Richest Country in the World – Top 10 List
What is the richest country in the world? And if you are looking for an answer, then this article will answer the question. There are around 200 countries in the world as per varied definitions. All of them have different kinds of economies. While some countries have an economy dependent on agriculture, some countries have their economy dependent entirely on oil and gas production. Some countries have a very less GDP in-spite of large population, on the other hand, some have high GDP in spite of the 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 for this year 2014. Below is the table which shows the wealthiest nations on Earth along with an average income of each citizen. Note that this article has been written in 2014 but it presents the data for 2013.
List of Top 10
Name of Country
Per Capita Income
|8||United Arab Emirates||$48,434|
Source: Institute of International Finance, Washington for year 2014
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#1) Qatar – The Richest Country in the World
GDP (PPP): $106,283.96
Capital City: Doha
With a population of around 1.9 million and GDP equal to $182 Billion, Qatar tops this list. 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. Of the roughly 2 million population, around 250,000 people are its citizens while the rest is immigrant workers. The economy of this country is entirely dependent on Petroleum as it contributes nearly 85% of export earnings. Banking and Tourism are other areas where Qatar generates money. With enough cash in its hand, Qatar is responsible for many unrests in the world. If you don’t know how it is behind the political unrests and turmoil then we will explain it to you. It backs the Muslim brotherhood which swept to power in Egypt. But following backing of other countries, Egyptian Army came to rule Egypt in coup de’tat. It also financially backs some rebel groups in Yemen, Libya and Egypt. It is also the richest country in Asia.
#2) Luxembourg – The Richest Country in Europe
GDP (PPP): $79,649.49
Capital City: Luxembourg
Holding the title of the 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. With a population of just around half million, it has striking contrast of green pastures of land alongside the industrialized city. It lies in Europe and is headed by a Grand Duke. Being a landlocked country, it has not Naval power and has only one University. But it does have a small army and it is a member of NATO. Also, it holds the membership of the Eurozone. Banking, Steel Industry and telecommunications contribute heavily to its wealth.
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, 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 practicing Buddhism. Its women table tennis team won Gold in the recently concluded Commonwealth games by defeating Malaysia in the final. Singapore consistently ranks higher in the list of high income countries, ease of doing business and freedom of religion.
GDP (PPP): $54,479
Capital City: Oslo
A country with roughly 5 million people, Norway, coupled with high GDP and comparatively low population, manages to find a spot in the top 5. Sharing its border with Finland, Sweden and Russia, it is a developed country. The economy of this rich nation depends on oil and natural gas reserves, which is found around it. It is one of the Scandinavian territories and shares the Norse mythology along with several other nations. Its ethnic groups are mostly agnostic, irreligious and atheists.
#5) Hong Kong SAR - One of the World’s Richest Country
GDP (PPP): $50,716
Lying on China’s South coast, Hong Kong is the most developed region of China. 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 defense services from China. So, consider a case where any foreign nation commits an act or aggression or attacks Hong Kong then China will come to its rescue. Banking and Finance are the backbone of this independent nation and contribute heavily to its GDP.
#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% of 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 people in the world. Along with the Arab nation of Libya, Brunei has a zero percent public debt of national Gross Domestic Produce.
#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 thought of. It is the largest exporter of weapons and also other goods and services. This country 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. On the American continent, this country is second to none in terms of population. Thus, it is also the richest country in the American continent (North as well as South America). This country is also the largest manufacturer in the world and the leading financial nation. Its president always occupies a place in the list of most powerful people by Forbes.
#8) United Arab Emirates (UAE)
GDP (PPP): $48,434
Capital: Abu Dhabi
Another wealthy country in the 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 the Middle East after Saudi Arabia and Iran. It generates wealth from its oil and natural gas exports along with dried fish and dates. With the depletion of oil reserves, the UAE has started diversification of its businesses. This country now plans to make the UAE a big tourist destination and a leading financial market. Majority of its population follow the Maliki School of Islam.
GDP (PPP): $44,015
Lying in the continent of Europe, Switzerland has a diverse economy and it has one of the most stable economies of the world. It shares its borders with other developed nations of Europe like Germany, Italy, France, Liechtenstein and Austria. The 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. If you have ever heard of any luxury watchmaker then it is registered and situated in this beautiful country. It is one of the financial havens for those seeking to hide their cash. It has no Naval force as it does not have any coastal line. Its cities have been ranked by various global magazines as one of the most expensive to live in. It has the lowest Infant Mortality rate in the world and its health care service are among the best in the world.
#10) Kuwait – Rich Arab Country
GDP (PPP): $43,773
Capital: Kuwait City
Kuwait is another prosperous country in the 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 of which majority are expatriates. The per capita income of Kuwaitis is around $43,000 and this enables it to make it to the top 10 list. Its population is mixed of both Sunni and the Shiites. It was invaded back in the 1990s by the Iraqi dictator Saddam Hussein, but was quickly rescued by the United States of America. It follows the constitutional monarchy type of government.
What is the 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 were 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, visit Wikipedia. Also, see the list by the CIA.