Both in terms of population and area, Asia is the largest continent in the world. The continent shares its landmass with two continents- Europe and Africa and is surrounded by oceans on three side. There are many rich countries located in the continent, especially the middle-east where there is abundance of oil and natural gas reserves. By far, Singapore is the richest Asian country in 2023, followed by Qatar, a middle-east oil genie and Israel at second and third ranking. Check out the complete list of 15 richest countries in Asia 2023-2024 ranked on the basis of their GDP per capita.
15 Richest Countries in Asia 2023
The table below presents the list of 15 richest countries in Asia in 2023 ranked according to their gross domestic product per capita (GDP per capita).
|Serial no.||Countries||GDP per capita|
|7||United Arab Emirates||36,284.6|
Asia’s 15 Richest Countries in 2023
Now that you have learn a little about the richest Asian countries 2023, how they are ranked, etc., let us get a little more insight about these countries and their economy.
With a GDP per capita of 72,794.0, Singapore is not only the richest country in Asia but also one of the richest country in the world. A high GDP per capita combined with low unemployment rate is the secret to Singapore being one of the richest country. The country has 8,040 multi-millionaires, 336 centi-millionaires and 26 billionaires.
Qatar ranks second in the list of 15 richest countries in Asia 2023 with a GDP per capita of 61,276.0. The country also ranks among the richest in the world in terms of economy. Oil and gas reserves have pulled Qatar out of the ranks of the world’s poorest countries and offered it with one of the highest per capita incomes in the world.
Not only the GDP per capita of Israel is high but the standard of living of people in the country is also very high, according to the UN Human Development Index. Currently, the country has a GDP per capita of 51,430.1 making it one of the richest countries in Asia in 2023.
Feulled by low taxation, free port trade (almost) and a well-established international financial market, Hong Kong has managed to make it among the richest countries of Asia in 2023. the country is still going strong in economy and is the third largest recipient of FDI (foreign direct investment) in the world after United States and China.
Macau is known as the Las Vegas of the east and is one of the wealthiest places in the world. Over the years, Macau has become a hotspot for gambling tourism and the revenues generated in the country is five times higher than those of Las Vegas. With a GDP per capita of 45,421.6, Macau is one of the richest Asian countries.
Japan is one of the most literate and technically advanced nations of the world. The country is made up of four primary islands and more than 6,800 smaller island. Despite being covered by mountains and heavily wooded areas, the country’s people lead a distinctly urban lifestyle. Japan has one of the largest economies in the world.
United Arab Emirates
UAE has one of the largest economies in Asia and it is based upon revenues from petroleum and natural gas. After oil, tourism is another largest sources of revenue in the UAE. The nation has developed to become one of the richest in Asia and currently has $350 billion worth of active construction projects.
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South Korea is known for its economic development from an underdeveloped nation to a developed high-income country in just a few generations. This economic growth is possible due to Han River, a termed being coined as Miracle on the Han River. Korea’s development has allowed it to join OECD and the G-20. The country has a high GDP per capita, 34,757.7.
Just like other middle-eastern countries, Brunei has also found its key to economic development in oil and gas reserves. Brunei is one of the Asia’s richest countries in 2023 with a GDP per capita income of 31,722.7. Population of the country is also very low and the citizens enjoy an advanced standard of living here.
The Republic of Cyprus has a market economy dominated by services sector and is under the control of the government. These sectors account for more than four-fifths of GDP of the country. Tourism, finance, shipping, and real estate are the other important services in the country. Cyprus is geographically placed in Western Asia but placed geopolitically in Southeast Europe.
Kuwait is another Arab country to make it in the list of 15 richest countries in Asia 2023. The country a wealthy petroleum-based economy that makes it one of the wealthiest nations not just in continent but all over the world. Currency of Kuwait, Kuwaiti dinar is the highest-valued unit of currency in the world.
Saudi Arabia is the twelfth richest Asian country located in middle-east and has a GDP per capita of 23,585.9. With a Human Development Index (HDI) of 0.854, it is one of the high developed economies. However, as per the International Monetary Fund (IMF), Saudi Arabia is one of the developing countries as it has lower economic performance.
Bahrain is one of the most wealthy and prosperous nation in the Arab region and has a thriving economy. Exports of aluminum, tourist attractions, and natural gas and oil resources is the major driving economic force of the country. In 2023, Bahrain has a GDP per capita of 22,232.3 and the Bahraini Dinar is the second-highest-valued currency unit in the world.
Oman is yet another country from middle-east that is counted among wealthiest of the nations. Among other middle-east Asian countries, Oman has the fewest oil reserves in the region. However, all its reserve are located in the Persian/Arabian Gulf, which means it has more oil to exploit and thus a better economy.
After two special administrative region of China (Hong Kong and Macau) already featured in the list of richest countries in Asia, China has now also made it to the 15 wealthiest Asian countries in the world. In terms of global net worth, the country has even left the United Sates behind in the past years.
Note: The GDP per capita data changes with time.
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