Which Is The Richest Country In The World?
And where does Singapore stand?
Most surveys to determine the Richest countries in the world use the Gross Domestic Product (GDP) to evaluate any nation’s money. A country whose GDP per capita income is high will have high standards. However, this should not be the only factor; many other things need to be considered, like living standards, ecological diversity, good governance and many more.
However, GDP per capita income is the most common factor in evaluating the status of every nation. Based on this factor, here are the top 10 richest countries in the world.
1. Luxembourg- GDP- $ 86.898 billion, GDP per capita -$ 135,046
Despite its size, Luxembourg has made it to the first position in the list of the top 10 richest countries in the world. Luxembourg is one of the smallest countries in Europe and among the least populated countries in the world in 2022.
The GDP per capita of the country is the highest in the world right now. As per the data collected from various sources, the GDP of the country is $ 86.898 billion, while the GDP per capita is $ 135,046. The country’s economy largely depends upon the steel, banking and industrial sectors.
2. Ireland- GDP- $519 billion GDP per capita- $102,217
Ireland’s economy is the fastest-growing economy in the world. The country has almost doubled its economy in the last ten years; as a result, this country is placed at no. 2 on the list of the richest countries in the world. The country’s economy is mainly built by services in the financial sector, high-tech, life sciences and agribusiness.
3. Norway- GDP- $541 billion GDP per capita- $99,481
The European country Norway is among the richest countries in the world, not just considering the GDP per capita but the other factors also contributing to making the country a wealthy nation. In Norway, the corruption level is lower as compared to the other nations. Moreover, the living standard and life expectancy of the people are also high.
Norway is the largest oil-producing nation in western Europe. Most of the country’s economy is fueled by oil. Things were not the same before Norway was among the poorest nation, but concentrated growth has been seen in the country’s economy since the start of the industrial revolution.
4. Switzerland- GDP- $807.418 billion GDP per capita- $92,434
At number four is another small European country, Switzerland, known for its natural beauty. At present most millionaires are from Switzerland. A significant part of the country’s GDP comes from the service sector, i.e. 70%. The economy of the country has ranked first in the world since 2015. Higher education, robust institutional framework, and potential business environment contribute to the country’s economy.
5. Qatar- GDP- $221.369 billion GDP per capita- $82,887
Qatar generally ranks among the wealthiest countries in the world, according to the data assembled by the United Nations, the World Bank, and the International Monetary Fund. Petroleum and natural gas are the foundation of a country’s economy and contribute more than 60% of the GDP. The country is the second largest exporter of natural gas and third in natural gas reserves.
6. Singapore- GDP- $423 billion GDP per capita- $79,426
The country has the lowest tax rates and the second-highest GDP regarding PPP. The country’s economic growth is magnificent, and now it is known as the financial and manufacturing hub of Southeast Asia.
7. United States- GDP- $25.035 trillion GDP per capita- $75,179
The United States is often considered the richest country in the world, mainly due to its size and stature. The country’s nominal GDP is the highest among all nations, while the PPP GDP is the second largest after China. The major portion of the nation’s economy is built by abundant natural resources, highly developed infrastructure and large productivity. USA’s economy is considered the world’s most productive economy.
8. Iceland- GDP- $27 billion GDP per capita- $73,981
Immense growth has been seen in the economy of Ireland in past years. The primary source of income contributing to the nation’s economy are tourism, export, investment, fishing, and aluminium smelting. In 2011 the GDP of the country was $ 12Billion which rose to $27 billion in 2018. But after that, the country’s economic growth slows down.
9. Denmark- GDP- $399.1 billion GDP per capita- $68,094
Denmark’s economy is highly dominated by the country’s service sector, i.e. nearly 80%. The modern mixed economy of the country is least affected by the Covid-19 pandemic. The population of the country is 5.935 million as of 2022, according to Wikipedia. The people of Denmark have a comfortable standard of living, and the gross national income per capita of the country is the seventh highest in the world
10. Australia- GDP- $1.72 trillion GDP per capita- $66,407
The smallest continent has a mixed market economy with a record for the longest run of GDP growth. Likewise, the other countries, the service sector also dominates Australia’s economy. The living standard in the country is higher due to the low population and plentiful natural resources.
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