Top 10 richest countries of the world

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Wednesday, May 8, 2019

Top 10 richest countries of the world

Top 10 richest countries of the world
Mostly people think that a country having a big economy means it will be the richest country in the world. But, the wealth of a country is mostly measured by its GDP per capita. GDP per capita means the Total GDP of a country divided according to its population.  According to the GDP per capita, we compiled a list of top 10 richest countries of the world.

10. Denmark

Denmark

The GDP per capita of the Denmark stands at $61,200. In 1814 after the treat of Kiel Denmark started rebuilding its economy after the war. It introduce many property reforms,  new agriculture techniques and also improved the government infrastructure. Due to new agriculture techniques Denmark became a heaven for the farmers. In 1950 Denmark produced 65% of its GDP from agriculture by employing upto 50% of the population. But in 1972 Denmark converted itself to a industrial economy and left only 4% employed in agriculture. The industrial phase didn't remain for long and due to oil crisis it switched to the service industry. Now Denmark is the 10th richest nation in the world according to per capita GDP.


9. Singapore

Singapore

Once called a third world country Singapore now is the 9th richest country in the world. After getting independence in 1965 Singapore started building its nation. The first prime minister of the Singapore Lee Kuan Yew who is also called the founding father of the nation of Singapore lead its country to the economic success. He governed the country for three decades and swiftly changed the economy  by focusing on external trade. Now Singapore serves as a worldwide front runner in education, entertainment, finance, innovation, technology and tourism. Singapore has a GDP of 61.23 thousand dollars per capita.


8. United States

United States

America is still very wealthy despite getting hit by the most devastating recessions in the recent years. A nation oriented on service and foreign trade, the majority of the wealth in the states is based on advances in retail and service technologies and scientific developments. High production and high spending levels keep the U.S. economy afloat. With more than 327 million inhabitants in the USA, the debt per person is barely on the brink of GDP, which has for the time being made America ahead of its debt. While the country now has almost $20 trillion of national debt, GDP remains strong at $62,500 per capita.

You may like reading: Top 10 Amazing facts about the United States


7. Qatar

Qatar

Due to its natural resource reserves Qatar is one of the wealthiest nations in the Middle East. The key to their success is that they reinvested their revenue generated from the natural resources to other industries. Besides diversifying its economy, the country also retains a large amount of those fuel reserves for its own use. With a GDP per capita of $ 67.8 thousand, it was only four years ago that Qatar would have been at the top of this list with a GDP of $ 98.8 thousand a person. The young residents of Qatar, typically spend their wealth on lavish purchases such as multimillion-dollar pieces of artwork and exotic pets such as cheetahs.


6. Ireland

Ireland

In contrast to many of the countries on the list which rely on goods and natural resources, Ireland is using another resource to make its millions: the minds of their own citizens. The vast majority of Irish wealth comes from software, medical technology, information and communications and pharmaceutical companies, dealing largely with knowledge industries, such as financial services, life science and high technology. While living costs in the green and gold country are incredibly high, the people of Ireland manage thanks to a whole bunch of well paying jobs. The national GDP of the Ireland is about 75.2 thousand dollars per capita.


5. Iceland

Iceland

In the chilly northern lands of Europe lies the booming economy of Iceland, due to its excellent sources of natural energy. The difficult terrain of the country combine with a harsh climate makes it the perfect place for hydroelectric power. This combined with a large geothermal energy resource make production facilities in this country all the more productive. Iceland is the fifth largest distributor of fish in the world, it also exports fuels, metals, and mining products. The GDP per capita of the Iceland is $75,700.


4. Macau

Macau

At once Macao was the colony of Portugal but now it operates as an autonomous entity of China. Macao is called as the gambling capital of the world. It is very diverse region as well as very wealthiest. The Cotai strip which has a nickname "Las Vegas of Asia" is a densely populated tourist destination. In 2002 the government opened its doors to new investors who build popular new casinos in Macao. Today, Macao hosts many gorgeous casinos from the Las Vegas Sands,Wynn Resorts, and the MGM Mirage. The GDP per capita of the Macao is $81,590.


3. Norway

Norway

This lightly populated Nordic country is largely blessed with many of natural resources. The economy of Norway rely mostly on fish and oil trade but the more revenue comes from its tax collection. In the Norwegian government money was brought into a state-run fund through the tax on oil operations and invested in a variety of ways to generate income for its future. This oil fund called the Government Pension Fund Global with a worth of $195,000 per Norwegian citizen owns 1.3% of global stocks. The GDP per capita of the Norway stands at $82,370.


2. Switzerland

Switzerland

Switzerland has remained politically and internationally impartial for one and a half centuries which allowed it to profit from all potentially partnering nations. The success of the Swiss economy lies in their potential of innovation. Their main exports are precious gems and metals, pharmaceuticals, and machinery. Switzerland also specializes in making highly sought-after, luxury items. The Swiss are also known for efficiency with the invention of world-changing goods like Velcro, Cellophane, Milk Chocolate, Antihistamines, Fondue, Aluminum Foil, Numbered Bank Accounts and of course the Swiss Army Knife. The GDP per capita of the Switzerland is $83,580.


1. Luxembourg

Luxembourg

The top richest country on this list is the small European nation of Luxembourg. Luxembourg hosts many of the growing tech companies such as Amazon and Skype within its borders. In addition, Luxembourg also host many finance corporations and private banks, guaranteeing low unemployment rates. With a population less than one million and located in the heart of European Union with surrounding countries like Germany, Belgium and France, exporting, importing, and hiring all come much easier for the Luxembourg. All these factors makes the GDP per capita of Luxembourg to $113,950.

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