The wealthiest and richest nations that you’re going to be reading about in this list of 10 richest countries in the world are ranked according to GDP per capita.
GDP stands for Gross Domestic Product. It is calculated as a sum total of goods produced and services offered by a nation divided by its total population. This value underlines how rich every citizen is on average.
However, GDP doesn’t take into account the differences in the lost of living across the world. For accurate rankings, economists use GDP on Purchasing Power Parity. GDP(PPP) per capita calculates services and produce of every country, sums them up, and represents the value as if it were sold at US prices.
To find the which countries top the rich list, you’ll have to earmark their GDP (PPP) per capita and compare them. Given below are top 10 richest countries as per their GDPs (PPP) per capita.
Here’s What You Will Learn About The List of Richest Countries In The World
- Contributing factors that make the top ten richest countries top the list
10th Richest Country: San Marino
At number 10 on the list of top richest countries is San Marino. With a GDP (PPP) per capita of $64,443, San Marino is known for its stable economy and surprisingly low rate of unemployment.
Surprisingly, San Marino is the 5th smallest country in the world. However, don’t be fooled by its small size because its economy rubs shoulders with those of others which are much bigger in size, and blessed with plenty of resources.
- Must Read – Top 10 Things To Do When You Are Rich And Bored
Although San Marino grabs the lowest spot on the world rich list, its meteoric rise to the top has been as a result of infrastructure and harnessing of modern technology.
Other contributing factors include banking and financial services, industrial development, and tourism.
9th Richest Country: United Arab Emirates
Finding United Arab Emirates in the 9th spot on this list of wealthiest countries in the world doesn’t come as a surprise.
With a GDP of $67,696 that continues to grow every year, UAE earns its reputation for vast reserves of oil, natural gas, and precious metals.
- Must Read – Top 10 Best National Parks in the World
Its wealth is showcased by one of its most famous cities—Dubai. Its infrastructure development is unparalleled in the world. Take Burj Khalifa as an exhibit. It’s the tallest tower in the world standing 830m tall.
But that’s not all. They also house an artificial island known as Palm Jumeirah, a world class 7-star hotel called Burj Al Arab. Besides these, there are other exciting infrastructure projects underway.
You’ll not find the richest person in the world from Dubai, but it sure has plenty of billionaires and millionaires whose fortunes grow exponentially every year.
8th Richest Country: Norway
Norway has a GDP of $69,296 making it a contender amongst the world’s richest for the top spot. It is blessed with beautiful landscapes that attract hordes of tourists every year.
- You May Like – Top 10 Largest Banks In The World
It is particularly distinguished for possessing one of the world’s top emerging economies. What’s more, employment rate and industrial development is also on a high which attributes to some considering it to be the richest country in the world.
Technological development over the years has also contributed to its economy. Add vast oil and natural gas reserves, capital growth, and infrastructure to that list; you can imagine that the only direction for Norway is going is up.
7th Richest Country: Ireland
Ireland isn’t the richest country in the world, but with an eye-watering GDP worth $69,374 its future looks bright.
It mostly dabbles in mining, food production, textiles, and banking. These keep the economy ticking. But the growth in infrastructure and technological advancement has also been worth a mention.
With a population of approximately 5 million, this country provides plenty of employment opportunities which in turn improves the standard of living of the inhabitants.
6th Richest Country: Kuwait
Kuwait ranks 6th richest country in the world in terms of oil and natural gas reserves. This natural reserve has led to its GDP per capita reach $71,263.
As a result of its constantly improving shipping, banking, and oil industries, the Kuwaiti Currency called Dinar has been valued to be the highest in the world.
With high employment rates and developing infrastructure, the many people from all around the world move here for jobs and a secured future.
5th Richest Country: Brunei
Tucked away in Southeast Asia, Brunei boasts of a GDP (PPP) per capita of $79,710. Many consider it to be the richest country in the world as it’s blessed with vast deposits of oil and natural gas.
Another reason that tags it as the wealthiest country is due to its scenic geographical location that rakes in plenty of tourist and adventure-seekers throughout the year.
The taxes are also low here and when you factor in ample employment opportunities, the inhabitants and people across the world consider Brunei to be the richest in the world in terms of providing a secure life.
4th Richest Country: Singapore
The island city-state of Singapore in southern Malaysia might be one of the most expensive places to stay, but it still is one of the most richest country in the world.
Its GDP (PPP) per capita is $87,082. The credit for keeping this value high goes to its business-friendly environment and technological advancement.
Its economy is also one of the strongest in the world, as a result of banking, export, and tourism industries.
3rd Richest Country: Macau
You can think of Macau to be the richest country in the world with a whopping $96,147 GDP (PPP) per capita.
Many tourists flock to Macau because of it’s the only country in the Chinese region where gambling is legalized. As a result, tourism contributes a lot to its economy.
2nd Richest Country: Luxembourg
The second richest country in the world 2017 is Luxembourg with a GDP of $101,936.
- You May Like – Top Most Beautiful Places in USA to Put on Your Travel List
Tourism is a major factor that drives this nation’s economy. Moreover, being surrounded by countries like Belgium, Germany, and France has added benefits.
Chemical, rubber, and many other industries also make Luxembourg as cash-rich country.
1st Rank Richest Country: Qatar
Qatar takes the title of the richest nation in the world with an alarming $129,726 GDP (PPP) per capita.
This gulf nation boasts of industries that produce chemicals, fertilizers, and steel. But the one major contributor to its wealth is oil and natural gas deposits.
As a result of having plenty of black gold, Qatar has witnessed tremendous infrastructure development.
- You May Also Like – 15 Best Sites to Watch Free Movies Online Without Downloading
The countries mentioned on this list will get reshuffled in years to come. And many new entries might swoop in to take their positions. However, they’ll continue to positively influence the world economy for many years to come.