35 Richest Countries by Median Income

Ali Hassan
10 min read

In This Article:

In this piece, we will take a look at the 35 richest countries by median income. If you want to skip our overview of the global economic environment, then head over to 10 Richest Countries by Median Income.

Economic Outlook for 2024

The richest countries by median income in the world tend to have a strong economic system that offers a wide range of jobs and business opportunities. The world’s most developed economies have suffered since the COVID-19 pandemic as things have not been the same since the pandemic. Despite the economic disruptions, the world has gone through a transformative decade of development with the practical application of technologies such as AI, Cybersecurity, Blockchain, and Metaverse, among others. However, the global economy is set to end 2024 on a downward side - the slowest half-decade of GDP growth in 30 years, as per the World Bank’s latest Global Economic Prospects report. 

Compared with 2023, the global economy is expected to get better with the risk of a global recession fading, mainly due to the strengthening of the US economy. But the increasing geopolitical tensions are creating havoc. Especially, in the Middle East, things seem all tense with Israel’s inhumane bombardment of Gaza and Iran’s proxies acting against Israel and its allies. In addition, the Russia-Ukraine war has entered a new phase almost 700 days after its beginning. On January 19, Reuters reported that NATO is launching its largest exercise since the Cold War, with the participation of nearly 90,000 troops. The drill is expected to begin in May and will rehearse NATO's execution of its regional plans, coming up against a potential response to Russian attack and European defense. 

The medium-term outlook for many developing economies looks sluggish due to slowing growth in major economies, flat global trade, and tight financial conditions globally. According to the World Bank, global growth is expected to drop from 2.6% in 2023 to 2.4% in 2024, slowing for the third year in a row. Whereas, developing economies are projected to have a growth rate of 3.9% and low-income countries are expected to grow 5.5% in 2024. By the end of 2024, around 40% of people in low-income countries and people in one out of every four developing countries will still be poorer than they were before the COVID-19 pandemic. 

The global economy is shifting its growth circle and Asia seems to be the strongest region heading forward. According to Goldman Sachs, China, the US, India, Indonesia, Germany, Japan, and the UK will be the leading economies in 2050. These economies are some of the richest countries by GDP per capita. By 2075, India will surpass the US to be the second-largest economy. Nigeria and Pakistan will replace Germany and Japan to be the fifth and sixth-largest economies in the world. The United Kingdom is tightening its immigration rules in 2024 to avoid a large inflow of immigrants and stabilize the country’s job market. Whereas, Germany is making its immigration more flexible as it needs a more skilled workforce. In the summer of 2023, Germany’s parliament passed the Skilled Immigration Act intending to quickly lower the barriers to immigration of skilled workers from countries outside the European Union. 

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