What is the richest country in the world? People also do search for “Which country is the richest in the world?”.This article will answer the questions. There are around 200 countries in the world. All of them have different kinds of economies. While some country have an economy dependent on agriculture, some country have their economy dependent entirely on oil and gas production. Some country have very less GDP in-spite of large population, on other hand some have high GDP in spite of small population. Welcome to this list of top 10 richest countries in the world based on Purchasing Power Parity (PPP) per Capita.
The list is topped by the Persian Gulf country Qatar which is the richest country in the world for this year 2013. Below is the table which shows the wealthiest nations on Earth along with average income of each citizen. NOte that this article has been written in 2013 but it presents the richest country for 2012.
List of Top 10 Richest Countries
Name of Country
Per Capita Income
|8||United Arab Emirates||$48,434|
Source: Institute of International Finance, Washington for year 2013
#1) Qatar – Richest Country in the World and in Asia
GDP (PPP): $106,283.96
Capital City: Doha
With a population of around 1.9 million and GDP equal to $182 Billion, Qatar is the world’s richest country. It lies in the Persian Gulf and it is a peninsula. It lies in the Middle East and is richest Arab country in the world. Saudi Arabia lies to its south. Economy of this richest country is entirely dependent on Petroleum as it contributes nearly 85% in export earnings. Banking and Tourism are other areas where Qatar generates money. It is also the richest country in Asia.
#2) Luxembourg – Richest Country in Europe
GDP (PPP): $79,649.49
Capital City: Luxembourg
Holding the title of wealthiest country in Europe, Luxembourg is much famous as a tax heaven. Many billionaires from around the globe reside in this country to save themselves from taxes in their homeland. It is the second richest country in the world. With a population of just around half million, it has striking contrast of green pastures of land alongside industrialized city. It lies in Europe and is headed by a Grand Duke. Banking, Steel Industry and telecommunications contribute heavily to its wealth.
#3) Singapore -
Second Richest Country in Asia
GDP (PPP): $61,046.96
Capital City: Singapore
Located in Southeast Asia and comprising of 63 islands, Singapore is a fully island country. On this list of top 10 wealthiest nations, it ranks third. It is one of the largest financial centers in the world and along with Taiwan, Hong Kong and South Korea, it forms the Four Asian Tigers. Its population is around 5.5 millions with majority of them practising Buddhism.
#4) Norway – One of the Richest Nations in the World
GDP (PPP): $54,479
Capital City: Oslo
A country with roughly 5 million people, Norway ,coupled with high GDP and comparatively low population, it is one of the richest countries on Earth. Sharing its border with Finland, Sweden and Russia, it is a developed country. Economy of this rich nation depends on oil and natural gas reserves which is found around it.
#5) Hong Kong SAR
GDP (PPP): $50,716
Lying on China’s South coast, Hong Kong is the fifth richest country based on per capita income. It has a high GDP and it is a leading financial destination in the world as well as in Asia. It is a specially administrated region with its own currency but defence services by China.
#6) Brunei Darussalam
GDP (PPP): $50,440
Capital: Bandar Seri Begawan
Located in Southeast Asia, Brunei generates its revenues from crude oil and natural gas exports. Revenues from petroleum contribute around 90% to its GDP. With a small population of less than half-a-million, Brunei is one of the least densely populated country in the world. Its sultan is one of the richest person in the world.
#7) United States of America
GDP (PPP): $49,601
Capital: Washington DC
This country needs no introduction. The most powerful country in the world and the most powerful economy in the world, United States (US) leads the globe in science and technology and nearly in every research field which can be though of. It is the largest exporter of weapons and also other goods and services. This rich country in the world has a GDP of around 15 trillion US Dollars which makes it the richest and biggest economy in the world. It is one of the wealthiest economy on planet Earth. In American continent, this country is second to none. Thus it is also the richest country in American continent (North as well as South America). This country is also the largest manufacturer in the world and the leading financial nation.
#8) United Arab Emirates (UAE)
GDP (PPP): $48,434
Capital: Abu Dhabi
Another richest country in Middle-East, United Arab Emirates consists of seven independent Emirates which are ruled by their individual monarchs. It is the second richest Arab country. Its GDP is third largest in Middle East after Saudi Arabia and Iran. It generates wealth from its oil and natural gas exports along with dried fish and dates. With depletion of oil reserves, UAE has started diversification of its businesses. This world’s richest country now plans to make UAE a big tourist destination and a leading financial market.
GDP (PPP): $44,015
Lying in the continent of Europe is this eight most rich nation. Switzerland has a diverse economy and it is one of the most stable economies of world. Economy of this wealthy country depends on banking, Tourism, Industries and Agriculture. Switzerland is also a leading exporter of high-end watches in the world. It is one of the financial havens for those seeking to hide their cash. On our top 10 world’s richest country, it ranks ninth.
#10) Kuwait – Rich Arab Country
GDP (PPP): $43,773
Capital: Kuwait City
Kuwait is another prosperous country in middle-east. Like others, it also highly depends on petroleum for revenues. Crude Oil accounts for majority of its exports. It has a small population of 2.8 million. Per capita income of Kuwaitis is around $43,000 and this makes it one of the richest countries in the world.
What is GDP Per Capita?
According to popular website Investopedia, when the total output (GDP) of a country is divided by the number of people who live in that country, it gives the GDP per capita. It is useful in judging the health of an economy and it serves as one of the yardstick to compare performances of different countries in terms of money.
Important Note about this list
The data in this article was published in Institute of International Finance in the year 2013. The data is for the year 2011-2012. For the year 2013, various estimates and projections have been made by CIA, International Monetary Fund and other financial institutions.
For a comprehensive list, which contains names of top 20, top 50 or top 100 richest countries in the world, visit Wikipedia. Also, see richest countries in the world by CIA.