With the advancement
in technology, the world is getting richer day by day. However, this wealth is
not distributed equally. The International Monetary Fund releases the data of the
richest nations in the world. This evaluation is based on Gross Domestic
Product (GDP) per capita of their inhabitants. IMF primarily focuses on the
income and purchasing power parity (PPP) per capita. Thus, the countries that might
look little in size, or may be developing but still, they have made it large.
wealthiest countries in the world have complex and diversified economies. The
export of goods and services, a variety of industries such as pharmaceuticals,
biotechnology, and aerospace are the main boosters. Also, another common
characteristic among the richest nations is the relative lack of corruption.
So, here is a list of the richest nations by GDP. Read on to discover their positions.
Qatar is the world’s richest country. Most of the income comes from a well-developed oil exploration industry. Also, the petroleum industry accounts for 70% of its government revenue. The country’s relatively low population of about two million results in a large GDP per capita. Furthermore, a number of residents of the country enjoy a very high standard of living.
It is found on the western side of the Pearl River estuary in southern China. Also, it is one of the most densely populated countries in the world. Macau has a capitalist service economy. It is largely based on casino gaming and tourism.
Known for its wealth, Luxembourg bags the third place with a per capita GDP (PPP) of $110,870. The backbone of this economy is its vibrant financial sector, policies, and dynamic industrial and steel sectors. Also, banking is the largest sector of its economy.
This little city-state has moved up to take 4th position. The major basis of Singapore’s wealth is its financial services sector. Furthermore, a chemical export industry, liberal economic policies encourage growth and innovation. Singapore also has the second busiest port in the world.
5. Brunei Darussalam
At the fifth position, we have Brune. This tiny state in southeast Asia is supported by the petroleum sector. Therefore, it is the ninth-largest producer of liquified natural gas in the world. Also, it is the third-largest oil producer in Southeast Asia. It is well known for its beaches and biodiverse rainforest, most of which is protected within reserves.
capita: $ 70,587
The Kuwaiti dinar is the highest-valued currency unit in the world. With almost 10% of the world’s oil reserves, petroleum contributes greatly to export revenues and government income. However, according to the constitution, nearly all natural resources in the country are state property.
7. United Arab Emirates
GDP per capita: $68,662
This Middle Eastern federation of Emirates has economy coming from oil revenues. While the service sector and telecommunications also contribute significantly, it is extremely reliant on oil and natural resources. It is one of the wealthy nations of the world.
Swiss banking and other financial institutions have kept this country and its economy afloat. We already know that wealthiest people and companies in the world own Swiss bank accounts. Therefore, Switzerland has excess capital to use for investment purposes.
9. Hong Kong
Hong Kong situated in China is one of the leading economic countries. It has a capitalist mixed service economy. It is known for low taxation, minimal government market intervention, and has an established international financial market.
Fishing, natural resources, and petroleum make Norway, the tenth largest. It is the exporter of crude oil and 3rd largest exporter of natural gas in the world. Also, Norway ranks among the world’s best places to live.
Securing the 11th position, this country has a leading economy. The main booster industries are textiles, food production, and mining.
12. United States
Contrary to most of the nations on the list having small populations, the United States can maintain a per capita GDP (PPP) of $60,200, considering its population of over 310 million people. Its large domestic automotive industry, technological sector, and democracy that protects rights are major contributors.
13. Saudi Arabia
The economy of Saudi Arabia is mainly because of oil and a strong government control over economic activities. It possesses 18% of the world’s petroleum reserves. Also, it ranks as the largest exporter of petroleum.
GDP per capita: $53,280
Iceland is the most sparsely populated country in Europe. The abundant hydroelectric and geothermal power has made Iceland the world’s largest electricity producer. Until the 20th century, It was among the poorest countries in Europe. Recently, it emerges as one of the most developed countries in the world.
GDP per capita: $52,500
This country in central Europe secures the 15th position. Owing to its highly industrialized economy, well-developed social market, it has achieved and maintained this position.
GDP per capita: $52,390
Denmark has a developed mixed economy. Once it was predominantly an agricultural country owing to its arable landscape. Since 1945 Denmark has greatly worked on its industrial base and service sector.
These were the top richest nations in the world. For more such interesting details, stay connected.