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It's very much a diplomacy agreement between two country, and how likely the citizen overstaying there. Malaysia, despite having the global GDP/C rank significantly lower than USA, have a passport rank of number 3 globally, with 121 countries visa-free, while USA ranked 10, with 111 countries visa-free. And Malaysia able to enter China(and North Korea before the assassination of Kim Jong Nam) visa-free, while needing to apply an ETA for UK and Australia due to the higher than average chance of people overstaying there.
On the other spectrum, Singapore, which ranked 2, have GPD/C higher than USA. It's not about wealth it's about not being an asshole.