What comes to your mind when you think of the richest countries in the world? Well, interestingly, they are some of the smallest nations of the world as well. The wealth of a country depends on the rich people of the country and their natural resources and country’s leadership, sophisticated financial sector, good tax laws, and foreign investments.
And all of the countries on this list have very different sources of wealth and very diverse economies. It ranges from exporting goods and services and manpower to industries like biotechnology and aerospace. The study has shown that the richest countries also tend to have a healthier lifestyle among their population and their average life expectancy is always much greater than the world average.
As the Covid-19 pandemic hit the world, we saw changes in this top 10 richest countries list as well. So, I have compiled the latest list of the top 10 richest countries of the world by the end of 2020.
Richest Countries in the World
The central bank of Switzerland, the Swiss National Bank, has International reserves of more than $750 billion, and the total GDP of the country as of 2020 data is $584 billion with a per capita income of $67,556 with a population of 8.5 million. Companies like Coca-Cola, Nestle, Swisscom, Garmin are the biggest companies in the country. You will be surprised to know that Switzerland has the highest number of millionaires in the world, which means that in every 100,000 residents, there are 9428 millionaires.
One of the smallest countries and a tiny Arab nation which more oil than you can think of. Kuwait makes up for around 6% of the world’s oil reserves, and this small nation cashed it to the max. The oil industry makes up for 40% of Kuwait’s GDP and 90% of its exports, and with a population of just 4.1 million out of which a whopping 3 million are ex-pats, you can get a better hint of its GDP is going to be. Yes, Kuwait makes it to the list of the World’s richest countries with a GDP per capita of $67,891.
8. United Arab Emirates
A country of Bedouins turned into a palace of pearls on the face of the earth. UAE saw a revolution after the 1950s oil discovery, and everything changed for this Arab Gulf nation forever. Dubai is an economic hub of the world and hosts more visitors from all over the world than any other place. The wealthiest and also the most diverse place on earth, where only 20% of the whole population is local. UAE’s economy is mostly about trading, the construction sector, and tourism, with a total GDP of $987.456 billion and per capita income of $70,441.
As we have been talking about oil, let’s go to the other part of the world where Norway is the biggest petroleum producer of western Europe due to its huge offshore reserves. Norway saw a big recession due to the global pandemic, but it is recovering faster than any country. Norway has the largest sovereign wealth fund in the world of $1.2 trillion with a per capita GDP of $79,638.
6. Brunei Darussalam
The palace of the Sultan of Brunei is something out of this world, which tells us about this nation’s wealth. Having natural oil and gas reserves of more than $28 billion, Brunei is a place of contrast. It has more money than most of the countries in the world, but more than 40% of its population still earns less than $1000 a year. It has a GDP per capita of $80,383.
With the whole of Europe at a recession, we saw Ireland’s economy booming, and at the end of 2019, its economy expanded by 5.5% while the Eu economy grew only by 1.2%. It is one of the largest corporate tax havens, and due to sharp cuts in public sector wages and higher employment rates, Ireland’s GDP just grew larger, now sitting at $83,399.
With big urban attractions and natural gateways, this island nation is one of the most prosperous places in eastern Asia. When Singapore became independent in 1965, half of its population was illiterate, but they pulled themselves up from there and worked hard and smart to become the most business-friendly place in the world. Singapore has a total GDP of $615.698 billion with a population of only 5,703,600, which makes up a GDP per capita income of a whopping $107,604.
With huge Castles, Beautiful Countryside, Cultural festivals, and gastronomic specialties, Luxembourg has been on the list of richest countries for the longest. This small nation with just slightly above 600,000 in population right at the heart of Europe is the richest country in Europe. Luxembourg crossed the per capita GDP of $100,000 in 2015 and now sits at around $112,045.
Another small nation from East Asia with a big economy. Macao, currently second in the list, is aimed to become the richest nation in the world very soon. It was a Portuguese Empire’s colony till 2001, and now it is one of the richest countries with just over 600,000 population similar to the neighboring Hong Kong on the north side. Macao has a per capita GDP of $114,363.
Currently, the number one on this list and has been for so long (around 20 years) is none other than this small state in the Arabian Peninsula called Qatar. Qatar is seeing a rise in gas production, which will keep the economy growing even in this time of crisis. With just a population of 2.7 million and a GDP of $357 billion, Qatar has a per capita income of $138,910.
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