Reeves, 45, joined Labour as a teenager. A national chess champion by age 14, she studied at Oxford University and the London School of Economics and landed her first post-graduate job with the Bank of England. She became a member of Parliament in 2010, when the Conservatives’ tenure began.

After years of economic uncertainty, Reeves’s first order of business will be spurring higher and more inclusive growth. Her approach, which she has detailed in books, speeches and interviews, is what she named Securonomics. “It is an approach that consists of a Bidenomics-like industrial strategy at one end, thereby protecting and supporting important sectors and technologies, while it also looks to recognize the importance of security for workers in the everyday economy,” says Andrew Westwood, professor of Public Policy, Government & Business at the University of Manchester. “This model is now being widely adopted not only in the US but also in the EU, as a more volatile global economy and geopolitical tensions have pushed more nations to active strategies supporting critical supply chains, defense manufacturing, energy security, and so on.”

The second part of Reeves’s approach, Westwood argues, will be to create a path to greener growth that is fairer to cities and regions that have been in decline: “These issues have become crucibles for discontent and populism, creating a threat to domestic politics across many countries and to global institutions and co-operation as well, as it is in the case of the anti-institutionalism of Trump and Le Pen, or Johnson, Farage and Suella Braverman in the UK.” It’s been called “the revenge of the places that don’t matter,” Westwood says, referencing economic geographer Andrés Rodríguez-Pose: “Securonomics will only succeed if it can effectively address this discontent.”      

Peace, some people say, starts with a smile. Peaceful societies enjoy greater income growth, stronger currencies and higher foreign investment—not to mention political stability and a greater sense of happiness among their citizens.

The economic impact of violence on the global economy is quantifiable: in 2023, it accounted for $19.1 trillion in purchasing-power parity (PPP) terms, or 13.5% of total global GDP—that’s $2,380 less economic output for each person on the planet.  This represents an overall increase of $158 billion from the year before, and was largely driven by a 20% increase in GDP losses from conflict. Meanwhile, expenditure on peacebuilding and peacekeeping efforts totaled just $49.6 billion, less than 0.6% of total military spending.

These are the most significant takeaways from the 2024 Global Peace Index, the world’s leading measure of global peace. Compiled by the international think-tank Institute for Economics and Peace (IEP), it covers 163 independent states and territories home to 99.7% of the world’s population. The ranking, which is based on 23 indicators grouped into three criteria (societal safety and security; extent of ongoing domestic and international conflict; and degree of militarization), shows 65 countries recording improvement and 97 showing deterioration, more than any year since the inception of the Global Peace Index in 2008.

In total, the level of global peacefulness decreased this year by 0.56% according to the IEP researchers. That might not seem like much, yet it is worth noting that it is the twelfth time that the average has declined, for an overall reduction of 4.5% since the index was launched. Meanwhile, the number of refugees and internally displaced persons has rocketed to 95 million, with 16 nations with at least 5% of the population are either refugees or internally displaced.

It should be no surprise that political instability and unresolved internal conflicts are major factors undermining global peacefulness. Afghanistan ranked as the world’s least peaceful country for six years in a row but has been surpassed in this year’s edition of the Peace Index by South Sudan, Sudan and Yemen which now holds that unenviable distinction. Ukraine—which last year recorded the largest deterioration in the index, falling 14 places to the 157^th spot—dropped 2 positions further, to 159. Needless to say, the conflict in Gaza also has had a negative impact on global peacefulness, with Israel and Palestine recording the first and fourth largest deteriorations in the ranking, respectively. Ecuador, Gabon and Haiti were the other nations that experienced a sharp decline.

On the whole, last year saw 162,000 deaths due to conflict, marking the second-highest toll in three decades. The wars in Ukraine and Gaza were responsible for nearly 75% of these fatalities with Ukraine alone accounting for over half (83,000 deaths) while Gaza saw at least 33,000 deaths by April 2024. Another worrying trend is that conflicts are becoming more internationalized: 92 countries are now involved in external conflicts in some form—the respective figure from the 2008 index was just 33.

Even more concerning, the Institute for Economics and Peace researchers point out, many of the factors that typically precede major conflicts are more pronounced today than they have been since the end of the Second World War. There are currently 56 active conflicts, the most since the late 1940s, with fewer conflicts being settled, militarily or through peace agreements.

Regionally, North America recorded the largest average deterioration of all the regions, with a drop of almost 5% primarily driven by increases in violent crime and fear of violence in both Canada and the US. Home to four of the ten least peaceful countries in the world, the Middle East and North Africa (MENA) is the least peaceful region globally. Sub-Saharan Africa, the second least peaceful region, also recorded a fall in peacefulness this year.

Elsewhere, Central America and the Caribbean’s average fell slightly by 0.17%, with seven out of 12 countries declining in their scores and five countries improving. Notably, El Salvador and Nicaragua recorded respectively the first and third-highest improvements globally. South America declined too (by 3.6%) as a result of deteriorations in the Safety and Security and Ongoing Conflict domains.

Western Europe remains the world’s most peaceful region overall, with seven nations placing in the top 10, including the top three slots. Europe’s strength arises from its relatively low internal conflict and political instability and high socio-economic development, buoyed by longstanding efforts to develop peaceful societies at home. Still, last year, the continent recorded its largest year-on-year increase in military expenditure since the index’s inception. Behind Western Europe, Asia-Pacific is the second most peaceful region, with the overall score deteriorating by 0.1%.

The only regional improvement in peacefulness, by 0.6%, occurred in the Russia and Eurasia region, largely due to the bounce-back effect from the steep decline experienced after Russia’s full-scale invasion of Ukraine in February 2022. Still, the overall levels of peacefulness in the region remain very low compared to its historical averages.

Amid widespread global turmoil, perhaps the more peaceful nations show a way forward. While countries like Iceland and New Zealand may benefit from their geographic isolation—making them more culturally cohesive and less exposed to territorial disputes—several nations in the top positions of the index fought vicious wars at one point in history, but today are integral members of the world’s most peaceful region, Europe. Elsewhere, Singapore and Malaysia illustrate the impact of democratic institutions and economic growth, as well as the ability to draw important lessons from a past marked by struggle and poverty, on bolstering peace.

While the institutions that manage societies—at least in terms of global averages—have generally improved and become more efficient and transparent, conflicts and violent protests stemming from opposing political views have increased across the world over the past decade, they have accelerated during the Covid-19 pandemic, and have continued after. Peaceful societies are not weighed down by the costs and burdens of violence, political instability and corruption, and they are more productive, informed and educated.

Ranking as the third most peaceful country in the Asia-Pacific region, Malaysia holds the top global position in the Ongoing Domestic and International Conflict domain and ranks third in the Militarization domain. Remarkably, this nation of about 33 million people has climbed 9 spots from last year, entering the top 10 for the first time. When the Peace Index was launched in 2008, Malaysia stood at the 32nd position.

A multicultural society with a diverse mix of Malay, Chinese, Indian and indigenous communities,  Malaysia benefits from government policies promoting tolerance and encouraging inclusivity. Crime rates are low compared to other countries in the region, and a prosperous economy helps reduce poverty and inequality. Additionally, since gaining independence in 1957, Malaysia has enjoyed relatively stable governance, fostering a more harmonious social and political environment.

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A legend says that when God distributed the land to all the nations, Slovenians were overlooked because there were so few of them (they are still just 2.1 million). To apologize, he gave them a little piece of paradise he saved for himself. Slovenia’s territory—half of which is covered by forests—boasts one of the greatest levels of biodiversity on the continent: with only one-hour drive from the capital Ljubljana, you can either swim in the Adriatic Sea or climb the Julian Alps. It is the only country from Central Europe to place in the top 10, making it the most peaceful nation in the CEE region.

Along with Slovenia, the Czech Republic, Hungary and Croatia too make it into the top 20, and Bulgaria, Slovakia and Latvia into the top 30. Of the 36 ranked countries in Europe, 13 had improvements in peacefulness and 23 saw deteriorations. The only European countries in the bottom half of the index are Cyprus (at number 88), Türkiye (139) and, perhaps surprisingly to some, France (86).

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Sometimes gaining one or two spots and sometimes losing them, since 2008 Denmark never dropped below the fifth place in the Global Peace Index—that is until this year. Now ranked 8^th, Denmark’s drop is more a result of other countries’ improvements than a significant decline in its own score, which has decreased by only 0.037% from last year.

Such relatively minor changes in the ranking only tell us that the kingdom is doing well. A safe country to travel and live in, Denmark is characterized by a high degree of political stability, freedom of the press and respect for human rights. It also boasts a high level of income equality and is frequently ranked as one of the happiest nations in the world.

To safeguard all that happiness and those excellent standards of living, this nation of less than 6 million spends a lot. In 2018, to counter the threat of Russia’s increasing military activity in eastern and northern Europe, Denmark reached a landmark cross-party political deal to increase its defense budget by 20%, on course to match its Nordic neighbors Sweden’s and Norway’s expenditure levels and reach the NATO membership target of 2% of national GDP in military spending.  As a result, Denmark’s overall standing in the Peace Index is weighed down by its performance in the militarization domain, where it ranks 24th in the world. Things are likely to stay that way: in 2023, Denmark announced plans to invest the equivalent of $21 billion in defense over the next 10 years, a figure that was increased by an additional $5.1 billion in 2024.

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Portugal marches to the beat of its own drum when it comes to peace and safety. Over the past few years, this nation of about 10 million people has emerged as one of the biggest climbers of the Global Peace Index, moving from the 18^th spot it held in 2014 into the top 10.

Ranking above the industrialized nations’ average in terms of housing, work-life balance, personal security and environmental quality, Portugal is also considered one of the top expat destinations due to its overall quality of life. Even better, there is no need to break the bank to enjoy the Portuguese way of living: the republic remains one of the most affordable destinations on the continent.

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Switzerland is exactly as one would expect: a place with an exceptionally high degree of safety in society, superior political stability, and close to inexistent international conflict. However, its surprising degree of militarization (total active and reserve army personnel number approximately 147,000 out of a population of about 8.9 million) keeps this nation from rising into the top 5. Switzerland—along with other well-ranking peaceful nations such as Canada, Singapore, Norway and the Netherlands—is also among the world’s top weapons exporters per capita.

Still, by most measures, Switzerland remains a prosperous country where linguistic and religious diversity is embraced.  In ninth place in the United Nation’s Happiness Report, it also ranks above the average among OECD nations when it comes to subjective well-being, income, health and education and environmental quality.

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While the Global Peace Index report shows an increasingly violent world, Singapore has become more peaceful. Way more peaceful: when the ranking was first launched in 2008 Singapore occupied the 22^nd spot. What prompted this remarkable jump? The IEP points out that the largest improvements in the ranking are usually broadly based while large deteriorations in peace are usually driven by just a few indicators.

So, while Singapore scored highly in societal safety and security and low levels of ongoing domestic and international conflict, holding it back from the highest tier of the ranking—like Switzerland—is its militarization level. Why does Singapore need so many people in its police and military forces and why is its arms expenditure so high? The city-state depends on seaborne trade for its prosperity, so having the naval resources to ensure the smooth passage of vessels through the Strait of Malacca, the narrow stretch of water that serves as a gateway between the Indian and Pacific Oceans, is crucial.

View Singapore GDP and Economic Data

After holding on to the number two spot in the index since 2017, New Zealand slipped two spots to number four in last year’s edition of the Global Peace Index, and that’s where we find it this year too. Scoring almost perfect marks in the domains of societal safety and domestic and international conflict, this peaceful country is widely considered a wonderful place to live. Still, due to an increase in weapons imports and exports and upgrades on armed personnel carriers, New Zealand’s score in the militarization domain fell by 6% in last year’s edition of the index. 

At around the same size as the United Kingdom but with a population of roughly 5.2 million people, New Zealand ranks above the average among OECD members in education, healthcare, jobs and earnings. All this, however, comes also at a cost: the shortage of affordable housing is increasingly making it difficult for people with low incomes to buy homes, with the gap between rich and poor considered the top economic issue facing New Zealand by 20% of its citizens. 

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Since the end of the Cold War, this small landlocked country of about 9 million moved from its peripheral position at the borderline between East and West closer to the center of a united Europe. As a young member of the EU and outside of NATO, Austria prided itself on trying to get along with rival political blocs and embracing new forms of cooperation with its neighbors.

However, while Austria performs well in many measures of wellbeing such as income, jobs and housing, social tensions have been growing in recent years fueled especially by anti-migrant campaigns of the popular right-wing Freedom Party (FPÖ). When in November 2020 an ISIS sympathizer shot and killed 4 people and injured 23 others in the city center of Vienna, the government responded by unveiling broad anti-terror measures that included the ability to keep convicted individuals behind bars for life and facilitate electronic surveillance for those who are released. As a consequence, Austria experienced one of the largest deteriorations in peacefulness in Europe owing to a worsening of the terrorism impact indicator. Additionally, amidst the COVID-19 pandemic, its capital has been the epicenter of significant protests against both lockdown measures and the government’s mandate to enforce compulsory vaccination for all citizens. Since then, the support for the FPÖ has only grown: today it is the country’s leading political party. 

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Ireland is one of the wealthiest, most developed and happiest nations in the world. It is also quite peaceful: in 2020, it managed to gain seven positions and land in the fourth spot of the Global Peace Report, the highest position it had ever attained in the ranking. In the following years, it occupied either the third or the second position, which is where we find it today.

Make no mistake: Ireland did not become a peace-loving nation overnight—centuries of tense relations with the United Kingdom can attest to that. Today though, due also to its longstanding independent status and neutral army (meaning that it is not a member of NATO), the Irish Republic is routinely ranked as one of the safest countries in the world. That does not mean it has become immune from political and social turmoil—during the pandemic, for example, Ireland saw its share of violent anti-lockdown demonstrations.

On page 84 of its study, the IEP reveals a striking piece of data: when it comes to the economic cost of violence, Ireland performs better than almost all countries in the world. Ranking 159^th out of 163 nations, the toll is just 2.86% of the GDP compared to the global average, 13.5%. Only Malawi, Bangladesh, Indonesia and Madagascar perform slightly better in this domain. 

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Icelanders can sleep well at night: they live in the most peaceful nation in the world. No news is good news when it comes to tranquil Iceland: it is the 17th year in a row that it retains the number one spot—since the index began in 2008. With no standing army, navy or air force and the smallest population of any NATO member state (about 390,000 people), Iceland also enjoys record-low crime rates (to the extent that policemen generally don’t carry firearms), an enviable education and welfare system, and ranks among the best nations in terms of jobs and earnings and subjective sense of wellbeing.

But did we say that Icelanders’ idyllic peace faces no threats? In 2022, the Reykjavík police arrested four people in connection with preparations for a suspected terrorist attack. That was the first year that the country recorded any of such activity. Luckily, no further incidents have been reported since then.

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Source: Global Peace Index 2024.

Announced in 2021 in a bid to limit “economic leakage,” a term used by the Saudi government to characterize state spending that benefits companies without a significant presence in the country, the RHQ program is part of the kingdom’s ambitious Vision 2030 plan, aiming to attract foreign capital, generate jobs for its young and educated workforce, and diversify the economy away from oil. Saudi Arabia’s non-oil revenues reached 50% of the GDP in 2023, the highest recorded share. Furthermore, the enforcement of the new regulations has intensified the kingdom’s competition with the United Arab Emirates, the leading commercial and financial hub in the Middle East. Traditionally, most global firms have managed their operations in the region from offices in Dubai while maintaining smaller offices in Saudi Arabia.

The strategy is working. So far, according to Minister of Investment Khalid Al-Falih, over 400 international companies have obtained regional headquarters licenses for the kingdom, including technology giants Amazon, Alphabet, Google and Microsoft, consulting and auditing firms like PwC and Deloitte, and consumer goods multinationals such as PepsiCo and Unilever. However, global banks have been more reluctant to relocate to Riyadh, citing concerns over the clarity of the overall regulatory environment and doubts about the Saudis’ readiness to accommodate the needs of a Western workforce unaccustomed to the nation’s strict social and cultural rules. Still, global banks are unlikely cede sole control of Saudi Arabia’s lucrative and relatively untapped market to Goldman Sachs for much longer.           

While France’s next presidential election is not scheduled until 2027, the EU Parliament vote is expected to offer a strong signal of the direction of the French electorate going into the second half of Macron’s five-year term

“Macron is unpopular for a range of reasons domestically, tarnishing his aspiration to be the main leader in the EU, post-Merkel,” says Martin Steven, senior lecturer in European Politics and International Relations at Lancaster University: “Still, the far-right is on the rise, not just in France but across Europe.”

Indeed, signs of a right-wing surge are here. Italy’s nationalist Prime Minister Georgia Meloni has become a power player in EU politics; the Netherlands’ anti-Islam populist Geert Wilders’ win in November’s Dutch elections stunned Europe; in Sweden, the center-right government relies on a party with neo-Nazi roots for its parliamentary majority; and Hungary’s pro-Russian leader Viktor Orbán remains more popular than ever after 14 years of rule.

But the right-leaning and Eurosceptic movements in the European Parliament are not monolithic, Stevens cautions. “The more extremist parties of the Identity and Democracy group and the European Conservatives and Reformists disagree fundamentally over key questions around Ukraine as well as the functioning of the single market,” Stevens says. “The EU has always trod a fine line between being a rich club for capitalist countries and a strong advocate for social security and equalities. The post-2024 EU may well be more conservative but is unlikely to be more far-right.”

Two years ago, inflation reached a 40-year high in the United States. Globally, it grew in 179 out of 194 nations compared to 2020. Since then inflation’s global growth slowed, prompting hopes that prices paid by consumers would soon return to normal.

Unfortunately, bringing inflation down does not mean that consumer prices will revert to what they once were—they will just stop increasing so quickly and dramatically.

It is also important to point out the distinction between overall inflation and core inflation which is the key metric of the Consumer Price Index. The first includes food and energy prices—which are more sensitive to seasonal factors and fluctuate more rapidly—while the latter excludes food and energy prices because of their volatility. Core inflation sticks longer since gasoline prices fluctuate more than the prices of the cars fueled by said gasoline.

The most immediate inflation-fighting tool in the hands of policymakers is for the central bank to raise interest rates. Doing so dampens lending and thereby the overall economic activity that drives price increases. But sometimes the cure can be worse than the disease—raising interest rates at the wrong time or to the wrong level can trigger a recession, so central bankers tend to tread cautiously. However, this caution may have hamstrung the kind of bold action that was necessary to successfully confront and contain the unprecedented, dramatic surge in inflation across the globe in the aftermath of the 2020 pandemic.

Let’s rewind. In 2020—at the onset and during the worst phase of the pandemic—the increase in prices was relatively small. But a sudden, steep climb began in early 2021 with the easing of lockdowns and partial restoration of normal economic activity. Encouraged by the almost concomitant vaccine rollout in many countries, central bankers around the world were perhaps overly optimistic: they often described the first spikes in inflation as just “blips” bound to disappear soon.

They were certainly right about the main reason for those blips: Covid-19 had caused serious disruption to the global economy—supply-chain bottlenecks meant that demands for what consumers and firms wanted and needed could not be met which prompted demand to far exceed supply, driving prices upwards. What they could not imagine is that new variants of the virus would continue to bubble up, that so many people would resist or outright reject mask mandates and vaccines, and that the global distribution of vaccines would be so unequal and uneven. Sparked by a once-in-a-lifetime pandemic, episodic supply chain disruptions became endemic.

But there was also a second reason why central bankers tended to downplay the threat of inflation. The ability to reassure consumers and businesses that things are—and will be—fine is, in itself, a crucial part of their job description because the belief that prices will continue rising becomes a self-fulfilling prophecy as businesses raise prices to get ahead of impending cost increases. A rise in prices is often an effect of a rise in fear as much as it is an effect of rising costs.

When the fear of inflation gains traction, a business that does not change its prices often—for example a car manufacturer—will safeguard its profit margins by getting ahead of expected future inflation (and if it has already started experiencing higher costs, making up for past inflation as well). It is at that point that words like “blip” start appearing less often in the headlines and terms like “temporary” and “transitory” show up more often—how temporary and transitory generally remains unclear. Something else happens: wages rise. When workers expect to pay more for everything, they demand higher wages from employers to keep up with rising costs of living. When firms pay their employees more, those costs are passed on to consumers in the form of higher prices. This is the vicious circle of consumer price inflation—higher prices lead to higher wages, higher wages lead to even higher prices still.

The persistence of inflation despite central bankers raising interest rates consistently for years points to some novel features of the current post-pandemic moment: corporate consolidation and market concentration may be major contributing factors to the inflationary malaise. Many companies have used inflation as an excuse to hike prices far beyond the rise in production costs, scoring some of the best financial quarters and highest profit margins in their history. Asthma inhalers are perhaps the most notorious example of this, with prices jumping from roughly $10 a decade ago to $100 now even though production costs have not risen radically. This is why neologisms like “shrinkflation” (the practice of reducing the size or weight of a product with no corresponding reduction in price) and “greedflation” (a situation where the price increase of goods is not the result of an increase in their production costs) have started appearing in our newsfeeds. There is little that central banks can do about either of these phenomena and the inflationary pressure resulting from them with the tools at their disposal. Companies enjoying a semi-monopolistic grip on consumers’ choices can set prices however they like. 

What happens, then, when inflation keeps increasing instead of declining or slowing down? Nothing good. One possibility is what economists call “stagflation” where economic growth stalls, unemployment remains high and inflation remains at elevated levels. Then there’s every central banker’s nightmare scenario: hyperinflation in which prices grow uncontrollably sending the value of the currency into a seemingly unstoppable free-fall as in Weimar Germany after World War I. But one need not look to history to find examples of hyperinflation: Zimbabwe has been struggling with spiraling inflation for over a decade; Venezuela—the IMF estimates—will hit this year an inflation rate of 250% (which, believe it or not, is a stellar improvement compared to the five-digits rates of some years ago); Sudan is forecast to come second at about 145%; Argentina’s inflation crisis catapulted an unlikely far-right candidate into the presidency; and many other nations will experience a surge in prices many times greater than the 2% threshold that most central banks set as their optimal inflation target. Hyperinflation also provides the clearest proof that expectations on a mass scale play a fundamental role in determining the price of goods and services: when millions of people believe that their currency will be worth much less tomorrow, individuals and businesses begin rejecting the national currency in favor of alternatives such as cryptocurrencies or perhaps the U.S. dollar.

Then there’s the opposite extreme: persistent deflation which is what happens when prices continually fall. Continually falling prices are worrisome because it is a symptom of a weakening economy characterized by anemic consumer spending and low production levels (which leads to falling wages, which causes even lower demand for goods and services, which leads to even lower prices). Like inflation, not all deflations are alike: Greece—which during the debt crisis experienced a deflationary phase as a result of the wage and pension cuts part of its bailout terms—fell back into negative territory shortly after the beginning pandemic. Japan’s economy had been stuck in this vicious cycle for two decades: it was officially declared to be no longer in deflation only last March and subsequently ended decades of negative interest rate monetary policy. And then there is Switzerland, which for many years suffered—but also benefited—from deflation of its own making. The country managed to sustain its exports by countering the appreciation of its currency through super-low interest rates—yet, baffling many economists—avoiding at the same time the most dramatic effects of deflation (such as a crippling contraction in economic activities or high unemployment). Things only changed in 2022, when inflation hit a three-decade high of 2.8% and the Swiss National Bank was forced to raise its policy rate from -0.75% to 1.5% to combat it.

All these peculiar scenarios demonstrate why there is no one-size-fits-all solution when it comes to the many sides of inflation. Furthermore, once a crisis is over, another one can always appear out of nowhere. Energy prices were already on the rise before the Covid-19 pandemic—Russia’s invasion of Ukraine before and the Israel-Gaza war made the situation much worse.

Will this season of global higher inflation ever come to an end, then? If we have learned anything over the past few years, it is that it is very difficult to predict the future when it depends to such a great extent on the whims of viruses, authoritarian leaders, corporate executives and, yes, consumers too. But there are signs of progress. According to the IMF, inflation is falling faster than expected in most regions: globally, it is expected to fall to 5.8% in 2024, with less than 50 countries where it will exceed last year’s figures. In the meantime, central bankers will have to constantly rely on a wide variety of data to fine-tune their assessments and policies—kicking the tires of the economy as they go, so to speak.

The world has enough wealth and resources to ensure that the entire human race enjoys a decent standard of living. Yet, people in countries like Burundi, South Sudan and the Central African Republic continue to live in desperate poverty.  For other likely contenders for the undesirable title of the world’s poorest country—Afghanistan, Syria and Eritrea—years of political instability and conflict make it impossible to even attempt an assessment due to the lack of reliable economic figures.

So how do we determine the poorest countries in the world? While GDP per capita is often considered the standard metric, compensating for differences in living costs and rates of inflation by using purchasing power parity (PPP) can better assess an individual’s buying power in any given country.

It is hard to pinpoint a single cause for long-term poverty. Corrupt governments can make a very rich nation into a poor one. And so can a history of exploitative colonization, weak rule of law, war and social unrest, severe climate conditions or hostile, aggressive neighbors. Weaknesses compound: A country in debt will not be able to afford good schools, and a poorly educated workforce will limit capacity.

Underprivileged households worldwide suffered the severest social and economic consequences of the coronavirus pandemic. In the world’s poorest nations, where high levels of informal employment are also prevalent,  there were no social safety nets or temporary loans to keep businesses open and workers employed. The World Bank has forecasted that in low and middle-income countries, the current generation of students could lose up to 10% of their future average annual income.

Before Covid-19, the fraction of the world’s population living in extreme poverty—meaning on less than $1.90 a day—had fallen below 10% from more than 35% in 1990. The pandemic not only halted but reversed that progress: since the onset of the health emergency to the end of 2022, when in response to the rising cost of living the International Poverty Line (IPL) was also revised to $2.15, the World Bank estimated that an additional 198 million people were likely to have entered the ranks of the extremely poor. More recently, the institution has also stated that half of the world’s 75 most vulnerable countries are facing a widening income gap with the wealthiest economies for the first time in this century. Over the past two decades, it was widely believed that—as a result of lower-income nations generally improving their living standards faster than mature economies—the progressive economic convergence of richer and poorer countries would ultimately take place. Yet, one out of three in this particularly vulnerable group of 75 nations home to a quarter of humanity, 1.9 billion people, today is poorer than it was on the eve of the Covid-19 pandemic.

The numbers are striking: in the 10 richest countries in the world the average yearly per-capita purchasing power it is over $110,000, in the 10 poorest is less than $1,500. The worst part is that poverty is often likely to foster more poverty. In the latest edition of the World Economic Outlook report, the International Monetary Fund (IMF) explains how impoverished nations could slide further into hardship: “The growth decline implies worsening prospects or living standards and global poverty reduction. An entrenched low-growth environment, coupled with high interest rates, would threaten debt sustainability and could fuel social tension and hinder the green transition. Furthermore, expectations of weaker growth may deter investment in capital and technologies and so, in part, become self-fulfilling.”

Below is a ranking of the ten poorest countries, starting from the country ranked tenth poorest and progressing to the country ranked as the top poorest in the world for 2024. For the complete ranking of the world’s countries from poorest to richest, click here.

This country of roughly 35 million, one of the most impoverished on the Arabian Peninsula, has been embroiled in conflict since late 2014 as a result of the power struggle between the Saudi-backed government and the rebel Houthi movement. The war has claimed the lives of more than 150,000 people, shattered the economy and destroyed critical infrastructure. As a result, today, in this oil-rich land over 80% of the population lives in poverty.

Since becoming independent from France in 1960, Madagascar has experienced bouts of political instability, violent coups and disputed elections. Elected in 2019, president Andry Rajoelina came to power promising to tackle corruption, reduce poverty, and develop the economy. Mostly, they turned out to be just that: promises. Madagascar still holds one of the highest poverty rates in the world at about 75%, growth is sluggish, and inflation stands at nearly 8%. Still, Rajoelina was re-elected  in December 2023.

To be fair, the country was also faced with an unprecedented series of challenges. Along with the economic and social consequences of the Covid-19 pandemic, when in 2022 grain deliveries from Ukraine collapsed following the Russian invasion, food prices skyrocketed, deepening the suffering of the citizens of the island. In addition, Madagascar ranks among the top 10 countries globally most vulnerable to climate hazards, with drought, floods and cyclones resulting in deaths and population displacement, and damage to homes, infrastructures and crops.

Africa’s oldest republic has ranked amongst the poorest countries in the world for many years. Expectations were high when the former football star George Weah became president in 2018. His years in office were instead marred by high inflation, unemployment and negative economic growth, until in 2023 he was defeated by opposition leader and former vice-president Joseph Boakai in a new round of elections. Boakai might have it easier than Weah: after contracting in 2020 and 2021, growth re-started in 2022. It is now projected to reach about 5.3% in 2024 and to stay above 6% in the years ahead.

One of Africa’s smallest nations, Malawi’s economy—largely dependent upon rain-fed crops—remains vulnerable to weather-related shocks. Food insecurity in rural parts is extremely high.

Malawi has enjoyed stable governments since it gained independence from Britain in 1964. However, in 2020, the constitutional court annulled former president Peter Mutharika’s win in the general elections citing vote tampering. Theologian and politician Lazarus Chakwera, who was sworn in his place, declared that he wanted to provide the kind of leadership that makes everybody prosper, but structural changes have been slow to materialize. Today, Malawi is grappling with an economic crisis that has led to fuel shortages, a surge in food prices, and a sharp devaluation of the currency. In 2023, according to the World Bank, over 70% of the population was estimated to be living below the international poverty line.

With 80% of its landlocked territory covered by the Sahara Desert and a rapidly growing population dependent upon small-scale agriculture, Niger is under threat from desertification. Food insecurity is high, as are disease and mortality rates. Recurrent clashes of the army with the Islamic State (ISIS) affiliate Boko Haram have displaced thousands.

In 2021, Niger inaugurated a new president—ex-teacher and former interior minister Mohamed Bazoum—in its first democratic transfer of power. With the economy expanding by 12% in 2022, things appeared to be looking up. Yet, in the summer of 2023, Bazoum was ousted and imprisoned by members of his presidential guard. The military junta has remained in power ever since.

Rich in resources and strategically located, this former Portuguese colony has often posted average GDP growth rates of more than 7% in the past decade. Yet it remains mired among the ten poorest countries in the world, with severe climate conditions and political instability being some of the main culprits. To make things worse, since 2017 attacks carried out by Islamic insurgent groups have plagued the gas-rich northern part of the country. Still, according to the IMF, the economy remains in high gear: it will expand by about 5% in 2024 and 2025, and it is projected to reach double-digit growth in the latter part of the decade.

Since gaining independence from Belgium in 1960, the DRC has suffered decades of rapacious dictatorship, political instability and constant violence, making it a regular in our rankings of the world’s poorest countries. About 65% of the country’s roughly 100 million population gets by on less than $2.15 a day. Yet the World Bank says the DRC has the resources and potential to become one of the richest countries in Africa and a growth driver for the entire continent. The country is already the world’s largest producer of cobalt and Africa’s leading source of copper—essentials in the production of electric vehicles.

Rich in gold, oil, uranium and diamonds, the Central African Republic is a very wealthy country inhabited by very poor people, and has been among the poorest countries in the world for the better part of a decade. For the first time since its independence from France in 1960, in 2016 the Central African Republic has democratically elected a president: former mathematics professor and prime minister Faustin Archange Touadéra, who campaigned as a peacemaker who could bridge the divide between the Muslim minority and the Christian majority.

Yet, while his successful election has been seen as an important step towards national reconstruction, large swaths of the country remain controlled by anti-government and militia groups. Despite problems and setbacks, in recent years growth has moderately picked up, driven by the timber industry, the revival of the agricultural sector, and the partially resumed sale of diamonds.

Tiny landlocked Burundi lacks natural resources and has been scarred by a civil war lasting from 1993 to 2005, whose aftermath is still a contributing factor to its ranking of the second-poorest country in the world. With about 80% of Burundi’s roughly 13 million citizens relying on subsistence agriculture, food insecurity is almost twice as high as the average for sub-Saharan African countries. Furthermore, access to water and sanitation remains very low and less than 5% of the population has electricity. President Evariste Ndayishimiye has made an effort to relaunch the economy and repair diplomatic relationships, and in 2022 both the US and the European Union resumed aid after lifting financial sanctions. Unfortunately, while growth is picking up, inflation is projected this year to be around 22%.

The very poorest of the world’s poorest countries, South Sudan has been wracked by violence since its creation in 2011. Rich in oil reserves, the landlocked state of roughly 15 million represents a textbook example of the “resource curse,” whereby abundance fosters political and social divisions, inequality, corruption and warfare. The majority of the population is employed in traditional agriculture, although violence and extreme climate events often prevent farmers from planting or harvesting crops. This year, an estimated 9 million people, over 60% of South Sudan’s population, will be in need of humanitarian assistance.

Source: International Monetary Fund, World Economic Outlook April 2024. Values are expressed in current international dollars, reflecting the corresponding exchange rates and PPP adjustments.

Would you rather be rich in a poor country or poor in a rich one? Measuring the wealth of nations is not that easy (spoiler: it is not just about gross domestic product, or GDP). Determining how rich you are depends to a large degree on how rich and poor countries are defined.

If we simply consider a nation’s gross domestic product—the sum of all goods and services produced by a country during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany. But how could the economies, for example, of Singapore or Luxembourg ever match that of such powerhouses when they are no more than small dots on the world map?

Another problem with GDP is that it does not measure income inequality, that is, how a country’s riches are distributed among the population. That is why a more accurate representation of people’s living conditions begins with dividing a nation’s GDP by the number of people that live there: per capita GDP and its growth rate tell us much more about the social wealth potentially available to each person and whether this wealth is either increasing or decreasing over time.

However, using per capita GDP still poses a problem: the very same income can buy very little in some countries and go much further in others where basic necessities—food, clothing, shelter, or healthcare—cost far less. To gauge how wealthy a country’s citizens are it is necessary to understand how much they can buy. That is why, when comparing per capita GDP across countries, GDP should be adjusted for purchasing power parity, which helps us take into account the inflation rates and the price of goods and services in each given place.

When considering whether it is better to be rich in a poor country or poor in a rich one, the best chance of enjoying a superior standard of living is to reside in a richer nation no matter where a person falls on the income distribution scale. Then again, wealth for some without a good measure of equality for everyone is problematic, to say the least. The coronavirus pandemic proved it most strikingly. Low-income workers, often migrants, living in some very wealthy nations suddenly found themselves unemployed, homeless and stranded without much of a safety net. Many less affluent nations, in the meantime, bent over backwards to take care of all those in need during the crisis.

Further, the quality and availability of healthcare often go hand in hand with the quality and availability of education services, social security, housing assistance and other components of the social infrastructure. A country might boast a high GDP or a high GDP per capita but, if such services are inadequate or inaccessible to a significant portion of the population, these citizens will feel poor, regardless of the economic indicators might suggest.

Additionally, when it comes to inflation, because energy and food are essential goods with few substitutes higher prices are particularly painful for low-income households. It is easier for families to cut down or eliminate spending on electronics, clothing or entertainment when prices surge, but when it comes to food, heating or transportation—crucial to both live and earn a living—this becomes much more difficult. As a result, an inflationary scenario can often pose a threat to economic and social stability.

This is why, in the long run, it is better not only to be rich but to be egalitarian as well. Too much economic inequality stifles growth for all, political instability is more likely, healthcare care costs and mortality rates are higher, and so are crime and corruption rates. Being rich in a poor country also has costs.

Source: International Monetary Fund, World Economic Outlook April 2024. Values are expressed in current international dollars, reflecting the corresponding exchange rates and PPP adjustments.

What do people think when they think about the world’s richest countries? And what comes to mind when they think about the world’s smallest countries? Many people would probably be surprised to find that many of the planet’s wealthiest nations are also among the tiniest.

Some very small and very rich countries—like San Marino, Luxembourg, Switzerland and Singapore—benefit from having sophisticated financial sectors and tax regimes that attract foreign investment, professional talent and large bank deposits. Others like Qatar and the United Arab Emirates have large reserves of hydrocarbons or other lucrative natural resources. Shimmering casinos and hordes of tourists are good for business too: Asia’s gambling haven Macao remains one of the most affluent states in the world despite having endured almost three years of intermittent lockdowns and pandemic-related travel restrictions.

But what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the super-rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country’s population is relative to another’s. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their small number of inhabitants.

However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), often expressed in international dollars to allow comparisons between different countries.

Should we then automatically assume that in nations where PPP is particularly high the overall population is visibly better off than in most other places in the world? Not quite. We are dealing with averages and within each country structural inequalities can easily swing the balance in favor of those who are already advantaged.

The COVID-19 pandemic lifted the veil on these disparities in ways few could have predicted. While there is no doubt that the wealthiest nations—often more vulnerable to the coronavirus due to their older population and other risk factors—had the resources to take better care of those in need, those resources were not equally accessible to all. Furthermore, the economic fallout of lockdowns hit low-paid workers harder than those with high-paying occupations and that, in turn, fueled a new kind of inequality between those who could comfortably work from home and those who had to risk their health and safety by traveling to job sites. Those who lost their jobs because their industries shut down entirely found themselves without much of a safety net—large holes in the most celebrated welfare systems in the world were exposed.

Then as the pandemic subsided, inflation surged globally, Russia invaded Ukraine, exacerbating the food and oil price crisis. The Israel-Hamas followed, bringing more disruption to supply chains and commodity and energy markets. Lower-income families always tend to be hit the hardest, as they are forced to spend greater proportions of their incomes on basic necessities—housing, food and transportation—whose prices are more volatile and tend to increase the most. 

In the 10 poorest countries in the world, the average per-capita purchasing power is less than $1,500 while in the 10 richest it is over $110,000, according to data from the International Monetary Fund (IMF).

A word of caution about these statistics: the IMF has warned repeatedly that certain numbers should be taken with a grain of salt. For example, many nations in our ranking are tax havens, which means their wealth was originally generated elsewhere which artificially inflates their GDP. While a global deal to ensure that big companies pay a minimum tax rate of 15% was signed in 2021 by more than 130 governments (a deal that has yet to be implemented due to the opposition of legislators and politicians in many of them), critics have argued that this rate is barely higher than that tax havens like Ireland, Qatar and Macao. It is estimated that over 15% of global jurisdictions are tax havens and the IMF has estimated further that by the end of the 2020s, about 40% of global foreign direct investment flows could be attributed to shrewd tax-evading tactics, up from 30% in the 2010s. In other words: these investments pass through empty corporate shells and bring little or no economic gain to the population where the money ends up.

Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. As Western Europe’s top petroleum producer, the country has benefited for decades from rising prices.

Until it didn’t: prices crashed at the beginning of 2020, then the global pandemic ensued—and the krone was sent into freefall. In the second quarter of that year, Norwegian GDP fell by 6.3 %, the biggest decline in half a century and possibly since World War Two.

Does that mean Norwegians became significantly less wealthy than they were before the pandemic? Certainly not. After the initial shock, the economy gradually pared the losses and rebounded.

Further, when it comes to any unforeseen economic problem, Norwegians can always count on their $1.4 trillion sovereign wealth fund, the world’s largest. Not only that, unlike many other rich nations, Norway’s high per capita GDP figures are a reasonably accurate reflection of the average person’s economic well-being. The country boasts one of the smallest income inequality gaps in the world.

Did we say that the wealthiest countries are also the smallest? That is certainly not the case with the United States, which first entered the top 10 list in 2020 after hovering just beyond tenth place for the better part of the past two decades.

Its surge, at least initially, was largely due to pandemic-related socioeconomic measures, which boosted income and spending, and to falling energy prices, which pushed petroleum-based economies like Qatar, Norway and the United Arab Emirates down several rankings, while Brunei fell out of the top 10 entirely.

Still, the country has since managed to build on the momentum and maintain its presence in the highest tier of the list. Not only did the US have its shortest recession on record in early 2020, lasting only two months, but its economy is now booming. In April, the IMF upgraded its 2024 projections for US economic growth to 2.7% (+0.6% higher than it forecasted just a few months earlier), but the performance of the United States—according to the Fund—will be this year “a major driver of global growth.”

Tiny San Marino is the oldest republic in Europe and the fifth smallest country on the map. It may have only 34,000 citizens, but it is among the wealthiest citizenry in the world. It helps that income tax rates are very low, at about one-third of the EU average. Nonetheless, San Marino is working towards harmonizing its fiscal laws and regulations with those of the European Union (EU) and international standards.

The tiny nation showed remarkable resilience during the pandemic and after amid tight monetary conditions and the energy crisis, with its tourism industry and manufacturing sector turning especially strong performances.

White chocolate, the bobsleigh, the Swiss Army knife, the computer mouse, the immersion blender, velcro, and LSD are just some of the noteworthy inventions brought to the world by Switzerland. This country of about 8.8 million people owes much of its wealth to banking and insurance services, to tourism, and to the export of pharmaceutical products, gems, precious metals, precision instruments (think watches) and machinery (medical apparatuses and computers).

According to the 2023 Global Wealth Report by Credit Suisse, Switzerland once again came out on top when it comes to the mean average wealth per adult at a whopping $685,230. Furthermore, roughly one adult in six owns assets worth more than one million U.S. dollars. Is it really a surprise that Switzerland has the highest density of millionaires in the world?

But does that mean the Swiss is immune from economic woes? Not only the pandemic had a significant impact on the economy, but—due to the country’s heavy reliance on imports of oil and gas from Russia—the war in Ukraine led to a surge in energy prices and triggered supply chain disruptions. Further, in 2022 Credit Suisse nearly imploded before a government-engineered rescue by its long-time rival, UBS Group, pulled it back from the edge. The demise of Credit Suisse has shaken the country, damaging Switzerland’s reputation as a secure and reliable global banking center.

And that’s not all: last year, in a bid to curb inflation, the Swiss National Bank (SNB) raised its interest rate from -0.75% to 1.75%.  Such a move had its consequences, including a surge in investment costs and a slowdown in economic growth—this, while the country was already experiencing a slump in exports, particularly to Germany, Switzerland’s second trading partner after the US, currently facing its own set of economic challenges.

Agriculture, fishing and trading pearls: these used to be the economic mainstays of this Persian Gulf nation. Then oil was discovered in the 1950s and everything changed. Today, the United Arab Emirates’ highly cosmopolitan populationenjoys considerable wealth. Traditional Islamic architecture mixes with glitzy shopping centers and workers come from all over the world lured by tax-free salaries and year-round sunshine; only about 20% of the people living in the country are actually locally-born.

The UAE’s economy is also becoming increasingly diversified. Outside of the traditionally dominant hydrocarbon sector, tourism, construction, trade and finance are major industries. This is not to say that the UAE was not impacted by the pandemic and the concomitant fall of oil prices: quite the contrary. Incredible as it may seem, the UAE briefly slipped out of the IMF’s ranking of the richest countries globally for the first time in decades. Yet fossil fuels have not gone out of fashion: as soon as energy prices recovered, the UAE quickly regained its historic position among the top 10 richest countries in the world.

Despite the recent recovery, oil prices have on average declined since the mid-2010s. In 2014, the per-capita GDP of a Qatari citizen was over $143,222; one year later, it plunged significantly and remained below the $100,000 mark for the next five years. However, that figure has gradually grown, increasing by about $10,000 each year.

Still, Qatar’s oil, gas and petrochemical reserves are so large and its population so small—just 3 million—that this marvel of ultramodern architecture, luxury shopping malls and fine cuisine has managed to stay atop the list of the world’s richest nations for 20 years.

No rich country, however, is without its problems. With only about 12% of the country’s residents being Qatari nationals, the initial months of the pandemic saw Covid-19 spreading rapidly among low-income migrant workers living in crowded quarters, triggering one of the highest rates of positive cases in the region. Then, falling energy prices meant falling government and private sector revenues. An export-oriented economy, Qatar also suffered from the disruption in global trade caused by the war in Ukraine. Later on, the conflict in Gaza sparked renewed fears and uncertainty across the Middle East. Still, until now, the economy has proven to be sufficiently resilient. It is projected to grow by around 2% in 2024 and 2025.

With assets of about $16 billion, the richest person living in Singapore is an American: Eduardo Saverin, the co-founder of Facebook, who in 2011 left the U.S. with 53 million shares of the company and became a permanent resident of the island nation. Like many other fellow millionaires and billionaires, Saverin did not choose it just for its urban attractions or natural gateways: Singapore is an affluent fiscal haven where capital gains and dividends are tax-free.

But how did Singapore manage to attract so many high-net-worth individuals? When the city-state became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its bootstraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub and 98% of the adult population is now literate.

Unfortunately, that did not make it immune from the pandemic-driven global economic downturn: in 2020, the economy shrank by 3.9%, knocking the nation into recession for the first time in more than a decade. In 2021, Singapore’s economy bounced back with an 8.8% growth, but then the slowdown in China, a top trading partner, derailed the recovery. China’s economic problems hit Singapore’s manufacturing sector—which makes up roughly 20% of Singapore’s total GDP—particularly hard. The economy expanded by just 1% in 2023, and is not projected to grow much further than 2% in 2024 and 2025.

A nation of about 5.3 million inhabitants, the Republic of Ireland was one of the hardest hit by the 2008-9 financial crisis. Following politically difficult reform measures like deep cuts to public-sector wages and restructuring its banking industry, the island nation regained its fiscal health, boosted its employment rates and saw its per capita GDP grow exponentially.

However, context is important. Ireland is one of the world’s largest corporate tax havens, which benefits multinationals far more than it benefits the average Irish person. Halfway through the 2010s, many large US firms—Apple, Google, Microsoft, Meta and Pfizer to name a few—moved their fiscal residence to Ireland to benefit from its low corporate tax rate of 12.5%, one of the most attractive in the developed world. In 2023, these multinationals accounted for close over 50% of the total value added to the Irish economy. If Ireland were to adopt the minimum corporate tax rate of 15% proposed by the OECD and already implemented by many countries, it would lose its competitive advantage.

Further, while Irish families are undoubtedly better off than they used to be, the national household per-capita disposable income remains slightly lower than the overall EU average according to data from the OECD. With a considerable gap between the richest and poorest (the top 20% of the population earns almost five times as much as the bottom 20%), most Irish citizens would likely balk at the idea that they are among the richest in the world.

Just a few years ago, many were betting that the Las Vegas of Asia was on its way to becoming the richest nation in the world—it encountered a few bumps along the road. Formerly a colony of the Portuguese Empire, the gaming industry was liberalized in 2001 this special administrative region of the People’s Republic of China has seen its wealth growing at an astounding pace. With a population of about 700,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong became a money-making machine.

That, at least, was until the machine started losing money rather than making it. When Covid struck, global traveling came to a halt, and for a while Macao even slipped out of the 10 richest nations ranking. Since then, Macao has returned to business as —and then some. Its per-capita purchasing power was about $125,000 in 2019—it is even higher today.

You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot in the country again. Doing so would be a pity: situated at the very heart of Europe, this nation of close to 670,000 has plenty to offer, both to tourists and citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone.

While the global financial crisis and pressure from the EU and OECD to reduce banking secrecy may have had little impact on Luxembourg’s economy, the coronavirus outbreak forced many businesses to close and cost workers their jobs. Yet, the country has weathered the pandemic better than most of its European neighbors: its economy rebounded from -0.9% growth in 2020 to over 7% growth in 2021. Unfortunately, due to high interest rates, the war in Ukraine, and a broader deterioration of the economic conditions in the Eurozone, that rebound did not last long: the economy grew by just 1.3% in 2022 and even contracted by 1% in 2023 (although it is projected to grow by 1.2% this year.)

Still, weak economic growth may not be worth complaining when your living standards are this high: Luxembourg topped the $100,000 mark in per capita GDP in 2014 and has never looked back ever since.

Source: International Monetary Fund, World Economic Outlook April 2024. Values are expressed in current international dollars, reflecting the corresponding exchange rates and PPP adjustments.

With a population of approximately 1.4 billion and a landmass stretching some 3,000 kilometers from west to east and from north to south, India’s elections represent a colossal logistical challenge. Since they cannot take place on a single day, voting is split into seven phases across the country’s 28 states and eight union territories, or almost six weeks in total. With nearly 970 million registered voters, including 18 million youth eligible for the first time, the world’s biggest democracy is already set to beat its own record, set in 2019, when 615 million people cast a ballot out of 900 million registered voters, equivalent to a turnout of nearly 67%.

The Indian Election Commission regularly vows to guarantee that every citizen can vote. To that end, this year’s effort will deploy 15 million poll workers staffing more than one million polling stations across the country. And since it is mandated that a polling place be accessible within a radius of two kilometers from every home, ballot papers will be transported on foot and by road, train, boat and helicopter—or, depending on the geography and the nature of the terrain, using camels, elephants, donkeys and yaks.

In 2019, government employees in the Andaman and Nicobar Islands navigated swamps populated by crocodiles, traveled by sea for three hours, then trekked through a jungle to finally reach the village of Hanspuri, where 260 residents cast their ballots. The same year, a polling booth was set up at an altitude of 4,650 meters in the heart of the Himalayas for just one person. Much like 2019, however, the result of this election seems to be a foregone conclusion. Facing a weak and litigious alliance of opposition parties led by the Indian National Congress, Hindu nationalist Prime Minister Narendra Modi and his Bharatiya Janata Party are widely expected to win a third consecutive term. The only question, most analysts and pollsters agree, is by how much.

The 44-year-old former tax inspector was sworn in last month after a period of political turmoil spurred by fears that outgoing President Macky Sall, who had been in power for 12 years, might seek a controversial third term. Faye, who was arrested in April 2023 and detained without trial on trumped-up charges of inciting insurrection, was released 10 days before the presidential ballot.

A little-known figure outside his party, African Patriots of Senegal for Work, Ethics and Fraternity (PASTEF), Faye campaigned as a stand-in for the movement’s leader, Ousmane Sonko, who in addition to being detained had been barred from running in elections. With over 54% of the vote, Faye became the first opposition candidate to win an election in the first round since Senegal gained independence in 1960, and is the country’s youngest-ever president.

Before taking up the role of Sonko’s lieutenant and PASTEF’s secretary general, Faye was a political unknown. Born into a modest family of farmers in the remote village of Ndiaganiao, he received a master’s degree in law from Dakar’s Cheikh Anta Diop University. A devoted Muslim, he has two wives and four children. Ahead of the election, he called on all candidates to disclose their assets; in his name, he listed a home in Dakar and some land outside the capital and in his hometown. He held about $6,600 in his bank accounts.

Faye’s goals are matched by the formidable challenges he faces.

During the campaign, he promised to tackle corruption, reduce presidential powers, reintroduce the vice presidency, and restore the integrity and independence of the executive and the judiciary. A Pan-African leftist, he has also pledged to create a new national currency to replace the CFA franc and renegotiate oil and gas contracts with foreign companies. Faye’s biggest hurdle will be creating enough jobs in a nation where the combined rate of unemployment and underemployment is around 30% and the median age of the roughly 19 million population is 18. Already, however, he has made his name as the tax inspector who successfully defended Senegal’s democratic institutions.