Friday, August 19, 2016

Top Ten Richest Countries in the World

Written By: Mustafa Mahmud Hassan
The economy of every country depends on its income and GDP. Thus, the countries that are greatest attraction for tourism are among the top richest countries along with other countries that are developed and have strong economic stability. It is not an easy task to prepare a list of richest country as per their population and earning. There are two ways to measure wealth of a country. First one is GDP and second one is GDP per capita. GDP means gross domestic product. Here we consider GDP per capita to describe about top ten richest countries in the world. The list is given below:
1. Qatar:

    Qatar is top on the list of the richest nations as it has high GDP (PPP) per capita of $140,649. Qatar has a well-developed oil exploration industry where the petroleum industry accounts for 70% of its government revenue, 60% of its GDP and 85% of its export earnings. It has been chosen as the host of the 2022 FIFA World Cup, because of its wealth and economic success. It is the first Arab nation to ever hold this prestigious role. However, Qatar is also the most controversial country on the list for its use of forced labor from nations throughout Asia and parts of Africa. Qatar is also one of the nations that has invested hugely in British property and firms.
2.      Luxembourg: 
      Luxembourg ranked 2nd richest nation

In the list of richest countries, Luxembourg is in the second position. A symbol of wealth, it has a per capita GDP (PPP) of $97,662, which is nine times the world average. Its vibrant financial sector, prudent fiscal policies, and dynamic industrial and steel sectors are the backbone of this strong economy. Banking in Luxembourg is the largest sector of its economy with an asset base of over $1.24 trillion alone.The cornerstone of this powerful economy is its exuberant financial sector (with bank holdings almost 20 times of its GDP size), ever increasing and diversified industries to include – steel, rubber, chemicals, etc. and its judicious fiscal policies. Its proximity with Belgium, France, and Germany is also a crucial factor for the prosperity and economic growth of the nation. Banking in Luxembourg is the largest sector of its economy with an asset base of over $1.24 trillion alone.
3.      Singapore: 
     Singapore ranked 5th richest nation

Singapore is in the third position of the richest nations. This tiny city-state has per capita income (PPP) of $82,763, which is five times the average per capita income for an ordinary individual in the world. The basis of Singapore's wealth is its financial services sector, a chemical export industry, and its liberal economic policies that encourage growth and innovation. Singapore City is the capital of this country. This is the most attractive country that has gained the attention of travelers and best place for enjoying weekends and leisure time. This tiny city-state has per capita income (PPP) of $82,763, which is five times the average per capita income for an ordinary individual in the world. 
4.      Kuwait: 

In the list of richest countries, Kuwait is in the fourth position. It provides the best employment opportunity to people of entire world. The capital of this country is Kuwait City and is a decent place to enjoy some leisure time. People visit it in search of income along with pleasure. It is a small, relatively open economy and its citizens enjoy a per capita GDP (PPP) of $73,246. The Kuwaiti dinar is the highest-valued currency unit in the world currently. With nearly 10% of the world's oil reserves, petroleum accounts for nearly half of GDP and 95% of export revenues and government income. In recent years, Kuwait has done little to diversify its economy due to positive fiscal situation.
5.      Brunei:

     Brunei is fifth richest country in the world. Bandar Seri Begawan is the capital of Brunei. It is the most adorable country that has heavy visitors every year and is a best place for tourism. It is a small country with a wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition has led to GDP per capita (PPP) of 71,185. It is almost completely supported by exports of crude oil and natural gas. Like other oil countries in the list the government has shown progress in diversifying the economy away from just oil and gas.
6.      The UAE: 
      The United Arab Emirates ranked 3rd richest nation

The UAE is in the sixth position of the richest nations. The capital of this country is Abu Dhabi. It is the center of attraction for people from entire world. This Middle Eastern federation of emirates has a land area of about 32,278 sq. miles, which means it could easily fit within New York State (54,556 sq. miles). With a population of 9.2 million people, it's a bit more populated than the state of New Jersey. It has a per capita GDP (PPP) of $67,674. The GDP comes from oil revenues, while the service sector and telecommunications also contribute significantly. The UAE is the second largest economy in the Arab world after Saudi Arabia.
7.      Norway: 
      Norway ranked 4th richest nation

Norway is the seventh richest country in the world. Oslo is the capital of this country. This nation's per capita GDP of $64,856 allows its 4.97 million people to reap the benefits of a small yet robust economy. Norway is the eighth largest exporter of crude oil, 9th largest exporter of refined oil, and 3rd largest exporter of natural gas in the world.
8.      Switzerland:
     Switzerland ranked 7th richest nation 

In the list of richest countries, Switzerland is in the eighth position. Bern is the capital of this country. The best tourist spot that is known for its amazing beauty and location is Switzerland. Many people prefer this destination for their honeymoon. It is the best country to spend some romantic and luxurious time with family and on business travel.  The GDP (PPP) per Swiss citizen is $57,235. Swiss banking and financial institutions keep this country and its economy afloat. It is important to note that some of the wealthiest people and companies in the world own Swiss bank accounts and therefore Switzerland has excess capital to use for investment purposes. Zurich and Geneva, Switzerland's most well-known cities have consistently ranked among the top ten highest living standard cities in the world.

9.      The USA: 
    USA ranked 6th richest nation

The USA is the ninth richest country in the world. Washington, D.C. is the capital of this country. While most nations on the list have small populations, it is impressive that the world's largest economy, the United States, can maintain a per capita GDP (PPP) of $54,630, considering its population of over 310 million people. Reasons behind its success include its large domestic automotive industry, technological sector that foster innovation, and a system of democracy that protects entrepreneurial and intellectual property rights.

10.  Saudi Arabia: 
1.      Saudi Arabia is the tenth richest country in the world. Riyadh is the capital of this country. It is one of many oil-based economies with strong government control over major economic activities that enjoy high GDP. Its GDP (PPP) per capita is $51,924 as it possesses 18% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, and export earnings. Despite possessing the largest petroleum reserves in the world, its per capita income dropped is much smaller than of that of smaller Persian Gulf neighbors.