After every two years, IMF (International Monetary Fund) comes out with the data of the World’s richest countries in the world. This year also the organization surfaced a list of World’s Wealthiest countries, focusing on the income and purchasing power parity (PPP) per capita of these countries. Out of the hundreds of countries in the world, many produce billions and even trillions as profits every year. But, which one ranked the top as the richest country in the world? Find out!
How is the calculation done?
The calculation of the economic expertise is done considering the Gross Domestic Product (GDP) per capita of the residents. The PPP sums up the cost of living and inflation rates to calculate the standard of living in these countries. While you will see, the list featuring mostly the small countries but still, they have made it large with being in the top of the game.
Wealthiest Countries in the World Are :
GDP per capita: $128,702
With the population of approximately 2.27 million, the tiny land of Qatar is the richest country in the world as per capita. Despite lower hydrocarbon prices, which caused a major drop in its revenue in 2017, Qatar yet made it on the top of the spot. The credit to its growing economy goes to the product of petroleum and natural gas.
GDP per capita: $122,489
Macau is the second world’s richest and most densely populated region with a population of 650,900. The reason of growing Macau economy is largely because on tourism and manufacturing of textiles, garments and financial services including banking. Over 50% of the country’s GDP is contributed by the tourism, gaming, and hospitality industry, making it one of the top rankers in the list of the richest countries in the world.
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GDP per capita: $122,489
Luxembourg is the small European nation with a populace of around 600,000 but with a GDP of $122,489 makes it the third world’s richest country. The country owns a strong workforce and its continuing growth have exceeded the European Union’s overall growth so far. Several major companies are present here including steel giant Arcelor Mittal making it a country with a very strong workforce.
GDP per capita: $98,014
Singapore is the third richest country in the world and one of the richest in the whole of Asia. The city-state has a population of around 5.6 million and is continuously growing since last year making it one of the top most growing countries in the world. The reason of the growth could be given to the least corrupt and most business-friendly economies in the world. The highly favorable investment scenario in Singapore attracts a large number of global investors which encourages innovation and entrepreneurship in the country.
GDP per capita: $79,924
This European country has one of the highest per capita incomes on the continent. It also has one of the highest GDP growth rates in the region all because of its spending in investment and construction. The reason for the strong economic data is however, largely driven by the financial activities of the multinational corporations operating in the country along with the regulatory process and attractive rates of corporate taxation.
GDP per capita: $79,726
Located close to Malaysia, Brunei Darussalam is one of the richest countries in the world. The country is small with a population of 400,000 people but rich factors like huge oil reserves, government regulations and a conducive environment for a successful entrepreneurship, makes it one of the most flourishing economies in the world. The major contributors in the GDP are the exports of crude oil and natural gas along with LNG (liquefied natural gas).
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GDP per capita: $74,065
This Scandinavian country has a population of over 5 million. It remains one of the richest countries in the world despite being hit by lower oil prices over the last few years, the country has now come up in the top ranking of the richest countries in the world. The major credit to the Norway’s growing economy goes to the country’s substantial natural resources, huge financial assets and low debts.
GDP per capita: $68,662
Located in Western Asia and with a population of over 10 million, UAE is ranked as the one of the top richest countries in the world with a GDP per capita of $68,662. The growing economy of this nation consists up of 7 Emirates and is consistently backed up by the Oil, natural gas and petroleum resources as the major source of the growth.
GDP per capita: $66,673
The country of Kuwait is full of wealth generated from the small petroleum-based economy, making it one of the richest countries in the world. With the small population of only 4 million people, the per capita per person in the country is very high, pushing it to be as the greatest economies in the world. They have enough petrol that counts for over half of Kuwait’s GDP and is expected to continue growing.
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GDP per capita: $64,533
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Hong Kong is a special administrative region of China and of the richest countries in the world. With a GDP per capita of $64,533, Hong Kong is the world’s top-rated international financial centers. The major reason for a flourishing economy in Hong Kong is because of its reserves of foreign exchange, low taxation rates, little public debt, and an efficient legal system along with huge revenue from the tourism sector.
GDP per capita: $63,379
Located on the Swiss Alps, the country of Switzerland is gorgeous and one of the richest countries in the world. With a population of around 8 million people, the country’s GDP per capita is $63,379 and is expected to grow even more in the coming years. All thanks to the service sector, Swiss banking industry and tourism for making it one of the World’s most advanced economies.
GDP per capita: $62,152
The United States of America has the world's biggest national economy and one of the wealthiest nations on the planet. With a GDP of $62,152, the country thrives on its entrepreneurial economy driven by the natural resources. Be it leading in the high technology (Silicon Valley), business (Wall Street), and the movies (Hollywood), the country also has the higher education ratio.
GDP per capita: $61,169
Enclosed by the Italy from all the sides, San Marino is a 24 square miles with only 30,000 residents as their population. Yet, still one of the wealthiest places in the world. Also known as the ‘Most Serene Republic’, has the GDP of $61,169 and all thanks to tourism which contributes the major part of it. This exceptionally beautiful country experiences over two million tourists every year, which is the chief source of income for the country and the residents.
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