Top Richest Countries in Oceania 2023

Oceania, known more popularly as Australia in the past, is a small continent located in the southern hemisphere of the earth. It is the smallest continent in terms of area and ranks second in terms of population only after Antarctica that is a totally inhabitable continent. The continent is relatively rich and there are only a few countries with GDP per capita below 5000. Let us learn more about the 10 richest countries in Oceania 2023, marked on the basis of their GDP per capita.

10 Richest Countries In Oceania 2023

The table below presents the list of 10 richest countries in Oceania in 2023 ranked according to their gross domestic product per capita (GDP per capita).

Oceania’s 10 Richest Countries in 2023

Now that you have learn a little about the Oceania’s 10 richest countries in 2023, how they are ranked, etc., let us get a little more insight about these countries and their economy.

Australia

With an amazing GDP per capita of 56,135, Australia is not just the richest country in Oceania but also one of the richest countries in the world. The driving force behind the rising GDP of the country is the massive property rise in the last few years. There is also relative equality among the people of the country in terms of wealth and there is less accumulation of wealth by certain individuals.

New Zealand

After Australia, New Zealand ranks as the second richest country in Oceania and has a GDP per capita of 41,629. With a highly developed free-market economy which is also the 50^th largest in the world the country is able to rank among the world’s richest countries as well. New Zealand has 214,000 people in the top 1 percent of global wealth and 1.97 million in the top 10 percent.

Palau

Not as strong as Australia and New Zealand, but Palau also enjoys a fairly good GDP per capita of 17,570. This value might ot be very large but is much higher that the GDP per capita of numerous African, Asian and South American countries. Subsistence agriculture and fishing along with government job and prospects of tourism forms the economical backbone of the country.

Nauru

Despite being the smallest country in the continent, Nauru is able to maintain a GDP per capita of 8,575. It is also the least populated country in Oceania. Once one of richest countries in the world (in 1970s and 80s), Nauru saw a major dip in its economic condition and then again rose to reach an upper level.

Fiji

With a GDP per capita of 5,761, Fiji is the fift richest country in Oceania in 2023. among all the pacific islands, the country has the most developed economy. Export of sugar and tourism are the major sources of economy. Clothing, copra, gold, silver, lumber are the other major industries in Fiji.

Tuvalu

Tuvalu is a very small island nation in Oceania with a population of mere 11000. It is the first country in Oceania to have a GDP per capita value in four digits, 3,618. although the  GDP per capita is just alright the economy of Tuvalu is constrained by its remoteness and lack of economies of scale.

Tonga

Tonga is the only Pacific country that is under constitutional monarchy and enjoys a GDP per capita of mere 4,176. Its economy is characterized by a large non-monetary sector depends heavily on payment from its population that lives abroad. Also, much of the economic sector is under control of the royal family and nobles.

Marshall Islands

Marshall Islands are a chain of volcanic islands in Oceania that mostly depends on government sector jobs for their economy. The country’s GDP is mainly derived from payments from the United States as per the Compact of Free Association agreement. Other than Marshall Islands, Palau and Micronesia are the other two country’s that receive payment from the US.

Samoa

Samoa is a small country in Oceania (not to be confused with American Samoa). It is among the richest countries in the continent. However, it is not actually a very rich country and has a GDP per capita of only 4,283. Agricultural exports, development aid and private financing from overseas are the backbone of economy.

Micronesia, Fed. Sts.

The list of 10 Richest Countries In Oceania 2023 concludes with Micronesia, Fed. Sts. The country has a GDP per capita of 3,218 and relies heavily on the payments received from the US under Compact of Free Association. Subsistence agriculture and fishing are the other source of economy in Micronesia.

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Note: The GDP per capita data of changes with time.