the situation much worse.

Will this season of global higher inflation ever come to an end, then? If we have learned anything over the past few years, it is that it is very difficult to predict the future when it depends to such a great extent on the whims of viruses, authoritarian leaders, corporate executives and, yes, consumers too. But there are signs of progress. According to the IMF, inflation is falling faster than expected in most regions: globally, it is expected to fall to 5.8% in 2024, with less than 50 countries where it will exceed last year’s figures. In the meantime, central bankers will have to constantly rely on a wide variety of data to fine-tune their assessments and policies—kicking the tires of the economy as they go, so to speak.

The world has enough wealth and resources to ensure that the entire human race enjoys a decent standard of living. Yet, people in countries like Burundi, South Sudan and the Central African Republic continue to live in desperate poverty.  For other likely contenders for the undesirable title of the world’s poorest country—Afghanistan, Syria and Eritrea—years of political instability and conflict make it impossible to even attempt an assessment due to the lack of reliable economic figures.

So how do we determine the poorest countries in the world? While GDP per capita is often considered the standard metric, compensating for differences in living costs and rates of inflation by using purchasing power parity (PPP) can better assess an individual’s buying power in any given country.

It is hard to pinpoint a single cause for long-term poverty. Corrupt governments can make a very rich nation into a poor one. And so can a history of exploitative colonization, weak rule of law, war and social unrest, severe climate conditions or hostile, aggressive neighbors. Weaknesses compound: A country in debt will not be able to afford good schools, and a poorly educated workforce will limit capacity.

Underprivileged households worldwide suffered the severest social and economic consequences of the coronavirus pandemic. In the world’s poorest nations, where high levels of informal employment are also prevalent,  there were no social safety nets or temporary loans to keep businesses open and workers employed. The World Bank has forecasted that in low and middle-income countries, the current generation of students could lose up to 10% of their future average annual income.

Before Covid-19, the fraction of the world’s population living in extreme poverty—meaning on less than $1.90 a day—had fallen below 10% from more than 35% in 1990. The pandemic not only halted but reversed that progress: since the onset of the health emergency to the end of 2022, when in response to the rising cost of living the International Poverty Line (IPL) was also revised to $2.15, the World Bank estimated that an additional 198 million people were likely to have entered the ranks of the extremely poor. More recently, the institution has also stated that half of the world’s 75 most vulnerable countries are facing a widening income gap with the wealthiest economies for the first time in this century. Over the past two decades, it was widely believed that—as a result of lower-income nations generally improving their living standards faster than mature economies—the progressive economic convergence of richer and poorer countries would ultimately take place. Yet, one out of three in this particularly vulnerable group of 75 nations home to a quarter of humanity, 1.9 billion people, today is poorer than it was on the eve of the Covid-19 pandemic.

The numbers are striking: in the 10 richest countries in the world the average yearly per-capita purchasing power it is over $110,000, in the 10 poorest is less than $1,500. The worst part is that poverty is often likely to foster more poverty. In the latest edition of the World Economic Outlook report, the International Monetary Fund (IMF) explains how impoverished nations could slide further into hardship: “The growth decline implies worsening prospects or living standards and global poverty reduction. An entrenched low-growth environment, coupled with high interest rates, would threaten debt sustainability and could fuel social tension and hinder the green transition. Furthermore, expectations of weaker growth may deter investment in capital and technologies and so, in part, become self-fulfilling.”

Below is a ranking of the ten poorest countries, starting from the country ranked tenth poorest and progressing to the country ranked as the top poorest in the world for 2024. For the complete ranking of the world’s countries from poorest to richest, click here.

This country of roughly 35 million, one of the most impoverished on the Arabian Peninsula, has been embroiled in conflict since late 2014 as a result of the power struggle between the Saudi-backed government and the rebel Houthi movement. The war has claimed the lives of more than 150,000 people, shattered the economy and destroyed critical infrastructure. As a result, today, in this oil-rich land over 80% of the population lives in poverty.

Since becoming independent from France in 1960, Madagascar has experienced bouts of political instability, violent coups and disputed elections. Elected in 2019, president Andry Rajoelina came to power promising to tackle corruption, reduce poverty, and develop the economy. Mostly, they turned out to be just that: promises. Madagascar still holds one of the highest poverty rates in the world at about 75%, growth is sluggish, and inflation stands at nearly 8%. Still, Rajoelina was re-elected  in December 2023.

To be fair, the country was also faced with an unprecedented series of challenges. Along with the economic and social consequences of the Covid-19 pandemic, when in 2022 grain deliveries from Ukraine collapsed following the Russian invasion, food prices skyrocketed, deepening the suffering of the citizens of the island. In addition, Madagascar ranks among the top 10 countries globally most vulnerable to climate hazards, with drought, floods and cyclones resulting in deaths and population displacement, and damage to homes, infrastructures and crops.

Africa’s oldest republic has ranked amongst the poorest countries in the world for many years. Expectations were high when the former football star George Weah became president in 2018. His years in office were instead marred by high inflation, unemployment and negative economic growth, until in 2023 he was defeated by opposition leader and former vice-president Joseph Boakai in a new round of elections. Boakai might have it easier than Weah: after contracting in 2020 and 2021, growth re-started in 2022. It is now projected to reach about 5.3% in 2024 and to stay above 6% in the years ahead.

One of Africa’s smallest nations, Malawi’s economy—largely dependent upon rain-fed crops—remains vulnerable to weather-related shocks. Food insecurity in rural parts is extremely high.

Malawi has enjoyed stable governments since it gained independence from Britain in 1964. However, in 2020, the constitutional court annulled former president Peter Mutharika’s win in the general elections citing vote tampering. Theologian and politician Lazarus Chakwera, who was sworn in his place, declared that he wanted to provide the kind of leadership that makes everybody prosper, but structural changes have been slow to materialize. Today, Malawi is grappling with an economic crisis that has led to fuel shortages, a surge in food prices, and a sharp devaluation of the currency. In 2023, according to the World Bank, over 70% of the population was estimated to be living below the international poverty line.

With 80% of its landlocked territory covered by the Sahara Desert and a rapidly growing population dependent upon small-scale agriculture, Niger is under threat from desertification. Food insecurity is high, as are disease and mortality rates. Recurrent clashes of the army with the Islamic State (ISIS) affiliate Boko Haram have displaced thousands.

In 2021, Niger inaugurated a new president—ex-teacher and former interior minister Mohamed Bazoum—in its first democratic transfer of power. With the economy expanding by 12% in 2022, things appeared to be looking up. Yet, in the summer of 2023, Bazoum was ousted and imprisoned by members of his presidential guard. The military junta has remained in power ever since.

Rich in resources and strategically located, this former Portuguese colony has often posted average GDP growth rates of more than 7% in the past decade. Yet it remains mired among the ten poorest countries in the world, with severe climate conditions and political instability being some of the main culprits. To make things worse, since 2017 attacks carried out by Islamic insurgent groups have plagued the gas-rich northern part of the country. Still, according to the IMF, the economy remains in high gear: it will expand by about 5% in 2024 and 2025, and it is projected to reach double-digit growth in the latter part of the decade.

Since gaining independence from Belgium in 1960, the DRC has suffered decades of rapacious dictatorship, political instability and constant violence, making it a regular in our rankings of the world’s poorest countries. About 65% of the country’s roughly 100 million population gets by on less than $2.15 a day. Yet the World Bank says the DRC has the resources and potential to become one of the richest countries in Africa and a growth driver for the entire continent. The country is already the world’s largest producer of cobalt and Africa’s leading source of copper—essentials in the production of electric vehicles.

Rich in gold, oil, uranium and diamonds, the Central African Republic is a very wealthy country inhabited by very poor people, and has been among the poorest countries in the world for the better part of a decade. For the first time since its independence from France in 1960, in 2016 the Central African Republic has democratically elected a president: former mathematics professor and prime minister Faustin Archange Touadéra, who campaigned as a peacemaker who could bridge the divide between the Muslim minority and the Christian majority.

Yet, while his successful election has been seen as an important step towards national reconstruction, large swaths of the country remain controlled by anti-government and militia groups. Despite problems and setbacks, in recent years growth has moderately picked up, driven by the timber industry, the revival of the agricultural sector, and the partially resumed sale of diamonds.

Tiny landlocked Burundi lacks natural resources and has been scarred by a civil war lasting from 1993 to 2005, whose aftermath is still a contributing factor to its ranking of the second-poorest country in the world. With about 80% of Burundi’s roughly 13 million citizens relying on subsistence agriculture, food insecurity is almost twice as high as the average for sub-Saharan African countries. Furthermore, access to water and sanitation remains very low and less than 5% of the population has electricity. President Evariste Ndayishimiye has made an effort to relaunch the economy and repair diplomatic relationships, and in 2022 both the US and the European Union resumed aid after lifting financial sanctions. Unfortunately, while growth is picking up, inflation is projected this year to be around 22%.

The very poorest of the world’s poorest countries, South Sudan has been wracked by violence since its creation in 2011. Rich in oil reserves, the landlocked state of roughly 15 million represents a textbook example of the “resource curse,” whereby abundance fosters political and social divisions, inequality, corruption and warfare. The majority of the population is employed in traditional agriculture, although violence and extreme climate events often prevent farmers from planting or harvesting crops. This year, an estimated 9 million people, over 60% of South Sudan’s population, will be in need of humanitarian assistance.

Source: International Monetary Fund, World Economic Outlook April 2024. Values are expressed in current international dollars, reflecting the corresponding exchange rates and PPP adjustments.

Would you rather be rich in a poor country or poor in a rich one? Measuring the wealth of nations is not that easy (spoiler: it is not just about gross domestic product, or GDP). Determining how rich you are depends to a large degree on how rich and poor countries are defined.

If we simply consider a nation’s gross domestic product—the sum of all goods and services produced by a country during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany. But how could the economies, for example, of Singapore or Luxembourg ever match that of such powerhouses when they are no more than small dots on the world map?

Another problem with GDP is that it does not measure income inequality, that is, how a country’s riches are distributed among the population. That is why a more accurate representation of people’s living conditions begins with dividing a nation’s GDP by the number of people that live there: per capita GDP and its growth rate tell us much more about the social wealth potentially available to each person and whether this wealth is either increasing or decreasing over time.

However, using per capita GDP still poses a problem: the very same income can buy very little in some countries and go much further in others where basic necessities—food, clothing, shelter, or healthcare—cost far less. To gauge how wealthy a country’s citizens are it is necessary to understand how much they can buy. That is why, when comparing per capita GDP across countries, GDP should be adjusted for purchasing power parity, which helps us take into account the inflation rates and the price of goods and services in each given place.

When considering whether it is better to be rich in a poor country or poor in a rich one, the best chance of enjoying a superior standard of living is to reside in a richer nation no matter where a person falls on the income distribution scale. Then again, wealth for some without a good measure of equality for everyone is problematic, to say the least. The coronavirus pandemic proved it most strikingly. Low-income workers, often migrants, living in some very wealthy nations suddenly found themselves unemployed, homeless and stranded without much of a safety net. Many less affluent nations, in the meantime, bent over backwards to take care of all those in need during the crisis.

Further, the quality and availability of healthcare often go hand in hand with the quality and availability of education services, social security, housing assistance and other components of the social infrastructure. A country might boast a high GDP or a high GDP per capita but, if such services are inadequate or inaccessible to a significant portion of the population, these citizens will feel poor, regardless of the economic indicators might suggest.

Additionally, when it comes to inflation, because energy and food are essential goods with few substitutes higher prices are particularly painful for low-income households. It is easier for families to cut down or eliminate spending on electronics, clothing or entertainment when prices surge, but when it comes to food, heating or transportation—crucial to both live and earn a living—this becomes much more difficult. As a result, an inflationary scenario can often pose a threat to economic and social stability.

This is why, in the long run, it is better not only to be rich but to be egalitarian as well. Too much economic inequality stifles growth for all, political instability is more likely, healthcare care costs and mortality rates are higher, and so are crime and corruption rates. Being rich in a poor country also has costs.

Source: International Monetary Fund, World Economic Outlook April 2024. Values are expressed in current international dollars, reflecting the corresponding exchange rates and PPP adjustments.

What do people think when they think about the world’s richest countries? And what comes to mind when they think about the world’s smallest countries? Many people would probably be surprised to find that many of the planet’s wealthiest nations are also among the tiniest.

Some very small and very rich countries—like San Marino, Luxembourg, Switzerland and Singapore—benefit from having sophisticated financial sectors and tax regimes that attract foreign investment, professional talent and large bank deposits. Others like Qatar and the United Arab Emirates have large reserves of hydrocarbons or other lucrative natural resources. Shimmering casinos and hordes of tourists are good for business too: Asia’s gambling haven Macao remains one of the most affluent states in the world despite having endured almost three years of intermittent lockdowns and pandemic-related travel restrictions.

But what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the super-rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country’s population is relative to another’s. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their small number of inhabitants.

However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), often expressed in international dollars to allow comparisons between different countries.

Should we then automatically assume that in nations where PPP is particularly high the overall population is visibly better off than in most other places in the world? Not quite. We are dealing with averages and within each country structural inequalities can easily swing the balance in favor of those who are already advantaged.

The COVID-19 pandemic lifted the veil on these disparities in ways few could have predicted. While there is no doubt that the wealthiest nations—often more vulnerable to the coronavirus due to their older population and other risk factors—had the resources to take better care of those in need, those resources were not equally accessible to all. Furthermore, the economic fallout of lockdowns hit low-paid workers harder than those with high-paying occupations and that, in turn, fueled a new kind of inequality between those who could comfortably work from home and those who had to risk their health and safety by traveling to job sites. Those who lost their jobs because their industries shut down entirely found themselves without much of a safety net—large holes in the most celebrated welfare systems in the world were exposed.

Then as the pandemic subsided, inflation surged globally, Russia invaded Ukraine, exacerbating the food and oil price crisis. The Israel-Hamas followed, bringing more disruption to supply chains and commodity and energy markets. Lower-income families always tend to be hit the hardest, as they are forced to spend greater proportions of their incomes on basic necessities—housing, food and transportation—whose prices are more volatile and tend to increase the most. 

In the 10 poorest countries in the world, the average per-capita purchasing power is less than $1,500 while in the 10 richest it is over $110,000, according to data from the International Monetary Fund (IMF).

A word of caution about these statistics: the IMF has warned repeatedly that certain numbers should be taken with a grain of salt. For example, many nations in our ranking are tax havens, which means their wealth was originally generated elsewhere which artificially inflates their GDP. While a global deal to ensure that big companies pay a minimum tax rate of 15% was signed in 2021 by more than 130 governments (a deal that has yet to be implemented due to the opposition of legislators and politicians in many of them), critics have argued that this rate is barely higher than that tax havens like Ireland, Qatar and Macao. It is estimated that over 15% of global jurisdictions are tax havens and the IMF has estimated further that by the end of the 2020s, about 40% of global foreign direct investment flows could be attributed to shrewd tax-evading tactics, up from 30% in the 2010s. In other words: these investments pass through empty corporate shells and bring little or no economic gain to the population where the money ends up.

Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. As Western Europe’s top petroleum producer, the country has benefited for decades from rising prices.

Until it didn’t: prices crashed at the beginning of 2020, then the global pandemic ensued—and the krone was sent into freefall. In the second quarter of that year, Norwegian GDP fell by 6.3 %, the biggest decline in half a century and possibly since World War Two.

Does that mean Norwegians became significantly less wealthy than they were before the pandemic? Certainly not. After the initial shock, the economy gradually pared the losses and rebounded.

Further, when it comes to any unforeseen economic problem, Norwegians can always count on their $1.4 trillion sovereign wealth fund, the world’s largest. Not only that, unlike many other rich nations, Norway’s high per capita GDP figures are a reasonably accurate reflection of the average person’s economic well-being. The country boasts one of the smallest income inequality gaps in the world.

Did we say that the wealthiest countries are also the smallest? That is certainly not the case with the United States, which first entered the top 10 list in 2020 after hovering just beyond tenth place for the better part of the past two decades.

Its surge, at least initially, was largely due to pandemic-related socioeconomic measures, which boosted income and spending, and to falling energy prices, which pushed petroleum-based economies like Qatar, Norway and the United Arab Emirates down several rankings, while Brunei fell out of the top 10 entirely.

Still, the country has since managed to build on the momentum and maintain its presence in the highest tier of the list. Not only did the US have its shortest recession on record in early 2020, lasting only two months, but its economy is now booming. In April, the IMF upgraded its 2024 projections for US economic growth to 2.7% (+0.6% higher than it forecasted just a few months earlier), but the performance of the United States—according to the Fund—will be this year “a major driver of global growth.”

Tiny San Marino is the oldest republic in Europe and the fifth smallest country on the map. It may have only 34,000 citizens, but it is among the wealthiest citizenry in the world. It helps that income tax rates are very low, at about one-third of the EU average. Nonetheless, San Marino is working towards harmonizing its fiscal laws and regulations with those of the European Union (EU) and international standards.

The tiny nation showed remarkable resilience during the pandemic and after amid tight monetary conditions and the energy crisis, with its tourism industry and manufacturing sector turning especially strong performances.

White chocolate, the bobsleigh, the Swiss Army knife, the computer mouse, the immersion blender, velcro, and LSD are just some of the noteworthy inventions brought to the world by Switzerland. This country of about 8.8 million people owes much of its wealth to banking and insurance services, to tourism, and to the export of pharmaceutical products, gems, precious metals, precision instruments (think watches) and machinery (medical apparatuses and computers).

According to the 2023 Global Wealth Report by Credit Suisse, Switzerland once again came out on top when it comes to the mean average wealth per adult at a whopping $685,230. Furthermore, roughly one adult in six owns assets worth more than one million U.S. dollars. Is it really a surprise that Switzerland has the highest density of millionaires in the world?

But does that mean the Swiss is immune from economic woes? Not only the pandemic had a significant impact on the economy, but—due to the country’s heavy reliance on imports of oil and gas from Russia—the war in Ukraine led to a surge in energy prices and triggered supply chain disruptions. Further, in 2022 Credit Suisse nearly imploded before a government-engineered rescue by its long-time rival, UBS Group, pulled it back from the edge. The demise of Credit Suisse has shaken the country, damaging Switzerland’s reputation as a secure and reliable global banking center.

And that’s not all: last year, in a bid to curb inflation, the Swiss National Bank (SNB) raised its interest rate from -0.75% to 1.75%.  Such a move had its consequences, including a surge in investment costs and a slowdown in economic growth—this, while the country was already experiencing a slump in exports, particularly to Germany, Switzerland’s second trading partner after the US, currently facing its own set of economic challenges.

Agriculture, fishing and trading pearls: these used to be the economic mainstays of this Persian Gulf nation. Then oil was discovered in the 1950s and everything changed. Today, the United Arab Emirates’ highly cosmopolitan populationenjoys considerable wealth. Traditional Islamic architecture mixes with glitzy shopping centers and workers come from all over the world lured by tax-free salaries and year-round sunshine; only about 20% of the people living in the country are actually locally-born.

The UAE’s economy is also becoming increasingly diversified. Outside of the traditionally dominant hydrocarbon sector, tourism, construction, trade and finance are major industries. This is not to say that the UAE was not impacted by the pandemic and the concomitant fall of oil prices: quite the contrary. Incredible as it may seem, the UAE briefly slipped out of the IMF’s ranking of the richest countries globally for the first time in decades. Yet fossil fuels have not gone out of fashion: as soon as energy prices recovered, the UAE quickly regained its historic position among the top 10 richest countries in the world.

Despite the recent recovery, oil prices have on average declined since the mid-2010s. In 2014, the per-capita GDP of a Qatari citizen was over $143,222; one year later, it plunged significantly and remained below the $100,000 mark for the next five years. However, that figure has gradually grown, increasing by about $10,000 each year.

Still, Qatar’s oil, gas and petrochemical reserves are so large and its population so small—just 3 million—that this marvel of ultramodern architecture, luxury shopping malls and fine cuisine has managed to stay atop the list of the world’s richest nations for 20 years.

No rich country, however, is without its problems. With only about 12% of the country’s residents being Qatari nationals, the initial months of the pandemic saw Covid-19 spreading rapidly among low-income migrant workers living in crowded quarters, triggering one of the highest rates of positive cases in the region. Then, falling energy prices meant falling government and private sector revenues. An export-oriented economy, Qatar also suffered from the disruption in global trade caused by the war in Ukraine. Later on, the conflict in Gaza sparked renewed fears and uncertainty across the Middle East. Still, until now, the economy has proven to be sufficiently resilient. It is projected to grow by around 2% in 2024 and 2025.

With assets of about $16 billion, the richest person living in Singapore is an American: Eduardo Saverin, the co-founder of Facebook, who in 2011 left the U.S. with 53 million shares of the company and became a permanent resident of the island nation. Like many other fellow millionaires and billionaires, Saverin did not choose it just for its urban attractions or natural gateways: Singapore is an affluent fiscal haven where capital gains and dividends are tax-free.

But how did Singapore manage to attract so many high-net-worth individuals? When the city-state became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its bootstraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub and 98% of the adult population is now literate.

Unfortunately, that did not make it immune from the pandemic-driven global economic downturn: in 2020, the economy shrank by 3.9%, knocking the nation into recession for the first time in more than a decade. In 2021, Singapore’s economy bounced back with an 8.8% growth, but then the slowdown in China, a top trading partner, derailed the recovery. China’s economic problems hit Singapore’s manufacturing sector—which makes up roughly 20% of Singapore’s total GDP—particularly hard. The economy expanded by just 1% in 2023, and is not projected to grow much further than 2% in 2024 and 2025.

A nation of about 5.3 million inhabitants, the Republic of Ireland was one of the hardest hit by the 2008-9 financial crisis. Following politically difficult reform measures like deep cuts to public-sector wages and restructuring its banking industry, the island nation regained its fiscal health, boosted its employment rates and saw its per capita GDP grow exponentially.

However, context is important. Ireland is one of the world’s largest corporate tax havens, which benefits multinationals far more than it benefits the average Irish person. Halfway through the 2010s, many large US firms—Apple, Google, Microsoft, Meta and Pfizer to name a few—moved their fiscal residence to Ireland to benefit from its low corporate tax rate of 12.5%, one of the most attractive in the developed world. In 2023, these multinationals accounted for close over 50% of the total value added to the Irish economy. If Ireland were to adopt the minimum corporate tax rate of 15% proposed by the OECD and already implemented by many countries, it would lose its competitive advantage.

Further, while Irish families are undoubtedly better off than they used to be, the national household per-capita disposable income remains slightly lower than the overall EU average according to data from the OECD. With a considerable gap between the richest and poorest (the top 20% of the population earns almost five times as much as the bottom 20%), most Irish citizens would likely balk at the idea that they are among the richest in the world.

Just a few years ago, many were betting that the Las Vegas of Asia was on its way to becoming the richest nation in the world—it encountered a few bumps along the road. Formerly a colony of the Portuguese Empire, the gaming industry was liberalized in 2001 this special administrative region of the People’s Republic of China has seen its wealth growing at an astounding pace. With a population of about 700,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong became a money-making machine.

That, at least, was until the machine started losing money rather than making it. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. Since then, Macao has returned to business as —and then some. Its per-capita purchasing power was about $125,000 in 2019—it is even higher today.

You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot in the country again. Doing so would be a pity: situated at the very heart of Europe, this nation of close to 670,000 has plenty to offer, both to tourists and citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone.

While the global financial crisis and pressure from the EU and OECD to reduce banking secrecy may have had little impact on Luxembourg’s economy, the coronavirus outbreak forced many businesses to close and cost workers their jobs. Yet, the country has weathered the pandemic better than most of its European neighbors: its economy rebounded from -0.9% growth in 2020 to over 7% growth in 2021. Unfortunately, due to high interest rates, the war in Ukraine, and a broader deterioration of the economic conditions in the Eurozone, that rebound did not last long: the economy grew by just 1.3% in 2022 and even contracted by 1% in 2023 (although it is projected to grow by 1.2% this year.)

Still, weak economic growth may not be worth complaining when your living standards are this high: Luxembourg topped the $100,000 mark in per capita GDP in 2014 and has never looked back ever since.