The richest countries in the world can be measured by Gross Domestic Product (GDP). They are fully developed and the citizens of the country could enjoy the high standards of living.
Now let’s take a look at these wealthiest countries in 2017, along with their GDP per capita.
1. Qatar – GDP per capita: $129,726
A sovereign country located in Western Asia. It has a very high-income economy. Known for its Liquefied Natural Gas and Petroleum, it gives Qatar the rank among the top in the world and now claim the utmost GDP per capita. Oil and gas still account around the half of GDP of Qatar.
2. Luxembourg – GDP per capita: $101,936
A landlocked country in Western Europe. Shares international borders with Belgium to the west and north, Germany to the east, and France to the South. One of the richest European Countries also called as the “Green Heart of Europe.” Banking, steel, and industrial sector is the main income of the country. Luxembourg also has businesses that take advantage of low taxes.
3. Macau – GDP per capita: $96,147
Globally known as the ‘Vegas of China’. Located in Southeast Asia, roughly 60 kilometers southwest of Hong Kong, bordering China. The world’s largest gaming center. Gaming center has driven Macau’s economic performance. Tourism plays a vital role of Macau’s economy. Some of the harvested agricultural products are exported to Hong Kong. The 2 main structure of modern Macau economy is manufacturing and services, they specialized in manufacturing for the export market and service. The administration maintained the free-market economy.
4. Singapore – GDP per capita: $87,082
Singapore has been the most modern city in Southeast Asia for over a century. Located at the tip of Malay Peninsula. Singapore is most tightly populated independent country in the world. The manufacturing sector, electronics, and engineering clusters are mostly revenue of Singapore. Its highly clear regulatory environment, low tax problem, and stable governance make the country’s economy highly dynamic and resilient. Attracts international investors despite of high-cost operating environment.
5. Brunei – GDP per capita: $79,710
Located in the northwestern coast of the island Borneo. The third largest oil producer in Asia and fourth largest exporter of liquefied natural gas. The country’s economic growth continues to depend on foreign direct investment (FDI), improvement of oil and gas production and in the global oil market. The productivity of private sector and investments are expected to grow further. The Government of Brunei has free education up to university level and medical services, they also give housing and rice support.
6. Kuwait – GDP per capita: $71,263
A small country located in the Middle East on the Persian Gulf, between Iraq and Saudi Arabia. Kuwait is reliant on international trade, including food, clothing, and construction materials. The sixth largest oil reserves such as oil sectors that account for 40 percent of GDP and implementation of the Development Plan. Banking sectors continue to progress. The major infrastructure also continues to support growth. The equivalent of exports and imports is equal to 99 percent of GDP. The financial sector continues to progress.
7. Ireland – GDP per capita: $69,374
Is an island nation on the westernmost edge of Europe, occupies 80 percent of landmass. Focused on services and high-tech industries and reliant on investment, trade, and industry. Domestic demand is strongly driven to continue the growth of the economy. The Irish labor market continues to rise. Ireland encouraged free-market policies that attracted investment capital. Country’s value of imports and exports is equivalent to 222 percent of GDP.
8. Norway – GDP per capita: $69,296
Occupies the western part of the Scandinavian Peninsula in northern Europe. Traditionally a fishing and lumbering country. Also rich in natural resources, counting petroleum exploration and production. Norway is one of the leading petroleum exporters. Their monetary stability is well sustained. They maintain the high standard of living. Country’s value of imports and exports is equivalent to 69 percent of GDP.
9. United Arab Emirates – GDP per capita: $67,696
The second largest economy in the Arab world; the second largest exporter of oil. It has all of the income from oil. The oil sector continues to consider the overall performance of economy’s growth. Petroleum and natural gas is the central role of the economy. Expensive hotels established in UAE is the non-oil sources revenue.
10. San Marino – GDP per capita: $54,443
Located in the Italian Peninsula on the northeastern side of the Apennine Mountains. It is said to be the world’s oldest surviving country. The economy is focused on industries such as banking and manufacture export of wearing apparel, including fabrics, electronics, tiles, ceramics, paints, furniture, and wines. Due to its low corporate tax and low tax on interest earnings, the economy of San Marino benefits from the foreign investments. More than half of the San Marino’s GDP is produced by the tourism industry. Other private sectors are internet-related activities and electronics.
There you have it! Above are the Top 10 richest countries in 2017 according to their GDP.