1. Qatar – $124,930
Qatar, a small country in the Middle East, is not only a strong contender for the title of the richest country in the world in terms of its resources, but also one of the richest countries in the world per capita. The state has a powerful international trade relation with superpowers like America. Furthermore, it holds the maximum number of oil and petroleum reserves. High GDP, thriving employment rate and a population of about 3 million people are some reasons why Qatar is economically superior to most other countries.
2. Luxembourg – $109,190
Luxembourg, a sparsely populated European state comes second on our list of richest countries in the world per capita. With a population of close to 6000,000 people, the country has a strong workforce that had managed to exceed the European Union’s overall growth rate in 2016. Banking, steel, and industries dominate the Luxembourg economy. It has healthy trade relations with other European nations like Germany, France, and Belgium, which further contributes to its reputation.
3. Singapore – $90,530
Singapore, one of the most flexible and open economies of the world, is the 7th least corrupt state with a surprisingly low tax rate. Contrary to popular belief, taxes aren’t the only source of income for a nation, it is but a part of the wealth that is used for public welfare and infrastructure development. In Singapore, most of the revenue is generated from international trade. The country is a major exporter of electronic gadgets, rubber, beverages, packed food, oil drills, and chemicals.
4. Brunei – $76,740
Brunei, although a small country, has managed to surpass giants like USA and UAE when it comes to economic prosperity. The reason behind this massive success is their diligent workforce. The 5.6 million people residing here contribute to the economy both in terms of labor and taxes. In fact, according to a report generated by IMF, there has been a consistent growth of GDP (roughly 2.7%) in the first quarter of 2017. Crude oil, natural gas, and export trade are some powerful revenue-generation tools used by the country.
5. Ireland – $72,630
Ireland, a country with a population of 5.6 million people is known for its cultural diversity. And although there are numerous races, income groups, and genders residing here, it is one of the most peaceful nations around the world. Peace and prosperity go hand in had and Ireland is the tangible proof of the fact. Export trade, taxes, and industrial growth contribute to its economic success. Ireland is the global exporter of numerous pharmaceuticals, packed food products, chemicals, medical equipment and computer hardware parts.
6. Norway – $70,590
This Scandinavian country with a population of just under 5 million people, is known for its stunning glaciers and magnificent ice-capped mountain peaks. These natural formations are just aesthetically pleasing but also profitable for the economy. The hardworking, dedicated workforce is another reason why Norway has prospered so quickly. The eco-friendly rules imposed by the state cut down the pressure on non-renewable fuels by almost 20%. Other important sectors like tourism, hydropower, fishing, mining and forest preservation contribute to Norway’s economic success.
7. United Arabs Emirates (UAE) – $68,250
The UAE consists of several states Dubai, Abu Dhabi, Shariah, Al-Ain, Aman, Ras al Khaimah, Fujairah and umm-al Quwain. It more than makes up for its lack of natural wealth, the desert landscape has no significant vegetation. The only thing in abundance is oil, and that’s what the Arabs have capitalized upon. With proper planning and perfect execution, Dubai and other cities became the hub for international business. Economic prosperity has also contributed to the growth of tourism in the area.
8. Switzerland – $61,360
The next nation on our list is the complete opposite of UAE. Switzerland with its peaceful, picturesque surroundings is the richest country in Europe. The snowy Alps, scenic villages, and beautiful lakes make the place an ideal romantic retreat for couples and solo travelers alike. However, it’s not just the hills and the valleys that make Switzerland one of the richest countries of 2018. The country is famous for exporting cheese, chocolates, and watches. Plus, with a population of 10 million people, Switzerland has a powerful workforce that contributes to the GDP.
9. United States of America (USA) – $54,630
The United States of America is a global superpower in almost every walk of development, and easily one of the richest countries in the world. Advanced technology, strong political position, top-notch human resource and a powerful economy all contribute to its superior status. And although it checks all the necessary checklists, USA is positioned at the ninth rank on our list merely because of its massive population. With over 325 million people residing within its borders, the USA has to deal with a lot of cultural diversity, corruption, and crime that has adversely affected its position.
10. Saudi Arabia- $51,924
Saudi Arabia is often associated with extravagance and luxury. The land of the sheiks and treasures was until very recently among the top five richest countries in the world. However, a drop in oil prices has taken a toll on its economic superiority. A report filed by the IMF forecasts an increase in the GDP of the country by approximately 2.7% in case the prices stabilize or rise. The population graph is decently charted, there are roughly 32 million people residing in Saudi Arabia. Other than being a major exporter of oil, Saudi Arabia is also a religious hub for the Islamic Religion.
11. Netherlands – $53,580
The kingdom of Netherlands includesNetherlands, Aruba, Curaçao, and Sint Maarten, has a population of just over 17 million. Most of the population resides in the Netherlands, hence causing more employment opportunities and infrastructural development in the area. A few years back, there were speculations on the adverse effects of Brexit on the economy of the country. Experts today believe that the Netherlands is going through a period of recovery and might restore its former economic glory soon.
12. Iceland – $52,150
Iceland, for all its natural glory, is a very small country with an even smaller population. The country of fjords and magnificent glaciers have been attracting backpackers since time immemorial. The tourism industry of Iceland is ever-thriving and likely to increase exponentially if we believe the reports submitted by IMF. The country’s GDP and wealth in greatly benefitted by a rise in tourist attention.
13. Bahrain – $50,302
Bahrain, an open economy, has the second highest value currency in the world. The country has paid special interest in strengthening its banking, insurance and tourism sector. Moreover, the huge oil reserves underneath the Bahraini soil further add on to the GDP of the nation. Petrol forms a major chunk of the country’s export, contributing to almost 70% of government revenues. Aluminum production is another sector where Bahrain has flourished. Strict, unbiased tax laws, extra allowances and unemployment insurance schemes increase the per capita income of the country.
14. Sweden – $49,678
Sweden boasts of an export-oriented economy that depends on the international market and its fluctuations. It is a major exporter of timber, iron ore, hydropower, industrial equipment, home appliances, machinery, and pharmaceuticals. At a very fundamental level, Sweden has an agro-based framework that is sustained by local and outsourced workers. The nation follows the mixed economy model, i.e. power is distributed between the government and the public.
15. Australia – $48,806
Australia is among the largest mixed economy frameworks in the world today with a GDP of A$1.69 trillion. The service sector is especially strong here, there is no dearth of skilled labor both in agro and technical fields. Rich in natural resources, the country exports minerals, jewels, iron ore and other compounds to countries like Japan. Also, the unique terrain, rich culture, and heritage attract a lot of tourists every year.
16. Germany – $48,189
Germany has to bear the brunt of both the World Wars and hence had fallen in the depths of economic depression for a long time. Thankfully, the country has recovered, joining the listof the richest countries, and is now a force to be reckoned with. A powerful social market economy, the country has the fourth largest GDP in the world. It is a major exporter of good and services including cars, electronics, gadgets, medicines, transport parts, heavy-duty machinery, rubber, plastic and basic metals.
17. Austria – $47,856
Ever since the Second World War, Austria has progressed economically. However, up until the 80s, the nation had limited its business within its geographical confines. It was only with the advent of globalization that the economy boomed and moved on to become a well-developed social market. Labour movements, privatization of firms, strict government policies have led to a decline in GDP and per capita income.
18. Taiwan – $47,790
Taiwan has been recognized as a high-income economy by the World Bank and IMF. The capitalist framework gives the public greater freedom and flexibility to earn as much as they can. In fact, Taiwan ranks 22nd largest nation in the world by purchasing power parity (PPP) and 18th in terms of GDP. The massive workforce forms the backbone of the Taiwanian economy. Foreign trade, strong banking policies, and a stringent tax system further contribute to the country’s prosperity.
19. Denmark – $46,602
Denmark is a sparsely populated country, with just 5,778,570 people, and has the lowest income disparity according to the World Bank. The country is known for its strong GDP score, high per capita income, and an even higher purchasing power. The mixed economy framework relies heavily on its workforce and prudently divides the power between the general public and the government. Oil and gas, housing, retail products, electronics and agricultural produce are some of the items they export.
20. Canada – $46,239
Canada is a powerful mixed economy that depends heavily on the service sector. It has a low unemployment rate and a high per capita income- a sure sign of its economic prosperity. Moreover, the liberal and peaceful atmosphere of the country is suitable for business to thrive. The country is rich in natural resources – it has the third largest reserves of natural gas and petroleum. Some of the other things that they export include fish, aircraft parts, industrial equipment, valuable stones, and minerals.
Which One’s the Richest Country in the World?
Wondering what’s the richest country in the world? There are a number of factors that contribute to the economic position of a country – natural reserves, employment rates, industries and infrastructure, import/export trade and government policies to name a few. A high per capita income would automatically translate to better living conditions and employment in the country. Currently,Qatar clearly tops the list for us.