Posted on: October 21, 2020 Posted by: beastlypoint Comments: 0
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According to International Monetary Fund (IMF), We have listed out the top 10 richest countries in the world  on the basis of Gross Domestic Product (GDP) which is calculated from Purchasing Power Parity (PPP) because PPP calculation gives a more detailed review of a country’s living standard as well as the inflation rate within a country. The national wealth of a country is generally measured with nominal GDP and savings but it excludes the living standard of a country which is why GDP(PPP) is usually calculated to determine the country’s standard of living. These calculations are done by many organizations such as the World Bank, International Monetary Fund, etc.

Currently, According to the IMF, Qatar is the richest country in the world with a GDP (PPP) per capita of $138,910.

 

         Country            GDP (PPP) per capita
1.       Qatar  $138,910
2.       Luxembourg  $112,045
3.       Singapore $107,604
4.       Ireland $86,988
5.       Brunei $85,011
6.       Norway $79,638
7.       United Arab Emirates $70,441
8.       Switzerland $67,557
9.       United States $63,051
10.   Macau $58,931

 

1.     Qatar

    [GDP (PPP): per Capita – $138,910]

richest country in the world

Qatar is currently the richest country in the world with a GDP (PPP) per capita of $138,910 according to International Monetary Fund (IMF).

It is located in the western part of Asia with a total area of 4,471 sq. mi.

Before the 8th century, Qatar was one of the most famous horse and camel breeding centre until they furthered their business to trading pearl and became the centre for pearl trading. People around the world would come to trade their items in Qatar. But soon the pearl trading struggled to exist after the Japanese cultured pearl was introduced to the world market in the 1920s and 1930s.

Apart from pearl trading, after it was occupied by the British government they started exporting oil business. In 1939, the first oil reserves were discovered in Qatar. But they started exporting oil in 1949 after Qatar and the British government agreed to strengthen their relations.

After the discovery of oil, the country’s GDP was seen as a huge growth that led to modern day Qatar. Qatar has the lowest unemployment rate i.e. less than 1 %. They are also the lowest taxpayer in the world. With a total population of about 2.8 million, 86% of the population are migrant workers coming from different countries of the world.

It is ranked 152 out of 156 countries in the index of GeGaLo.

2.     Luxembourg

    [GDP (PPP): per Capita – $112,045]

richest country in the world

Luxembourg is a landlocked country in the western part of Europe and it is one of the smallest sovereign states in Europe. With a total area of about 998.6 sq. mi. and according to IMF, it is the second richest country in the world with a total GDP (PPP) per capita of about $112,045.

Luxembourg’s economy depends on the quality of innovation, low inflation, and moderate growth. It was registered as the second richest country in the world. The human development index ranked Luxembourg as the 26th out of 189 countries as one of the least developed countries and the Heritage Foundation index of economic freedom ranked Luxembourg at 13th.

The country deals with steel, chemicals, rubber, and other business to grow its economic structure. It is a mixed culture country, essentially a mixture of French and Germany. Currently, it has three official languages French, German, and Luxembourgish.

Almost half of its population is of foreign backgrounds who were immigrants coming from Belgium, France, Italy, German, etc. to work in the country.

3.     Singapore

    [GDP (PPP): per Capita – $107,604]

richest country in the world

Singapore is a sovereign city-state island in Maritime Southeast Asia with a population of 5.7 million. According to IMF, it is the third richest country in the world with a GDP (PPP) of $107,604.

Modern-day Singapore was first discovered by a British governor Stamford Raffles, who arrived at the place on 28 January 1819 and later Singapore became a trading centre. At the time of Raffles’s arrival, the island was ruled by Tengku Abdul Rahman, the sultan of Johor, and later he was overthrown by his own brother Tengku Long who was in exile in Riau, with the help of Raffles. Tengku Long and Raffles settled to a treaty to make Singapore a trading post on 6 February 1819. After some year Long and the British government again agreed to sign a treaty which led the entire island to be acquired by the British government in 1824.

Singapore was declared independence from the United Kingdom on 3rd June 1959, and later from the Malaysian government on 16th September 1963. Singapore became the republic of Singapore on 9th August 1965 after its independence.

Singapore is one of the four Tigers and it has the highest GDP (PPP) per capita compared to its peers. It is the only country with a AAA credit rating from the big three credit rating Agencies and it also derives most of the economy from entrepot trade.

The Human Development Index Ranked Singapore at 9th out of 189 countries as one of the least developed countries.

4.     Brunei

    [GDP (PPP): per Capita – $85,011]

richest country in the world

Brunei is situated on the northern coast of Borneo in Southeast Asia, and it is the only sovereign state that covers the entire island of Borneo. With a total area of 2,226 sq. mi. and with a population of about 459,500 people, it is the 4th richest country in the world with a GDP (PPP) per capita of $85,011.

In the late 19th century Brunei was under the British protectorate and the sultan Hashim Jalilul Alam Aqamaddin had no rights to cede or lease any of his lands to the foreign countries without the consent of the British government. After almost a century, Brunei had declared independence from the British government on 1st January 1984.

The economy of the country had been increased after the discovery of petroleum in 1929. Brunei is currently the fourth-largest oil producer with a production of about 22,600 cubic metres of oil per day. It also derives its economy from foreign industries.

Similar post: 10 Poorest countries in the world

5.     Ireland

    [GDP (PPP): per Capita – $85,011]

richest country in the world

Ireland or the Republic of Ireland is located in the northern part of Europe with a population of more than 4.9 million people and it occupies 26 out of 32 counties of the islands of Ireland.

Ireland was under the British government until 1922 when Ireland had declared itself a free state but with dominion status. In 1949, Ireland had officially declared a republic state with its own constitution and vested the power to the president of Ireland.

The Human Development Index ranked Ireland in third place out of 189 countries as the least developed country in the world. In terms of GDP per capita, the International Monetary Fund ranked Ireland at 5th out of 187 as the richest country in the world with a GDP (PPP) per capita of $85,011 and the World Bank ranked Ireland at 6th out of 175 countries.

Most of the country’s economy comes from non-Irish owned companies.

6.     Norway

    [GDP (PPP): per Capita – $79,638]

richest country in the world

According to the IMF, Norway is the 6th richest country in the world with a GDP (PPP) of $79,638.

Norway is a Nordic country situated in the northern part of Europe with a total area of about 148,729 sq. mi. and its population is about 5.4 million where 86.2 % of people are Norwegian and 13.8% are from other countries.

In 1934, due to the deadly pandemic ‘Black death’ which caused the death of about 50% to 60% of its population which was also the cause of the country’s poor economy at that time. But later the economy of the country was brought to normal.

After the Second World War, in 1967 the first oil was found in Norway which brought a huge revolution in the economy of the country. It was until 1999 that the petroleum productions were carried out by the Statoil company founded by the Norwegian government in 1973.

Most of its economy is boosted up by the oil industry, fish industry, mineral resources, etc. The Human Development Index ranked Norway in first place for six consecutive years in 2001-2006. Norway has an unemployment rate of 4.8% and is the third-largest gas exporter and fifth-largest oil exporter in the world.

7.     United Arab Emirates

    [GDP (PPP): per Capita – $70,441]

richest country in the world

UAE is the 7th richest country in the world with a GDP (PPP) per capita of $70,441.

United Arab Emirates (UAE) is a sovereign state located in the western part of Asia. It consists of seven emirates namely Ajman, Dubai, Abu Dhabi, Fujairah, Ras Al Khaimah, Sharjah, Umm Al Quwain. Its population is about 9.9 million with an area of 32,300 sq. mi.

UAE was under the British protectorate since 1920. Most of their incomes for the country’s economy were coming from the pearl industry until the early 20th century when the industry thrived to exist because of the introduction of the cultured pearl. Seeing the lost in the pearl industry, the British government moved to find oil in the region. So, in 1950 the British government led to their first oil exploration in Abu Dhabi. It was a failure for many years until 27th October 1960 where the first oil well was discovered near Tarif which led by the Petroleum Development Trucial Coast (PDTC).

The country was released from the British protectorate on 1st December 1971 where its treaty expired and the country was announced independence since then. The economy of the country currently derives its income from the oil and gas industry, the industrial sector, Tourism, etc.

8.     Switzerland

    [GDP (PPP): per Capita – $67,557]

richest country in the world

Switzerland is a landlocked country and a federal republic with 26 cantons situated in Europe. It has a total area of 15,940 sq. mi. with a population of 8.5 million.

The IMF ranked it at 8th  as the richest country in the world in terms of GDP (PPP) per capita with a GDP (PPP) per capita of $67,557 and the World Bank ranked Switzerland 5th in the world.

In 1847, a civil war broke out when the other cantons tried to form a separate alliance but the war didn’t last long and all of the cantons agreed to form a federal layout where the Central Authority would form the constitution while the cantons can still self govern and solve local problems.

Switzerland is one of the largest exporters of watches, chemicals, electronics, machines, etc, and most of its economy is derived from them. It is one of the least corrupted countries in the world as well.

 

 

 

 

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