Subject and purpose of work: This article examines the role of religion in economic development. Even though it is obvious that religion plays a vital role in economic development since a healthy economy requires that all people view one another with dignity, there are still some questions which need to be answered, for example, why wealthier nations tend to be less religious, and if economic development actually causes individuals to become less religious in today’s world. Materials and methods: The research is based on universal methods of formal logic and scientific abstraction, basics of innovation science, investment science and institutional economics, systemic, structural-functional and synergetic approaches, as well as information sources of the World Economic Forum. Results: The authors’ hypothesis about the influence of religion and religious values on rapid economic growth has been substantiated. Conclusions: In conclusion, it can be stated that there is strong negative correlation between GDP per capita and the importance of religion in a particular country, nevertheless, in most societies religious values were the main driving force of economic growth.