Gross Domestic Product (GDP) is the total market value of all goods and services produced in a country in a year. These estimates are made every year by international financial organizations such as the International Monetary Fund and the World Bank. While the GDP (PPP) is a good indicator of a country’s wealth, calculations based on nominal GDP often tend to overlook the cost of living in each country. GDP per capita, however, is not precisely a measure of personal income.
International financial services, tourism, petroleum and natural gas exports, electronic goods manufacturing, facilitating international trade (as in the case of Singapore) and a flourishing service sector, are the keystones behind the economic success of these nations. Here are the top richest countries in the world according to 2017 GDP per capita index.
1. Qatar – $124,900
Qatar tops the list owing to oil industry, which is considered the mainstay of Qatar’s economy. It is striking to note that the petroleum industry contributes over 62% towards the government revenue, approximately 92% towards export earnings, and over 60% towards GDP.
2. Macao SAR (Macau) – $114,400
More than 50% share of GDP and 70% of national revenue comes from gaming, tourism and hospitality industry. A small population & area, a tax haven, and a port with no foreign exchange control regimes place Macau among the world’s richest regions.
3. Luxembourg – $109,100
The cornerstone of Luxembourg’s powerful economy is its exuberant financial sector, with bank holdings almost 20 times of its GDP size. Its proximity with Belgium, France, and Germany is also a crucial factor for the prosperity and economic growth of the nation.
4. Singapore – $90,500
Singapore, a self-governing city-state of Southeast Asia, is the third richest country in the world. It has per capita GDP of $90,500 and is one of the world’s leading centers for commerce. Moreover, the country has the world’s second busiest port.
5. Brunei – $76,700
Brunei has extraordinary wealth owing to its extensive natural gas and oil reserves that contribute more than 70% towards the nation’s economy. Moreover, the country seeks to encourage more and more investment, becoming self-sufficient in food sector, and observing high standards of administration in both private and public sectors.
6. Ireland – $72,600
Ireland is placed at the sixth spot on the list. The Republic of Ireland withstood the impact of Brexit in 2016. When it comes to employment opportunities, salary structure, living standards, and social inclusion, the country is better than other EU members like France and Germany.
7. Norway- $70,600
Having large-scale reserves of natural gas, petroleum, minerals, seafood, and fresh water, Norway is the third biggest exporter of natural gas. It is also known to export oil extensively. The country ranks among the highest in standards of living and life expectancy.
8. Kuwait- $69,700
The country’s crude oil reserves, which are about 104 billion barrels, account for more than 6% of the world reserves. Petroleum accounts for over half of the GDP of the country, 89% of the government income, and 94% of export revenues.
9. United Arab Emirates- $68,200
UAE has an open economy and a high per capita income, UAE is the world’s third largest exporter of crude oil. It is proven to have world’s fifth largest natural gas reserves. Oil exports account for about 25 percent of the UAE’s gross domestic product.
10. San Marino- $64,443
San Marino is the tenth richest country in the world. Comprising a stable economy, San Marino is among the European nations with the lowest rates of unemployment. Services, tourism, finance and industry are the main drivers of the economy.
Source : cia.gov
Here is a table showing ranking of the top richest countries around the world and their Gross Domestic Product (per capita) in Dollars.
|RANK||COUNTRY||GDP (per capita)|
|9||United Arab Emirates||$68,200|
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