When we talk about the top savers among countries, we are really talking about which countries have the highest savings rates. These are not necessarily the nations with the highest incomes. For example, a country where the average person makes $10,000 and saves $2,000 would have a 20% savings rate. Another country where people save $20,000 per year out of $100,000 in income would also have a 20% savings rate.
Furthermore, there are also different ways to save. People can save directly, businesses might save, and government agencies may also save. The national savings rate incorporates all of these different types of savings.
As a practical matter, this article uses World Bank data on gross domestic savings rates and GDP per capita from 2024, listing only countries, and not territories, that have 2024 information available.
A wide variety of countries have high savings rates, and their reasons for saving are as diverse as the countries themselves. The list of top savers also changes considerably over time.
The Top 10 Savers
1. Ireland (58.9%)
Ireland’s gross domestic savings of 58.9% of GDP is impressive, even given the country’s high GDP per capita of about $131,175. Ireland’s high savings rate is also partially a response to the European sovereign debt crisis.
2. Singapore (57.9%)
Singapore has a gross domestic savings rate of 57.9% and a GDP per capita of $150,689. Much of the credit goes to the country’s rapid industrialization in the 1960s. Manufacturing drove growth, and Singapore—along with the other tiger economies of Hong Kong, South Korea, and Taiwan—achieved full employment.
3. Gabon (54.2%)
Gabon is an African country with significant oil exports. Gabon’s oil plays a large role in both the country’s gross domestic savings rate of 54.2% and GDP per capita of $21,509, which is much higher than its neighbors.
4. Brunei Darussalam (48.5%)
Brunei is a small oil-rich country located near Indonesia and Malaysia. Brunei has a GDP per capita of $90,007, which supports a high savings rate of 48.5%. Some of this saving is accomplished by the Brunei Investment Agency, which is responsible for managing the nation’s sovereign wealth fund (SWF).
5. Luxembourg (47.9%)
Luxembourg has a high savings rate of 47.9% and a high GDP per capita of $150,772. Luxembourg is a fairly small country, but its status as a tax haven within the Eurozone supports high savings and high incomes.
6. Republic of the Congo (39.2%)
The Republic of the Congo is a relatively small African country with its capital at Brazzaville. It should not be confused with its much larger neighbor, the Democratic Republic of the Congo (DRC). The GDP per capita in the Republic of the Congo is about $7,026 compared to $1,710 in the DRC. The Republic of the Congo has substantial oil exports, which help explain both its higher income and its higher savings rate than the DRC.
7. Angola (38.5%)
Angola’s gross domestic savings rate of 38.5% can be attributed to its status as one of the largest oil producers in sub-Saharan Africa. Despite high oil revenue, the GDP per capita of $8,348 is low, highlighting Angola’s concentration of national income coming from oil, high inequality, and lack of diversification in the larger economy.
8. Iraq (38.5%)
Iraq’s high gross domestic savings rate of 38.5% also stems from it being a large oil producer, which makes up most of the government’s revenue and the country’s exports. With a GDP per capita of $14,464, Iraq struggles with political instability and reconstruction needs after the war.
9. Tanzania (37.9%)
Tanzania has a high gross domestic savings rate of 37.9% but a fairly low GDP per capita of $4,221. The high savings rate stems from Tanzania’s continued economic growth, investments in the mining and natural gas sectors, and a very large young population that contributes to the economy.
10. Norway (37.9%)
Norway’s high gross domestic savings rate of 37.9% comes from its position as a large oil and gas producer, with much of that revenue being allocated towards its famous sovereign wealth fund. Norway has long had a strong economy with high incomes, reflected in its GDP per capita of $101,032.
Economic Growth, Incomes, and Savings
There is a connection between economic growth, incomes, and savings rates in the above examples. However, the exact nature of this relationship is less clear. The idea that higher savings lead to more economic growth and higher incomes is intuitively appealing.
On the other hand, personal savings can contribute to recessions, according to the paradox of thrift associated with economist John Maynard Keynes.
