Gross Domestic Product (GDP) is the total market value of all final goods and services produced in a country in a given year. In the rankings of the World's Top 10 Richest Countries as of October 2012. Qatar came in first, to outdo Luxembourg which was positioned second. Qatar is an oil rich country with an abundance of natural resources, such as natural gas.
Once bolstered by the iron and steel industry, Luxembourg's economy is working to maintain its momentum by providing international banking and financial services. Luxembourg, whose population enjoys a high standard of living, is also a favorite destination among European countries for political activities, thanks to its central location not far from EU headquarters. Luxembourg, situated in northwestern Europe, is also one of the smallest countries of the world. Among the countries on the list, four are in Asia (Qatar, Singapore, Brunei, and United Arab Emirates), five are from Europe (Luxembourg, Norway, Switzerland, the Netherlands, and Austria) and one is from North America (USA). International financial services, tourism, petroleum and natural gas exports, electronic goods manufacturing, aiding movement of goods (as in the case of Singapore) and a flourishing service sector are the keystones behind the economic success of these nations.
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* Though Hong Kong is considered to be one of the wealthiest with a GDP of $50,708.95 (Per Capita), it has not been added in the list as it a special administrative region of China.
Data – IMF Report – October 2012 updated
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Last Updated on: January 03, 2013
