This rating is based on International Monetary Fund Report – intergovernmental organization of the United Nations. In her opinion, the richest countries in the world are those with the highest GDP per capita.
To find out the size of GDP per capita, the total GDP (the value of all goods and services of the country) is divided by the number of inhabitants.
Total GDP shows the country’s wealth, and per capita GDP shows the welfare of citizens. For comparison, China ranks second in terms of total GDP, and not even in the top 50 in terms of per capita.
Russia also did not get into the ranking of the top 20. It occupies 55th place with a GDP of $ 29,640 per person – above us are Greece, the islands of Saint Kitts and Latvia. The line below (56th place) the island state of Antigua and Barbuda.
20. Germany [GDP $ 53 570]
Germany is the economic center of Europe, one of the most stable countries in this region. Having no large mineral reserves, except coal, it focuses on the services sector (70% of GDP) and industry (25% of GDP). Agriculture accounts for up to 1.5%. Main exports: machinery, chemicals, computers, medicines.
19. Denmark [GDP $ 53,880]
The Kingdom of Denmark is the southernmost Scandinavian state. The country has strong economic neighbors (Sweden, Norway, Germany), access to the sea, gas and oil – there are few other minerals.
Industry provides about 40% of GDP – the shipbuilding sector is especially developed. The country exports metal products, machinery, medicines, dairy and meat products.
18. Sweden [GDP $ 54,630]
Sweden is another Nordic country with a high standard of living and a stable economy. It is distinguished by the fact that almost 60% of GDP is made up of taxes. The main resources of the state are forest, iron ore and hydropower. These products are the basis of Swedish exports..
However, in the last decade, the role of biomedicine, IT and other high-tech areas has been growing. Income from the spheres of fashion, design, multimedia products, gastronomy, tourism is increasing.
17. Taiwan [GDP $ 55,080]
Taiwan is an island of the partially recognized Republic of China with a population of 23.5 million people, which is actually part of China. The country has a capitalist economy, where the level of control by the authorities is gradually decreasing.
More than 70% of the country’s GDP is services, about 24% is industry. Taiwanese are increasingly focusing on high-tech industries (electronics, communications, IT), and labor-intensive industrial enterprises are moving abroad.
16. Saudi Arabia [GDP $ 55,700]
Saudi Arabia is the largest country in the Arabian Peninsula. It borders with Qatar and Kuwait, and therefore gets richer due to similar sources – oil (25% of the world’s reserves) and gas. This industry accounts for 45% of total GDP, and 90% of raw materials are exported. The second major source of income is tourism. It is supported by the holy city of Mecca for all Muslims..
15. Iceland [GDP $ 56,070]
A proud island country with unpronounceable names of geographical objects is one of the safest states of the world. In the 20th century, Iceland was an example of a monocultural economy – fishing made up one third of GDP until 2001..
But now the economy is diversifying, there is an emphasis on renewable energy. Banking, tourism, information and biotechnologies are developing. There is an export of fish, aluminum, medicines.
14. The Netherlands [GDP $ 58,340]
Key sectors of the Netherlands economy: mechanical engineering, petrochemicals, shipbuilding, aircraft manufacturing, electronics, metallurgy, textiles, beer production, tourism.
In the structure of GDP? occupies the service sector, about 24% – construction and industry. The Netherlands also serves Rotterdam – one of the most important ports in the world in terms of cargo turnover..
13. San Marino [GDP $ 61,580]
Only 33 thousand people live in this dwarf state, so it is not so difficult to ensure high GDP per capita. The country acts as an offshore zone, exempting foreign companies from taxes. It helps maintain the economy..
More than a third of GDP comes from the manufacturing sector, about 18% from insurance and banks, and about 14% from government.
Tourism is important for San Marino – 3 million visitors annually come to the country.
12. Hong Kong [GDP $ 64,930]
Hong Kong is another special area of China with its own administration and administration. The economic success of the former British colony is based on the principle of state non-interference in business and market freedom. It has the most international company headquarters in Asia..
Hong Kong is a free port and offshore zone without VAT. Excise taxes apply only to the import of tobacco, alcohol, methyl alcohol, mineral oils.
About 90% of GDP is generated by the service sector. Important sectors of the economy: tourism, financial services, information technology.
11. United States [GDP $ 65 110]
The US has a very diverse economy, and the total GDP is so high that with 329 million US residents, it is in 11th place in terms of GDP per capita.
The country has the largest economy in the world in nominal (general) terms. Over the past 50 years, it generates at least 20% of total world GDP.
About 79.4% of GDP falls on services, about 20% – on industry. Main exports: petroleum products, air transport, automobiles, medicines, telecommunications equipment, consumer goods.
10. Switzerland [GDP $ 66,200]
The top 10 richest countries in the world are opened by the Swiss Confederation – the financial center of the planet. State policy guarantees foreign investors banking secrecy, so here they are confident in the safety of their money. True, because of this, the country’s economy is increasingly dependent on foreign investment..
The key resources of the country are industry and trade. Switzerland is also the leader in gold refining. It processes 2/3 of its world production. The majority of exports are pharmaceutical and chemical products, machinery, electronics, watches.
9. Kuwait [GDP $ 66,390]
Kuwait has approximately 9% of the world’s oil reserves, which gives the country almost half of its GDP and about 95% of its exports. The main sales areas are Japan, South Korea, India, Taiwan. Kuwaitis are well-off, so 60% of workers come from other countries.
8. United Arab Emirates [GDP $ 69,430]
The United Arab Emirates is a country that is rich in oil reserves. But despite this, she continues to engage in traditional sectors of the economy: oasis landscaping, transit trade, trade and crafts.
The country has a free economic zone Jebel Ali, international ports and developed tourism. About 250 thousand tourists a year come from Russia to the UAE alone.
There are many labor migrants in the UAE. Of nearly 10 million people, about 2/3 are visiting workers from Asia.
7. Norway [GDP $ 76,680]
Norway is one of the most powerful countries in economic, environmental and social terms. It occupies the 48th place in the total GDP in the world, but the 7th – per capita.
Oil and gas play a large role in the economy, but other mining, chemical industry, engineering, shipbuilding, fishing, forestry are also developed..
6. Brunei [GDP $ 80,380]
Brunei’s main source of income, like other Arab countries, is oil, which provides more than 90% of foreign exchange earnings. There are enough reserves for 400 thousand people, so the inhabitants are well provided, and there are many signs of luxury in the country. Almost half of the workers come from neighboring states..
True, the standard of living in Brunei is highly dependent on the funds of the royal family, which it manages, as the Sultan wants..
5. Ireland [GDP $ 83,400]
Ireland is a European country with a population of 4.9 million people. She manages to maintain high GDP with a relatively high unemployment rate (5.7% in 2018). For comparison, in Germany – 3%.
Before the 2008 crisis, the Irish economy was called the “Celtic Tiger” – in terms of growth rates, it overtook the fast-growing Asian countries. In 2008-2010, there was a big crisis in the banking sector, unemployment rose to 13%.
Ireland is now returning to pre-crisis levels. The basis of its economy is pharmaceuticals, information and multimedia technologies, the production of medical equipment, the food industry, and mechanical engineering.
4. Singapore [GDP $ 103,180]
Singapore is a city-state in Southeast Asia, one of the world economic centers. Due to its streamlined infrastructure, technological effectiveness and the level of innovation, it is called the city of the future. But at the same time, the country imports food, energy and water..
5.7 million people live in Singapore, but the economy of this city alone is so powerful that it ranks 4th in terms of GDP per capita. Reasons for prosperity: economic freedom, stable investment climate, law-abiding citizens, lack of corruption.
Transnational corporations are of great importance to Singapore, so it is dependent on the international economic agenda..
3. Luxembourg [GDP $ 108,950]
The Grand Duchy of Luxembourg occupies 167th place in the world in territory and 164th in population (119 thousand), but it is one of the richest countries in Europe and the world. This is due to the offshore zone. Light business conditions have attracted more than 1,000 foreign investment funds and 200 banks to the country. So many offices in no other city in the world.
The basis of the Luxembourg economy is services and trade, metallurgy, banking and financial services. Like all offshore zones, Luxembourg is dependent on the situation in other countries, so its GDP sags in times of crisis. Number of people below the poverty line – 0%.
2. Macau [GDP $ 114,360]
Macau is an autonomous part of China with its administrative structure. From an economic point of view, this is a separate state.
Macau is one of the largest ports in the world and Asian Las Vegas. Gambling accounts for about 40% of GDP. The population of island autonomy is only 653? Thousand, of which every 7th person regularly goes to the casino. The largest casino in the world The Venetian – also here.
The main production in Macau is fishing, tobacco, rice and vegetables.
1. Qatar [GDP $ 132,900]
Qatar is the richest country in the world according to the Navy. This is due to large oil and gas production and a small population (2.6 million).
Qatar is the third in terms of gas reserves and the sixth in terms of oil exports in the world. This sector of the economy provides 50% of GDP and 70% of revenues to the state budget. 25% of GDP is generated by the service sector. The population also engages in fishing and pearl mining. Agriculture is weak and covers only 10% of food needs.
Despite its wealth, Qatar is far from the European image of a prosperous state. An absolute monarchy is established here, political parties are prohibited and demonstrations cannot be held..
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Which factors do you believe contribute the most to the prosperity and wealth of the richest countries in the world?
There are several factors that contribute to the prosperity and wealth of the richest countries in the world. One major factor is a strong and stable economy, which is supported by factors such as a well-developed infrastructure, a skilled and educated workforce, and a business-friendly environment. Additionally, access to natural resources, technological innovation, political stability, and strong institutions also play crucial roles in the economic success of wealthy nations. Furthermore, trade agreements and global connectivity allow these countries to engage in international trade and attract foreign investment, further boosting their economic growth. Overall, a combination of these factors working together contributes to the prosperity and wealth of the richest countries in the world.
Which factors contribute the most to the wealth of the top 20 richest countries? Is it primarily natural resources, strong economies, good governance, or a combination of various factors?
What factors contribute to the wealth of the top 20 richest countries in the world? Is it primarily based on natural resources, technological advancements, or a combination of various factors? What impact does economic stability and political governance have on a country’s wealth?