This is the twenty-first century; the living style of humans is changing day by day. Everyone wants to be rich and wealthy. Humans leave their caves and want to live in Castles, forts and mansions. The citizens of different nations would like to get more facilities from their Governments. So, it is compulsory for governments to get more money from their resources in order to provide more facilities for their inhabitants. Thus, in this marathon, everyone wants to know which is the wealthiest country in the world? In this article, you can find your answer about the list of the top ten richest countries of the world by GDP per capita.
List of Top Ten Richest Countries in the World by GDP Per Capita – 2020 Ranking
10: United States (US$ 67,426)
Last but not least in our list indicates that the United States is the tenth richest country in the world with US$ 67,426 GDP per capita. It is located in central North America, between Canada and Mexico. It has a total area of 9,833,520 sq km along-with 328.2 million residents approx.
The economy of the United States is highly developed and mixed. The economy is based on natural resources, well-developed infrastructure and high productivity. The contribution of different sectors in GDP is 80.2% services, 18.9% industry and 0.9% agriculture. The exports of the United States are US$ 1.66 trillion and imports are US$ 2.54 trillion. The foreign investments in the United States are US$ 4.0 trillion. The above factors indicate the United States is the tenth moneyed country in the world.
9: Switzerland (US$ 67,557)
Switzerland is one of the beautiful pieces of earth. Currently, fall at number nine in the list of top ten richest countries in the world with the US$ 67,557 GDP per capita. It is a landlocked country situated in western, central, and southern Europe. The total land of the country is round about 41,285 sq km along-with 8.57 million inhabitants.
The economy of Switzerland is based on tourism, investments, Finance and the Swiss Banking Industry. Switzerland is one of the world’s most advanced free-market economy. The share of sectors in GDP is 73.7 % services, 25.6% industry and 0.7% agriculture. The unemployment rate in the country is 4.58 %. The exports of Switzerland are US$ 313.5 billion and the imports are US$ 264.5 billion. The above indicators show that Switzerland is the ninth wealthiest country in the world.
8: Kuwait (US$ 67,890)
Kuwait holds the eighth spot in the list of top ten richest countries in terms of GPD per capita in the world along-with GDP per capita of Kuwait is US$ 67,890. Also called the State of Kuwait, it is located in Western Asia. The total residents of Kuwait are 4.42 million with a piece of land contains 17,818 sq km approx.
The economy of Kuwait depends upon Petroleum, Finance and Tourism. The main export of the nation is Petroleum which is 56% of Crude petroleum Oils and 31% of refined petroleum oils. The Crude oil reserve is estimated 104 billion barrels which are to be 10% of the world’s reserves. The country pumps 2.9 million barrels per day and its full production is 3 million barrels per day. The input of different sectors in GDP is 40.9% services, 58.7% industry and 0.4 % agriculture. The unemployment rate in the country is 2.18 % approx. The total exports of Kuwait are US$ 54.09 billion and imports are US$ 29.36 billion. The export of petroleum reserves makes it the eighth wealthiest country in the world.
7: United Arab Emirates (US$ 70,441)
United Arab Emirates holds the seventh spot in the world’s richest countries by GPD per capita. As per a recent report, GDP per capita of UAE is US$70,441. United Arab Emirates (UAE) simply Emirates is a Sovereign State in Western Asia. It has almost 9.89 million residents with an area of 83,600 sq. km.
The economy of Emirates is based on Oil, Gas, Tourism, Business and Finance. The contribution of various sectors in GDP is 49.2% services, 49.8% Industry and 0.9% Agriculture. The GDP growth rate is 1.7% and unemployment is 2.64%. The main export of the Emirates is based on Oil and Gas which is 26% to overall GDP. The total estimated exports of the country are US$ 308.5 billion and imports are US$ 229.2 billion. The tourism and the investments from foreign investors along-with the export of Oil and Gas and make itself one of the wealthiest countries on the planet.
6: Norway (US$ 79,638)
The per capita GDP of Norway is US$ 79,638, which is the sixth highest in the world. Norway also called the Kingdom of Norway is a Nordic country, which is located in northern Europe. It spans a total area of 385,207 sq km with a total population of around 5.36 million.
The economy of Norway is a developed mixed economy with state ownership in the strategic areas. It has the modern manufacturing and welfare system which relies on a financial reserve, produced by the exploitation of natural resources, mainly North Sea Oil. Norwegian economy was largely based on fishing, timber and agriculture sectors. When it comes to GPD per capita in terms of sectors, the services sector contributes 63.5 % its entire per capita GPD, 34.7% industry and 1.6% of agriculture. Norway is also an oil-exporting country. The exports of Norway are US$102.8 billion and imports are US$ 95.06 billion approx. The unemployment rate in the country is only 3.35%. Due to the sixth highest GDP per capita in the world, we can say that Norway is the sixth richest country in the world.
5: Brunei (US$ 85,011)
Brunei becomes the fifth richest country in the world after generating US$ 85,011 GDP per capita income. The country is located on the north coast of the island of Borneo in Southeast Asia. The total area of the country is 5,765 sq km with a population of 459,500 approx.
The economy of Brunei is small and wealthy which is almost entirely supported by the export of natural gas and crude oil. The export of crude oil and natural gas contributes to 90% of GDP. Approximately, 167,000 barrels of oil were produced every day which is the fourth-largest producer of oil in South Asia. Brunei also produces Liquefied Natural Gas (LNG) 25.3 million cubic meters per day approx, which shows that the country is the ninth-largest producer and exporter of the substance in the world. The share of sectors in GDP is 56.6% industry, 42.3% services and 1.2% agriculture. The total exports of the country are US$5.885 billion and imports are US$2.988 billion.
4: Ireland (US$ 86,988)
Ireland has US$ 86,988 in GDP per capita, which is the fourth-highest in the world. It is located in north-western Europe. There are 4.96 million people living in the Republic of Ireland. It has a total area of 70,273 sq km.
The economy of Ireland is primarily a knowledge economy, focused on services into financial services, agribusiness, high-tech and life sciences. The country has ranked in first, for high value foreign direct investment (FDI) flows in the world. The export sector plays an important role in the economic growth of Ireland. The country is one of the largest exporters of medical devices, software-related goods, pharmaceuticals and services in the world. The financial service sector contributes 2 billion euro in taxes annually, the information and communication technology sector add 35 billion euro, the medical technology sector liable for 9.4 billion euro, the pharmaceutical sector is responsible for 55 billion euro and the software sector contributes 16 billion euro annually, to the economy. The total exports of the country are US$219.7 billion and imports are US$98.13 billion. The input of different sectors in GDP is 60.2% services, 38.6% industry and 1.2% agriculture. The unemployment rate in the country is round about 4.7%. The economy of Ireland makes itself as one of the wealthiest countries in the world.
3: Singapore (US$ 105,689)
In this ranking, Singapore stood the third spot with US$105,689 GDP per capita, which makes Singapore as the third richest country in the world. It is a sovereign island city-state in maritime, Southeast Asia. It spans the area of 725.7 sq km with a population of 5.70 million approx.
The economy of Singapore is free, innovative, competitive, dynamic, extended entrepot trade and business-friendly. The external trade of the country makes itself as one of the Four Asian Tigers. It is also identified as a tax haven for its foreign investors and the low tax rates on personal income. Further, Singapore is a major financial and shipping hub in Asia. Due to its location, skilled workforce, low tax rates, advanced infrastructure and zero-tolerance against corruption the country attracts a large number of foreign investments. There are more than 7,000 multinational corporations from Japan, Europe, United States and approx 1500 companies from China and 1500 from India. The country has the world’s highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth. The unemployment rate in Singapore is 2.5 %. The input of the different sectors in GDP is 75.2% services, 24.8% industry and 0% agriculture. Total exports of the country are US$329.7 billion and imports are US$282.9 billion.
2: Luxembourg (US$ 112,044)
Luxembourg obtains third position in the list of top ten richest countries and became a second wealthiest country on the planet (if I skip Macau from countries list due to its special administrative status). As per the data of the International Monetary Fund (IMF), the per capita GDP of Luxembourg is US$112,044. Luxembourg also called Grand Duchy of Luxembourg is an European landlocked country located in Western Europe. It spans the area of 2586.4 sq km along-with the total estimated 626,108 residents.
The economy of Luxembourg’s is stable and high-income market economy, features low inflation, a high level of innovation and moderate growth. The country is tax heaven country for foreign investors due to low “effective” rates of taxation in the country including financial secrecy. It has ranked as the second safest tax haven country in the world after Switzerland. The majority of economic output is based on banking and finance, which makes it the world’s second-largest investment fund center (after the United States of America). It has the most important private banking center in the Eurozone and has Europe’s leading center for reinsurance companies. Further, Skype and Amazon shifted their headquarters to Luxembourg and other high tech companies have established themselves in Luxembourg like 3D scanner developer/manufacturer Artec 3D. The major production of the country is steel production, chemicals, rubber etc. The input of the different sectors in GDP is 86.9% services, 12.8% industry and 0.3% agriculture. The exports of the country are US$15.99 billion and imports are US$20.66 billion. Luxembourg is the first country to introduce no-charge public transport in February 2020. Due to the above factors, Luxembourg is the second wealthiest nation in the world.
Macau (US$ 113,352)
Now we move towards the second spot. When it comes to the GPD per capita, Macau secured the second position in the list of richest countries; with the annual GDP is US$138,909. It is pertinent to mention here that Macau is the Chinese special administrative region, not a separate country. Due to its second-highest GDP per capita this is compulsory to include Macau in this article. The total area of the Chinese special administrative region is 32.9 sq km along-with the total population of 696,100 approximately.
The economy of Macau is a capitalist service economy, which is largely based on Casino gaming and Tourism. The gaming industry of Macau is generating more than $24 billion in revenue per year. This revenue is seven times larger than Las Vegas, USA. Casino gambling was legalized in 1962 and the industry was initially operated by the government. Now, the gambling revenue is round about $37 billion which shows that the economy of Macau is heavily reliant on casino gaming. The role of the different sectors in GDP is 93.7% services, 6.3% industry and 0% agriculture. Further, exports of Macau are round about US$ 1.45 billion and imports are US$ 11.55 billion in a year. Furthermore, the tax rates are very low in this region and 3.57 percent of people are unemployed. Keeping in view the above factors, Macau is the richest administrative region in the world.
1: Qatar (US$ 138,909)
Having US$138,909 GDP per capita, Qatar holds the first position in the ranking list of the top ten richest countries in the world. Qatar is officially recognized as the State of Qatar, which is located in western Asia covering the estimated area of 11,581 sq. km. It has an estimated population of around 2.8 million.
The oil sector of Qatar makes it the richest country in the world in terms of GDP per capita. In 1940s Oil was discovered in Dukhan Field, Qatar. The discovery of oil transformed the state’s economy. It has a proven Gas field that accounts for more than 13% of the global resource and Oil reserved of 15 billion barrels. When it comes to the export sector, Qatar is the leading exporter of the Liquefied Natural Gas (LNG). The country has the lowest tax rates in the world, no income tax in the country and a 0.1% unemployment rate as of June 2013. None of its 2.8 million residents lives below the poverty line. Due to this, Qatar makes itself the richest country on the planet in terms of GPD per capita. The contribution of various sectors in GDP is 49.5% services, 50.3% industry and 0.2% agriculture. The total estimated exports of Qatar are US$86.51 billion and imports are US$26.69 billion.
To identify the richest country in the world, toptenlistingz reviewed the Gross Domestic Product (GDP) per capita of various countries. The calculations were prepared by International Monetary Fund (IMF) in its World Economic Outlook Database, October 2019.