10 Wealthiest Countries in the World. The Gross Domestic Product, is a measure of
wealth in the country coming from sources including export revenues, incomes, consumption,
and the value of goods and services the country produces in a span of a year. Setting the
benchmark according to these metrics and establishing the same parameters across the board is what
makes GDP so popular in demonstrating and comparing wealth. The GDP per capita is the
wealth divided by the number of inhabitants in the country, which is a helpful measurement
that can provide insight into the quality of life in a country. If the GDP per capita
is high, this can often indicate the wealth and prosperity of the country’s inhabitants.
National net wealth also known as national net worth, is the total sum of the value of
a country's assets minus its liabilities. It refers to the total value of net wealth possessed
by the residents of a state at a set point in time. This figure is an important indicator
of a nation's ability to take on dept and sustain spending and is influenced not only
by real estate prices, equity market prices, exchange rates, liabilities and incidence
in a country of the population, but also by human resources , natural resources, capital and
technological advancements, which may create new assets or render others worthless in the
future. This brings us to the ranking of the 10 wealthiest
countries globally, using their GDP per capita using Purchasing Power Parity.
10. San Marinos. The stable and prosperous economy of San Marino
is partly owed to its resourceful citizens, who were able to successfully adapt and utilize
their available resources. Traditionally, San Marino was a country of farmers and stone-quarrellers,
producing cheeses and agricultural products, along with unique trinkets made out of stone.
Today its hard-working citizens contribute to the economy by producing ceramics, tiles,
building materials, furniture, clothing, fabrics, paints, quality spirits, and wines for export.
The export of fruit has also been a factor in the nation's recent economic growth. Completely
enclosed by Italy, San Marino still retains a close relationship with the country it formerly
belonged to, including payments made by the Italian government for monopolies on tobacco
and other commodities on this South European microstate. San Marino's bank system is also
closely integrated with the EU's through the Italian economy: its monetary and customs
systems. While the cost of living in San Marino is comparable to Italy, the even distribution
of wealth in this socialist society has led to one of the lowest poverty rates in the
world. Lastly, with its low local population count and close to 3.5 million travelers a
year, more than half of the country's GDP owes to tourism.
9. Brunei. Having gained independence from Britain in
1984, the small country of Brunei, situated in South Asia, quickly grew to become one
of the richest countries in the world. Its Sultan regulates everything from the military
to the economy, imposing unique punishing rules and providing free education and medical
care for its citizens. Brunei has an over 97% literacy rate. Brunei is known as the
second happiest nation on the continent behind Singapore, which may be surprising, seeing
as the country’s wealth is not equally distributed, with much of the population living in poverty.
Nevertheless, while the US’s public debt in 2018 was 106% of its GDP, it was only 2.4%
in Brunei. What has made Brunei so rich is its offshore oil drilling industry, bringing
the economic riches from export. It is well known that there are people in Brunei who
enjoy luxurious things in life, with more car ownership than in most countries in the
world. Despite the strict rules on certain things like homosexuality and alcohol consumption,
prostitution often goes “unnoticed,” and even the Sultan has had numerous scandalous
features written about him for being a “sex-obsessed monarch.”
8. United States. With resource-rich land and the biggest economy
in the world, the United States has a strong purchasing power. It supplies its energy and
can export its oil and gas for profit, and the size of its economy and the high rate
of real GDP growth goes unmatched by any other country. As a relatively deregulated market
economy with a decentralized political system, there are virtually no state-owned enterprises,
and the legal system protects the liability of investors. Although such stats attract
talented people worldwide to take a shot at earning a fortune, it remains one of the top
countries where wealth is not shared equally. America has an entrepreneurial mindset that
is encouraged from an early age and supported by university programs and research institutions.
There is also a developed financial system in place of equity finance and a decentralized
banking system that supports entrepreneurial activities. Nevertheless, public debt is currently
$27,000 billion, which is also $3,000 billion higher than pre-COVID-19.
7. Norway. Norway is known to have the highest standard
of living on Earth and rank top on the human development index with its advanced education
systems, distinct social security system, and universal health care. Its raw oil and
gas resources exports lead the economy, while abundant reserves guarantee future prosperity,
including seafood, hydro-power, lumber, minerals, natural gas, and freshwater. Petroleum is
another export that has been bringing Norway riches since the 1970s. The government invests
in free education for its citizens, while parents ensure that kids learn the importance
of productivity from an early age in school. Keeping busy with work is a cultural staple
in Norway, without which citizens do not find joy in life. The main occupancies include
telecommunications and technologies. Featuring low unemployment and poverty rates at 3 and
0.5%, respectively, it is no wonder that Norway’s standard of living is strived for by other
nations. Although things cost a lot in Norway, Norwegians don’t mind investing back into
their economy, while having high purchasing power through high wages enables them to spend
extravagantly abroad. 6. United Arab Emirates.
Back when it was known as the Trucial States, the pearl industry prevailed in this country
from the 1770s until the late 1930s, when pearl-diving was a hobby turned into a significant
source of income for the people living in the small villages. Having been able to establish
some of the most luxurious resorts in the world, Dubai, along with the rest of the country,
has moved on to tourism, which keeps investing in itself through ongoing growth and popularity.
The discovery of oil in the late 1950s caused a clash between Dubai and Abu Dhabi citizens,
with the latter getting the upper hand over the oil boundaries and becoming richer while
the former struggled. While Abu Dhabi thrived, the ruler of Dubai, Sheikh Rashid bin Saeed
Al Maktoum, did not lose hope in his state’s potential, loaning tens of billions of dollars
to invest in the state’s infrastructure in 1958, completing its first airport by 1960.
5. Switzerland. Considered one of the happiest and healthiest
nations on Earth, Switzerland is home to German-, French- and Italian-speaking citizens, living
peacefully and thriving together for over 800 years. Even with its high cost of living,
expensive products, and services and the Swiss Frank’s extremely high value with a high
conversion rate to other currencies, people stream to engage with this country through
business or tourism. A stable economy with a fixed currency value, Switzerland is regarded
highly by investors searching for a safe haven for highly profitable feats. Attractive tax
rates bring in investment, while international companies seek to expand their business to
Switzerland. The Swiss are an innovative bunch, craftily turning natural resources into quality
goods such as their highly-demanded chocolate, cheese, jewelry, home decor, and furniture.
Exports contribute the most to the GDP, with gems and precious metals bringing nearly $100
billion a year, followed by pharmaceuticals and machinery. The mountains, the charm of
its cities, and the luxurious lifestyle call out millions of tourists every year, while
the highly developed tourism sector does not frighten off with its high prices. With no
capital gains tax, a low value-added tax on its products at 7.7%, and lower than average
income taxes, the Swiss also enjoy investing in their economy, preferring to buy local,
paying for garbage disposal and their inexcusably expensive bottles of water.
4. Ireland. Low corporate taxes continuously attract numerous
multi-billion dollar companies to relocate and grow their business in Ireland, contributing
to the GDP and the high standard of living for the people. Although citizens receive
high wages, the income per capita has been growing much slower than the collective GDP.
Nevertheless, the country’s stability and ongoing wealth gain from tourism, agriculture,
and manufacturing, is coveted by others. The country’s main exports comprise metals and
food products, including brewing, computers, parts and software, and textiles. Ireland
is also largely dependent on its tertiary industry, including call centers, legal services,
accounting, customer service, stockbroking, and catering.
3. Qatar. With only a small fishing industry and almost
no schools just fifty years ago, the once-sleeping peninsula off Saudi Arabia’s eastern coast
has become a significant oil-exporting world center in the last two decades. Qatar first
began massive exports of natural in 1997 to Japan and Spain, expanding to other countries
in the early 2000s. Fifteen years and 14 natural gas plants later, its GDP has grown exponentially
from $30 billion to over $200 billion. Qatar has the largest natural gas reserves globally,
following Russia and Iran, at nearly 900 trillion cubic feet, earning 60% of its collective
GDP. Having discovered oil in 1939 and natural gas 30 years later, it began producing 46,500
barrels per day in 1951. Although some of the revenue was used to start modernizing
the country, the Royal Family accumulated much of it, with shares also going to Great
Britain, its ruling country. After gaining independence in 1971, Khalifa bin Hamad deposed
his father and increased spending on social programs, housing, health, education, and
pensions, cutting the Royal Family’s allowances. The country also receives significant returns
on investments in foreign brands, banks, and even the Paris Saint-Germain soccer team and
real estate in London. 2. Singapore.
Having no natural resources to build its economy on has not stopped the hard-working and inventive
Singaporeans from turning their country into the second-richest in the world. Being a central
world hub for global financial services firms drives the economy. The jobs in manufacturing,
services, transport engineering, and logistics pay its citizens well, while electronics,
biotechnology, and chemicals are the country’s main exports. By erecting high-end infrastructure
and significantly expanding its tourism sector, Singapore attracts millions of tourists every
year. On top of that, the government procured a very investor-friendly economic environment
of free trade, open market, and attractively-low tax rates, sought after by international firms
and business travelers. 1.Luxembourg
Known for high-income levels and a low unemployment rate, Luxembourg is the richest country in
the world. With its inflation rate at only 1.1%, its wealth is also extremely stable.
According to the World Economic Forum, the primary factor for Luxembourg’s high GDP
is the large number of people working in this tiny, landlocked nation while residing in
the neighboring western European countries. The advanced infrastructure and high values
for the labor market attract investment and duplicates of the big outside firms. Having
depended on the steel and iron industry for a long time until it stopped bringing profit
in the 1970s, the nation adapted superbly. Today, as one of the most educated labor forces
in the world, Luxembourg prospers from a mix of industries, predominantly and an import-export
economy based on financial services. Small to medium-sized companies expanded, while
multinational corporations highly demand a highly-skilled labor force with the ability
to speak multiple languages. There is also a small but prosperous agricultural sector
in the country. Being a prosperous and wealthy nation makes
you stand out among many other nations. It is for that reason that these 10 nations have
been set aside based on GDP growth rate. We hope you found the journey interesting. Don’t
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