A country is considered to be rich when it has a low rate of unemployment and the citizens are able to earn enough money to support their needs. But to know precisely how rich a country is, there are two standard methods, one by measuring the total gross domestic product (GDP) and the other way is by determining how rich the average resident of a country is. For this reason, the best method is to use gross domestic product data per capita. According to the Global Finance Magazine for the last few years, these are the top 10 richest countries in the world.
Australia, or the Commonwealth of Australia, is the 6th largest country by total area. It’s a wealthy country with $66,984 GDP. It was ranked third in the Index of Economic Freedom in 2010 and it has the 12th largest economy in the world. Australia generates its income from various sources including mining-related exports, telecommunications, banking and manufacturing. It has a market economy, and a relatively low rate of poverty. Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liquified natural gas and coal.
Switzerland is a small country with a strongly developed economy. It is located in the central-west side of Europe, in the Alps, and it’s one of the most prosperous countries in the world. This European country has a stable, prosperous and high-tech economy and enjoys great wealth. In 2014 it was first on the list with the highest GDP. Switzerland’s most important economic sector is manufacturing. Manufacturing consists largely of the production of specialist chemicals, health and pharmaceutical goods, scientific and precision measuring instruments and musical instruments. The service sector, especially banking and insurance, is another important industry for Switzerland.
8. United Arab Emirates
United Arab Emirates, sometimes simply called the Emirates, is a country located in the southeast end of the Arabian Peninsula on the Persian Gulf. It was established in 1971 so it’s relatively a new country but with a fast growth in economy. Over the past five years, economic freedom in the Еmirates has advanced by 4.6 points, the region’s largest increase. More than 85% of the UAE’s economy was based on the oil exports in 2009.
7. United States of America
The United States have the largest economy and the largest number of millionaires and billionaires in the world. The U.S.A is the world’s third largest producer of oil and natural gas. It is the second-largest trading nation in the world as well and the world’s second largest manufacturer, representing a fifth of the global manufacturing output. The United States has one of the world’s largest and most influential financial markets. Of the world’s 500 largest companies, 128 are headquartered in the US. The GDP per capita for the last few years is approximately $53, 043.
6. Hong Kong
Hong Kong, a bit different from the rest on this list, it’s not a country but an autonomous territory located on the southern coast of China, known mostly for its expensive skyline. It became part of the People’s Republic of China in 1997, but under the “one country, two systems” agreement. In the 70’s this territory developed into a major global trade hub and financial center, and is regarded as a “World city”. The two major industries are financial services and shipping.
5. Brunei Darussalam
Brunei Darussalam or the “Nation of Brunei, the Abode of Peace” is a country located on the north coast of the island of Borneo in Southeast Asia. Brunei’s small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. But the main reasons are the crude oil and natural gas production account that make about 90% of the GDP of Brunei. The estimated GDP per capita is almost $50.000.
This Scandinavian country with breathtaking landscapes is Europe’s second richest country after Luxembourg. With a GDP of $51,959 per capita, Norway is the the second-wealthiest country in the world in monetary value. The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state and social democracy country. The country’s economy depends largely on natural gas reserves and oil.
Singapore is an island country that consists of 63 islands in South Asia. The Singaporean economy is known as one of the freest, most innovative, most competitive, and most business-friendly economies in the world. The 2013 Index of Economic Freedom ranks Singapore as the second freest economy in the world, behind Hong Kong. Singapore is also consistently ranked as one of the least corrupt countries in the world, along with New Zealand and the Scandinavian countries. The GDP per capita is $ 81, 466.
Luxembourg is a small country in Europe but it’s a tax heaven for companies. The tax rate is really low and many billionaires chose to live here because of this. The majority of economic output comes from services, especially banking and finance. Luxembourg is the world’s second largest investment fund centre after the United States and Europe’s leading centre for reinsurance companies. Moreover, the Luxembourg government has aimed to attract internet start-ups, with Skype and Amazon being two of the many internet companies that have shifted their regional headquarters to Luxembourg.
With a GDP per capita of $88,222 Qatar gets the title richest country in the world. It has less than 2 million residents and about $182 billion GDP so clearly this explains why this is the richest country on the planet. Before the discovery of oil, the economy of the Qatari region focused on fishing and pearl hunting. With no income tax, Qatar is one of the countries with the lowest tax rates in the world. The unemployment rate in June 2013 was 0.1%.