If wealth is the power then Qataris have the most as Qatar is the richest country in the world. Forbes ranked the world’s richest countries based on their gross domestic product (GDP) at purchasing power parity per capita, the value of all final goods and services produced within a country in a given year. Qatar was followed by Luxemburg and Singapore.
The list of the richest countries of the world includes:
The Persian Gulf emirate with a population of 1.7 million people ranks as the world’s richest country per capita. Thanks to a rebound in oil prices and its gigantic natural gas reserves. Adjusted for purchasing power, Qatar booked a probable gross domestic product per capita of more than $88,000 for 2010.
Qatar has the third-largest reserves of natural gas in the world, and the country has invested heavily in infrastructure to liquefy and export it and to diversify its economy. Qatar has attracted multinational financial firms to the country, as well as satellite campuses of U.S. universities. The government is pouring money into infrastructure, including a deepwater seaport, an airport and a railway network, all with an effort to make the country a better host for businesses and the 2022 World Cup.
The second place is taken by Luxembourg. The country has a per capita GDP on a purchasing-power parity basis of just over $81,000. Luxembourg with half a million people became a financial hub in the latter half of the 20th century, partly due to strict banking secrecy laws that earned it the reputation of a tax haven.
Singapore is the third richest country in the world. The city-state thrives as a technology, manufacturing and finance hub with a GDP (PPP) per capita of nearly $56,700.
The country has one of the highest per-capita GDP in the world. In addition, its port infrastructure and skilled workforce, which is due to the success of the country’s education policy in producing skilled workers, is also essential in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skills needed to refine imports into exports.
Norway ranks fourth on the list. Norway’s petroleum accounts for nearly half of exports and over 30 percent of state revenue. It is the main contributor to its PPP-adjusted GDP per capita of nearly $52,000.
The country is also one of the largest gas exporters of the world. Shipping has also long been a support of Norway’s export sector, but much of the country’s economic growth has been fueled by an abundance of natural resources, including petroleum exploration and production, hydroelectric power, and fisheries. Norway has a very high standard of living compared to other European countries and has a strongly integrated welfare system. Norway is the world’s second-largest gas exporter and its position as an oil exporter has slipped to ninth-largest.
Brunei is the fifth wealthiest country in the world. It has a GDP (PPP) per capita of about $48,300. The country is rich due to its extensive petroleum and natural gas fields.
Brunei Darussalam‘s economy has been dominated by the oil and gas industry for the past 80 years, and the hydrocarbon resources account for over 90 percent of its exports and more than half it’s GDP. The country currently has the second highest GDP per capita in the Southeast Asian region and is the fourth largest oil producer in the region and ninth largest exporter of liquefied natural gas in the world.
The United Arab Emirates took the sixth position on the list. UAE looks to its oil and gas for about 25 percent of its GDP, which is nearly $47,500 per capita (PPP).
Though the UAE is becoming less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in the economy, especially in Abu Dhabi. A gigantic construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy.
7. United States of America:
United States is the seventh wealthiest country in the world. The country has a per capita GDP on a purchasing-power parity basis of just over $46,000. The U.S. is the largest trading nation in the world and its three largest trading partners as of 2010 are Canada, China and Mexico. The country has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment.
The U.S.A remains the world’s largest manufacturer, representing a fifth of the worldwide manufacturing output. Of the world’s 500 largest companies, 133 are headquartered in the United States. It is also one of the world’s largest and most influential financial markets.
8. Hong Kong:
Hong Kong is the eighth richest country in the world. The country is dependent on international trade and finance. The GDP (PPP) per capita of Hong Kong is estimated to be $45,944.
As one of the world’s leading international financial centers, the country has a major capitalist service economy characterized by low taxation and free trade. Hong Kong’s economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves and rigorous anti-corruption measures.
Switzerland ranks ninth on the list. The GDP (PPP) per capita of the country is $41,950. The country has one of the world’s most stable economies.
The country’s policy of long-term monetary security and political stability has made Switzerland a safe haven for investors, creating an economy that is increasingly dependent on a steady tide of foreign investment. Due to the country’s small size and high labor specialization, industry and trade are the keys to Switzerland’s economic livelihood. The country has achieved one of the highest per capita incomes in the world with low unemployment rates and a balanced budget.
Netherlands is the tenth wealthiest country in the world. The GDP (PPP) per capita of the country is over $40,900. The country’s main industries include agriculture, metal, and engineering products.
The country’s government plays a very active role in maintaining a high standard of living for its citizens. Unemployment is also low because thousands of people have simply dropped out of the labor force and are living on government benefits. The country is a model of liberal social policy and lenient economics.
Australia ranked eleventh on the list of the world’s richest countries while Austria ranked twelfth. Ireland, Canada and Kuwait took the thirteenth, fourteenth and fifteenth position respectively.
- Qatar named world’s richest country (ibnlive.in.com)
- Forbes magazine: Kuwait among the richest countries in the world (thecurrencynewshound.com)
- These 10 Countries Are Struggling With The Deepest Debt In The World (businessinsider.com)