Wealth can be defined in many ways. For some, it’s simply the amount of money on hand; for others, it’s net worth or overall quality of life. The same holds true when comparing countries. Large economies such as Indonesia or China may rank high in gross domestic product (GDP), but many citizens still face low wages and difficult living conditions.
To present a clearer picture of which nations are truly the wealthiest, we combined three measures: GDP, average income and the Social Progress Index (SPI). This composite approach highlights countries that deliver a balanced mix of economic output, household earnings and social well-being.
Below are the 50 wealthiest countries based on that combined assessment.
50. Costa Rica
Erin Donalson / Getty Images
GDP Rank: 79
Average Income Rank: 98
Social Progress Index Rank: 33
This is the methodology for our ranking.
Costa Rica Quality of Life
Costa Rica has many beautiful rainforests to explore. swissmediavision / Getty Images
Average Rank: 70
Bottom Line: Costa Rica
Jaco, Costa Rica. JodiJacobson / Getty Images
Costa Rica earns a spot at No. 50 thanks to a strong SPI performance despite a modest $60.1 billion GDP and a relatively low average income. High marks in water and sanitation, nutrition, basic medical care and personal rights lift its social progress score. Areas for improvement include access to advanced education, personal safety and inclusiveness.
49. Croatia
xbrchx / Getty Images
GDP Rank: 78
Average Income Rank: 94
Social Progress Index Rank: 37
Croatia Quality of Life
Zagreb, the capital of Croatia, is known for its coffee culture. Chalffy / Getty Images
Average Rank: 69.3
Bottom Line: Croatia
Beautiful, old town of Hvar, Croatia, looking at the Adriatic Sea. Rocky89 / Getty Images
Croatia’s placement reflects a mid-range GDP and average income offset by a solid SPI. Strengths include access to clean water, basic medical care and basic knowledge. Improvements are needed in inclusiveness and advanced education access.
48. Latvia
LeoPatrizi / Getty Images
GDP Rank: 102
Average Income Rank: 51
Social Progress Index Rank: 39
Latvia Quality of Life
Latvia has a lot of history. RossHelen / Getty Images
Average Rank: 63.7
Bottom Line: Latvia
Central Riga, Latvia, with Riga Cathedral and Daugava River in the background. Marcus Lindstrom / Getty Images
Latvia’s SPI performance helps compensate for a modest GDP. High marks in nutrition, basic medical care, water and sanitation and personal rights strengthen its social score, while access to advanced education and inclusiveness remain weaknesses.
47. Algeria
mtcurado / Getty Images
GDP Rank: 56
Average Income Rank: 58
Social Progress Index Rank: 75
Algeria Quality of Life
Algiers is the capital of Algeria. Leonid Andronov / Getty Images
Average Rank: 62.7
Bottom Line: Algeria
Sunset over the Mediterranean Sea in Oran, Algeria, North Africa. Leonid Andronov / Getty Images
Algeria balances a mid-level GDP and average income but falls behind on SPI. Access to nutrition, basic medical care and basic knowledge are adequate, yet very low scores in advanced education and inclusiveness lower its overall social progress.
46. Turkey
Nikada / Getty Images
GDP Rank: 19
Average Income Rank: 93
Social Progress Index Rank: 76
Turkey Quality of Life
The Atakule, a 410-foot communications and observation tower, is one of the primary landmarks of Ankara, Turkey. Getty Images
Average Rank: 62.7
Bottom Line: Turkey
Istanbul, Turkey. Carmian / Getty Images
Turkey’s large GDP places it among major economies, but low average incomes and a weak SPI reduce its overall standing. While water, sanitation and basic medical care score well, the country faces significant challenges in inclusiveness, advanced education, personal rights and safety.
45. Slovakia
rusm / Getty Images
GDP Rank: 63
Average Income Rank: 90
Social Progress Index Rank: 35
Slovakia Quality of Life
Slovakia is a beautiful country. martin-dm / Getty Images
Average Rank: 62.3
Bottom Line: Slovakia
Bratislava, the capital of Slovakia. QQ7 / Getty Images
Slovakia’s solid SPI ranking—driven by access to water, nutrition and shelter—helps offset a modest GDP and average income. Access to advanced education remains lower than desired.
44. Romania
Adrian Catalin Lazar / Getty Images
GDP Rank: 49
Average Income Rank: 89
Social Progress Index Rank: 44
Romania Quality of Life
Romania has a lot of nice medieval architecture. Pilat666 / Getty Images
Average Rank: 60.3
Bottom Line: Romania
Bucharest, Romania. Adam Petto / Getty Images
Romania’s mid-range GDP and SPI—supported by strong access to nutrition and basic medical care—place it in the lower half of this top-50 list. Challenges include advanced education access and low average incomes.
43. Malaysia
chaolik / Getty Images
GDP Rank: 38
Average Income Rank: 92
Social Progress Index Rank: 50
Malaysia Quality of Life
Malaysia has 32.7 million people. Rifka Hayati / Getty Images
Average Rank: 59.7
Bottom Line: Malaysia
Kuala Lumpur, Malaysia. Yongyuan Dai / Getty Images
Malaysia’s relatively strong GDP is undermined by low average incomes and an SPI that reflects strengths in basic services but weaknesses in inclusiveness, advanced education and personal rights.
42. Estonia
KavalenkavaVolha / Getty Images
GDP Rank: 104
Average Income Rank: 47
Social Progress Index Rank: 27
Estonia Quality of Life
Estonia first became an independent country in 1918. holgs / Getty Images
Average Rank: 59
Bottom Line: Estonia
Old Town architecture in Tallinn, the capital of Estonia. scanrail / Getty Images
Estonia’s small GDP is offset by a strong SPI and a relatively high average income. The country excels in water and sanitation, nutrition and basic health care, while room for growth remains in advanced education and inclusiveness.
41. China
Jeff_Hu / Getty Images
GDP Rank: 2
Average Income Rank: 102
Social Progress Index Rank: 66
China Quality of Life
Lujiazui is Shanghai’s financial district. XIUYUAN YAO / Getty Image
Average Rank: 56.7
Bottom Line: China
China had a $1.4 trillion GDP at the end of 2020. SeanPavonePhoto / Getty Images
China’s enormous GDP is tempered by low average incomes and mixed social progress. While access to basic medical care performs well, personal rights, inclusiveness and advanced education lag significantly, pulling down its overall composite ranking.
40. Russia
yulenochekk / Getty Images
GDP Rank: 11
Average Income Rank: 95
Social Progress Index Rank: 66
Russia Quality of Life
Orthodox churches surrounded by red brick buildings in the city of Yoshkar-Ola at sunset. Mordolff / Getty Images
Average Rank: 55.7
Bottom Line: Russia
Moscow, Russia. Anaiz777 / Getty Images
Russia’s large GDP does not translate into high average incomes or social progress. Strong performance in basic health and sanitation is offset by low scores in inclusiveness, personal safety and personal rights.
39. Lithuania
proslgn / Getty Images
GDP Rank: 86
Average Income Rank: 50
Social Progress Index Rank: 31
Lithuania Quality of Life
Klaipeda is a city in Lithuania on the Baltic Sea coast. Aleh Varanishcha / Getty Images
Lithuania benefits from a strong SPI with good access to basic medical care, water and sanitation and personal rights. Average income and GDP are moderate, with gaps in advanced education and some health measures.
38. Saudi Arabia
swisshippo / Getty Images
GDP Rank: 18
Average Income Rank: 61
Social Progress Index Rank: 86
Saudi Arabia Quality of Life
Saudi Arabia has 34.8 million people. benedek / Getty Images
Saudi Arabia’s oil-driven GDP is large, but social progress and average income rankings are mixed. The country scores well on water and basic medical care yet records very low scores in inclusiveness, personal rights and advanced education.
37. Brazil
FerreiraSilva / Getty Images
GDP Rank: 9
Average Income Rank: 103
Social Progress Index Rank: 49
Brazil Quality of Life
Famous Copacabana Beach in Rio de Janeiro, Brazil. marchello74 / Getty Images
Brazil’s large GDP helps offset very low average incomes. Its SPI is middling, with strengths in basic medical care and sanitation but weaknesses in advanced education and personal safety.
36. Cyprus
f8grapher / Getty Images
GDP Rank: 112
Average Income Rank: 20
Social Progress Index Rank: 28
Cyprus Quality of Life
Nicosia is the capital of Cyprus. peeterv / Getty Images
Cyprus’s small GDP is balanced by high average incomes and a strong SPI driven by water, basic medical care and personal rights. Advanced education scores are moderate.
35. Chile
jimfeng / Getty Images
GDP Rank: 43
Average Income Rank: 78
Social Progress Index Rank: 34
Chile Quality of Life
Santiago at Sunset. Oleh_Slobodeniuk / Getty Images
Chile’s SPI advantages—especially in water, sanitation and basic medical care—help it remain competitive, despite modest GDP and average income levels. Access to advanced education is an area for improvement.
34. Argentina
FrankvandenBergh / Getty Images
GDP Rank: 24
Average Income Rank: 84
Social Progress Index Rank: 42
Argentina Quality of Life
Horse riding after an Argentinian barbecue. Tempura / Getty Images
Argentina’s moderate GDP and SPI place it in the middle of this list. Reliable access to water and basic health is a strength, while advanced education and safety are areas that bring down its overall social score.
33. Qatar
Ahmed_Abdel_Hamid / Getty Images
GDP Rank: 55
Average Income Rank: 36
Social Progress Index Rank: 58
Qatar Quality of Life
Qatar has 2.9 million people. franckreporter / Getty Images
Qatar’s high average incomes are tempered by income inequality and social progress challenges, especially in inclusiveness, personal rights and advanced education access. Its GDP is relatively small compared with other oil-rich states.
32. Mexico
Elijah-Lovkoff / Getty Images
GDP Rank: 15
Average Income Rank: 73
Social Progress Index Rank: 59
Mexico Quality of Life
Every day is a good day for tacos in Mexico. grandriver / Getty Images
Mexico’s large GDP helps it rank on this list, but low average incomes and a middling SPI—where advanced education, personal safety and freedom score lower—lower its overall position.
31. Hungary
Yasonya / Getty Images
GDP Rank: 58
Average Income Rank: 53
Social Progress Index Rank: 36
Hungary Quality of Life
Hungarian is the official language in Hungary. martin-dm / Getty Images
Hungary’s SPI strengths in water, basic medical care and access to knowledge help balance a mid-range GDP and average income. Advanced education and inclusiveness show room for improvement.
30. Slovenia
Velirina / Getty Images
GDP Rank: 85
Average Income Rank: 35
Social Progress Index Rank: 22
Slovenia Quality of Life
Lake Bled in Slovenia Europe. AleksandarGeorgiev / Getty Images
Slovenia’s strong SPI and above-average incomes outweigh a smaller GDP. The country performs well in water, knowledge and personal rights while advanced education remains average.
29. Greece
Grafissimo / Getty Images
GDP Rank: 53
Average Income Rank: 48
Social Progress Index Rank: 29
Greece Quality of Life
Greece has 10.4 million people. Gatsi / Getty Images
Greece combines moderate GDP and average income with a relatively strong SPI, especially in water, medical care and basic knowledge. Advanced education scores could be higher.
28. Portugal
alanphillips / Getty Images
GDP Rank: 50
Average Income Rank: 52
Social Progress Index Rank: 24
Portugal Quality of Life
Panoramic view over Camara de Lobos, Madeira island, Portugal. Balate Dorin / Getty Images
Portugal’s SPI strength—together with reasonable GDP and income—places it comfortably among the top 30. It performs well across most social measures, though advanced education lags behind other indicators.
27. Iceland
Rudolf Kirchner / Pexels
GDP Rank: 110
Average Income Rank: 6
Social Progress Index Rank: 2
Iceland Quality of Life
Iceland was the last place on earth to be settled by humans. Vadim_Nefedov / Getty Images
Iceland ranks high thanks to exceptional social progress and one of the highest average incomes globally, despite a very small GDP. The nation excels in water, sanitation, basic medical care and personal rights; advanced education is a relative weak spot.
26. Czech Republic
Eloi_Omella / Getty Images
GDP Rank: 48
Average Income Rank: 34
Social Progress Index Rank: 26
Czech Republic Quality of Life
Old Bohemian city Cesky Krumlov in the Czech Republic. zhuyufang / Getty Images
The Czech Republic balances moderate GDP and average incomes with solid social progress. High marks in water, medical care and personal rights lift its SPI, while advanced education remains typical of the region.
25. United Arab Emirates
Aleksandar Pasaric / Pexels
GDP Rank: 30
Average Income Rank: 26
Social Progress Index Rank: 45
United Arab Emirates Quality of Life
Sheikh Zayed Grand Mosque in Abu Dhabi, United Arab Emirates. paocca / Getty Images
The UAE’s oil wealth supports high average incomes and GDP, but income inequality and restrictive policies lower average rankings on social progress measures—particularly in advanced education and personal rights.
24. Israel
Kostiantyn Stupak / Pexels
GDP Rank: 34
Average Income Rank: 34
Social Progress Index Rank: 30
Israel Quality of Life
Israel has 8.7 million people. RudyBalasko / Getty Images
Israel performs consistently across GDP, income and social progress, with top scores in water and basic medical care. Areas to strengthen include inclusiveness and advanced education access.
23. Poland
Caio Resende / Pexels
GDP Rank: 21
Average Income Rank: 43
Social Progress Index Rank: 32
Poland Quality of Life
Gdansk is a port city on the Baltic coast of Poland. Andrey Danilovich / Getty Images
Poland’s balanced performance across GDP, income and social progress yields a mid-to-upper ranking. Water, medical care and knowledge are strengths while advanced education scores are modest.
22. New Zealand
Ketan Kumawat / Pexels
GDP Rank: 54
Average Income Rank: 25
Social Progress Index Rank: 10
New Zealand Quality of Life
Banks Peninsula in New Zealand. Myriam Munoz / Getty Images
New Zealand’s excellent social progress—especially in water, sanitation and basic medical care—combined with solid average incomes pushes it well above what its small GDP might suggest.
21. Luxembourg
Yvonne Huijbens / Pixabay
GDP Rank: 74
Average Income Rank: 7
Social Progress Index Rank: 8
Luxembourg Quality of Life
The Grund area of Luxembourg. frantic00 / Getty Images
A very high average income and strong social progress allow tiny Luxembourg to rank well despite a small total GDP. The country excels in water, basic care and personal rights.
20. Finland
Jari-Pekka Peltoniemi / Pixabay
GDP Rank: 44
Average Income Rank: 24
Social Progress Index Rank: 5
Finland Quality of Life
Finland has 5.5 million people. Subodh Agnihotri / Getty Images
Finland’s exceptional social progress and strong average incomes weigh heavily in its favor. The country scores especially well in water, sanitation and health; advanced education is relatively lower but still strong overall.
19. Singapore
Sasin Tipchai / Pixabay
GDP Rank: 36
Average Income Rank: 10
Social Progress Index Rank: 23
Singapore Quality of Life
Singapore Chinatown with the business financial district in the background. ronniechua / Getty Images
Singapore combines very high average income with strong social indicators in water and knowledge access. However, restrictions on personal rights and certain freedoms reduce its SPI score relative to other top-ranked countries.
18. Spain
David Mark / Pixabay
GDP Rank: 14
Average Income Rank: 31
Social Progress Index Rank: 19
Spain Quality of Life
Park Guell in Barcelona, Spain. MasterLu / Getty Images
Spain’s large economy and strong social indicators—especially in environmental quality, water and medical care—secure its place among the top 20. Average incomes are moderate relative to peers.
17. Ireland
Roland Mey / Pixabay
GDP Rank: 32
Average Income Rank: 19
Social Progress Index Rank: 12
Ireland Quality of Life
Houses and a cathedral in Cobh, Ireland. benstevens / Getty Images
Ireland’s strong social progress and high average incomes offset a GDP that is smaller than some peers. Health, water and personal rights are notable strengths.
16. Austria
Iva Balk / Pixabay
GDP Rank: 27
Average Income Rank: 16
Social Progress Index Rank: 20
Austria Quality of Life
Salzburg, Austria. bluejayphoto / Getty Images
Austria ranks well due to strong average incomes and good social indicators. Water, medical care and shelter score highly, while advanced education trails slightly behind.
15. Italy
Kookay / Pixabay
GDP Rank: 8
Average Income Rank: 33
Social Progress Index Rank: 21
Italy Quality of Life
A gondolier paddles toward the sunset in Venice’s Grand Canal. JaCZhou / Getty Images
Italy’s large GDP gives it a strong economic base, but average incomes and social progress place it in the middle of the top 50. The country performs well in water, medical care and rights, though education access is uneven.
14. South Korea
cmmellow / Pixabay
GDP Rank: 12
Average Income Rank: 29
Social Progress Index Rank: 18
South Korea Quality of Life
Namdaemun Market is a large traditional market in Seoul, South Korea. Marco_Piunti / Getty Images
South Korea combines high GDP with good social progress, particularly in sanitation, health and access to information. Personal freedom and choice are comparatively lower, but the overall balance keeps it among the top nations.
13. Sweden
mammela / Pixabay
GDP Rank: 22
Average Income Rank: 23
Social Progress Index Rank: 11
Sweden Quality of Life
Sweden has a population of 10.1 million people. olaser / Getty Images
Sweden’s strong SPI and healthy incomes place it high among wealthy nations. The country performs well in environmental quality, water and medical care; advanced education could be stronger.
12. Belgium
S. Hermann & F. Richter / Pixabay
GDP Rank: 23
Average Income Rank: 14
Social Progress Index Rank: 17
Belgium Quality of Life
Bruges is an old medieval town in Belgium. agustavop / Getty Images
Belgium’s balance of a strong average income and solid social progress gives it a high ranking. Water, health and shelter are strengths; advanced education remains a common European challenge.
11. Denmark
iris Vallejo / Pixabay
GDP Rank: 39
Average Income Rank: 11
Social Progress Index Rank: 4
Denmark Quality of Life
Nyhavn pier with color buildings, ships, yachts and other boats in Denmark. scanrail / Getty Images
Denmark ranks extremely well on social progress, with top scores in water, shelter and health. Relatively high incomes and strong social systems place it among the most prosperous nations.
10. Norway
Nico Franz / Pixabay
GDP Rank: 29
Average Income Rank: 15
Social Progress Index Rank: 1
Norway Quality of Life
Norway has beautiful natural scenery. cookelma / Getty Images
Norway tops the SPI and combines strong average incomes with robust social systems, making it one of the world’s wealthiest countries on a per-person and social-wellbeing basis.
9. France
Edi Nugraha / Pixabay
GDP Rank: 6
Average Income Rank: 22
Social Progress Index Rank: 16
France Quality of Life
Cafe Le Bon Georges in Paris. AlexKozlov / Getty Images
France’s sizable GDP and strong social infrastructure make it a top-ten country in overall wealth. Areas for development include inclusiveness and advanced education access.
8. Canada
Richard Furlong / Pixabay
GDP Rank: 10
Average Income Rank: 18
Social Progress Index Rank: 14
Canada Quality of Life
Old Quebec City in Canada. Gabriel Shakour / Getty Images
Canada combines a strong GDP with high average incomes and good social progress, particularly in medical care and personal rights. Access to advanced education is slightly lower relative to other indicators.
7. Australia
Julian Hacker / Pixabay
GDP Rank: 13
Average Income Rank: 13
Social Progress Index Rank: 15
Australia Quality of Life
Canberra is the capital of Australia. IIIShutter / Getty Images
Australia maintains strong GDP, income and social indicators, particularly in nutrition, medical care and access to information. Advanced education is good but not exceptional.
6. United Kingdom
Pexels / Pixabay
GDP Rank: 5
Average Income Rank: 21
Social Progress Index Rank: 13
United Kingdom Quality of Life
Westminster Palace and the Westminster Bridge in London. Leonid Andronov / Getty Images
The U.K. combines a large economy with decent average incomes and social progress. Challenges remain in inclusiveness and access to advanced education, which affect its social ranking.
5. Netherlands
djedj / Pixabay
GDP Rank: 17
Average Income Rank: 12
Social Progress Index Rank: 7
Netherlands Quality of Life
Traditional Dutch windmills and houses near a canal in the Netherlands. Olena_Z / Getty Images
The Netherlands achieves a strong balance of GDP, income and social progress. High scores in personal rights and social indicators help it rank among the world’s wealthiest countries.
4. Japan
Japan / Pixabay
GDP Rank: 3
Average Income Rank: 27
Social Progress Index Rank: 6
Japan Quality of Life
Japan has 126.5 million people. Eloi_Omella / Getty Images
Japan’s massive GDP and strong social progress place it near the top. High scores in sanitation, basic knowledge and health bolster its ranking, though inclusiveness and advanced education present opportunities for improvement.
3. United States
Free-Photos / Pixabay
GDP Rank: 1
Average Income Rank: 9
Social Progress Index Rank: 25
United States Quality of Life
Los Angeles, California, is the second-largest city in the U.S. behind only New York City. choness / Getty Images
The United States leads in GDP and ranks highly in average income, though its SPI is lower than many peers. Strong performance in shelter, water and medical care is balanced by weaknesses in inclusiveness, health and safety.
2. Switzerland
TeeFarm / Pixabay
GDP Rank: 20
Average Income Rank: 8
Social Progress Index Rank: 3
Switzerland Quality of Life
Panorama of Thun, a Swiss town in the canton of Bern, with the Alps and Thunersee Lake in the background. ake1150sb / Getty Images
Switzerland combines very high wages with outstanding social indicators. Access to drinking water, nourishment, electricity and education metrics are among the best globally, securing its place near the top.
1. Germany
aingnamma / Pixabay
GDP Rank: 4
Average Income Rank: 17
Social Progress Index Rank: 9
Germany Quality of Life
The Reichstag building in Berlin, Germany. hanohiki / Getty Images
Germany tops this list as the wealthiest country when combining GDP, average income and social progress. Its large economy, strong social indicators—especially in schooling enrollment, access to electricity and drinking water—and solid earnings put it ahead of all others in this balanced assessment.