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Top 5 richest countries of the world
In discussing the top 5 richest countries of the world we can but stress that they are based on GDP per capita. These top 5 economies are among the
In discussing the top 5 richest countries of the world we can but stress that they are based on GDP per capita. These top 5 economies are among the top 10 that currently contribute 68% of the global gross domestic product (GDP).
While an analysis of the GDP per capita, which takes into consideration the nation’s population, results in a total shuffle in rankings with the majority of the trillion-dollar economies sliding down on the list.
While economic measures such as GDP or GDP per capita do not directly depict the quality of life or the wellness of the people, they are an important measure to gauge broader trends and apply in deeper analysis when making investing decisions.
Here’s a list of the top 5 richest countries of the world based on the GDP per capita.
Luxembourg
The European country of Luxembourg has been classified and defined as the wealthiest country in the world. These findings are based on the gross domestic product per capita values of the countries.
The GDP per capita is calculated by dividing the country’s total GDP by the population size, with the result being the GDP value per capita within a country.
The GDP value per capita of a country is an excellent way of measuring a country’s wealth because it considers the standard of living. By taking the GDP per capita of a country and comparing it to the GDP per capita of another country, you’ll be able to accurately determine which country is more prosperous than another, with a few other factors being taken into consideration as well.
Looking at Luxembourg in particular, the GDP per capita reached a chart-topping $118,001 in the April 2021 report.
Singapore
The GDP per capita of Singapore ranks as the second-largest in the world, rising to 97,057 as of April 2021. Singapore has no natural resources to build its economy on but did not stop the hard-working and inventive Singaporeans from turning their country into the second-richest in the world.
The jobs in manufacturing, services, transport engineering, and logistics pay its citizens well, while electronics, biotechnology and chemicals are the main exports of the country.
By erecting high-end infrastructure and significantly expanding its tourism sector, Singapore attracts millions of tourists on a yearly basis.
Ireland
The GDP per capita of Ireland is 94,392 USD. For reference, Ireland’s GDP in 2017 was 70,220 USD. So things are definitely looking up in Ireland. Perhaps the Irish have found the pot of gold at the end of the rainbow after all.
Although citizens receive high wages, the income per capita has been growing at a much slower rate than the collective GDP. Nevertheless, the country’s stability and ongoing wealth gain from tourism, agriculture and manufacturing, is coveted by others.
Qatar
Rich in oil and natural gas, Qatar has a current GDP per capita of 93,508 USD. It also has one of the lowest tax rates in the world, with no national income tax.
Having discovered oil in 1939 and natural gas 30 years later, it began producing 46,500 barrels per day in 1951. Although some of the revenue was used to start modernizing the country, much of it was being accumulated by the Royal Family, with shares also going to Great Britain, its ruling country.
Switzerland
Switzerland is yet another European country that made the list of the top five richest countries based on its GDP per capita, which sat at a very healthy 72,874 in April 2021. Considered one of the happiest and healthiest nations on Earth, Switzerland is home to German-, French- and Italian-speaking citizens, living peacefully and thriving together for over 800 years.
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