When we think about the richest countries in the world, we might immediately think of big countries like the US, Russia or China. But you might be surprised to learn that the richest countries are actually some of the smallest on the map. According to Forbes India, this list, based on GDP per capita, comes from data provided by the International Monetary Fund (IMF).

Before we list out the richest countries, it is important to understand what GDP is. GDP stands for Gross Domestic Product which measures the total value of all goods and services produced in a country. To understand how rich people are in a country, we divide the country’s GDP by how many people live there which gives an idea of the general populace’s wealth.

But to get a clearer picture of a country’s real wealth, we also need to consider how much things cost in that country and how inflation affects prices. This is where Purchasing Power Parity (PPP) comes in. PPP takes into account the cost of living and inflation rates which helps us compare wealth more accurately between countries.

Luxembourg is the richest country in the world with a GDP of $91.21 billion. With a population of just 6,75,000, its share of the world’s GDP based on PPP is only 0.05%. The country is famous for its better living standards, healthcare and education. It is also one of the world’s top tourist destinations, famous for its idyllic castles, abundant greenery and picturesque canals.