When you think of the world’s richest countries, places like America may spring to mind.

Power and wealth usually go hand in hand, so you could be forgiven for thinking that one of the great powers was also the world’s richest.

However, the real answer lies in a tiny European country with just over 650,000 people.

Luxembourg is known as the financial capital of the world and according to Global Finance, it outstrips places like Qatar and Sweden for the top spot in the richest countries list.

With a GDP per capita of $143,743 (around £109,820), Luxembourg is over two times wealthier than the UK, the current GDP per capita of which stands at £58,880. 

This tiny country shares its borders with Germany, France and Belgium and is famed for being a financial centre.

With more than 155 banks, this small nation is particularly attractive to foreign investors and has garnered a global reputation for being a business friendly nation.

With strong industries of tourism, information technology and logistics, Luxembourg’s GDP is able to punch above its weight.

It also has a strong industry of steel production which keeps a significant number of people in work.

In 2023 alone, Luxembourg generated $31.6million (£24.1million) in its total exports, led by iron products, cars and vehicle parts, gas turbines, and adhesive plastics.  

Global Finance reports that Luxembourg uses a large share of its impressive wealth to deliver higher living standards to its people who enjoy some of the best housing, health care and education in Europe.

Luxembourg wasn’t the only small and wealthy country to make the list – places like Singapore, San Marino and Switzerland also made the top ten list. The UK however, failed to rank in the top ten or even the top 20, coming in instead at 31.