Top 10 Richest Countries In Asia 2023

Wealth measures the value of all the assets of worth owned by a person, community, company, or country; Wealth is determined by taking the total market value of all physical and intangible assets owned, minus all liabilities.

Gross domestic product or GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services.

As the world’s largest continent, many rich countries are located in Asia. Here’s the list of the top 10 Asia’s richest countries of 2023, ranked according to their Gross Domestic Product or GDP, per capita!

10. CYPRUS

The Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP; Tourism, finance, shipping, and real estate have traditionally been the most important services. 

The economy of Cyprus is a high-income economy as classified by the World Bank, and was included by the International Monetary Fund in its list of advanced economies in 2001. With the GDP per capita of 30, 798.5, it is now the tenth richest country in Asia!

9. BRUNEI

The economy of Brunei is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions; It is almost entirely supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. 

Infact, Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production; The government provides for all medical services and subsidizes food and housing. It is ranked as the 9th richest country in Asia with a GDP per capita of 31, 722.7. 

8. SOUTH KOREA

South Korea is the largest shipbuilder in the world. The third largest car manufacturer and a technology hub rival Silicon Valley and Tokyo. 

These industries helped South Korea to become one of the richest economies in the world. It is also known for its economic development from an underdeveloped nation to a developed high-income country in just a few generations. 

This economic growth has been described as the Miracle on the Han River, which has allowed it to join OECD and the G-20. The country has a high GDP per capita of 34, 757.7, making them the 8th richest Asian country of 2023!

7. UNITED ARAB EMIRATES

With the discovery of oil and natural gas, both on land and in its waters, the country moved away from its earlier dependence on pearl diving, fishing and agriculture, and into an economy dominated by natural resources. 

The UAE GDP for 2020 was $359 billion. This reflects the rich natural resources in the UAE, which has 10 percent of the total world supply of oil reserves and the world’s fifth largest natural gas reserves. It is now the 7th richest Asian country with a GDP per capita of 36, 284.6!

6. JAPAN

Japan has the third-largest financial assets in the world, valued at 12 trillion dollars, or 8.6% of the global GDP total as of 2020.  Japan is one of the largest and most developed economies in the world. It has a well-educated, industrious workforce and its large, affluent population makes it one of the world’s biggest consumer markets. 

Within the 60s up until the 80s, Japan achieved one of the highest economic growth rates in the world, led by high rates of investment in productive plant and equipment. No wonder it is now the sixth richest country in Asia, with a GDP per capita of 39, 285.2.

5. MACAU

The backbone of Macau’s economy is tourism, and much of it geared towards gambling, which was legalised in the 19th century and has since been the linchpin of the economy and an important source of revenue for the government. 

Macau is known as the Las Vegas of the east, and is one of the wealthiest places in the world having one of the highest GDP per capita of 45, 421.6. Upon the entry of 2023, it is now the 5th richest country in Asia!

4. HONG KONG

Hong Kong has a highly developed free-market economy that is characterised by low taxation, almost free port trade and a well-established international financial market. 

It is now the 4th richest country in Asia, with a GDP per capita of 49, 660.6. Hong Kong’s development is based to a large extent on its controlling position over one of the best deep water ports in East Asia. The country is still going strong in economy and is the world’s third largest recipient of the FDI or Foreign Driect Investment, after United States and China.

3. ISRAEL

With a technologically advanced market economy with cut diamonds, high-technology equipment and pharmaceuticals among its major exports, Israel has managed to make it among the richest countries of Asia in 2023. In fact, it is now the 3rd richest Asian country with a GDP per capita of 51, 430.1. 

The country is very highly developed in terms of life expectancy, education, per capita income, and other human development index indicators. The Israeli diamond industry is one of the world’s centers for diamond cutting and polishing, amounting to 23.2 percent of all exports. 

Israel was ranked 19th out of 189 countries on the 2019 UN Human Development Index, indicating a “very high” development. It is considered a high-income country by the World Bank.

2. QATAR

Qatar’s economic prosperity is derived from the extraction and export of petroleum and natural gas. Before World War II Qatar’s population engaged in pearling, fishing, and some trade and was one of the poorest in the world. 

Now, Qatar has the world’s third-largest proven natural gas reserve, after Russia and Iran, and is the second-largest exporter of natural gas. Oil and natural gas account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. With a GDP per capita of 61, 276.0, it is now the 2nd richest country in Asia! 

1. SINGAPORE

Singapore’s economy is now one of the most stable in the world. Singapore has a high government revenue and a consistently positive surplus with no foreign debt! Its economy is mainly driven by exports in electronics manufacturing and machinery, financial services, tourism, and the world’s busiest cargo seaport. 

With a GDP per capita of 72, 794.0, Singapore not only ranked first as the richest country in Asia, but also one of the richest country in the world! Thanks to its remarkably open and corruption-free business environment, prudent monetary and fiscal policies, and a transparent legal framework where Singapore’s highly developed free-market economy owes its success!