The Richest Countries in the World

With the many technological advancements and global changes that have happened, some countries still manage to keep up and stay on top of the game. When talking about the richest countries in the world, the list still bares some of the same names that have comfortably sat there for the past number of years.

As of today, the world’s richest country is Qatar with a GDP per capita of $129,360 as determined by the International Monetary Fund (IMF). The Gross Domestic Product (GDP) is the method of identifying the wealth of a specific country.

A country’s GDP is the sum of the amount of all goods and services that exist within a country, so that means foreign income and investments are excluded. It’s usually measured annually and ‘per capita’ means per individual.

Therefore, an average individual in Qatar earns $129,360 every year. Wow!

Aside from Qatar, which other countries are classed as the richest? We looked into the International Monetary Fund’s (IMF) data and researched each country on the list. Compared to last year’s results, there are some countries that have bern kicked out of the top 10 and some new ones that have managed to make their way in.

Note: Figures are interpreted in US Dollars

Top 10 Richest Countries 2018

10. Hongkong – $63, 350

Hongkong is a famous Asian destination for tourists. In 2017, a 6.9% growth in tourism was reported with around 627,000 people visiting the country. It is in this year that they marked their 20th anniversary of handover from British to Chinese rule.

Many investors consider Hongkong as an important financial destination which is the reason why a lot of establishments are already present in this quite small city. They have their own currency, HK dollars, but they still depend on China for arms and defence services.

9. UAE – $69, 900

With UAE’s tall infrastructures and aesthetic cities, it’s really a dream place to visit. A lot of luxurious cars can be seen here because of its large automotive industry.

The economy of UAE mostly depends on its vast oil and gas resources, and they still remain wealthy even with the decrease in the price of commodities.

8. Kuwait – $71,930

Kuwait is another oil-driven economy that remains wealthy despite a slowed economy in previous years due to a drop in oil production and prices.

The country’s currency, Kuwait dinar, is the highest-valued in the world. One Kuwait dinar is equivalent to around 3 US dollars. Imagine finding five Kuwait dinars along the street, it’s quite a treasure!

7. Norway – $72,190

Norway is a Scandinavian nation that’s abundant with high mountains, extensive coastlines and beautiful sceneries. The economy in this country is highly driven by petroleum, fishing, and natural resources.

It’s one of the world’s largest natural gas exporters but despite this, they have the highest gasoline prices in the world costing around $9.79 per gallon. The objective of the government is to keep people from using their cars and opt for public transportation instead.

Norway is also the largest exporter of Atlantic salmon and ranked second largest exporter of seafood in the whole world.

6. Ireland – $75,790

Known as the Emerald Isle and the home of Guiness, the world’s largest brewer of Stout, Ireland ranks 6th amongst the richest countries in the world.

With a population of around 4.8 million, Ireland’s biggest export used to be food. However, with the help of foreign investors, the nation is now exporting computer and medical equipment as well as electrical machinery. The nation is also known for exporting chemical and pharmaceutical products.

These investors are amongst the large international companies such as IBM, eBay, Microsoft, Google, Dell, Boeing, and Apple.

5. Brunei Darussalam – $77,700

Brunei Darussalam (meaning Brunei abode of peace) is a small country in Southeast Asia with around 400,000 people landing in the top 5 as one of the richest countries in the world.

Natural gas and oil trade is the main source of Brunei’s wealth. The nation’s government is ruled by one family, and the Sultan is descended from a royal line that dates back 100 years ago.

Although dubbed as rich, alcohol is banned in Brunei so don’t expect a nightlife anywhere.

4. Singapore – $93,680

Singapore is the richest country in Asia and ranks 4th in the whole world. With little land and no natural resources, how did the country become so wealthy?

The nations’ wealth mostly comes from foreign trade and investment. Their biggest sectors are shipbuilding, electronics and banking. Singapore is also now involved in private banking which was started by their late Prime Minister Lee Kuan Yew.

Singapore is now known for being the “Most Expensive Country” in the world so you might need to make sure you have access to a considerable amount of money before visiting.

3. Luxembourg – $112,710

This small European Country is surrounded by Belgium, France and Germany and comes 3rd in the list of the richest countries in the world.

Luxembourg’s natural resources are one of the factors that turned them into one of the wealthiest nations. Their economy mostly depends on banking, steel and industrial sectors.

Because of the country’s low taxes, banks from around the world are encouraged to open up their shops which in return made a great impact on the lifestyle of Luxembourg citizens. In fact, Luxembourg is home to over 150 banks, including the European Investment Bank.

Luxembourg is also considered as one of the safest countries in the world with just 2 jails for the whole nation.

2. Macao – $125,170

Moving up a place from being 3rd last year, Macau has now made its way to being the 2nd richest country in the world.

Macao’s economy largely depends on tourism and gambling. Because it is the only country in the Chinese region where gambling is legal, a lot of tourists and gamblers from mainland China travel here which in turn greatly increases their GDP per capita.

With over 30 casinos, as well as being the home of the world’s largest – Venetian Macao, more than 100,000 tourists visit this country daily with half of them only staying for 24 hours!

1. Qatar – $129,360

As you already know, Qatar outnumbers all countries being the richest one in the whole world.

60% of Qatar’s wealth comes from their rich natural gas and oil reserves whilst 85% comes from export earnings with products such as Urea, steel, and ammonia fertilizers. They also own the world’s best airline which we all know of, Qatar Airways.

Qatar is considered the safest place to live on Earth because natural disasters are least likely to occur. Additionally, they don’t have any forests and no trees can be seen anywhere in Qatar.

Conclusion

Now don’t think that because these countries are wealthy, they have everything. Not every individual in each country is given the chance to enjoy the nation’s wealth. Inequality between the rich and poor is still rampant even in the world’s richest countries.

The higher the GDP per capita, the higher the expenses are within that country meaning people can’t fully enjoy the amount of money they earn. After all, money can’t buy happiness, right?

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