richest countries

When we think of the richest countries of the world, the first names that we assume are the superpowers like China and the USA. But this may be true only when we consider GDP to measure the richness of any country. There is a more strict criterion to measure the wealthiness of any nation: Purchasing Power Parity (PPP). PPP considers other factors like the price of goods and services in the country and the inflation rates and is generally expressed in dollars ($).

We often confuse the term ‘small countries.’ Small countries are surprisingly found to be wealthier than the populous countries of the world. Small nations like Switzerland, Singapore, Luxembourg, etc., attract many foreign investments, and the country’s resources are utilized only by a small population, which brings a better standard of living to its population. Countries like Qatar, UAE, and Norway, which are among the top 10 wealthiest countries in the world, have significant hydrocarbons, oil, and gas resources.

In this article, we will talk about the top 10 richest countries in the world, and this list is prepared based on data provided by the International Monetary Fund(IMF).

Qatar 

Present International Dollars- $132,886

It is a small country with a population of above 2.8 million people, and the country has enormous reserves of petrochemical, oil, and gas. It has managed to be at the top of the list of the richest countries in the world for the last 20 years.

The country has ultra model structures, luxurious hotels, shopping centers, and is visited by many tourists every year. The COVID-19 pandemic not much affected the growth of its economy, and the country is currently preparing to host the 2022 World Cup.

Macao 

Present International Dollars- $114,362

This country comes second in our list of top 10 wealthiest countries in the world. With just a population of 60,000, it is Asia’s gambling hub, and it has got over more than 60 casinos in its small territory of just 30 sq. Km. Many people say that it will soon beat Qatar and come to the top of the richest countries.

In 2001, when the gaming industry’s liberalization took place, this country turned out into a money-making machine where several visitors from all over the world came here and helped the country make a lot of money through gambling in casinos.

Luxembourg

Present International Dollars- $108959

Located in the heart of Europe, it is the third most prosperous country in the world. It provides many things for the tourist visiting this country and to its residence too. This country’s per capita GDP touched 100,000 marks in 2015, and since then, it has been growing.

If you visit this place, you have many things to explore; from cultural festivals to the beautiful countryside, castles, and many other things. This country invests a lot to provide better educational and health-related facilities, housing and ensure that its citizens enjoy a high standard of living.

Singapore

Present International Dollars- $103,181

The story of this country becoming so prosperous is interesting. This country became independent in 1965, and at that time, about one-half of its people were uneducated. This country also didn’t have many natural resources to make money out of it. The hard work of its people and their policies made this country a business hub. The literacy rate has risen to 97%, and it is one of the major trading and manufacturing hubs in the world.

Brunei Darussalam

Present International Dollars- $80,383

Brunei Darussalam is another small country with a population of about 450,000. The country has enormous reserves of oil and gas, which makes this country 5th most prosperous country in the world. The Sultan of this country has a net worth of $28 billion. About 40% of the people living in this country earn less than $1000 per annum. Malnutrition is common here.

Ireland

Present International Dollars- $83,339

In 2019, it was probably the fastest-growing European country. Its population is less than 5 million, and there is a significant gap between the wealth of the rich and the poor people in the country. The people who are in the top 20% of the wealthiest ones in the country approximately earn five times more than the amount earned by the bottom 20% of the population.

Norway

Present International Dollars- $76,684

When it comes to the gap between the earning of the rich and the poor people in a country, Norway is one of such countries where this gap is minimal. In 1960, when vast reserves of oil were discovered in this country, its economy started overgrowing and made it the 7th richest country in the world. With the continuous rise in the prices of oil, this country made a lot of profit.

UAE

Present International Dollars- $69,434

The United Arab Emirates is the 8th country in our list of the world’s top 10 richest countries. Before 1950, agriculture, fishing, and pearl trade was the base for its economy. But, after the discovery of oil reserves, the country became extremely wealthy. In recent years, the tourism, hydrocarbon sector, industries, and Trade and finance sectors have shown significant growth.

Kuwait

Present International Dollars- $66,969

It has huge oil reserves, which account for about 6% of the total oil reserves of the world. Its exports include 90% of oil exports. With a small population of 4.1 million, this country is now trying to develop other economic sectors after facing economic decline due to decreasing prices of oils in recent years.

Switzerland

Present International Dollars- $66,196

Many inventions like LSD, computer mouse, white chocolate, velcro, and many others are gifts of this country. This country exports precious metals, different instruments, machinery like watches, medical apparatus, computer equipment, valuable gems, and pharmaceutical products to other countries. The density of millionaires in the country is very high. 9428 people out of every 1 lakh are millionaires here.

I hope you enjoyed reading this article about the top 10 richest countries in the world.

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