From all the 200 countries in the world, there are a few that generate billions, and trillions. But there are some countries that were able to become the richest in the world due to their revenue each year.
According to IMF, the October 2017 datgaon GDP per capita of the International Monetary Fund, the countries’ currencies are being compared in relation to the cost of goods and it is being used to weigh the economy of the country and its relation with others.
San Marino: $60,360
San Marino is a tiny European country that was able to be the world’s 10th richest country. The country’s major industries are mostly electronics, tourism, banking, cheese, and wine production, but tourism is responsible for half of its economy, and notably, the country is known for not holding any national debt.
The Swiss financial and banking institutions are the ones that keep the nation’s economy on its feet. Plus, it is important to note that the world’s richest people and companies own Swiss bank accounts, which means this country has a great access capital to use, especially for investment purposes.
Also, Geneva and Zurich are always ranked among the world’s top 10 in terms of standards of living.
The UAE: $68,250
The United Arab Emirates goes without saying. This country has a land area of 32,276 sq (New York is 54,556sq) and 9.2 million people (more populated than New Jersey), yet, its personal average incomes is $68,250 which mostly comes from oil. Also, it is the second biggest economy in the Arab world (Saudi Arabia is the largest).
The average income of this Arabic country is $69,670, which is very impressive, and in case you don’t know, the Kuwaiti dinar is the world’s highest-valued currency at this moment.
With petroleum accounts for –almost – half of GDP, 10% of the world’s oil reserves, and 95% of government incomes and export revenues, Kuwait deserved to be one of the richest countries.
With a population of 4.97 million people and a robust economy, Norway’s average income is $70,590 GDP per capita. The main industries are the natural resources, major exploration, and fishing.
Here is what you need to know: Norway is the third biggest exporter of natural gas, ninth bigger exporter of refined oil, and 8th biggest exporter of crude oil in the world. Plus, it is ranked as one of the best countries to live in.
Ireland, or better say, the Emerald Isle is considered to be the 5th richest countries thanks to its main industries that include mining, textiles, and food production that boost its economy. The country has an overall population of 4.8 million people who can enjoy an average income of $72,360 per capita.
In Southeast Asia, this tiny state is considered the world’s fourth richest country, and with a population of 417,200 (July 2015), the average income per capita is $76,740.
Brunei’s main industries that boost its economy are the petroleum sector, natural gas (the 3rd largest producer in Southeast Asia and the 9th in the world). The government is currently working on making the economy relying on petroleum revenue more.
This beautiful country has moved from the fifth position to the third with an income of $90,530 per capita. The main sources of Singapore’s wealth are the chemical export industry, the financial services sector, and its liberal economic policies that support innovation and growth.
Plus, the busiest port in the world is in Singapore; it exported over $410 billion in 2011 alone!
Luxembourg is a symbol of money and wealth because this is the 9th time it takes the second place in this list with an average of $109,190 per capita.
The basis of Luxembourg’s wealth is its prudent fiscal policies, vibrant financial sector, and dynamic steel and industrial sectors. Also, the largest sector of the country’s economy is banking with an asset base of more than $1.24 trillion!
With an average income of $124,930 per capita, Qatar earns the first place of the world’s richest countries. It is a very developed country with an impressive oil exploration industry. 70% of its government revenue depends on the petroleum industry accounts, 85% on export earnings, and 60% on its GDP.
Qatar is still among the smallest countries with a very low population, which is a great advantage for all the locals to enjoy a high standard of living.