The wealth of any country is determined by the Gross Domestic Product (GDP) and not by the total earning. GDP considers the value of all the products and services that are produced within the boundaries of the country. Thus, more products and services a country produces higher will be the GDP.
Now you must be wondering which country is the richest among all. The following article will provide you with information on the Top 10 richest countries in the world based on their GDP.
Few decades back Qatar was used to come in the list of poor countries. However, with the discovery of valuable oil, gas and petroleum resources the economy underwent a complete makeover. It has a high GDP rate of $88,222 and people don’t pay income tax in this country. It is also one of the fastest growing economies in the world.
Luxembourg is a small country with a population of not more than 5 million. It is amongst the smallest, yet richest country in the world with its GDP measuring $81,466. A lot of money flows through this country and it is a banking hub of Europe. It’s really surprising to know that more than 250 banks operate in this tiny country.
Singapore comprises of 63 islands and mainland and has got a small area measuring just 704 sq km. It is a business hub and houses many offices of various big organizations. It is amongst the most business friendly economy of the world and enjoys a high GDP rate of $56,694.
Norway is among very few European countries which have got rich oil reserves. The living cost of this country is much higher than even US and UK. With a GDP rate of $51,959 it is amongst the top three richest countries in the world.
Brunei is a modern economy which has adapted well to the globalization and business changes very well. It’s not only rich, but the quality of life and business environment of Brunei is worth mentioning. Economy is mainly based on oil exportation and it has a GDP of $48,333.
6. United Arab Emirates
The economy of UAE is among the most developed in the world. This country is known to build some of the tallest building and amazing artificial islands in the world. With a high GDP rate of $47,439 UAE is slowly becoming a super economy.
7. United States
USA is amongst the most powerful and richest countries in the world. The only reason why it lags behind other counrties in this list is because of its huge size. Unlike smaller countries, USA has got area measuring 9.83 million sq km and population over 300 million. You will come across many billionaries in this country and also an excellent GDP of $46,860.
Hongkong is a great business hub and is counted as among the world leading capital centers. The economy of this country is mainly derived by the service sector. They follow a free trade policy and also the taxes are comparatively lower than other countries. This city with the GDP of $45,944 has got brilliant modern architecture.
Switzerland is a peaceful and beautiful country, and known for its good diplomatic relation with other countries. Some of the biggest brands in the world including Rolex, Nestle as well as Logitech are based in this country. Relying on tourism and banking sectors, the GDP per capita of Switzerland stands at $41,950 making it among the richest in the world.
Netherlands is a fully developed economy and is playing an extremely vital role in the economy of entire Europe. It is amongst the top exporting countries of entire world. Variety of industrial sectors including machines, chemicals, food, tourism as well as financial service contributes to its high GDP rate of $40,973.