A country is defined as rich by calculating its assets, economic condition, GDP and per capita income. Whoever has the highest rates of these factors, that country is said to be the richest. Higher the per capita income, higher the value of currency a country has. There are about 200 countries in the world, some small some huge, but size doesn’t determine how much profit and growth a country is earning as compared to others. There are some countries who have developed such a great system that they have nearly solved all of their economic problems and become richest countries in the world. these countries are working greatly and are known for their superb economic system.
The Top 10 Richest Countries in the World are as follows:
- United Arab Emirates
- Hong Kong
Qatar holds the third position for having one of the largest oil reserves and this is the reason that Qatar has maintained its GDP per capita so much that this is the third year that Qatar has been declared the richest country in the world. The main business of Qatar is oil but other than that, it also used to deal in fisheries. Qatar is a small country located in Middle East and many people don’t expect it to have such a stable economy, but Qatar has made good use of its oil reserves and brought itself to this position.
Not many people know the name of Luxembourg but those concerned with economics surely do because it is the Second Richest Country in the World right now. Unlike Qatar, Luxembourg is successful in many fields like telecommunication, agriculture, steel production and tourism. The sector that earns the most profit is banking. The unemployment rate is very low in Luxembourg at about 6% which is lower than any other country in the world.
Singapore is a country that very quickly advanced its economy in the sectors of telecommunication, industrialization and technology and this is the reason that it has such a stabilized economy. Singapore is an island city state and holds third position on the list of Top 10 Richest Countries 2019. Singapore has developed very fast has built an economy free of corruption, infrastructure is advanced, social policies are easy to follow and the work force is highly skilled in its work.
Brunei is a small country in South Asia. It has an even lower unemployment rate than Luxembourg at 3.7%. The people in Brunei have an average life of 87 years which is a lot more than many other countries. The economy of Brunei is small and well developed with an average GDP of $79,900. It is said to be the Second Most Developed Country in South East Asia.
Ireland holds fifth position in the World’s Richest Countries list. This is a small island of Great Britain and has a very high GDP rate even more than England which is a very expensive state. The stable economy of Ireland makes it very easy to live there. The GDP per capita of Ireland is about $72.630.
It is a Scandinavian country which is highly developed and has very high GDP per capita at about $70,590. The capital reserve of Norway is quite huge, and the monetary value is also very high which is why it is ranked sixth on this list. The economy of Norway is mixed, and they deal in all fields but the most major are oil and its exports. People have a very high rate of average life rate in Norway.
Kuwait is not the richest country in the world even though its currency has the highest monetary value. Kuwait holds 10% of the total oil reserve in the world, so naturally the largest business of Kuwait is petroleum. Kuwait earns a lot of money through tourism and exports and has a total GDP value of $69,670. People of Kuwait have a very high life expectancy rate and Kuwait is very humble in encouraging people to set up their businesses and entrepreneurial ventures in Kuwait.
8. United Arab Emirates:
UAE is the combination of seven Arabian states that are very highly developed. Dubai is the most famous among these states and is the largest tourist attraction in the world. The world’s wealthiest people come to Dubai for holidays in complete luxury and enjoy the beautiful infrastructure of Dubai. Dubai is so expensive, it is nearly impossible for a middle-class man to survive there. UAE is a free trading zone which is why the export and import level is so high and successful. 60% of the country’s GDP is earned through tourism while the rest is raised through trading.
Switzerland has a very high tourism rate and a free trade system that allows it to earn a GDP per capita of $61,360 every year giving it the number nine spot on the list of Top 50 Richest Countries in the World 2019. The trading system of Switzerland is very liberal which is why the private sector of this grows so rapidly. It has a very low unemployment rate of 3.2% even lower than Brunei and people in Switzerland live up to 79 years as average life expectancy rate tells us.
10. Hong Kong:
Hong Kong is an Asian country that developed very fast in the capitalist business economy and always encourages other countries to partner with them. the tax rates in Hong Kong are very low and people there live a peaceful and long life. The economy of Hong Kong is among the most stable ones and the reason is that people are given freedom to do whatever they want, there are no strict policies that have a danger of being broken or anything like this. The GDP per capita of Hong Kong is $61,020.