Want to know which is the richest country in the world? Here’s a list of the 10 Richest countries in the world 2019, ranked by GDP-PPP and GNI Per Capita.
Want to know which is the richest country in the world? Here’s a list of the 10 Richest countries in the world 2019. Wealth can be in differents ways and doesn’t always have to include how much money a country has. It can also be welfare, health or happiness. It is quite complex to measure how rich a country is. It depends on how rich countries are defined. If we consider a country’s gross domestic product (GDP) which is a sum total of all goods and services produced by a country during one year. The IMF (International Monetary Fund) ranks countries according to their GDP based on Purchasing Power Parity (PPP). The Purchasing Power Parity takes into account the relative cost of living and the inflation rates of the countries to compare living standards among the different nations. The problem with GDP is that it does not measure money distribution. However, using GDP per person causes a problem. To understand how rich the citizens of a country are, they need to understand how much they are able to buy. That is why, when compared to GDP per capita in the entire country, GDP should be adjusted to purchasing power parity, which helps us keep inflation rates and value of goods and services in every given place. Should we automatically assume that in nations where this figure is particularly high the overall population is visibly better from than in most other places in the word? Not really. We are dealing with averages and in any given country, structural inequality can tip the balance in favor of the already privileged. Another indicator of a country’s economic output is its Gross National Income, or GNI (World Bank).
1. Qatar
• GNI per capita: $116,799
• GDP-PPP: $134,623
• Population: 2.6 million
• Life expectancy at birth: 78.3 years
Qatar is the richest country in the world according to GDP per capita. Wealth primarily comes from oil and natural gas. Qatar also tries to lie at the forefront when it comes to technical innovation and making themselves independent of fossil fuels in the future.
This is also where one of the best airlines in the world has its main base – Qatar Airways.
2. Luxemburg
• GNI per capita: $72,700
• GDP-PPP: $108,813
• Population: 596,336 million
• Life expectancy at birth: 82.7 years
Another small country that has become rich thanks to banking and financial services. They also have a strong industry of steel, rubber, and chemicals. Several of the main headquarters of the EU can be found in the capital of Luxembourg.
3. Singapore
• GNI per capita: $90,570
• GDP-PPP: $103,717
• Population: 5.6 million
• Life expectancy at birth: 82.9 years
One of the world’s top financial centers that have become experts in importing products and services to resell. Many Singaporeans are grown up with a desire to become rich, and with the right mentality, will power and conditions, much can happen.
Sitting on the southern edge of Malaysia, Singapore is an important shipping point, connecting much of mainland Asia to the rest of the world. Singapore's economy, which has a GNI per capita of $82,503, is one of the most business-friendly in the world due in part to a lack of cumbersome regulations. Singapore is the single largest seller of integrated circuits, or microchips, in the world. These circuits make up 36% of Singapore's exports. As it relies heavily on the export of technology, Singapore invests a large amount, worth 2.2% of the nation's GDP, in research and development.
4. Brunei
• GNI per capita: $76,427
• GDP-PPP: $83,777
• Population: 428,697
• Life expectancy at birth: 77.4 years
This small little sultanate has become rich thanks to their huge resources of oil and natural gas. Brunei doesn’t have either tax or VAT. Petroleum accounted for more than 90% of Brunei's exports in 2017. As a result of its wealth of valuable resources, the relatively small Southeast Asian nation has become one of the world's wealthiest, with a GNI per capita in excess of $76,000. Citizens of the country do not have to pay taxes and still enjoy generous services provided by the public sector. The country is not without its economic and social problems however.
5. Norway
• GNI per capita: $63,980
• GDP-PPP: $76.738
• Population: 5.3 million
• Life expectancy at birth: 82.5 years
Norwegians became rich from oil and fish. As an example, they introduced salmon for the Japanese people and their sushi. They found huge quantities of oil in the ’60s, and they have a capital fund worth 1 billion USD.
Almost every Norwegian is wealthy in one way or another, and this has even led to the fact that they import workers from neighboring countries, such as Sweden for lower-skilled jobs. Despite being one of the smaller countries in the world with a population of 5.3 million, Norway has one of the larger economies, with a GDP of $342.8 billion. Since the discovery of offshore oil and gas in the 1960s, Norway has become a petroleum-producing powerhouse. In 2017, petroleum made up more than half of the Scandinavian country's exports. Norway has among the best health outcomes in the world. The country has a life expectancy of 82.5 years, more than a decade higher than the global average. Norway also has among the lowest rates of maternal mortality and childhood mortality for children under five.
6. UAE
• GNI per capita: $67,758
• GDP-PPP: $70,474
• Population: 9.4 million
• Life expectancy at birth: 77.4 years
The fact that the United Arab Emirates is one of the richest countries in the world might not be surprising at all, considering the many impressive buildings that can be found in the Emirates. For example, the tallest building in the world and the only 7-star hotel, Burj al-Arab. It’s primary oil that has made the Emirates rich, and in recent years they have created a financial center as well that has attracted a lot of wealthy people from around the world.
Nearly half of all exports from the United Arab Emirates are forms of petroleum -- crude, refined, or gas. The country's exports also include precious metals and minerals like gold and diamonds. These valuable exports have helped make the UAE one of the wealthiest countries in the world, with a GNI per capita of $67,758.
The UAE has among the highest rates of primary school enrollment and primary school completion, setting up students for future success. The country also has one of the lowest unemployment rates in the world, at 2.6%, just over half of the 5.0% worldwide unemployment rate.
7. Kuwait
• GNI per capita: $72,872
• GDP-PPP: $67,900
• Population: 4.1 million
• Life expectancy at birth: 74.8 years
Kuwait has large quantities of oil which is also what makes up the majority of the country’s exports. However, they need to import both water and food since they can’t produce enough food for its population.
But that’s not really a problem since most people in Kuwait are wealthy and make a lot of money from the oil. Kuwait is one of just five nations with a GNI per capita above $70,000. Unlike most other countries that rank among the wealthiest in the world, Kuwait does not have a diverse economy. Petroleum accounts for more than 84% of its exports. Kuwait ranks as one of the most corrupt nations on this list, likely resulting in an uneven dispersal of the wealth created from petroleum. Along with fellow oil-rich nations Saudi Arabia, Kuwait is one of the only countries that rank among the richest in the world that saw a decline in their GDP in 2017. Kuwait actually had one of the sharpest decreases in the GDP of any country, with an economic contraction of 2.9%.
8. Switzerland
• GNI per capita: $58,138
• GDP-PPP: $65,707
• Population: 8.5 million
• Life expectancy at birth: 83.6 years
Another country that has made itself famous for being a financial center is Switzerland. And it is the banking and finance services that contribute to a large part of the country’s wealthy economy. Switzerland also has an important production industry and tourism. Despite being a relatively small country of less than 8 million people, Switzerland is one of the countries that control a large share of the world's gold. Switzerland partially relies on innovation to drive economic growth by investing the equivalent of 3.4% of its GDP in research and development the third-highest rate in the world. Most of the Swiss would be noted as wealthy in the majority of all countries around the world. For instance, one liter of milk could easily cost 7 USD, and a regular cleaner or maid could make more than 3000 USD per month.
9. USA
• GNI per capita: $55,351
• GDP-PPP: $64,767
• Population: 325.1 million
• Life expectancy at birth: 78.5 years
A major world power for a long time that has shaped the world into what it is today. The USA is the richest country in the world if you consider nominal GDP, but when measuring the GDP per capita, the United States will come at 8th place among the world’s richest countries. The USA has huge income gaps, and there are enormous differences in minimum wages and those who are wealthy. The financial crisis also hit the US economy hard, but they have managed to recover quite well, and the US dollar is as strong as ever.
One of the wealthiest nations in the world, the United States has a GNI per capita of more than $55,000. With such relative prosperity, the United States has been an attractive destination for immigrants, and the U.S. reported net migration of 4.5 million people in 2017, the highest total of any nation in the world.
10. San Marino
• GNI per capita: $40,084
• GDP-PPP: $61,552
• Population: 33,031
• Life expectancy at birth: 83.4 years
San Marino is primarily famous for its banking sector, and the residents are definitely living a wealthy life. Tourism is also contributing to the economy. San Marino is one of the smallest countries in the world, entirely surrounded by Italy.
Comments