The other two countries to break $100K are likewise small countries, Luxembourg ($112K) and Singapore ($105.7K). For example, Macao, Luxembourg, Singapore, Switzerland and Ireland are all tax havens, which means wealth originally generated in other countries ends up inflating their GDP because of sophisticated accounting and legal practices. As western Europe’s top petroleum producer, the country has benefitted for decades from rising prices. With a population just over 600,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong is—almost literally—a money-making machine. Top 10 Richest Countries in the World in 2021 1. Macao ($113.4K) is similarly a tiny autonomous region where Asia’s wealthy go to gamble. Luckily, the country was spared the worst of the Coronavirus pandemic: in July, noting that no new cases of infection had been recorded in more than two months, Brunei's Ministry of Finance and Economy stated that in the first quarter of the year—as most other nations were already sliding into a recession—the economy had grown by 2.4%. It is ranked to be one of the most peaceful countries in the world with a very low crime rate. In the 10 world's poorest countries, the average per-capita purchasing power is less $1,200, in the 10 richest is over $90,000. Do citizens feel twice as rich as 10 years ago? Today, its highly cosmopolitan population enjoy considerable wealth, traditional Islamic architecture mixes with glitzy shopping centers, and workers come from all over the world lured by tax-free salaries and year-round sunshine (to the extent that only about 20% of the people living in the country are actually locally-born). Following some politically difficult reform measures, including sharp cuts in public-sector wages and restructuring its banking industry, the island nation regained its fiscal health, boosted its employment rates and saw its per capita GDP almost double to its current levels. UAE in Top 20. During the pandemic it rose to historical highs everywhere. Individually it looked as though they have achieved a similar feat but when both goals are averaged with the number of games played it will be seen that player B has definitely achieved something more remarkable than A. Its economy is quite dynamic and modern, it focuses on trade. The French created nearly $40,000 in economic output per person in 2017. The COVID-19 pandemic hasn’t stopped the world’s wealthiest families from growing their fortunes. While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing a country's GDP by the number of the full-time residents is a better way of determining how rich or poor one country's population is relative to another's. Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. These countries are the world’s richest countries in 2019 so far. The Top 25 Economies in the World Ranking the Richest Countries in the World. Dubai is the most populous of all the listed cities. Catholic Church Australia Image: instagram.com @catholicchurch Source: UGC. The flat Arabian Desert covers most of Kuwait’s territory. State revenues generated from petroleum are usually saved in the world’s largest sovereign wealth fund. The US has the most technologically powerful economy in the world. Like most of the countries on this ranking, oil and gas production accounts for 20% of its economy. By then, hopefully, social distancing on the stands will not be required. Your email address will not be published. This year,  however, its beaches and hotels will remain empty. Total individual wealth refers to the private wealth (assets fewer liabilities) held by all the individuals living in each nation. All the money in the world, however, could not have shielded the Swiss economy from the effects of Covid-19: in 2020 production is expected to decline by 7%, pushing the country into what is possibly its worst recession since World War II. It’s per capita income stands at $74,365. We are dealing with averages and in any given country, structural inequality can tip the balance in favor of the already privileged. The World’s Richest Families in 2020. It’s completely landlocked by Belgium, Germany, and France and is a member of the EU. The U.S. economy constitutes one-quarter of the worldwide economy. However, there is one more reason to be wary of accepting such economic prosperity at face value. Statec, the national government statistics service, has already stated that it expects the recession to be as short as it has been sharp, and that in 2021 the grand duchy's GDP will rebound by 7% from -6% this year. July 30, 2020 Author: Luca Ventura. All of these and they still couldn’t be number one, the countries above them must have done a wonderful job with their economy. In the meantime, the V-shaped recovery many are still hoping for—a brief sharp economic decline followed by an equally rapid rebound—appears less likely by the day. Despite Bolkiah's opulence, and an on-paper per-capita purchasing power of over $80,000, malnutrition in Brunei is commonplace. Is it really a surprise that Switzerland has the highest density of millionaires in the world? This country is an example of how proper planning yields an awesome result. The richest country in the world, Qatar ($138.9K), is a tiny Middle Eastern country with an absolutely massive amount of oil. With a population of about 6.5 million people, the industries shouldn’t be lacking in human resources to improve the economy further maybe to the point where it becomes number one. Probably not. The two parameters have their strengths and also weaknesses. These countries are the richest in the world by GDP (PPP) per capita according to data from the International Monetary Fund. It is one of the richest countries in the world with a small population as the nation has full-time residents of 356,991. A small European country that shares a border with France, Belgium, and Germany. Its main export partners are the USA, UK, and neighboring European nations. Hundreds of thousands of livelihoods—along with the crucial remittances contributing to countries such as India, Egypt and the Philippines—are at stake. Majority of its GDP is accounted for by trading of various products and services of various industries of its economy such as the pharmaceutical, chemicals, computer hardware, food products, and medical devices. On the other hand, when it comes to any economic problem fate might throw at them, Norwegians can always count on their $1.2 trillion sovereign wealth fund, the world's largest. The Covid-19 pandemic lifted the veil on these disparities in ways few could have ever predicted. United States of America (U.S.A), France, Germany, Japan, Canada. The Top 10 Richest Country Singers In The World By Morgan Huelsman Nov 17, 2020. Although the data is scarce, it has been estimated that out of its 450,000 population up to the 40% earns less than $1,000 a year. Bjarne Tellmann is senior vice president and general counsel at GSK Consumer Healthcare, a joint venture that combines the consumer brands of GSK and Pfizer. It has a population of about six hundred and fifty thousand people but that doesn’t stop it from breaking into and sitting comfortably at number two spot of the richest countries not just in Europe but all over the world with a per capita income of about $116,808. Singapore generates most of its revenue from the export they make from the vast industry such as electronics, chemicals, oil drilling equipment, food and beverages, rubber and many more. Different countries are blessed differently, some are blessed with rich mineral resources but few human resources to harness them while some are endowed with human resources that adequately and judiciously use the few mineral resources they have and some are abundantly blessed with both the former and latter. Not only that, they know that with great riches comes great responsibility: contrary to many other rich nations, high per capita GDP figures are truly a reflection of people’s financial wellbeing. Differences in this country have led to different numerous classification such as categorizing countries into: All that has been said above and many more have inspired this article for creating a list of countries that are in the top ten richest countries all over the world but before we delve into the list, let’s take a quick look at the different criteria that can be considered in the ranking, the criteria to be used in this ranking and the merits of the rankings over the others and other conditions to be factored in for the rankings.
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