Introduction – Richest Countries in the World
Did you know that the United States is not in the top ten richest countries in the world? Many people believe that this is because Americans spend more than they earn and live beyond their means. This article will focus on 10 of the richest countries in the world according to gross domestic product (GDP) per capita. The US comes in at number 11 on this list, with an average GDP per capita of $57,230.
The ten richest countries in the world are:
Qatar is a rich country in the Middle East because of their oil reserves. They have the third largest proven petroleum reserves, which are almost eight times that of the USA. This makes Qatar one of the richest countries in terms of wealth per capita.
Macao is a rich country as it has the highest GDP per capita in Asia. The average purchasing power-adjusted income per capita is $28,200. [
However, the average citizen may not feel this high standard of living as the cost of living in Macao is exceptionally high. In addition to ownership of a car and housing expenses, one has to pay an expensive fee when going to a restaurant or visiting a casino. A meal at McDonald’s costs almost $10 while a spaghetti at a restaurant costs $20.
Luxembourg is a rich country because it has one of the highest GDP per capita in the European Union. In 2013, Luxembourg had a GDP per capita 210% higher than the EU’s average. The country also has a sound social system, and there isn’t much poverty there. Businesses have been moving their offices to Luxembourg because they can get tax breaks from the government.
Singapore is a rich country because it has abundant natural resources. It is also a part of the Asian economic tiger, which means that it has a high GDP per capita and ranks as one of the richest countries in Asia. Singapore has access to ports that will open its markets to trade with other countries like Japan and Korea, which will increase natural resource availability.
The Sultanate of Brunei Darussalam is an absolute monarchy located on the north coast of the island of Borneo in Southeast Asia. It has been a member state of the United Nations since 1984 and a member of the Commonwealth of Nations since 1984. The country has been ranked amongst the highest in the human development index since 2006, ranking 16th out of 186 countries. The country also ranks very high in economic freedom, civil liberties, and political rights, which are indicators used by some organizations to measure how “free” a nation is.
The wealth of Brunei’s citizens consists primarily of natural gas and petroleum, which account for almost half its GDP. Tourism accounts for 12% or US$408 million per year, textile manufacturing 14%, and overseas workers about 10%. The national military service has played an essential role in Brunei’s development. About 20% of the country’s budget is devoted to defense. Industry and commerce, agriculture, fishing, and general labor are described as quiet sectors with little employment.
The country of Ireland is rich because it possesses many valuable natural resources, such as fertile soil and significant oil and gas reserves.
There are many reasons why the United States is a wealthy nation. For example, the US has one of the largest economies in the world, it has an extensive natural resource base, and it is strategically located with many neighboring countries. The United States also has a very organized society that operates with less red tape, corruption, and waste than other countries.
The data is for 2013 instead of 2016, like the rest on this list due to the International Monetary Fund (IMF) error. Hong Kong has been one of the top richest countries in the world since 1980.
Switzerland is a rich country for many reasons. The country has a high standard of living, meaning its citizens are well-educated, healthy, and prosperous. It also has one of the highest rates of income equality in the world. Switzerland has a tiny population, which means many people enjoy a high standard of living with few worries about overcrowding or environmental factors that cause pollution. Swiss businesses are dependable and profitable because they often play by the rules and follow laws. Swiss exports are mainly industrial goods like machinery, electronics, and chemicals that other countries need to produce. This ensures that Switzerland will always have plenty of trading partners.
Norway is considered a rich country because it has a high GDP per capita. Norway’s per capita GDP was $98,194 in 2016.
Norway is a resource-rich country. Norway’s per capita GDP was $98,194 in 2016, but its net national disposable income (NNDI) per capita was only $55,439. A low NNDI per capita indicates that the citizens of a country have to use more of their time and energy for work related to the extraction of natural resources. After subtracting costs such as exploration and drilling from listed company income, an alternative measure of economic welfare called EWI is available for several countries. Norway has a low EWI, too, because it produces few products from non-renewable resources.
United Arab Emirates
With 47.4420 billion dollars of gross domestic product (GDP) and a population of nine million people
Kuwait is a rich nation because it has a lot of oil and other natural resources to sell. There are lots of skyscrapers, nice cars and people have no problem buying expensive things. But Kuwait’s citizens are not rich.
Kuwait is an oil-producing country, so you might think that the citizens must have a lot of money just because they live in this oil-rich nation. You’re wrong! There are various reasons why the citizens themselves do not have any money, but the government does. The government uses all of their nation’s wealth for themselves while Kuwait’s citizens suffer from poverty rates as high as 22% (the country’s total population is 3 million). They were even willing to give up their right to vote so that they could get some more cash out of selling oil which shows how desperate these people are.
San Marino has not yet reported its 2016 data to the International Monetary Fund (IMF), so it is estimated based on previous years’ information -$57240 *San Marino’s government does not release relevant economic stats for privacy reasons. It is believed that this country reports zero poverty meaning everyone living there earns at least $60k annually.
Saudi Arabia is the world’s largest oil producer and exporter. It has a diverse economy, with the government and private sector providing services such as health care and education.
But its oil industry is in deep trouble.
Nauru has not yet reported its 2016 data to the International Monetary Fund (IMF), so it is estimated based on previous years’ information *Nauru’s economy relies heavily on foreign aid. This means that the country reports zero poverty meaning everyone living there earns at least $60k annually.