Have you ever wondered which countries are the richest in the world? Or what makes a country get on the richest country’s index? It is similar to having parameters for rating the richest men and women in the world, or the richest celebrities or footballers in the world. The richest countries have higher per capita income, strong economies, and lower unemployment rates. And when it comes to wealth, some countries stand out from the rest. There is always a country with a stronger economy or higher GDP than others.
Specific parameters are considered when ranking a country on the richest country index. The most notable and important parameter is the GDP (Gross Domestic Capital). The GDP per capita of a country categorically determines the rank of every country. That being said, the GDP is not the only parameter for the ranking, – there are others like unemployment rates, the living standard of the people, the happiness index of the country, the rate of crime and corruption, and the peace and security of the country. All these make up the parameters for consideration when ranking countries in terms of wealth.
All the countries on the index or list have succeeded in achieving a significant level of wealth due to factors such as natural resources, strong financial sectors and favourable tax laws. While wealth is definitely not the only measure of a country’s success- it is irrefutable that a strong economy can lead to improved higher living standards and greater opportunities for its citizens.
A lot of people say money cannot buy happiness. But the citizens of these countries will probably disagree with that statement. The truth about this statement is that even though money cannot buy happiness, it can buy comfort and give a sense of happiness.
Let’s take a look at the 10 richest countries in the world, and find out why these countries are considered rich.
Below is the ranking of the richest countries, from the 1st – 10th respectively.
10 Richest Countries in the World
With a population of about 650,000 people and a GDP per capita of US $ 131,782 Luxembourg is ranked No.1 on this list. Its strong and flourishing economy has made it famous among investors, making companies like Amazon and Skype shift their regional headquarters there. Luxembourg is found at the heart of Europe, often missed for its tiny land mass. It is famous for its beautiful landscapes and castles. In Luxembourg, you don’t need to be royalty to live in a castle.
Ranked No.2 is Switzerland, with a GDP per capita of US $ 94,696. This small rich European country is famous for its inventions, like the Swiss army knife, bobsleigh, and white chocolate amongst other things. Switzerland earns more than 70% of its GDP from its service sector. Most of the workforce in Switzerland are foreigners. The high pay is attractive and inviting to foreigners.
With a GDP per capita of US $ 94.556, Ireland stands at the top as one of the fastest-growing economies. Ireland is among the top countries with the highest wealth per adult. Its outstanding performance and growth in the agricultural, textile, and ICT industries have propelled its economic growth. Ireland has about 9 billionaires registered in the country.
Ranked at No.4 is Norway. This wealthy European country has a GDP per capita of US $ 81,995. Norway is known for its high living standard and low corruption level. Norway is among the largest producers of oil in European. Its oil and gas sector accounts for a large chunk of its GDP. Norway has a low corruption level and a high life expectancy rate for its citizen.
The GDP per capita for Denmark is around 67,218, ranking it at No.5. Denmark has a population of 6 million. Denmark is known for its imports and exports, which constitute about half of its GDP. Denmark has 9 citizens on the Forbes billionaire list. It has a low unemployment rate, which contributes to its position on the happiest country ranking.
Iceland is a tourist country. Tourism accounts for a third of its GDP. It is ranked No.6 for its GDP per capita of US $ 65,723. Its tourism, fishing, and aluminium smelting industry has made this European country’s economy steadily grow over the past years. Iceland
Singapore often known as the financial and manufacturing hub of Southeast Asia is No.7 on our list. With a GDP per capita of US $ 64,103, it comes with little or no surprise that the country is among the richest countries in the world. In terms of its competitiveness and economic freedom, Singapore is ranked number 2. Singapore has a high employment level population, ranking high on the employment level rank. It is among the four ‘Asian Tigers’.
Ranked at No.8 is Qatar, with a GDP per capita of US $ 59,143. Qatar has one of the highest reserves of oil, gas, and petrochemicals in the world. Although it has a small population and is occupied by mainly deserts – Qatar has for the past 20 years been among the wealthiest countries in the world. Its ultramodern architectural structures, luxury malls, and beautiful beaches have made it a hotspot for tourists.
Australia is ranked at No. 9, with a GDP per capita of US $ 62,723. Australians enjoy a great standard of living. The economy of Australia has risen quite steadily and smoothly in the past years. The bulk of its GDP is gotten from the service sector. Although its population size is relatively small, Australia is known for having abundant natural resources. It also has a large number of wildlife animals.
Ranked at No.10 is Sweden, with a GDP per capita of US $ 60,474. It is one of the most peaceful and low crime rate countries. It has consistently grown its economy into one of the strongest in the world. Sweden is an exporter of high-value goods. It has invested extensively in its public sector, creating transparency and trust between the government and citizens. Its citizens enjoy a high living standard.