A country's status when it comes to riches is measured through the amount of GDP (Gross Domestic Product) per capita. The high GDP per-capita income denotes that individuals have more disposable profits, allowing them access to some extra goods and services when compared to others. The other important factors considered for the richness are the country’s population and rate of employment. The richest countries in the world contain adequate resources and financial stability to satisfy the requirements of their people.
When we speak about the richest countries we will always think that the USA is probably the richest and also most powerful country in the world. But this is not a fact in reality. Even the smallest country can be the richest country in the world. You will be surprised to see the top rankings in this list.
Top 10 Richest Countries in the World
Here I have listed the world’s richest countries. This list is prepared depending on the GDP per capita. Have a look and know which the richest country in the world is.
1. Qatar
GDP Per Capita: $145,894
Population: 2.17 Million
With a population of about 2.17 million and per capita income of $145,894, it is no doubt that Qatar occupies the No.1 position in the richest countries list. The people in Qatar enjoy a high standard of living because of the high per-capita income. Qatar is located in the Persian Gulf as well as it is found in Middle-East Asia. The country’s economy is dependent on petroleum which also contributes to nearly 85% of its export income. Other areas which produce income for the country comprise banking and tourism. To increase the living standards of the inhabitant, the governing royal family set a plan of no tax for people’s earnings.
2. Luxembourg
GDP Per Capita: $90,333
Population: 0.55 Million
Besides the country’s population being just above ½ million, this is one of the richest countries in the world list, which enjoys high GDP per-capita income. The backbone of Luxembourg's strong economy is its prudent fiscal policies, vibrant financial sector, and dynamic steel and industrial sectors. Well-developed infrastructure and a skilled workforce are said to be the prosperity of this country. This country is highly free from corruption. When compared to other countries on the earth, the unemployment rate is low in Luxembourg.
3. Singapore
GDP Per Capita: $78,762
Population: 5.47 Million
Singapore enjoys a very high per-capita income and an outstanding standard of living. Their main source of profit comes from electronics, tech industries, flourishing tourism, and growing international investment. The chemical industry and electronics play an important role in the economic growth of the country. Singapore has a stable political system that when coupled with strict and promising law systems permits the smooth flow of the country’s activities. A huge percentage of the country’s population is Buddhist.
4. Brunei Darussalam
GDP Per Capita: 73, 823
Population: 0.42 Million
It generates its revenues and income from crude oil exports and natural gas. In addition, incomes coming from petroleum add a minimum of 90% to the country's GDP. Brunei Darussalam has zero open duties as well as it has little, not many populaces. Despite its small size, this country has a very important place in the list of richest countries in the world.
5. Kuwait
GDP Per Capita: $70,785
Population: 3.37 Million
Kuwait is one of the leading nations in oil production in Western Asia. They generate their main source of income through commodities. In addition during the eighteenth and nineteenth centuries, Kuwait has a wealthy time for its development as they are the lively center of commerce and trade. The country is also governed by a stable monarchical government that conducts all the country’s businesses smoothly as represented in its position.
6. Norway
GDP Per Capita: $64,363
Population: 5.16 Million
Norway is called the “land of the rising sun”. Their economy mainly depends on fish, regular gas saves, oil, hydro-power, minerals, farming water, and crisp water. A cooperative and stable government also plays an important role in the daily development of the country. Besides being one of the richest countries in the world, Norway's citizens also have a healthy and great lifestyle owing to the wealth of healthy foods like seafood.
7. United Arab Emirates
GDP Per Capita: $63,181
Population: 9.35 Million
UAE (United Arab Emirates) is a story of zero to hero. The growth of this country is nearly unbelievable. It has plentiful reserves of natural gas and oil that play an important role in the prosperous economic development of the country. In addition, the country has realized tremendous growth in the technological, tourism, and architectural sectors in the past few years. The zero-tax policy of the country provides an ideal environment for global investors.
8. Hong Kong
GDP Per Capita: $56,428.07
Population: 7.23 Million
Hong Kong is located on the southern coast of China. It is considered the 8th richest country in the world in terms of per capita income. Hong Kong has developed as a financial and business hub of Asia which is the reason why it has seen a boom in economic development and per-capita income. It also has an amazing financial advancement through its tourism and vehicle division.
9. Switzerland
GDP Per Capita: $53,977
Population: 8.13 Million
This is positioned here not only for its richness but also for offering the best individual satisfaction. This denotes that persons who visit to live in this nation appreciate tasteful and pleasant life. The credit for their excellent economic development goes to tourism, banking industries, and farming. This country is also highly admired worldwide, as a maker of chocolate and watches.
10. United States of America
GDP Per Capita: $53,001
Population: 319 Million
The USA is not only the most powerful but also the richest country in the world. It has plenty of financial, natural, and human resources. Their economic status is highly influenced by the efficient and stable system of government. It looks like the USA has had many outstanding economic goods compared to the world like entertainment and IT goods.
This is the comprehensive list of the richest countries in the world as analyzed by economists and global economic institutions in general. All the above-mentioned countries have shown outstanding economic development year after year. The plenty of natural resources, political stability, and flourishing industries make up the outstanding economic development and growth of these countries.
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