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Richest country in the world? Luxembourg – Economic Policy

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The Grand Duchy is, according to Global FinanceRichest country in the world.

The review measured each state’s output, GDP per capita and purchasing power. Our neighbor tops the rankings with $140,694 per capita, ahead of Singapore and Ireland. Belgium ranks 22nd, with $61,587 per inhabitant; France is here…

The review measured each state’s output, GDP per capita and purchasing power. Our neighbor tops the rankings with $140,694 per capita, ahead of Singapore and Ireland. Belgium ranks 22nd, with $61,587 per inhabitant; France ranks 26th (IMF data). Determining the richest country is a tricky business. There is a strong temptation to take into account only gross domestic product, but this benefits large countries such as China or the United States. A very, very rich small state would be nowhere in the rankings, hence the GDP per capita criteria. Correcting this figure for purchasing power makes the comparisons more relevant. That being said, dividing the Grand Duchy’s GDP by its population overstates its wealth in part because a significant portion of those contributing to this GDP do not live in the region. Luxembourg relies on its cross-border workforce. By the end of 2021, there were 245,867 resident workers and 212,343 cross-border workers. If cross-border workers were to be taken into account in the calculation of wealth, the Grand Duchy would remain sixth or seventh on the level of a country like Norway or the United States.

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