Today we are going to discuss The Top 10 Richest Countries in the World. These are the countries with the highest GDP per capita (PPP-based) in the world. Let's proceed to our topic.
10: United States
On number 10 we have the United States of America. While most of the countries on the list are very small in population, United States is the largest economy that has made it to the list. It is very impressive especially after considering its population of 326 million. The USA has taken the number 10 spot from San Marino in 2018. USA GDP Per capita (PPP based) is 65,060 Int.$. Highly developed automotive industry, a technological sector that fosters innovation, a highly advanced arms industry, and a PetroDollar world are some of the reasons for the United States huge economy.
9: Switzerland
On number 9 we have Switzerland. Switzerland is home to 8.6 million people. After a loss of 52 billion dollars in 2015 by its central bank it has recovered well in recent years. From most of the 20th century to this time, Switzerland has always made to different wealth rankings. Switzerland GDP per Capita (PPP based) is 66,780 Int.$. Big multinational companies, a huge banking industry, a stable manufacturing industry of specialist chemicals, health and pharmaceutical goods, scientific and precision measuring instruments, and musical instruments Keep Switzerland's economy afloat and make it one of the most powerful economies in the world.
8: Kuwait
On number 8 we have Kuwait. Kuwait is a gulf state located in western Asia. Kuwait owns the world's sixth-largest oil reserves which are about 10% of the world total. Its currency Kuwait’s Dinar is the highest valued unit of currency in the world. 1 Dinar is equal to 3.3 US$. Kuwait GDP per Capita (PPP based) is 69,260 Int.$. Petroleum Products is the base for Kuwait’s economy and it accounts for half of its GDP and 90% of the government income. Other sectors include financial services.
7: United Arab Emirates
On number 7 we have UAE. UAE is another oil-rich Gulf country but unlike Kuwait, it is a very diversified economy. It is a global business hub. UAE is the 2nd largest economy in the Gulf after Saudi Arabia. UAE GDP per Capita (PPP based) is 72,180 Int.$. UAE's economy is still very dependent on oil but it has taken many initiatives to decrease its dependence on oil.
6: Norway
On number 6 we have Norway. Norway is a perfect example of a mixed economy, a prosperous capitalist welfare state, and social democracy country featuring a combination of free-market activity and large state ownership in certain key sectors. Norway has topped the Human Development Index for almost 8 years from 2001 to 2018 and it is one of the best places to live in. Norway’s GDP per Capita (PPP based) is 76,620 Int.$. Driven by fishing, natural resources, and major petroleum exploration, Norway is the eighth largest exporter of crude oil, 9th largest exporter of refined oil, and 3rd largest exporter of natural gas in the world.
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5: Ireland
On number 5 we have Ireland. Ireland is an open economy (6th on the Index of Economic Freedom), and ranks first for high-value foreign direct investment (FDI) flows. Ireland GDP per Capita (PPP based) is 81,690 Int.$. Being one of the largest exporters of pharmaceutical agents, medical devices, and software-related goods and services, zinc concentrates, lead concentrates, textiles, and high-tech products, Ireland’s economy is flourishing even more.
4: Brunei Darussalam
On number 4 we have Brunei. Situated in South East Asia, this tiny but rich nation is another hydro-carbon-led economy. Though its government is trying to diversify its economy and minimize its dependence on hydrocarbons, still 90% of its economy is run by oil and gas. Brunei GDP per Capita (PPP based) is 86,480 Int.$. Brunei is the 9th largest exporter of liquified natural gas in the world and the 4th largest exporter of oil in southeast Asia.
3: Singapore
On number 3 we have Singapore. The tiny city-state of Singapore is situated in south-east Asia. Singapore is known as one of the freest, competitive, dynamic, and business-friendly nations. It is ranked highest by the ease of doing business, least corrupt, economic freedom indexes. Singapore GDP per Capita (PPP based) is 102,030 Int.$. Above 7000 multinational companies along with a government stake of 22% in GDP, Singapore is a highly stable economy. Singapore attracts a large amount of foreign investment as a result of its location, skilled workforce, low tax rates, advanced infrastructure, and zero tolerance against corruption.
2: Luxembourg
On number 2 we have Luxembourg. It is located in the western part of Europe and shares its border with Belgium, Germany, and France. It has a stable and high-income market economy that features moderate growth, low inflation, and a high level of innovation. Luxembourg GDP per Capita (PPP-based) is 112,620 Int.$. Luxembourg's economy heavily depends on its most developed financial sector but industrial sectors of steel, rubber, chemicals, and other products also play an important role to keep its economy afloat.
1: Qatar
On Number 1 we have Qatar. Qatar is located in the Middle East in West Asia. Qatar is another oil and gas-rich country that took its position as the number 1 from Luxembourg in 2010. Qatar owns the world's 3rd largest reserves of gas and oil. None of its 2 million people lives below the poverty line and it has an unemployment rate of less than 1%. Qatar GDP per Capita (PPP based) is 133,250 Int.$. The hydrocarbon industry accounts for 70% of its government revenue, 60% of its GDP, and 85% of its export earnings.
So these were the richest countries in the world. But if we include regions to the list Macao (126,580) will get the 2nd spot and Hong Kong (67,560 Int.$) will get the 10th spot and Switzerland and the USA will be out of the list.
It is important to mention that this list is based on the GDP Per Capita (PPP Based). GDP Per Capita is the best-known method for the calculation of richness for a country. GDP Per capita means the gross domestic product converted to international dollars using purchasing power parity rates and divided by the total population. Purchasing Power Parity means the ratio of the number of units of one country’s currency to the number of units of another country’s currency required for the purchase of the same amount of goods in their own countries. Basically, It is measured with respect to US Dollar which is considered as a base for measuring other countries' PPP.
I hope that you will find this article informative and interesting. In which of these countries do you live? Lets US know in the comment section below.
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