Top 10 Richest Countries in the World
There are around 195 countries in the world including developed and developing countries. Many of which generate billions, and even trillions, in revenue each year. The list has been made on the basis of GDP per capita in U.S. Dollar. Gross Domestic Product (GDP) in developed countries is greater in compare to developing countries. Here is a list of the top 10 richest countries in the world in 2018 per capita.
10. United States of America - $59,498
The United States is the world’s largest economy. The New York Stock Exchange is one of the largest stock exchange markets for foreign investments. The US has abundant natural resources, a well-developed infrastructure, and high productivity. It is also the world’s largest producer of oil and natural gas. It is one of the world’s largest and most influential financial markets. Reasons behind its success include its large domestic automotive industry, a technological sector that fosters innovation. The economy of USA is one of the top performing economies as per studies.
9. Switzerland - $61,360
Switzerland is known for its mesmerising beauty and is one of the beautiful European countries in the world. Because of its scenic beauty it generates great amount from its tourism. Banking and finance institutions are key industries of this country which keeps its economy afloat. Swiss watches and chocolate are world renowned. The country has also been implementing policies to help boost its economic recovery. Some of the wealthiest companies and peoples in the world hold Swiss bank accounts. This provides excess capital to Switzerland for investment purposes. Switzerland’s economy is one of the world’s stable economies.
8. United Arab Emirates - $68,248
The United Arab Emirates is one of the richest countries in the world. It has almost all of the revenues from oil revenues, while telecommunications and service sector also contribute significantly. Tourism also fetches a hefty amount in UAE, especially Dubai. UAE is the second largest exporter of oil after Saudi Arabia.
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7. Kuwait - $69,670
Kuwait is one of the richest Arab Countries and also known globally for its oil reserves. The highest-valued currency unit in the world currently is The Kuwaiti dinar. It is the fourth biggest economy in Organisation of Petroleum Exporting Countries (OPEC). Its oil accounts to nearly half of GDP and 95% of export revenues and government income. Kuwait holds 10% of the world's oil reserves.
6. Norway - $70,590
Norway has the world’s largest foreign wealth fund. The economy of Norway is a developed mixed economy with state-ownership in strategic areas. Norway is a home to abundant natural resources, including petroleum exploration and production. Norway is the 3rd largest exporter of natural gas, 8th largest exporter of crude oil and 9th largest exporter of refined oil in the world. Norway also ranks among the world's best places to live.
5. Ireland - $72,630
Ireland is an island in the North Atlantic. It stands as a country with one of the highest growth rates in Europe. Its economy focused on services and high-tech industries and dependent on trade, industry, and investment. Textiles, mining, and food production, staple products plays major role in its economy. Ireland is ranked as one of the wealthiest countries in the OECD.
4. Brunei - $76,740
Brunei ranks as the fourth richest county in the world. The county's wealthy economy is supported by export of crude oil and natural gas. It is ninth-largest producer of liquefied natural gas in the world. Major of Brunei’s revenue came from oil and gas. The government of Brunei is working on diversifying the economy to rely less on petroleum revenue.
3. Singapore - $90,530
Singapore is an island city-state off southern Malaysia. It has one of the richest Asian Countries and the most open economy in the world. Singapore has a highly-developed trade-oriented market economy. The country earns a huge amount because of its financial services sector, a chemical export industry, and its liberal economic policies that encourage growth and innovation. Singapore has the second busiest port in the world. Its economy is a major Foreign Direct Investment outflow financier in the world.
2. Luxembourg - $109,192
Luxembourg is a small European country, surrounded by Belgium, France and Germany. The country possesses a strong workforce. The income of the country is largely dependent on its vibrant financial sector, prudent fiscal policies, and dynamic industrial and steel sectors. Banking in Luxembourg is the largest sector of its economy. This “Green Heart of Europe” is one of the richest European Countries.
1. Qatar - $124,930
Qatar is the richest country in the world with a per capita income of $124,930. The country is known for its Petroleum and Liquefied Natural Gas. Its petroleum accounts for more than 70% of the government revenues, roughly 85% of export earnings and more than 60% of the GDP. Oil has given Qatar a per capita GDP that ranks among the highest in the world. It has a large natural gas reserve that makes the country rich in natural resources.
Most of these countries depend on petroleum sector. These countries are flourishing their trade either by natural reserves, maybe oil or petroleum, or by tourism that makes them generate heavy revenues.
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