Asia is one of the largest continent on the planet in respect to area, population and has 48 countries in it.in the world today Asia is one of the fastest growing continent in relation to economic development and amazingly some of its countries are the richest in the world.
When we evaluate the wealth of a country to determine the richness of that particular country, the best measurement to use is Gross Domestic Product (GDP). The GDP indicates the health of a country economy and moreover it represents total dollar value of all the goods and services produced in a particular economy over a specific period of time.in Asia some countries have very low population, some high, others economies are driven by oil and minerals among others drivers of economy. Here are the top 10 richest Asian countries in 2018.
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Taiwan is found on the east part of Asia and among the densely populated countries, Taiwan is among them with a population of more than 23 million occupying an area of 13975 sq. mi. According to Trading Economics global macro models and analysts expectations Taiwan economy is project to grow by a rate of 2.3% annually and currently its GDP is at $520 billion. The country economy is fueled by exports from electronics, flat panels, ships, petrochemicals, machinery; metals; textiles, plastics and chemicals. It’s GDP per capita is around $21,000 making the country rank at position 18 globally in relation to gross domestic product at purchasing power parity per capita. The unemployment rate is at just 4% in the country. Mostly the service sector is the backbone of Taiwan as it contributes to 73% of GDP.
Japan is found on eastern Asia and is a stratovolcano archipelago of 6,851 islands. In terms of economic power the country in Asia has established its place as one of the countries which is wealthy as its GDP per capita is at $44,000 and its GDP is 4123 billion. Japan is the home to over 127 million people with only an employment rate of 3.5%.japan economy is driven by exports from motor vehicles which make japan third largest automobile manufacturing country, semiconductors, iron and steel products, auto parts, plastic materials , power generating machinery among others. Note japan is also the largest manufacturer of electronic goods and in addition it is ranked the country which is most innovative.
This is one of the small Arab monarchy along the Persian Gulf. It has one of the strongest currencies in the world today which ranks the second strongest in terms of its value. Bahrain economy is mostly driven by Tourism and Banking sector. Bahrain financial sector is one of the most successful in the world and has been named severally as one of the world’s fastest growing financial areas in the world. The country major export product is oil which amounts to 60% of total exports and others Aluminum, Textiles. Aluminum in the country is the second most exported product in the country.
Israel is one of the wealthy countries in Asia and is located in the southeastern shore of the Mediterranean Sea. It’s a Jewish country and also among the top 20 nations in the world with the highest human development index. The economy of Israel is driven by high technology advancement and industrial manufacturing and has one of the most prominent is diamond industry.
Israel is one of the countries in the world that has strong educational infrastructure and high quality incubation system. The economy is also supported by other high technology products, telecommunications equipment, military equipment, pharmaceuticals, mechanical machinery and production machinery based equipment, cut diamonds and jewelry, agricultural products and foodstuffs, chemicals, textiles and apparel. With all these exports the western Asian country has 33,000 usd and its GDP is 300 billion.
The state is found in Southeast part of Asia and one of the countries in Asia with high human development index. The population of the country is around 500,000 people and the Gross Domestic Product per capital is around $66,000.the country economy is supported mainly by crude oil and natural gas exports and these two products revenues make up half of the country GDP. Brunei is the third largest producer of oil among southern eastern countries and the forth in the world in production of liquefied natural gas. Note the Brunei Government is one of the best governments in the world as it provides its citizens with subsidised cost of medical, food and housing.
5. Hong Kong
With a total land area 1,106 square kilometres and a population of more than 7 million people which makes it in the list of top 5 most densely populated territories in the world, the country is found in eastern Asia. Hong Kong is in the list of leading world’s international financial centers and in addition the country has the highest degree of economic freedom in the planet. Its Gross Domestic Product per capita is $36,000 which makes the country among the wealthiest nations in Asia. Its economy is driven by a very sound financial system, very strong legal system, foreign investment due to low tax and friendly foreign policy, tourism, and provision of services which amounts to 90% of GDP revenue.
Kuwait is located is western Asia at the tip of Persian Gulf and has a population of more than 4 million people. The most amazing thing is that the Kuwait dinar is the most valued and highest currency in the world today. The country economy is purely driven by exports of oil, petroleum products, provision of financial services and fertilizers. What accounts to 95% of all government revenue is petroleum industry which is the backbone of this country. The country is among the top 5 countries with high GDP per capita which is on average is $40,000.
The world’s only island city-state or the Lion city is located in the Southeast Asia and has a population of more than 5 million people. Its economy is ranked as the most open in the planet and most pro-business. In terms of purchasing power parity the country ranks as the third highest in the world. Its Gross Domestic Product per capita is at $52,000 and its GDP per capita PPP is at an average of $80,000.the country economy is steered by foreign direct investments which are due to the fact that investors find Singapore having a friendly investment climate and political environment. Some of its major exports that account to a significant portion of government revenue are electronics, chemicals and services.
The Macao Special Administrative Region of the People’s Republic of China is one of the richest nations not only in Asia alone but also in the world as well. Its population is around 600,000 people who occupy an area of 11.8 sq mi making the country most populated region in the planet. The country economy mostly is supported by gambling, tourism, clothing, textiles, footwear, toys, electronics, machinery and parts. Macau Gross Domestic Product per capita is around $55,000 and its GDP per capita PPP is at $104,000. The country human development index is also high ranking among the top 20 in the world. Amazingly Macau is among the top 3 countries in the world with high life expectancy due to subtropical climate, high end state of the art medical services and traditional Chinese cuisine.
The state of Qatar is located in the western Asia and is the world’s richest country and also the richest nation the continent of Asia.it has the highest per capita income in the world and ranks high in human development index with a population of not more than 3 million. Its Gross Domestic Product per capita is at an average of $75,000 and its DP per capita PPP is at $135,000.petroleum and liquefied gas are the backbone of Qatar economy and they account 71% of government revenue and nearly 65% of GDP. The country has more than 5% of the total worlds natural gas reserve and third largest reserve of natural gas in the world. The country will be hosting the 2022 FIFA World Cup making it the first Arab Nation to do so.
These above countries are the richest in Asia continent and this is data from credible sources such as trading economics, World Bank, fact book, International monetary fund among others. These are the countries where low employment rate is a fact, they have good governance, friendly investment climate, low population, educated, skilled and innovate work force, and blessed with natural resources. If you’re an investor have a look at your options in one of these countries and you won’t go wrong.