What comes to mind when you think about the richest countries in the world?
Do you think about mighty nations with large land areas that lead the world in terms of
military prowess and technological innovation?
Well, you might be surprised to learn that some of the wealthiest nations in the world
are in fact among the smallest!
Several very small yet extremely rich countries like Luxembourg, Singapore, and Switzerland
benefit immensely from having sophisticated financial sectors and lax tax laws that have
attracted foreign investors for decades.
Other nations such as Brunei, the United Arab Emirates, and Qatar have vast reserves of
oil and other lucrative natural resources that have created a great of wealth within
their borders.
Bustling casinos and a lively tourism scene benefit the economies of many nations like
these as well.
Despite pandemic-era travel restrictions, Asia's gambling mecca Macao remains one of
the most wealthy states on the planet.
You might be wondering, however, what exactly we mean when we say that a country is 'rich'.
As you probably already know, in recent times, the income inequality gap between the wealthy
and the poor has grown exponentially.
While GDP or Gross Domestic Product measures the total value of all ghoods and services
that a country produces, taking that number and then dividing it by the number of full-time
residents of a country gives us a better idea of how rich a country's population is compared
to others.
When considering this, it becomes apparent why rich is often synonymous with small.
The majority of countries we're about to discuss in this thought-provoking video have economies
that are disproportionately large compared to their population size.
That being said, it's also important to factor in things like living standards, inflation,
and average wages when considering a nation's wealth.
Just because a country is rich, doesn't necessarily mean that all of its citizens are prospering.
This remains especially true in the post-COVID era, where inequalities have become glaringly
apparent.
Take everything we're about to say with a grain of salt.
Clearly, wealth is just one small factor to consider when traveling to a new international
destination or considering a move.
But even though it's just one of many things to keep in mind in your travels, it's still
something worth educating yourself about.
So, without further ado, join Viewcation as we take a look at the 10 Richest Countries
in the World by GDP Per Capita.
10.
Brunei Darussalam
The Sultan of Brunei, Hassanal Bolkiah, lives in utter luxury.
No expense is spared when it comes to his accommodations, consumables, or entertainment.
His lavish palace features 1,788 rooms – 257 of which are bathrooms – as well as an enormous
banquet hall that can accommodate up to a staggering 5,000 guests, a mosque that up
to 1,500 guests can worship at, a climate-controlled stable that houses 200 ponies, 5 swimming
pools, and 18 elevators.
The Sultan's wealth comes from the vast oil and natural gas reserves found within his
country's borders.
It's estimated that he has a net worth of more than $30 billion.
That's about fifty times the net worth of the United Kingdom's Queen Elizabeth.
While the Sultan's immense wealth allows him to live it up, malnutrition in Brunei is not
uncommon.
It's believed that over a third of the nation's 450,000 residents live in extreme poverty.
Fortunately, Brunei citizens weren't hit very hard by the COVID pandemic.
That being said, the pandemic did take a significant toll on oil prices.
The war in Ukraine, however, has led to oil prices bouncing back.
As such, recent projections predict that the country's economy will grow by 5.8% this year.
9.
The United States
Okay, we did say that many of the richest nations in the world are also the smallest.
While that is often the case, obviously, there are some exceptions to that rule.
Given its size and reputation, it's not surprising that the US would appear on this list.
Even at the height of the worst phase of the pandemic in 2020, the US still managed to
climb into the top 10 list of wealthiest nations.
Many Americans actually got richer during the pandemic, although that largely was true
only for those that already earned more than $60,000 per year.
These Americans, for the most part, got to keep working from home during the pandemic
while watching their stock investments grow in value.
On top of that, they also received all of those stimulus checks.
Sadly, many American's lost their jobs and businesses during the pandemic.
And instead of adding that stimulus money to their savings accounts, they were left
with no other choice but to use it for necessities.
Facing mounting debt, medical bills, and other expenses, many found themselves standing in
the food bank lines.
So, while the rich got richer, the poor once again got poorer.
Since 2020, however, fortunately, the job market has recovered, but now Americans are
seeing inflation rates at a 40-year high.
Despite all of this, the collective wealth of America's billionaire class increased by
$1.7 trillion during the pandemic.
Before we tell you about the top 8 wealthiest countries in the world, take a moment to show
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8.
Norway
When oil and gas reserves were discovered in the North Sea in the 1960s, Norway's economy
was transformed practically overnight.
The government subsequently built the world's largest sovereign wealth fund, which is valued
at more than $1 trillion today.
Norway is western Europe's top petroleum producer, and for decades the country has benefited
from rising prices.
Even so, oil prices crashed at the beginning of 2020, sending the Krone into a freefall.
The fallout from the pandemic sent Norway into the most significant economic decline
since World War Two.
Since then, however, the economy has gradually recovered.
Norway might have taken an economic hit during the worst of the pandemic, but that hasn't
caused the country to be any less wealthy in the long run – especially considering
that enormous $1.2 trillion wealth fund.
Unlike other wealthy nations, Norway has one of the lowest income inequality gaps in the
world.
7.
United Arab Emirates
Before oil was discovered in this Persian Gulf country in the 1950s, the UAE was known
for being an agricultural, trading, and fishing hub.
These days, the UAE's population enjoys considerable wealth.
Here you can find glitzy shopping complexes sitting alongside traditional Islamic architecture.
Workers from all over the globe are lured to the UAE by tax-free salaries and near-constant
sunshine.
In fact, only 20% or so of the people that live in the UAE are local natives.
Outside of the hydrocarbon field, the UAE's economy is becoming increasingly diversified.
Construction and tourism have ramped up in recent years.
And despite the fact that fossil fuels are said to be on the way out, global demand continues
to increase.
The pandemic might have caused oil prices to plummet, but since they have recovered,
the UAE's economy has likewise rebounded.
6.
Switzerland
Switzerland has long been world-renowned for it's prosperity and wealth.
Historical, political, and economic factors have all played a role in the build-up of
the country's wealth.
The Invention of white chocolate, the Swiss Army Knife, the computer mouse, and Velcro
have all contributed to the country's riches, but today the country of 8.6 million citizens
owes the majority of its wealth to the banking, tourism, and insurance industries.
It's also one of the world's biggest exporters of pharmaceuticals, precision instruments,
machinery, precious metals, and gemstones.
5.
Macau
Tourism is the bread and butter of Macau's economy.
Much of that is isolated in the gambling industry.
Gambling was legalized in the country in the 19th century and ever since has been the linchpin
of Macau's economy.
Macau was at one time a colony of the Portuguese Empire, but this special administrative region
of the People's Republic of China has seen its immense wealth grow at an astonishing
pace in recent years.
Macau has a population of just over 600,000 and within its territory, there are more than
40 casinos spread out over about 30 Kilometers.
When COVID struck, obviously, the gaming industry took a huge hit.
For a moment, Macau even slipped out of the top 10 wealthiest countries ranking.
While things might not be as good as they once were, Macau's economy is beginning to
recover.
Even so, it's estimated that the casino industry is losing about $20 million a day.
4 Qatar
Oil and natural gas are the cornerstones of Qatar's economy.
This industry accounts for about 70% of the government's total revenue and about 60% of
the country's GDP.
Qatar is said to have the world's third-largest proven natural gas reserve.
The country is also the second-largest exporter of natural gas on the planet.
The per-person GDP of a Qatari resident today is about $100,000 a year.
This sounds incredible but considering that in 2014 it was closer to $143,000, it's clear
that the global economic downturn has taken a toll even on this prosperous country.
3.
Ireland
Ireland's GDP per capita is currently sitting around $80,000 per year, making it one of
the wealthiest nations in the world.
Until recently, the country's economic trajectory seemed unstoppable.
Ireland was hit especially hard by the 2008 financial crisis and its economy took a further
beating during the pandemic.
Even so, Ireland remains one of the world's largest corporate tax havens.
Multinationals benefit from this but the average Irish citizen does not.
That being said, the standards of living are still far better in Ireland than in other
parts of Europe and wages tend to be fairer than in other places in the world.
Ireland's main industries include pharmaceuticals, chemicals, computer software and hardware,
food and beverages, medical devices, and brewing.
2.
Singapore
Singapore is a country whose primary exports include chemicals, electronics, and services.
Singapore is also the regional hub for wealth management.
The nation is a wealthy financial haven where dividends and capital gains are tax-free.
When the city-state earned its independence in 1965, nearly half of its population was
illiterate.
Boasting virtually no natural resources to speak of, Singapore fought its way to the
top of the economic ladder by promoting itself as one of the most business-friendly places
on Earth.
During the pandemic, the nation's economy plummeted by more than 5 %, but in 2021, its
GDP bounced back to 7.6%.
2022's growth is expected to be around 4%.
1.
Luxembourg
This country is the wealthiest in the EU in terms of GDP per capita.
Its citizens also enjoy the highest standard of living on the European continent.
Luxembourg has long been a prominent center for big private banking institutions.
The country's financial sector is the most significant contributor to its historically
booming economy.
The wealthy class from all across the globe set up offshore bank accounts here.
While you could visit the nation for its beautiful countryside and opulent castles, many who
store their riches here never step foot within its borders.
The country boasts a population of about 630,000 people and tourism is another one of its major
breadwinners.
The people of Luxembourg enjoy unparalleled housing, education, and healthcare systems.
During the height of the pandemic, Luxembourg weathered the global situation far better
than most of its Euro neighbors.
In 2014, the country topped the $100,000 per capita GDP mark and hasn't looked back since
then.