|Richest Countries in the World in year 2014|
|RANK||COUNTRY||Current International Dollar (GDP based on|
PPP per capita YEAR 2014)
|7||United Arab Emirates||63,180.83|
|10||Hong Kong SAR||52,984.06|
|SOURCE||World Economic Outlook Database, October 2014|
These estimates are made every year by international financial organizations such as the International Monetary Fund and the World Bank. While the GDP (PPP) is a good indicator of a country's wealth, calculations based on nominal GDP often tend to overlook the cost of living in each country. This list of the top ten richest countries in the world is based on the International Monetary Fund's World Economic Outlook Database October 2013, which uses the GDP per capita of each country, adjusted for cost of living and inflation rates of different countries. Smaller nations (Luxembourg and San Marino) and countries with smaller populations relative to their size (Canada and Australia), therefore, head the list.
Gross Domestic Product (GDP) is the total market value of all goods and services produced in a country in a given time period. In the rankings of the World's Top 10 Richest Countries based on GDP (PPP) per capita for the year, Qatar is placed first, with Luxembourg placed second. Qatar is an oil rich country in the Middle East with an abundance of natural resources, such as natural gas.
Luxembourg is one of the smallest countries in the world, located in northwestern Europe, whose population enjoys a high standard of living. It is also a favorite destination among European countries for political activities, thanks to its central location not far from EU headquarters. Once bolstered by the iron and steel industry, Luxembourg's economy is working to maintain its momentum by providing international banking and financial services. Among the countries on the list, three are in Asia (Qatar, Singapore, and Brunei), four are from Europe (Luxembourg, Norway, Switzerland, and San Marino), two are from North America (USA and Canada), and one is from Oceania (Australia). International financial services, tourism, petroleum and natural gas exports, electronic goods manufacturing, facilitating international trade (as in the case of Singapore) and a flourishing service sector are the keystones behind the economic success of these nations which has led to their topping the table of the richest countries in the world.
Richest Countries in the World in year 2013
|Rank||Country||Capital||Currency||GDP (Per Capita $)|
|5||Brunei Darussalam||Bandar Seri Begawan||Brunei Dollar||54,114|
|6||United States||Washington D.C.||US Dollar||51,704|
|8||San Marino||City of San Marino||Euro||42,724|
Source : International Monetary Fund (World Economic Outlook Database-October 2013)
* Though Hong Kong would appear at seventh place on this list with a GDP of $50,936 (per capita), it has not been shown as it a special administrative region of China.
Qatar tops the list of the 10 richest countries in the world because of its record-breaking GDP per capita, which is $100,889. The country has a well evolved oil exploration industry and is considered the mainstay of Qatar's economy. It is striking to note that the petroleum industry contributes over 70% towards the government revenue, approximately 85% towards export earnings, and over 60% towards GDP. Qatar is also one of the nations that has invested hugely in British property and firms.
Luxembourg with just half a million population ranks number second in the list and has per capita GDP of $77,958, which is multiple times of the world average. The cornerstone of this powerful economy is its exuberant financial sector (with bank holdings almost 20 times of its GDP size), ever increasing and diversified industries to include – steel, rubber, chemicals, etc. and its judicious fiscal policies. Its proximity with Belgium, France, and Germany is also a crucial factor for the prosperity and economic growth of the nation.
Singapore, officially known as the Republic of Singapore, is the tiny and self-governing city-state of Southeast Asia. Ranked as the third richest nation in the world, it has per capita GDP of $60,799 and is one of the world's leading center for commerce. The foundation of Singapore’s wealth is its service sector for finance (the fourth largest financial center), its liberal economic ground that promotes innovation and growth, and its export industry for chemicals. Moreover, the country has the world's second busiest port that exported $414 billion of commodities in the year 2011.
Norway or the Kingdom of Norway has the world's fourth highest per capita GDP - $54,397 – allowing its five million population to reap the profit of its strong economy. Having large-scale reserves of natural gas, petroleum, minerals, seafood, and fresh water, Norway is the third biggest exporter of natural gas, eighth biggest exporter of crude oil, and ninth biggest exporter of refined oil in the world.
- Brunei Darussalam
The world's fifth richest country, Brunei, has extraordinary wealth owing to its extensive natural gas and oil reserves. The per capita GDP is $54,114 and the data indicates that both oil and gas reserves contribute more than 60% towards the nation's economy and around 95% of exports in terms of revenue. Moreover, the country seeks to encourage more and more investment, becoming self-sufficient in food sector, and observing high standards of administration in both private and public sectors.
- United States
While most nations mentioned in the list have relatively small population, it is striking to note that the Unites States, the world's biggest economy, can maintain per capita GDP of $51,704. Having a population of more than 300 million people, the country maintain its biggest and technologically robust economy through its substantial indigenous automotive industry, democratic set up that guards entrepreneurial spirit, and technological sector that upholds innovation.
Switzerland is among those nations that has the world's most stable economy with per capita GDP of $44,864. The keys to the nation's economic livelihood, include Swiss banking and financial institutions, highly evolved service sectors, dexterous labor force, and manufacturing industries based on high technology. Moreover, Switzerland has access to extraordinary capital to use for investment motives as word's wealthiest people and companies hold Swiss Bank accounts. Also, the nation's most popular cities – Geneva and Zurich – have repeatedly appeared in the top ten list of highest living standard cities in the world.
- San Marino
San Marino is the eighth richest country in the world owing to its per capita GDP growth of $42,724. The major industries that keep the economy of the country afloat, include the banking and manufacture industry, tourism, export of fabrics, ceramics, paints, furniture, and electronics. On the other hand, the important agricultural products are cheeses and wines. The country is benefited from foreign investment owing to its comparatively low corporate taxes and moderate taxes on interest earnings.
The world's ninth richest nation, Canada, has the most free economy in the region of North America with per capita GDP growth of $42,317. With a population of over 35 million, the country's economy is predominantly founded on service industry that employs around three quarters of it people. Also, other significant industries boosting the economic growth of the country, include oil and logging industries, automobile industry, and aircraft industry.
Australia or the Commonwealth of Australia has the world's biggest capitalist economies with per capita GDP growth of $41,954. The Australian economy is founded on service sector that consists of 68% of GDP, whereas other important sectors, such as mining accounts for 19% of GDP and agriculture accounts for 12% of GDP. Furthermore, the country is home to some of the world's biggest companies – BHP Billiton, Commonwealth Bank, Woolworths, National Australia Bank, Telstra, and others. Australia's total wealth, according to the 2013 reports, is 6.4 trillion dollars.
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Last Updated : November 18, 2014