In this small world, almost every country is competing with each other to reach the highest peak. Some countries are making money in a billion, some are making money in trillion. Some of them are making remarkable progress in the economy. So, how to predict the richest country of the world? There are many ways to predict a country’s richness. But the most popular and trustworthy method is to calculate GDP of the country.
- . GDP is the total value of service and goods provided by nationthroughout the year divided by population. It easily depicts how much the citizens of a particular country, on an average basis, are rich. A strong economy gives average life expectancy, luxury and comfort in the life of the citizen, but it fails to calculate the amount of happiness in a country. Be directly or indirectly, it influences the satisfaction and the happiness among citizens. Good economy
always manages to attract positive signs which easily intricate the lives of people. The country which is in the top ten list, surely has achieved it by the strong policies taken by its government and by the effort of responsible citizens.
Here is the list of top 10 richest countries in the world given below:
10. Hong Kong
9. Saudi Arabia
7. The United Arab Emirates
Detail about Richest Countries in the World:
10.Hong Kong: One of the Asian countries which made up in this list with GDP of 61,020 USD per person. The currency of this country is Hong Kong dollar although in 1983 it has been pegged to US dollar. It is the eleventh largest trading city in the world. Hong Kong is an 11th most popular tourist destination in the world. The strong tourism sector of the country has a great contribution to the country’s GDP. It is also a very expensive country, it has taken the 8th richest rank in the world.
9. Saudi Arabia: The richest and the major petroleum hub. The GDP 52, 010 dollars per year.
- The economy of the country solely depends upon the oil, the government has a strong hold on the major economic activities. The country has reserved world’s 18% petroleum and is the major exporter of oil. The petroleum is the only reason for countries strong economy. 9th richest rank in the world
8. Switzerland: The country from West Central Europe Switzerland is one of the most beautiful countries in the world. It is also known as a most popular tourist destination and prime holiday destination. The GDP of the country is 57,235 Dollars. , which is quite impressive. The Swiss bank, as major financial institute, helps to keep the economy afloat. The richest people, as well as well-known personalities including big companies of the world have their account in the Swiss bank. For that reason, Switzerland always has excessive capital in their account which they can use it for any investment purpose. Geneva and Zurich are the two cities in the country which are still in the most popular list, both the cities having the highest standard of living in the world. In 2005 Switzerland declared the happiest country. 8th richest rank in the world
7. United Arab Emirates: Popularly known as UAE is federation seventh state situated in the South East of Arabian peninsula. The total population of UAE is not more than 9 million. The capital of the country is Abu Dhabi whereas Dubai is most popular and largest city. The currency of the country is Dirham and the language is Arabic. The oil reserve of the country is almost seventh largest in the world. In 2018 the GDP of the country is 67, 674 Dollars each year.
- Telecommunication, tourism, oil and service sector is the major source of strong economy. 7th richest rank in the world
6. Norway: The small city Norway comes with a robust economy. With merely 4 million populations the GDP of the country reached to 67,619 dollars.
- The main source of the small country’s robust economy is natural resources, fishing and petroleum, lumber, hydro power and seafood. Outside of the Middle East, it is one of the major oil producers of oil. Norway is world’s 8th largest crude oil producer, 3 rd largest exporters of natural gas and 9 th largest exporter of refined oil. According to the happiness ranking Norway is also the happiest citizens of the world. 6th richest rank in the world
5. Kuwait: Is relatively a smaller city in Western Asia. The GDP of the country is 71,601 dollars.
- According to the human development, the index is in the top of the list. The country has 6 th largest oil reserve, almost 10% of reserve oil located here. The half of the GDP economy comes from oil. Kuwait currency dinar also very popular presently it is the highest value currency in the world. The government of the country is also very strong and enjoys open economy. 5th richest rank in the world
4. Brunei: South Asia’s tiny country Brunei economically grew up between 1999 to 2008. The domestic and foreign entrepreneurs have a major contribution to the country’s economy. Just away from oil and gas government has taken a major role to diversify the economy of the country. The village culture is one of the attractions of the country. The citizen enjoys 80,335 dollar GDP each year. 4th richest rank in the world
3. Singapore: The small but richest country recently moved up from 5 th to 3 rd position in the world when it comes to GDP per year.
- The country enjoys around 84, 821 dollars GDP.
- The main reason of the economic growth is chemical export industry, liberal economic policies and financial service, which help to encourage the growth of the country. Singapore is the second busiest port in the world. 3rd richest rank in the world
2. Luxembourg: The smallest country in central Europe having 94, 167 dollars per year. which is 9-time income of normal citizen around the world. Vibrant financial sector, steel industry, prudent fiscal policies and banking system is the main reason for the highest economy. The asset of
the country is 1.24 trillion alone. 2nd richest rank in the world
1. Qatar: Undoubtedly the mammoth GDP 146,011 dollar each year of the country took it in the top position. The oil and petroleum industry contributes 70% to government’s account on the other hand 85% comes from export industry. For its wealth and massive economic success, Qatar is chosen as the host of FIFA world cup 2022. 1st th richest rank in the world