The size of a country does not always correspond to equal wealth when we are talking about the richest countries of the world. The International Monetary Fund publishes the data which contains the details about the economic powers of the different nations of the world with their gross domestic product per capita is an important statistic.
The ranking of the countries is based on their GDP which is further based on their PPP or purchasing power parity per capita. The purchasing power parity is a method to take the relative cost of living and inflation rates of all these countries into account. These measures serve as a way to compare the living standards of these nations.
The small countries which make it to the top ten richest countries of the world have comparatively small populations. Most of the small countries are dependent on many immigrants who are not permanent residents of the country they work in and do not have any resident status.
We have made a list of all the countries with the top ten richest countries of the world according to the IMF.
The total GDP of Qatar is $152.5 Billion and GDP Per Capita is $124,930. According to the GDP (PPP), Qatar has been the richest country in the world since three years now. This is based on the list of Business Insider.
The economy of Qatar was majorly supported by fishing and pearl hunting before the oil boom in the year 1940. At present, the economy of the company has reached where it is because of oil and gas.
It has the third largest reserve of oil in the world, with its financial sector, tourism and industries ranking 32nd in the Economic freedom Index. This rank is based on the standard of living both in the Middles East area and the world at a large scale.
Qatar has an overall population of around 2,155,446 people out of which a major chunk includes expatriates, 14% are millionaires with 79 years of life expectancy rate and almost a negligible 0.4% unemployment rate. Qatar is one of the best and leading nations in the Arab region and the first country to host the FIFA world cup.
The total GDP of Luxembourg is $59.95 Billion and the GDP Per Capita is $109,19. With a population of around 562,958 people, Luxembourg is a country which has average life expectancy rate of almost 82 years.
The unemployment rate has been an unmatched 6% as of the year 2012. This country is known as the tax haven. Banking is the largest sector of its economy which is preceded by steel, production, telecommunication, agriculture, and tourism. Luxembourg is famous for attaining the status of being an internet start-up country and a big investment hub.
The total GDP of Singapore is $297 billion and the per capita income is $90,530. Singapore is known as the go-to- place because of its successful, vibrant and towering economy. Similar to China, Singapore has been able to promote its market economy at a world-class stage.
It is known as the second freest economy after Hong Kong and the fourth most influential city in the world with a trendsetter in technology advancement, foreign investment, and industrialization. Considered to be a wealthy nation, Singapore is commonly known for the skilled workforce, feasible social policies, low tax rates, and high technology advanced infrastructure.
Corruption is almost none with a stable political environment. All these merits have earned Singapore the status of being no1 as far as doing business is concerned. Singapore has a population of around 5.5 million. Most people own their homes in Singapore and is also one of the best tourist destinations.
The total GDP of Brunei is $26,938.50 Billion and the GDP Per Capita is $76,740. Brunei Darussalam has made it to the top ten list because of many factors. The country has a life expectancy rate of 77-78, around 3.7% unemployment rate and a population of 415,717 people.
Its economy is based on oil and gas majorly, import and exports next, fisheries and agriculture later. This country patronizes both foreign and local investments. Brunei is the most developed and advanced nation after Singapore in entire Southeast Asia.
With a total GDP of $ 294.1 and a GDP per capita income of $ 72,630, Ireland is an Island country which is on no.5 on the list of the richest countries of the world. Ireland has a population of somewhere around 6.6 million people.
It has one of highest growth rates in entire Europe. According to the reports published by the International Monetary Fund, spending, construction, and investment have been able to drive the GDP growth in the country of Ireland.
The total GDP of Norway is $370.6 billion and the total GDP per capita is $70,590. Norway is another country which is doing extremely when it comes to GDP per capita. It ranks 6th in the world and has a large capital reserve with a very high monetary value.
The average life expectancy rate is 82 years with good living conditions. The majority of economic activity has been centric to oil production and exports. Although, because of some natural resources, this country has a mixed vibrant economy as well.
The GDP of Kuwait is $114 billion and the total GDP per capita is $69, 670. Kuwait has attained the status of being the seventh richest economy in the world with a population of 4.1 million people and a minimum life expectancy rate of 78 years.
The currency of Kuwait has maximum value in the world. Kuwait holds around 20% of the oil reserve of the world and is therefore majorly an oil and petroleum-based economy. Kuwait is also involved in agriculture, tourism, banking, and shipping services.
It is the first country out of all the Arab countries to start the diversification of the economy in the entire Middle East has also been recorded as the most successful amongst all the Arab nations. The country has a lot of potential for business start-ups and entrepreneurial ventures.
8. United Arab Emirates
The GDP of UAE is $348.7 billion and the GDP per capita is $68,250. UAE is a league of seven Arabic states, Dubai being the most populous city. The economy was based on oil and gas for the longest time but now non oil sectors like service sector and tourism have improved generating a total of almost 71% of the GDP of this country.
Dubai also raises a lot of money in tourism. Dubai is ranked twenty-fifth in the index of economic freedom and twenty-sixth when it comes to the ease of doing any kind of business. The average life expectancy rate in Dubai is 76 years.
The total GDP of Switzerland is $659.8 billion and the total GDP per capita is $61,360. Switzerland is considered to be one of the most stable economies of the entire world. It has an amazingly low unemployment rate.
The average life expectancy rate in this country is 83 years. It has an energetic labor and its economy is based on investment and manufacturing. Switzerland is the member of European Free Trade Association and because of that reason, it has an ever empowering private sector. There are many industries in Switzerland, majorly situated in Zurich.
10. Hong Kong
The total GDP of Hong Kong is $320.9 billion and GDP per capita is $61,020. Hong Kong is a very business-friendly place internationally and has majorly encouraged the concept of a capitalist economy.
It is known for low tax rates and has a life expectancy rate of around 84 years. The wealth distribution in this country is near to perfect and shows in the living standard of the residents of this country.