Do you have any idea about the richest country in the world? Well, it is a complex question because several parameters figure out to estimate which country is wealthier than others in the world.
Besides, wealth is measured in many ways and doesn’t focus over it that how much money a country has. Several other factors like health or happiness are analysed.
Well, the wealthiest country has complex and distinct economies. Most countries export their services and goods from many industries including pharmaceuticals, aerospace, 3M Safety Glasses biotechnology, and so on. Despite all, there is some country in the world that rely on only one product like oil.
But some experts say that a country’s wealth should measure by their total goods and services with taking along their population. So, in the case of Qatar that persists in the line of the richest country of the world with GDP is &129, 360 that signifies the yearly income of average Qatari.
The IMF is recognized for issuing a half-yearly report about the economic performance of the world’s wealthiest country completely base on the GDP per capita. In this report, they compare living standards among different regions including consider the inflation rate.
How Does a Country Recognize as Rich or Poor?
As defined earlier that richness or poorness depends on the GDP per capita. But it doesn’t mean the poor country usually has poor people. On the other hand, poor people also exist in the richest country. The difference shows through the poverty line between the two.
So, economic growth is the key factor in decreasing poverty. On the other hand, for increasing economic growth, a country requires to enhance labour productivity and capital. This is the total productivity factor that drives economic growth.
Hence, here is the list of top 10 Richest Countries in the World with their GDP per capita.
In the list of top 10 richest countries, Qatar stands first in this rank because of rich oil. To make a strong economy, Qatar is well-established in the petroleum sector that is 85% of its overall export, and 70% is its total national income.
Qatar enjoys a lot of economic benefits because of the economic advantage that is based on vast oil reserves. Besides, the tourist trade has a higher contribution to national revenue.
The Portuguese established themselves in the rank of second world richest country in the world. Its GDP has reached &118.099, and all get this rank because of tourism and gambling. Macau is the biggest gambling centre across the world, Best Gaming Headsets and continuously getting the highest gambling revenue.
This country stands third in the list of the richest country. Luxembourg is a small European nation that is well-known because of cuisine and the last Grand Duchy. Since, its total GDP is &109, 199 due to natural resources and has the main lead in banking, industries, and steel.
Getting the 4th richest rank in the world with the GDP is $98,255. Singapore is a cosmopolitan city with a population of 5.612 million people and is the wealthiest region in Asia.
Despite a lack of natural resources and fertile land, it drives its economy through trade and foreign investment. The most comprehensive economic sectors are electronics and banking.
The smallest southeast Asian nation has 400,000 people but doesn’t go its size. Darussalam continuously making rank in the top 10 richest countries in the world. Its total GDP is $81, 612, and heavily dependent on the natural gas production and oil reserves.
The land is famous for having great writers and lovely tourist spots. Irish people are prosperous nations in the world. Ireland has GDP is $77.670 and its economy drive by trade and investment.
This country has GDP per capita is $74,318 and industrialization has a significant contribution to the economic growth. Norway is well-known due to its beauty and charm.
8-United Arab Emirates:
Another middle east country that heavily relies on petroleum reserves and taking benefits from the field of service and communication sectors. U.A.E has total GDP is $70,262 and the tourism sector has a significant part in the economy.
This small Arab nation’s economy depends on petroleum-based products and has contributed 95% in its exports. Kuwait’s GDP has reached approximately $66,980.
This region comes under the administration of China after a former colony of Great Britain. Hong Kong is one of the financial hubs of Asia and has got 4th number out of 190 world’s economy.
Moreover, it is a popular place for starting a business because it is open for foreigners to have a business even without any citizenship.