Richest Country In The World
The GDP (Gross Domestic Product) of a country indicates its wealth. The list of the richest countries in the world is prepared by the International Monetary Fund on the basis of GDP per capita (an economic indication of the standard of living in a country), which is adjusted for the purchasing power and cost of living.
Qatar is the richest country in the world. Petroleum is the major source of the government’s revenue. It has around 15 billion barrels of oil reserves. The current GDP per capita of the nation is $102, 768. Qatar has one of the largest natural gas reserves in the world. It has invested in infrastructure to liquefy and export natural gas. Qatar has attracted multinational financial firms and satellite campuses of universities in the U.S. The government spends money in developing infrastructure, including airport and railway network and deepwater seaport.
Luxembourg occupies the second place in the list of world’s richest countries. Its GDP per capita amounts to $80,679. The country’s strict banking secrecy laws have made it a financial hub and earned a great reputation as the tax haven.
Singapore is the third richest country in the world. Its GDP per capita is $60,883. Singapore thrives as a major finance, technology and manufacturing hub. It depends mostly on the exports of technology and electronic products and pharmaceuticals.
With $55, 264 GDP per capita, Norway occupies fourth position in the list of richest countries in the word. The country is bestowed with bountiful natural resource, from minerals to oil. Petroleum is the main contributor to its revenue. It is also one of the largest gas exporters in the world.
#5. Brunei Darussalam
Brunei has the GDP per capital of $50, 708. It has substantial natural gas and crude oil reserves. The government leverages the investment opportunities abroad to increase its revenues. The government offers free education up to the tertiary level and medical services to the citizens.
#6. United States
United States has the most powerful economy in the world. It has been leading the world in technological advancements and developments in aerospace and armament sector. The GDP per capital is $49,802. Private sector dominates the economy and there is little intervention from the government.
#7. United Arab Emirates
With the per capital income of $48,992, the UAE occupies seventh position in the list of world’s richest countries. The discovery of oil fields has transformed the fate of the country three decades ago. The country lures foreign companies by its zero tax policy. This has helped UAE to boost its private sector employment, which plays a major role in driving the economy.