Of the almost 200 countries on the planet, only a handful actually generate a large enough income to be called the richest countries in the world. The annual revenue of these countries is in the billions and trillions of dollars. The GDP of these countries decides which of them is the richest. Shall we have a look at the top 10 richest countries in the world?
The numbers are based on the International Monetary Fund’s annual report published in October. Also to anyone who says money does not buy happiness why are some of the richest countries also the happiest?
10. Hong Kong
Hong Kong has the title of the easiest place in the world to do business in South East Asia. A lot of companies set up their offshore headquarters in Hong Kong because of they’re relaxed policies and liberal tax laws.
Hong Kong is the 10th richest nation in the worlds as per the data from the IMF and the GDP per Capita index.
9. United Arab Emirates
The UAE is a conglomerate of 7 Arabic states with Dubai being one of the most populous of the lot. The UAE is still controlled by a royal family and they take great pride in the development of the market and economy.
With a GDP per capita of $68,250, this oil-producing nation has left no stone unturned to make the UAE one of the most developed nations in the world.
While a few countries were negatively impacted by the reduction in oil prices Kuwait’s economy held strong. Kuwait has invested a large portion of funds to accelerate growth in other areas and the results have been quite impressive.
The GDP per Capita for Kuwait is just shy of $70,000 but the rate at which the economy is growing it won’t be long before they reach the top of the charts.
A part of the OECD, the economy of Iceland was boosted due to wise investments and construction growth.
The economy is also helped by the strong employment rates, high salaries for individuals, and strong domestic spending. Iceland has a GDP per capita of About $72,630.
Not only is Norway one of the happiest countries in the world to live in, it is also one of the richest countries in the world.
With a GDP per Capita of $74,882, Norway has the 6th highest GDP as per the IMF data. The economy of Norway is based mainly on oil production and export, coupled with a robust international trade of goods.
A country that has not forgotten its rich cultural heritage even when keeping pace with the modern advancements in technology and industry. Brunei is the second most developed country in South East Asia after Singapore.
Its economy depends on oil and gas, exports and trade with nations, however, it has been able to keep economic stability due to its well-diversified investments. Brunei has a GDP per capita of $76,740.
This tiny nation nestled between the Alps has a population of just under 9 million and a GDP per capita of over $80,000.
Banking, industry, international trade, and labor specialization are keys to the economy in the country. Tourism also plays an important revenue earner for Switzerland.
This tiny island nation continues to be a strong contender for the world richest country. The economy grew by over 2.5% year-on-year in the first quarter and is not showing signs of slowing down.
The biggest hurdle Singapore needs to overcome is its image as an expert-only field. Singapore’s GDP per capita is about $90,530.
This tiny European nation has a population of just 600,000. The unemployment rate is at a steady 5%. The economy of Luxembourg is primarily based on steel production and international banking. The dense forest also helps local businesses.
However, with the Brexit in sight, there could be some major instability moving forward. The GDP per capita is $109,190. Not too shabby for such a small nation.
Their economy is primarily based on selling the huge reserves of oil this tiny middle eastern nation is blessed to have.
Qatar is definitely the world richest nations in terms of GDP. With an unemployment rate of 0.4% and a GDP of $124,930, the citizens of Qatar seem to be doing pretty good for themselves.