In terms of quality of life of people, the United States is the richest country in the North American continent. However, taking the factor GDP per capita into consideration, Bermuda currently stands at the first rank among the richest American countries. In this article, we have complied and presented a list of 20 richest countries in America 2023-2024. further, the article also discusses the economy of these countries in detail so provide you a clearer picture.
20 Richest Countries in America 2023
The table below presents the list of 20 richest countries in America 2023 ranked according to their gross domestic product per capita (GDP per capita). The data has been collected by the World Bank in the previous year and it has been used as the criteria for ranking these countries in this year. The data for the current year will be calculated at the end of the year and will be used for listing richest countries in 2023. However, for some countries only the data for 2020 is available and we have taken that data into consideration for such countries.
|Serial no.||Countries||GDP per capita|
|2||Cayman Islands||85,346.8 (2020)|
|6||Puerto Rico||31,429.9 (2020)|
|8||St. Kitts and Nevis||18,230.1|
|11||Trinidad and Tobago||15,243.1|
|12||Antigua and Barbuda||14,900.8|
|19||St. Vincent and the Grenadines||7,996.6|
America’s 20 Richest Countries in 2023
Now that you have learn a little about the America’s 20 Richest Countries in 2023, how they are ranked, etc., let us get a little more insight about these countries and their economy.
Bermuda tops the list of 20 richest countries in America in 2023 in terms of GDP per capita. The main reason behind Bermuda peaking the chart is its very low population. International business such as insurance and finance along with tourism are the main source of economy in this country.
Cayman Islands is another Caribbean country in the North American continent which ranks second among the richest country on this continent. A part of British overseas territory, many wealthy individuals reside in this country and it is also considered as one of the biggest offshore financial haven for international businesses.
United States is the third richest nation in America when calculated in terms of GDP per capita. The country has a GDP per capita of 69,287.5 as in 2021. When calculated on other parameters, such as total wealth for example, the States is the richest country in the world. Cutting-edge technology, flexible labor market, etc are some reasons behind this.
Greenland is a country located in the North American continent and a part of the Kingdom of Denmark. It is one of the richest countries in the America owing to its comprehensive foreign trade and a large pubic sector. However, the country also has a very high unemployment ratio.
With a GDP per capita of 52,051.4, Canada ranks fifth in America’s 20 richest countries in 2023. The country has 43 billionaires, 12,220 multi-millionaires 524 people with more than $100 million and 364,100 with over $1 million dollars as net worth. Canada is also one of the wealthiest countries in the world.
Puerto Rico is not only considered a high income economy country but also one of the most competitive one. Pharmaceuticals, textiles, petrochemicals, and electronics are the main drivers of Puerto Rican economy. As per the data collected by World Bank in 2020, the country had a GDP per capita of 31,429.9.
The Bahamas is the richest country in the West Indies and stands at seventh position in America when calculated using GDP per capita. Like other Caribbean countries, Bahamas also depend mostly on tourism for their economy. The country has seen some significant growth in GDP with the construction of numerous hotels and resorts around the island.
St. Kitts and Nevis
St. Kitts and Nevis is a developing country in terms of economy and can only be said a richer country in comparison to others with even lower income. Nonetheless, with a GDP per capita of 18,230.1, it ranks ninth among the richest countries in America. Depending majorly on sugarcane processing, tourism, export-based manufacturing and offshore banking activity are other sources of economy.
Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean with one of the highest per capita incomes in the region. What earlier used to be a low-income country dependent on sugar production, it has turned into a high-income economy based on tourism and the offshore sector.
Curacao is not only a high income economy but also has one of the highest standards of living in the Caribbean. As per the World Bank data in 2020, the GDP per capita of the country is 16,109.9 and it stands at tenth position in America’s 20 richest country in the world. Tourism, petroleum and finance are driving force of economy.
Also Check Richest Countries in the world
Trinidad and Tobago
As per the World Bank, Trinidad and Tobago is one of the richest country in Caribbean and North American continent as well. The main reason is that the country is rich in natural resources, especially in petroleum and petrochemicals, much like other rich Caribbean countries. In 2020, the country has an unemployment ratio of 6.1%.
Antigua and Barbuda
Not to mention, Antigua and Barbuda is also a Caribbean country and a prosperous one making it into the list of 20 richest countries in America 2023. Other than tourism which is a major source of economy in all Caribbean countries government services are the key sources of employment and income.
With a GDP per capita of 14,516.5, Panama stands among some of the wealthiest countries in America. However, most of the wealth is concentrated in the hands of few making it not very prosperous country. Banking, commerce, insurance, medical, health and tourism are the major sources of economy in the country.
Clouds of recent inflation along with a high unemployment rate in Costa Rica has lifted over a few years. the country has shown increase in its GDP and thus its GDP per capita has increased as well. Costa Rica is a country with one of the highest living standards and also one of the highest poverty level.
Mexico is a rich country in terms of cultural history and diversity, and also has abundant natural resources. The country has grown to become one of the 15 largest economies in the world and the second largest economy in Latin America. Apart from this, the country is often listed among the richest countries of the world as well.
Saint Lucia is considered as an upper middle class country by the World Bank. The country is all set to become one of the most economically developed members of the Eastern Caribbean Currency Union (ECCU) as well. Its economic growth can be largely associated to its thriving tourism industry. In 2023, the country has a GDP per capita of 9,571.
Cuba has a decent GDP of 9,477.9 but there are certain factors (not been discussed here) that prevents it from being called a rich country. However, it has managed to score seventeenth rank in the list of America’s richest countries but not to forget, its mention here is only relative.
Dominican Republic has one of the largest economy in Latin America and the largest in the Caribbean. When it comes to richest country in America, Dominican Republic ranks at the eighteenth position. Mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture are the major source of economy in the country.
St. Vincent and the Grenadines
St. Vincent and the Grenadines depends mostly on agriculture for its economy and is the world’s leading producer of some exotic fruit, vegetables and root crops. tourism, food processing, furniture and clothing are other major industries in the country. St. Vincent and the Grenadines has a painstakingly high rate of unemployment, a whopping 25.8%.
The list of 20 richest countries in America 2023 concludes with Dominica which has a GDP per capita of 7,560. however, Dominica is considered as one of the poorest country in America and depends mainly on agriculture as its major source of economy. Financial services industry and passport sales have recently become one of the largest source of economy in the country.
Monaco (according to GDP per capita 2021)