A small size, a large endowment of natural resources and/or a highly developed banking system appear to be key ingredients for countries that hope to achieve high standards of living, not necessarily an easy model to replicate. In fact, according to the International Monetary Fund, the ranking of nations by per-capita income is dominated by those that possess such characteristics, starting with Qatar, which, in 2015, has an estimated per-capita GDP (PPP) more than 50% higher than second placed Luxembourg.
Overall, there are two standard methods of defining the richest countries in the world. One takes into account the economies that are the largest, as measured by total gross domestic product (GDP). However, the most commonly accepted definition of the wealthiest countries is to determine how rich the average resident of a country is. For this reason, the best method is to use GDP data per capita.
1.Qatar – Richest Country in the World and in Asia
GDP (PPP): $106,283.96
Capital City: Doha
With a population of around 1.9 million and GDP equal to $182 Billion, Qatar is the world’s richest country. It lies in the Persian Gulf and it is a peninsula. It lies in the Middle East and is richest Arab country in the world. Saudi Arabia lies to its south. The economy of this country is entirely dependent on Petroleum as it contributes nearly 85% of export earnings.
Banking and Tourism are other areas where Qatar generates money. It is also the richest country in Asia. Its competitively open trade policies with the US have made Qatar the wealthiest nation in the world. The country charges no income tax to its citizens and other taxes are also very minimal. The current GDP of Qatar surpasses all the other countries in the world and is $102,768.69. Thus we can see that the size of the country does not matter when it comes to wealth and that even a small a nation can aspire to be the richest in the world
2. Luxembourg – Richest Country in Europe
GDP (PPP): $79,649.49 Capital City: Luxembourg
Holding the title of the wealthiest country in Europe, Luxembourg is much famous as a tax heaven. Many billionaires from around the globe reside in this country to save themselves from taxes in their homeland. It is the second richest country in the world. With a population of just around half million, it has striking contrast of green pastures of land alongside the industrialized city. It lies in Europe and is headed by a Grand Duke. Banking, Steel Industry and telecommunications contribute heavily to its wealth.
1 USD = 46 Luxemburg francs
GDP (PPP): $61,046.96 Capital City: Singapore
Located in Southeast Asia and comprising of 63 islands, Singapore is a fully island country. On this list of top 10 wealthiest nations, it ranks third. It is one of the largest financial centers in the world and along with Taiwan, Hong Kong and South Korea, it forms the Four Asian Tigers. Its population is around 5.5 millions with majority of them practicing Buddhism.
SGD/USD = 1.2743
GDP (PPP): $54,479 Capital City: Oslo
A country with roughly 5 million people, Norway, coupled with high GDP and comparatively low population, it is one of the richest countries on Earth. Sharing its border with Finland, Sweden and Russia, it is a developed country. The economy of this rich nation depends on oil and natural gas reserves which is found around it.
NOK/USD = 6.0521
5. Hong Kong SAR
GDP (PPP): $50,716 Another fifth world’s richest nation
Lying on China’s South coast, Hong Kong is the fifth country in this list based on per capita income. It has a high GDP and it is a leading financial destination in the world as well as in Asia. It is a specially administrated region with its own currency but defense services from China.
HKD/USD = 7.7500
6. Brunei Darussalam
GDP (PPP): $50,440 Capital: Bandar Seri Begawan
Located in Southeast Asia, Brunei generates its revenues from crude oil and natural gas exports. Revenues from petroleum contribute around 90% of its GDP. With a small population of less than half-a-million, Brunei is one of the least densely populated country in the world. Its sultan is one of the richest people in the world.
7. United States of America
GDP (PPP): $49,601 Capital: Washington DC
This country needs no introduction. The most powerful country in the world and the most powerful economy in the world, United States (US) leads the globe in science and technology and nearly in every research field which can be thought of. It is the largest exporter of weapons and also other goods and services. This rich country in the world has a GDP of around 15 trillion US Dollars which makes it the richest and biggest economy in the world. It is one of the wealthiest economy on planet Earth. On the American continent, this country is second to none. Thus it is also the richest country in the American continent (North as well as South America). This country is also the largest manufacturer in the world and the leading financial nation.