This post is all about the list of the top 10 richest countries in the world. With the many technological advancements and global changes that have happened, some countries still manage to keep up and stay on top of the list. When talking about the top 10 richest countries in the world, the list still bears some of the same names that have comfortably sat there for the past number of years.
In order to determine the recent top 10 richest countries in the world, you must know first what is Gross Domestic Product of GDP per capita at nominal values.
So, What is GDP? GDP is defined as the value all the final goods and services produced within a nation in a given year which then converted at market exchange rates to current US dollars, divided by the average of a mid-year population for the same year. So, to determine the amount of GDP for the richest countries, you have to use the data for the last year.
Here it is, the top 10 richest countries in the world according to the International Monetary Fund (IMF)…
- Hongkong- $63,350
Hongkong is a famous Asian destination for tourists. In 2017, a 6.9% growth in tourism was reported with around 627,000 people visiting the country. It is in this year that they marked their 20th anniversary of handover from British to Chinese rule.
Many investors consider Hongkong as an important financial destination which is the reason why a lot of establishments are already present in this quite small city. They have their own currency, HK dollars, but they still depend on China for arms and defense services.
- Switzerland- $61,360
The country of 8 million people is recovering after its central bank lost $52 billion back in 2015. The IMF reported that Switzerland growth reached 1 1/2% in 2016. The country has also been implementing policies to help boost its economic recovery.
- United Arab Emirates- $68,250
It is a conglomeration of seven emirates with the likes of Abu Dhabi and Dubai. Its oil and natural gas reserves are its main source of revenue. Its economic growth is exponential even though it is fluctuated by the global pricing of the oil and natural gas. The country is known for its robust transport sector and rich culture. Tourism is a big part of the other incomes and the country is the event holder of various professional sports. The population count is nearly 9.2 million which is the highest on the list.
- Kuwait- $69,670
Kuwait is another oil-driven economy that remains wealthy despite a slowed economy in previous years due to a drop in oil production and prices.
The country’s currency, Kuwait dinar, is the highest-valued in the world. One Kuwait dinar is equivalent to around 3 US dollars.
- Norway- $70,590
This Nordic nation’s per capita GDP of $70,590 allows its 4.97 million people to reap the benefits of a small yet robust economy. 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. Norway also consistently ranks among the world’s best places to live.
- Ireland- $72,632
Ireland is the hub of various commercial activities. Its economy is heavily dependent on its energy industry. It is a major source of renewable energy and hence, its growth is sustainable and not as fluctuation as the countries with the crude oil industry. The tourism industry is a major contributor and there are three different World Heritage Sites. The country is known for its cultural diversity and its significant indulgent towards various professional sports. The population count is approximately 6.5 million.
- Brunei: $76,743
With a per capita income (PPP) of $76,743, Brunei ranks as the fourth richest county in the world. The tiny state in southeast Asia has a total area of 2,226 sq mi and a population of 417,200 as of July 2015. The county’s wealthy economy is supported by the petroleum sector. Brunei is the ninth-largest producer of liquefied natural gas in the world as well as the third-largest oil producer in Southeast Asia. The government is working on diversifying the economy to rely less on petroleum revenue.
- Singapore- $90,530
Singapore remains one of the world’s richest countries and saw its real GDP grow by 2.7% year-on-year in the first quarter of 2017, the IMF reported. The city-state with a population of 5.6 million has been continuously growing since last year as the global electronics trades has rebounded. On a broader scale, IMF notes that Singapore’s economic growth has been limited mainly to its export-oriented fields.
- Luxembourg- $109,191
A symbol of wealth, Luxembourg takes second place with a per capita GDP (PPP) of $109,191. This is nine times the world average. The backbone of this strong economy is its vibrant financial sector, prudent fiscal policies, and dynamic industrial and steel sectors. Banking in Luxembourg is the largest sector of its economy with an asset base of over $1.24 trillion alone.
- Qatar- $124,927
Qatar outnumbers all countries being the richest one in the whole world.
60% of Qatar’s wealth comes from their rich natural gas and oil reserves whilst 85% comes from export earnings with products such as Urea, steel, and ammonia fertilizers. They also own the world’s best airline which we all know of, Qatar Airways.
Qatar is considered the safest place to live on Earth because natural disasters are least likely to occur. Additionally, they don’t have any forests and no trees can be seen anywhere in Qatar.