The Top 10 Richest Countries In The World

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There are nearly 200 countries in the world. Out of this number, there is only a handful of them which generate large income amounts. At least, large enough for them to be called the richest countries in the world. The Gross Domestic Product (GDP) of these countries is what determines which amongst them is the richest. The annual revenue generated in these countries usually is in billions and trillions of dollars.

The Wealthiest Countries in 2020

The numbers collated have been done based on the annual report which was published in October 2019 by the International Money Fund (IMF). It is often said that money does not buy happiness. If this is true, why are the citizens of the richest countries also very happy?

The countries are:

1. Qatar

This is a tiny Middle Eastern nation is ranked the richest in the world, in terms of GDP. The economy of Qatar is based primarily on the sale of its huge oil reserves.

It currently has an unemployment rate of 0.4% and $124,930 in GDP per Capita. The GDP value represents about 0.31% of the world economy. The citizens of Qatar are doing very good for themselves. [1]

2. Luxembourg

Although it is a tiny nation in Europe with a population of about 600,000 people. It is ranked the 2nd richest country. The unemployment rate of this country is at a steady rate of 5%. The main economical venture of this country is steel production alongside international banking. Local businesses also benefit from its dense forestry.

The GDP per Capita of Luxembourg is currently $109,190. However, there are predictions of major instability in the future, due to the possibility of Brexit. The GDP is impressive for such a small nation. [2]

3. Singapore

This island nation, albeit tiny, is gradually proving itself as a strong contender for the position of the richest country in the world. Over the years, its economy has constantly grown. In the past year, their economy had grown about 2.5% in the first quarter of 2019 and it is still not showing any signs of slowing down.

Its biggest challenge is overcoming its image as an expert-only field. The GDP per Capita of Singapore is about $90,530. [1]

4. Switzerland

Nestled in the Alps of Europe, this nation has a population of a little below 9 million inhabitants. Their GDP per Capita is just over $80,000.

The major keys to the sustainability of their economy are labor specialization, industry, banking and also international trade. A very important source of revenue here is tourism. [2]

5. Brunei

This is one country that has not let go of its rich cultural heritage, even with the influence of advancements in modern technology and industry. In South Asia, it is ranked as the second most developed country and it follows Singapore.

Its economy is mostly dependent on its exports and trade with other nations, its oil and gas production. Due to its well-diversified investments, it can stabilize its economy. Its GDP per Capita is $76,740. [1]

6. Norway

Asides being considered one of the happiest countries to live in, it is also one of the richest countries in the world.

It currently has a GDP per Capita of $74,882. According to the IMF’s economic data, it is the 6th richest country in the world. Its economy mostly deals with oil production and export as well as a sturdy international trade of goods. [2]

7. Ireland

Due to being part of the Organisation for Economic Co-operation and Development (OECD), Ireland’s economy has been heightened as a result of construction growth and also wise investments.

It also has very strong employment rates, strong domestic spending as well as high salaries for working individuals. Its GDP per Capita is $72,630. [1]

8. Kuwait

Even as there was a negative impact in a few oil-producing countries due to oil price reduction, the economy of Kuwait persevered and held strong. A large portion of the funds received into the growth and acceleration of other aspects of the economy. The results have proven to be very impressive.

The GDP per Capita of Kuwait is just a little below $70,000. However, due to the growth rate of their economy, it has been predicted that they would soon rise in the charts. [2]

9. United Arab Emirates (UAE)

The UAE is a union of 7 Arabic states and Dubai is the most crowded amongst all of them. A royal family is in charge of controlling the activities of the UAE, they take enormous pride in the economy’s development and market.

The GDP per Capita is $68,250. This oil-producing nation has taken all the necessary steps to make itself a very developed nation. [2]

10. Hong Kong

It is stated that in South East Asia, Hong Kong is the easiest place to conduct business. Due to their liberal tax laws and relaxed policies, it has been chosen by lots of companies as their offshore headquarters. It is ranked the 10th richest country in the nation according to the GDP per Capita index and IMF data. [1]