The Richest Countries In The World
Wealth provides us with opportunities to succeed, while poverty hinders us from achieving our full potential. That’s why it’s important to take a look at which countries are the wealthiest and how they got to their current standing. Keeping that in mind, let’s investigate the richest countries in the world.
It’s no secret that some countries are astronomically ahead of others when it comes to prosperity and having an abundance of resources. Over the years, countries around the world have used a multitude of strategies to improve their economies and increase the well being of their citizens. From exporting goods and services to forming renewable energy initiatives, some countries have managed to become infinitely wealthier than their competition.
We have compiled a comprehensive list of the wealthiest countries in the world, taking into consideration the countries’ GDP per capita, balanced by the strength and stability of their currency.
The United States
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he United States is the world’s wealthiest and most powerful nation on Earth. With the world’s largest economy, the United States is responsible for producing more than 25 percent of global wealth. According to the most recent report by the IMF, the United States’ GDP per capita stands at $64,360 and counting.
The United States is currently home to five of the world’s ten richest cities and most of the world’s major corporations including, Apple, Microsoft, Amazon, Google, and many more. These renowned companies have helped to propel the United States economy forward, earning the nation the title of being the world’s wealthiest.
Luxembourg
Luxembourg may not be a country on everybody’s radar, but it is one of the world’s wealthiest nations. The European country’s GDP per capita stands at an impressive $114, 234, making it one of the highest in the world.
This small country boasts an extraordinarily strong export economy. Luxembourg is best known for its iron and steel production, which continues to be a main component of the country’s success. Additionally, Luxembourg has a strong financial sector and has one of the most attractive tax environments for companies, making it an ideal platform for business expansion and investment.
The United Arab Emirates
Coming in third on our list is the United Arab Emirates, a nation made up of seven states. Whether it be airports, stadiums, or skyscrapers, this country is known for its modern infrastructure and impressive architecture.
Much of the UAE’ wealth is attributed to the country’s booming oil industry. As of 2019, the UAE was the world’s sixth largest producer of crude oil, being second only to Saudi Arabia in the Arabian Gulf region. With some of the world’s leading energy resources, the UAE has managed to become the Middle East’s wealthiest country, with a GDP per capita of $68,250.
Hong Kong
Reclaiming its title as the fourth wealthiest country in the world is Hong Kong. This culturally rich country, which is home to a population of over 7 million people, is renowned for its strategic position as a prominent trading hub.
Hong Kong’s economy, like many of its neighbours is largely built on the export and import of goods and services. Additionally, the increased usage of technology, such as automation has enabled industries to become increasingly efficient. As of 2019, the GDP per capita of Hong Kong is just shy of $50,000.
Singapore
One of the smallest countries in the world, Singapore will come to no surprise as one of the wealthiest. This heavily populated city-state is praised for its top-notch education system and incredibly low crime rates.
Over the years, the government has heavily incentivised the growth of technology and healthcare industries, helping to propel the country’s economy forward. Currently, the GDP per capita in Singapore stands at an impressive $90,530, making it the world’s fifth wealthiest nation.
Norway
Norway is one of the world’s most desirable countries to live in, almost entirely due to its wealth. The country boasts one of the highest GDP per capita at $71,000. Norway is known for its world-class education system, high-quality healthcare, and its highly-desired living standards.
The people of Norway are highly invested in protecting their land and its natural resources, which include fjords, canals, and mountains. Consequently, Norway’s economy is based on the exporting of goods such as fish and petroleum. These natural resources have allowed Norway to maintain a thriving and resilient economy, positioning it as the sixth wealthiest country in the world.
Switzerland
Switzerland is rumored to be the wealthiest country in Europe, and it’s easy to understand why. With a population of around 8 million people, Switzerland is home to a thriving economy, with a GDP per capita of just over $82,000.
The country is known for its strong currency and financial sector, making it an ideal haven for investment. Not only is Switzerland home to some of the world’s most powerful and successful economies, it is also home to some of the world’s leading companies such as Nestlé and UBS.
The Netherlands
The Netherlands has long been known as one of the wealthiest countries in Europe, with a GDP per capita of €55,000. As a result of its highly effective business model and strong trade industry, the Netherlands is one of the wealthiest countries in the world.
The Netherlands is well known for its innovative business strategies and its modern approach to technology. The Dutch government has heavily incentivised the growth of startups and tech-based companies, helping to propel the country forward into the 21st century.
Brunei
Brunei is a small Southeast Asian nation located on the island of Borneo which is often overlooked as one of the wealthiest countries on Earth. With a substantial oil industry, Brunei has been able to improve the living standards of its citizens remarkably.
Brunei is known for its minimal taxes, low unemployment rate, and high GDP per capita of $67,000. Additionally, the country benefits from having a low cost of living, making it all the more attractive for citizens and expatriates alike.
Kuwait
Next on the list is Kuwait, a country in the Middle East which is immensely wealthy due to its vast oil fields. This wealthy desert nation has an impressive GDP per capita of $68,000.
Additionally, Kuwait has been deemed one of the most tax-free nations in the world. The government does not impose taxes on income or capital gains and companies are exempt from corporate taxes as well. This tax-haven status, partnered with the country’s rich oil reserves, allows Kuwait to maintain its title as one of the wealthiest nations in the world.
Qatar
Qatar is a small Gulf Cooperation Council (GCC) nation which is known for its vast oil and gas reserves. With a population of under 3.5 million people, Qatar has been able to maintain its wealth and prosperity by investing heavily in its people and infrastructure.
Qatar has an extraordinary amount of natural gas reserves, allowing the country to grow into one of the wealthiest on Earth. As of 2019, Qatar has a GDP per capita of $129,000, making it one of the highest in the world.
The countries on this list all have one thing in common: they are extraordinarily wealthy. However, they all have achieved their current standing in different ways. While the United States is known for the success and profitability of its numerous corporations, Luxembourg is renowned for its strong export economy. On the other hand, some of the wealthiest countries are greatly aided by their abundance of natural resources, such as Norway and Qatar. Nonetheless, many of these countries have seen great success thanks to their innovative approaches towards economic growth.
No matter how they were able to achieve their comforts and assets, these are the wealthiest countries in the world and serve as shining examples of success and prosperity.
