The world’s largest countries might look mighty, but they don’t always have as much cash as you might think. Using figures compiled by the Economist, we round up some of the tiniest countries in the world where the money people earn is surprisingly high.

Even as the tiniest of all countries, with a population of just under 500, Vatican City is so rich that there are reportedly millions of euros “tucked away” off its central balance sheet. Just to put it into perspective, the estimated average income per person here stands at around £16,000, which is three times higher than that of China, one of the largest countries in the world.

You’ll find a few of these places on this list – stable nations with an economy that is primarily driven by luxury tourism, as well as offshore banking. The Bahamas only has a small population of just 377,374, but millions of tourists flock to the island each year to stay in the endless amount of hotels and resorts.

One of the most developed countries in the world, the UAE is a prime example of a country that sources the majority of its wealth from oil and natural gas. But on top of this, the country has also made its millions by building an abundance of little islands and some of the world’s highest buildings, creating more money than it knows what to do with.

This tiny country has a wealthy economy due to a combination of foreign and domestic entrepreneurship, on top of strict Government regulation and cost-cutting. Like other oil countries you’ll find on this list, this Asian country is also supported by exports of crude oil and natural gas, but it’s no longer its only source.

Despite being just 468 square kilometres in size, Andorra is home to around 270 hotels and 400 restaurants, which is a huge driving force behind the country’s wealthy economy. The country takes in around 13 million tourists each year, but only has 79,218 residents, so the level of revenue remains insanely high.

Slightly bigger in size, Kuwait covers 17,820 square kilometres (still tiny when you compare it to the United Kingdom at 243,610 square kilometres). But it actually has the world’s fifth largest oil reserves, which accounts for around 10% of the world’s total. The country is so rich that residents don’t need to pay any taxes because around 80% of the Government’s revenue comes from exporting oil.

With a population roughly the same size as London at 8.5 million, the income per person in this alpine nation is about four times larger than the average income across the world. On top of that, its capital city Vienna is the fifth richest city in Europe – probably why you’ll find yourself forking out £12 on a slice of cake in the city centre.

With a population of almost 17 million people, this country largely gets its money from mining, agriculture and manufacturing. While the Netherlands is part of a kingdom of four countries – Aruba, Curacao, the Netherlands and Sint Maarten – the Netherlands itself makes up 98% of the total land and has an average income per person of around £39,300.

Although it’s subject to high volatility, the average income in Iceland has generally always remained high since it undertook economic reforms in the 90s. Despite having a population of just over 300,000, Iceland has always been efficient in its regulation and open-market policies to keep the economy growing.

Singapore, which consists of 63 islands and some mainland, actually only covers some 720 square kilometres – smaller than the size of New York City at 789 square kilometres. But even though it is tiny, it’s a global financial hub and is believed to be one of the most business-friendly economies in the world.

According to OECD data, Ireland is one of the best countries for quality of life, coming in at number 15. It also has one of the best economies in the world too.

Covering just 61.2 square kilometres and with a population of 32,000, San Marino is among the 10 smallest countries in the world. But it’s also one of the wealthiest with an income per person that is comparable with a lot of the biggest and most developed countries across Europe. Its economy predominantly relies on finance, industry, tourism and services.

Switzerland is famous for its financial security. It’s so safe that people began depositing their money in the banks of Switzerland during World War II, knowing their money would be safer there than in their own countries. Of course as a tourist you now pay the price for it – don’t expect a cheap trip!

Bermuda has a population of just 65,024, but has one of the highest rates of income per person in the world as it provides financial services to firms internationally and maintains a booming luxury tourism industry, bringing in hundreds of thousands of tourists each year.

With a land space of just 12 square miles and an average income of £72,400, you might already be able to get a sense for just how rich this tiny country is. The country’s population stands at around 625,000, but the economy thrives mainly from tourism and gambling. It’s located just across from Hong Kong, making it an easy weekend away for people looking for luxury resorts and a place to splash their cash.

Much like many of the other countries on this list, Qatar used to be incredibly poor before it discovered oil and gas in the 1940s. Like Kuwait, residents don’t have to pay any income tax, and a lot of services are offered for free, because the Government makes so much revenue from oil and gas.

Unlike many highly-developed European countries, Norway isn’t actually part of the European Union. It’s rich from oil and natural gas and lends itself to the top 20 countries for oil production. But because the country is so wealthy, you’ll also find that living costs here are high.

This tiny country has a population of less than 500,000, which is essentially the equivalent of a small town in many other European countries. But despite being the eighth smallest country in the world, it is home to over 250 banks and has the largest banking concentration in the EU.

If you thought 500,000 was a small population for a super-rich country, then you’ll be surprised to hear Liechtenstein, which is nestled in the Alps, only has 35,000 people living there and still has an income per person of £118,400. But the country is bordered by financial hubs Austria and Switzerland, so it isn’t really a huge surprise that people living here earn the big money.

Situated on the Riviera between France and Italy, it’s probably not a huge shock that Monaco has made it to the top of this list. This country is smaller than Central Park in New York City, yet its average income per person is staggeringly high at almost £141,000. Home to a Grand Prix and the Super Yacht Show, Monaco really plays on its luxury status and millions of (generally wealthy) tourists flock to the tiny country each year.