When we think about which is the richest country in the world, many people immediately imagine the USA. But there’s an interesting detail here: the United States isn’t even at the top when we look at GDP per capita. That’s right—countries much smaller in population and territory leave Americans behind in this metric.

Luxembourg leads by a wide margin with a GDP per capita of $154,910, while the EUA ranks 10th with $89,680. It’s a huge difference. Singapore comes in second with $153,610, followed by Macau with $140,250. These figures show that wealth isn’t just about overall economic size.

So what sets these nations apart? Usually, it’s a combination of factors. Luxembourg, Switzerland, and Singapore built their wealth through strong financial and banking services. Qatar and Noruega, in turn, tapped into their massive oil and natural gas reserves. Ireland, for its part, opened up the economy to foreign investment and became a hub for technology and pharmaceuticals.

Now, which country is the richest in the world in absolute terms? That’s right—it’s the EUA. They have the largest global economy in nominal GDP, dominate the biggest stock exchanges (NYSE and Nasdaq), control the dollar as an international reserve currency. Wall Street and institutions like JPMorgan Chase exert an immense influence on global finance. Americans also invest heavily in research and development, about 3.4% of GDP.

But there’s a dark side. The EUA has one of the highest income inequalities among developed countries, and the national debt has already surpassed $36 trillions. So yes, it has the largest economy, but wealth is far from being distributed equally.

The other highlights of the ranking are interesting too. Ireland in 4th place, Brunei Darussalam in 8th (also dependent on oil), and Guiana in 9th, which recently discovered offshore oil and saw explosive growth. Noruega in 6th place is another classic case of a country that turned natural resources into long-term prosperity.

GDP per capita, by the way, is calculated by dividing the country’s total income by its population. It’s a more useful metric for measuring the average standard of living, but it also has limitations because it doesn’t take income inequality into account. A country can have a high GDP per capita but still have a lot of poor people.