t is important to note that wealth is not evenly distributed within any country. Even in the wealthiest countries, significant numbers of people live in poverty. Therefore, looking at other well-being indicators, such as life expectancy, education levels, and access to healthcare, is essential when assessing a country’s standard of living. You may be surprised by these 18 countries that aren’t as rich as you think they are.
Nigeria
Nigeria’s GDP is $2,066 per capita. While Nigeria is ranked 29 in the World Economic League Table (WELT), it is not as rich as people think. According to the World Bank, Nigeria’s poverty rate is over 40%, and millions of Nigerians live on less than $1.90 daily. Nigeria also has a high unemployment rate, especially among young people.
Iran
Iran’s GDP is per capita $4,333 and is ranked 12 in the WELT. Iran’s economy is heavily dependent on oil and gas exports. By 2022, the oil and gas sector accounted for over 40% of government revenue. However, the government is working to diversify the economy and reduce its reliance on oil and gas. Overall, Iran is a growing economy with a lot of potential. However, the country still faces several challenges, including the COVID-19 pandemic, US sanctions, and a reliance on oil and gas exports.
South Africa
South Africa was 28th in the 2023 WELT and has a GDP per capita of $7,055.
South Africa is a middle-income country with a mixed economy. It is the second-largest economy in Africa after Nigeria. Nevertheless, South Africa faces challenges with high unemployment and poverty that are made even more difficult by high levels of corruption.
Brazil
Brazil has a GDP per capita of $7,507 and is ranked 11 in the WELT ranking. In recent years, the Brazilian economy has been growing steadily. In 2022, the Brazilian economy grew by 2.9%. This growth was driven by private consumption and investment. However, the country is weaker than people think, with high inflation, fiscal deficit, and unemployment.
Mexico
Mexico has a GDP per capita of $10,046 and a WELT ranking of 15. Mexico is a middle-income country with a mixed economy. It is the fifteenth-largest economy in the world and the second-largest economy in Latin America. Mexico has a diverse economy with sectors such as manufacturing, agriculture, mining, tourism, and financial services, but like many other countries, it faces high inflation and low unemployment.
Indonesia
Indonesia has a per capita of $4,333 and a WELT of 17. Indonesia is the largest economy in Southeast Asia and the seventh-largest economy in the world by purchasing power parity. Despite some success, Indonesia is one of the most unequal countries in the world. This inequality is a significant obstacle to economic growth and development.
Maldives
The Maldives’ GDP per capita is $10,366 and 151 in the WELT ranking. Despite the low ranking and slight improvements in economic growth, the country is not as rich as people perceive. The Maldives heavily depend on tourism and fisheries, which account for over 60% of GDP. Additionally, The Maldives is a relatively expensive country to live in. This is due to its dependence on imports and its small domestic market.
Kazakhstan
Kazakhstan has a GDP per capita of $10,374, ranking 52 with WELT. Kazakhstan’s economy grew by 3.2% in 2022 after a contraction of 2.6% in 2020 due to the COVID-19 pandemic. On the downside, the country is heavily dependent on oil exports. This makes the economy vulnerable to fluctuations in oil prices.
China
China has a GDP per capita of $12,556 and ranks an impressive 2nd in the WELT, although things are not all as they seem. China’s economy has increased in recent decades. It is now a significant player in global trade and investment. Still, the population is aging rapidly, which is putting a strain on the country’s social security and pension systems.
Saudi Arabia
Saudi Arabia has a GDP per capita of $23,186 and 18 in the WELT rankings. Saudi Arabia has a diverse economy with sectors such as oil and gas, mining, agriculture, manufacturing, and tourism. Despite these successes, the country has a corruption issue, which is a problem in Saudi Arabia that deters foreign investment and makes it difficult to implement economic reforms.
Russia
Russia has a GDP per capita of $12,195 and was rated 13 in the WELT rankings. The Russian economy has been shrinking since the start of the war in Ukraine and is expected to continue to decline in 2023. The World Bank estimates that the Russian economy contracted by 4.5% in 2022 and is expected to contract by 6.5% in 2023.
Ukraine
Ukraine’s per capita GDP is $4,836, and its WELT ranking is 66. The ongoing war with Russia has severely impacted the Ukrainian economy. The World Bank estimates that the Ukrainian economy contracted 30% in 2022 and is expected to contract 35% in 2023.
India
India has a GDP per capita of $2,257, ranked 5th in the WELT ranking in 2023. India is a rapidly growing economy with diverse industries, including agriculture, manufacturing, services, and information technology. However, India has a high poverty rate and a high level of inequality. This is a significant obstacle to economic growth and development and has a massive issue with poverty.
UK
The UK economy has grown steadily in recent years, with GDP growth of 7.5% in 2021 and 2.9% in 2022. However, the UK economy faces several challenges, including a cost of living crisis, high inflation, and Brexit.
Venezuela
Venezuela has a GDP per capita of $2,780, and the economy is in a crisis. The country has been experiencing hyperinflation for several years, with a poverty rate of over 50%. The economy has contracted by over two-thirds since 2013, and there is a severe shortage of essential goods and services.
Slovenia
Slovenia has a GDP per capita of $32,214 and is ranked 86 in WELT 2023. Slovenia’s leading economic sectors are services, industry, and agriculture. The service sector accounts for the largest share of GDP, followed by industry and agriculture. Slovenia’s primary industries include machinery, equipment, electronics, chemicals, and pharmaceuticals.
Kuwait
According to the World Bank, Kuwait’s GDP per capita in 2023 is estimated to be around $39,570. This places Kuwait among the high-income countries in the world. Despite this and its 57 WELT ranking, Kuwait’s economy is heavily dependent on oil exports, making it vulnerable to oil price fluctuations. Kuwait also faces several other challenges, such as an aging population and rising unemployment.
Libya
Libya has a GDP of $9,677 per capita and is ranked 95th with WELT. The country heavily depends on oil exports, which account for over 90% of government revenue. However, political instability and conflict have disrupted oil production in recent years.
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