There are almost 200 countries in the world and some of them are highly developed like America while others are still in their developing stage like India. Depending on the economic condition of the countries, some of them generate billions and trillions of dollars every year. It is always intriguing to know which countries are the wealthiest in the world. When it comes to measuring the countries on the scale of richness, there are various parameters according to which the ranking can be done.
Some of them may opt for gross revenue, per capita income, or GDP per capita. The following list is a compilation of the top 10 wealthiest countries based on GDP per capita as released by the International Monetary Fund (IMF). GDP per capita is the total value of the services and goods a country’s economy has produced divided by the total population of the country. This list contains the top 10 richest countries in the world as of 2018 followed by GDP per capita in US dollars.
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10. Switzerland: $61,360
Switzerland is a landlocked country and it is considered to be one of the best global commerce hubs. It is a highly developed country and the quality of life is very high. It is known for its economic competitiveness and transparency in governance. It is the land of multiple multinational companies starting from Credit Suisse to Nestle. The manufacturing industry is the main contributor to the gross revenue. Starting from chemical, pharmaceutical to instruments and electronics, the manufacturing industry is flourishing across the country. Furthermore, its banking and insurance industry are one of the biggest in the world and tourism is also a major contributor. The population count is approximately 8.4 million.
9. 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.
8. Kuwait: $69,670
Kuwait has the highest valued currency and it has among the top ten old reserve countries in the world. It is amazing how the country revived after its economy was destroyed by Saddam. Its entertainment industry is a major contributor to its economy. It is called the Hollywood of the Gulf. The economy is influenced by the earnings from its petroleum reserves, finance, health and research and tourism. The population count is approximately 4 million.
7. Norway: $70,590
Norway is a country of reserves. Starting from petroleum and natural gas to minerals and freshwater, the country’s export earning is one of the pillars of its economy. It is the largest oil producer in the Middle East. The quality of life is the best as it has been topping on the chart of human development index for nearly a decade now. The public health care is absolutely free and parents can take as much as 46 weeks paid leave. In terms of hourly wages, it has the highest in the world. The public transport system is highly efficient and it is center of hydropower. It is a major export of fishes and woods. The population count is approximately 5.2 million and still, it ranks the highest in the World Happiness Report.
6. Ireland: $72,630
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.
5. Brunei: $76,740
Brunei has an extremely high human lifestyle and it is ranked second in human development index among South Asian countries. The country has zero public debt and crude oil and gas contribute the maximum of the gross revenue. A substantial amount of the revenue comes from foreign investments made by Brunei Investment Agency. It is heavily dependent on agricultural imports. Its banking and tourism industry are two of the pillars of its economy and the transport and infrastructure are robust in the country. The population count is approximately 417 thousand.
4. Singapore: $90,530
Singapore is one of the favorite destinations for tourism and business. It is rightly called the global commerce hub. The finance sector is robust and the nation is technology-ready and has the best potential investment options. According to the market share, it is the third largest in oil refining. The standard of living is very high and it has been ranked 5th on Human Development index by the UN. Singapore is known for its business-friendly infrastructure and the ease of doing business index is among top three in the world. It has been recognized as a tax haven and has the highest number of millionaires in the world.
Among the industry other than oil refining, electronic integrated circuit and automatic data processing machine industry are the highest export contributors to the country’s revenue. Singapore is also the second largest casino gambling place in the world and it has some of the biggest telecommunication companies in the world. The population count is approximately 5.6 million which is the highest among the other countries listed below it.
3. Luxembourg: $109,190
Luxembourg has moderate growth rate but very low inflation rate. The unemployment rate is one of the lowest in the world. Even though it has lost in 2nd place to Macau, it is still going strong at the third position. The country is popular for its banking and finance sector. After the United States, it is the second largest investment destination and the center of biggest private banks in Europe. The attractive economic condition has attracted big companies like Amazon to shift their headquarters. Luxembourg is known for its efficient transport all by means. The telecommunication sector is booming. The country is the holding place for 20 major data centers in the world. The population count is relatively low at approximately 590 thousand.
2. Macau: $114,430
Macau is a rather small country which is high it ranks so high on per capita parameter. Its economy is mostly based on tourism and garment manufacturing. 33% chunk of the government’s revenue comes from exporting the garments. Due to tourism, gaming and hospitality industry contributes heavily towards the economic growth. They have trade relations with nearly 120 countries. The country has been growing in double-digit and the population is around 651 thousand. It is generally referred to as the gaming or gambling capital of the world.
1. Qatar: $124,930
Qatar is the wealthiest country in the world at present in 2018 as per the data released by the International Monetary Fund(IMF). As a matter of fact, they have been retaining their position for a few years now. Their economy is primarily based on oil exploration and petroleum sector along contributes to 70% of the total revenue of the country. Furthermore, 80% of the earnings from export come from oil and its related products. If you consider the gross GDP of the country, it would find its place in the top 50 countries. Therefore, it is its low population count of over 2 million that boosts its GDP per capita and residents enjoy lavishing lifestyle.
It is important to remember that this list is based on GDP per capita and not on total economy revenue. If you consider total economy revenue, it is the United States that will come out as the topper but on this parameter, the US is not even within top ten. If you are thinking of making some crazy money by going overseas, these countries should definitely be on your shortlist.