All the economists are agreed upon the fact that all countries in the world are richest if their occupants are earning a reasonable amount that can fulfill all their needs and help them living a highest quality life. Did you know which the richest country in the world is? Here in this article we have ranked the Top 10 Richest Countries in the world. These nations are ranked by their Per Capita GDP as these nations have the highest GDP measured in USD. Furthermore, various phases such as income value, output value, and expenses value were taken into the study while ranking these richest nations.
Ranking List of Top 10 Richest Countries in the World 2016 – GDP Per Capita
Kuwait stands among the richest Arabian countries in the world. Its average economy is more than $43,700 making it the richest country in the Middle East nations. When it comes to its income sources, Petroleum stands on the top as it contributes to the massive rise in Kuwait’s revenue. Moreover, the crude oil is much important for this nation. If we compare its population with the per capita GDP, its population is not as large as its economy. So its great economy is great enough to satisfy over 2.8 million people.
Switzerland is widely known as the paradise on the earth. The reason for this theory is the beauty of this nation. It stands among the most beautiful countries to visit in the world. Apart from all this, Switzerland also stands among the most flourishing countries around the world due to its great and stable economy. The Swiss government always gives priority to the stability and power of its economy that ensures this nation to stand among the wealthiest countries in the world. Tourism, banking, and agriculture are the broad sources of its income. Switzerland is also considered the best watches producing country in the world. Due to the stable and powerful economy, Switzerland is considered a great place to invest and increase the business capital. So it can be said the best country to start a business in the world.
With more than $48,400 Annual GDP, UAE holds the 8th spot on the ranking list of Top ten richest countries in the world. The nation consists of 7 different and independent Emirates controlled by their own Monarchs. It is the third greatest nation is the Middle East and stands among the richest Arab nations because of its highest GDP. Natural gas, oil, dried fish, and dates are its greatest sources of income. UAE has great oil reserves, so it also stands among the great oil exporting countries in the world. As the nation faced the reduction of oil reserves, UAE also takes the other businesses into consideration, so it also has diverse opportunities for successful business.
Apart from many political issues and natural disasters, United States of America still stands among the top 10 most powerful countries in the world. It produces a lot of weapons, technology equipment and many other things that are making it one of the richest countries on the planet. The USA also claims to have the highest number of people that are making the list of top 10 richest people in the world.
6. Brunei Darussalam
Known as one of the richest nations in the southwest Asia, Brunei has more than $50,400 annual GDP giving it the 6th spot in this ranking list of world’s richest nations. Crude oil and natural gas exports are the greatest sources of its income. However, a recent report reveals that 90% of its GDP depends upon petroleum. With Less than 5, 00,000 occupants, Brunei also stands among the list of Least Populated Countries in the world.
5. Hong Kong
Winning the fifth spot in our ranking, Hong Kong holds a powerful and stable economy. Due to its rising GDP and business opportunities, Hong Kong is said to be an ideal business destination. Investing here in Hong Kong is a good decision not only for Asians, but people out of Asian countries can also take advantage of starting their business in Hong Kong. China is providing the defense services to Hong Kong. One thing to grasp in mind is the living cost in China is much expensive. However, this expensive living style also ensures the highest quality of life in Hong Kong.
Many world’s richest people belong to Norway and the reason behind this fact is the highest GDP and a stable economy of this nation. It has more than 5 million occupants living a great and impressive life. It shares its border with various richest and powerful countries like Russia, Sweden, and Finland. When it comes to the safest countries, Norway always comes into consideration. Oil and Natural gas are the greatest sources that are supporting Norway’s economy.
Singapore stands among the best and beautiful island countries in the world. It consists of about 63 different islands that are making it a well-off nation in the Asia continent. Apart from Hong Kong, South Korea, and Taiwan, Singapore also stands among the greatest financial points in the world. It is a small nation with over 5.5 million populace from which the majority of occupants is Buddhist.
Luxembourg stands among the most beautiful, peaceful and richest European countries. It is considered the Tax Heaven as it has a tax free life. So the majority of billionaires living all over the world prefers to live in Luxembourg to live a Tax-Free Life. It is the best country to start a business because here you don’t have to pay a heavy amount out of your profit as the tax. Telecommunication and Steel industry are the greatest sources of revenue in this nation.
Having less than 2 million people and more than $182 billion GDP, Qatar holds the first spot in the ranking list of Top 10 richest countries in the world. It is just positioned in the Middle East. It has lots of petroleum reserves that are making it world’s wealthiest nation not only in the Middle East but also on this planet. The petroleum also contributes to 85% of its exports revenues. However, banking and tourism sector is also taking a great part of its annual revenues.
Ranking List of Top 10 Countries by GDP per Capita 2014 Estimates