Have you always wanted to know which is the richest country in the world? I’ve got a list of top 10 world’s richest countries.
The population of the world is over 7.6 billion people, and we are all divided into different continents and countries.
Some countries are a dream place to visit for many and you know why? These dream countries are prospering economically.
We’ve just written about the top richest men in the world today, let’s see if any of them have their origin from any of these wealthy countries below.
Top 10 Richest Country In the World List
Here’s are some of the richest countries in the world based on statistics from the World Bank
Qatar is the richest country in the world. It is one of the countries in Asia that has large oil, gas and petrochemical deposits compared to its population.
It used to be among the poorest nations until the hydrocarbons reserves were discovered and exploited.
It has since grown to be home to big companies such as Aljazeera and Qatar Airways, amongst others.
Even with the 2017 blockade, where it was isolated by its neighbors because of alleged terrorism sponsorship, it still sits on top of the ten richest countries list because of:
- Stable political system: Of the Middle Eastern Nations, Qatar has had the most stable political system since it gained independence.
It’s an absolute monarchy with the Al Thani family in charge who have made it stable and open for business.
The following factors has also made Qatar to be the World’s richest country:
- A small population of about 2.3 million people
- GDP per person is about $134 million
- The life expectancy of 78.2 years as of 2017
- Huge GDP: 49th in the world at $ 338.82 million
No doubt, rich politicians in Nigeria would have visited this country to have a taste of what life of the worlds richest country.
While it may lack natural resources, it boasts of attractive financial services sectors and tax regimes.
Like its Asian neighbors, it has taken the path towards sophisticated resort development. Singapore is among the richest countries in the world because of:
- Creative legislation: the government acquired all the land, developed good houses and sold them back to the people and multinational ventures.
Having been displaced from farming, the only way to continue for these folks was to join the multinational industries.
- Strategic location as the only sea route to China make its ports valuable
- The low population of about 5.7 million people (2017 statistic)
- High life expectancy: 82.8 years
- GNI per capita of $90,570
As much as we talk about the richest countries of the world, talks about the poorest countries of the world will definitely come up. You should check that out.
The third richest country in the world is Macau. Macao packs many casinos in small space. This region in Asia is under the Chinese Administration.
It is the region’s top gambling destination with over 40 casinos in 30 square kilometers. Macau is richly based on statistics such as:
- The low population of just 600,000 people
- GDP per capita of $ 81,585 million. Making it 3rd largest in the world.
- Extensive resorts and casinos
- Fourth highest life expectancy in the world at 81.6 years.
4. Brunei Darussalam
It boasts of extensive gas and oil deposits too – the largest oil deposits in Southeast Asia. However, the oil wells are predicted to run dry in 30 years.
Although the country has amerced lots of wealth, only the royals and a few others own it, the rest – estimated 40% make less than 1,000 dollars annually.
However, statistics show Brunei is among the richest countries in the world because of:
- The stable government even though it’s not a very just regime
- GDP per capita of $ 83,776– the world’s fourth largest
- A small population of just 400,000 people
- The life expectancy of 77.7 years
Also Check the list of top 10 richest Nigerian comedians and you’ll information about some of these wealthy countries they’ve visited.
Kuwait is another of the richest country in the world. It boasts of nearly 9 percent of the world’s oil reserves. It’s an oil economy; most of its revenue is from this. Statistics indicate that Kuwait has:
• A small population of just about 4,600, 000 people
• GDP per capita of $28,199, the 23rd largest in the world
• GNI per capita of $83,310
• The life expectancy of 74.7 years as of 2016
6. United Arab Emirates
UAE is the sixth of the top ten richest country in the world list. UAE has evolved from its agricultural and fishing roots to a sophisticated economy with enterprises in science and technology, manufacturing, engineering, finance, and more, placing it among the richest countries in the world.
Dubai, for example, holds the Dubai World Expo yearly, attracting millions of visitors to sample and invest in Emirati creativity.
Statistics indicate the following about UAE:
- The high life expectancy of 77.3 years as of 2016
- A population of 10.14 million
- Huge GNI per capita of $74,410
- 11th of 183 easy places to do business in the world
- 21st least corrupt nation: the government has a zero-tolerance towards corruption
From its magnificent castles to its serene countryside and warm cultural festivals, Luxembourg is a place of immense beauty.
But that’s not the only things that make it special, others include:
- Favorable tax regime, making it a financial haven for moguls around the world.
- Sophisticated financial sector with around 140 banks: it’s the 3rd financial center of Europe.
- The banking sector has the secrecy level that attracts reclusive billionaires to deposit and make investments here.
- Assets in Luxembourg range from Islamic to Chinese bonds among other assets.
- A small population: 600, 000 thousand people
- GNI of $72,690
- A life expectancy of 82.3 years.
Luxembourg also boasts of low inflation, a diversified economy with agricultural, manufacturing and technological enterprises. Above all, it’s a top tourist destination.
Switzerland is the 8th richest country in the world with the world’s highest living standards, thanks to its overall innovation.
To begin with, in the early ages, regions in Switzerland (called cantons) signed agreements that each had to maintain its sovereignty but were to work together and shield each other from Germanic oppression.
This sovereignty is still practiced today, making the life in Switzerland freer, in that people can move from an unfavorable canton to a favorable one as they wish.
Switzerland is therefore rich because of its:
- Free economy: Government interference in private life is limited.
- Great work morals: most people are industrious and hardworking – honesty is valued and practiced, while corruption is eschewed.
- Attractive taxation policy with confidentiality rules that bring in foreign millionaires to stash away funds
- Exports include gems, pharmaceuticals, machinery
- High wages for workers.
- A $65,610 GNI
- A high life expectancy of 82.9 years
- A broad economy with $547.85 billion GDP – 36th largest in the world.
Also Read: Who is the richest man in Africa
9. Hong Kong
Hong Kong also falls under regions under Chinese government Administration.
It is a financial hub having been ranked fourth in the world in terms of ease of doing business. Hong Kong boasts of great infrastructure and social amenities.
What makes this country wealthy is:
- No bureaucracies for entrepreneurs: a foreigner doesn’t require citizenship to start a business.
- It’s a gateway to Asia: it boasts of extensive port development with an iconic array of ships
- Tax-friendly business environment
- A shopping destination because of low VAT too
- It’s the manufacturing and industrial sector that produces lots of electronic gadgets.
- A low population of just about 7.5 million people with an 84.2 years life expectancy
- A $ 64,100 GNI per capita and $454.89 billion economy.
Related: Top 10 Largest cities in the world
Norway is the 10th richest country in the world and an economic giant too. It’s the top producer and supplier of oil in Western Europe. It has a high economy of $324.
Forty billion economies, hugely financed by the country’s oil revenues.
Statistics pointing to Norway’s wealth include:
- High wages: the salaries in Norway are 50 percent more than anywhere in Europe
- Annual revenues from oil are about $ 40 billion
- Least income inequality in the world
- The small population in a huge country: money earned from its lands and oceans is enough to cover
- 5.3 million people
- Big fishing industry because of its cold waters
- Oil revenues are distributed in the economy via Government Pension Fund Global.
- Norwegians have a life expectancy of 82.5 million people thanks to their high standards of living and access to social and health care.
The GNI per capita stands at $63, 980.
There you have the top ten richest countries in the world.
More of The Richest Countries In The World Today
Ireland too has a small population and favorable corporate tax system that make it a huge investment destination for a bunch of big companies in the world.
It has also enjoyed decades of peace long after the 1994 IRA peace deal. Ireland’s statistics include;
• $ 61,910 GNI per capita
• A small population of just 5 million people with 81.6 life expectancy
• A broad $364 million economy
The United States of America
Thanks to the ingenuity of its citizens, its stable government and natural resources, the USA is the second biggest economy in the world.
The economy is well diversified from agricultural to high technology ventures. Based on the following indicators, USA is the 12th richest nation
- $60,200 GNI per capita
- Low corruption
- A 78.7 years life expectancy
- Extensive infrastructure and social amenities
- An 8th business friendly nation
- A $19,390.60 billion economy
Saudi is a $1,773.55 billion economy – the 15th largest in the world. And though its population is 33 million people, it boasts of;
- The world’s biggest oil reserves
- A population with a 74.6 years life expectancy
- $54,770 GNI per capita.
- Holy places which receive thousands of Muslim tourists yearly
Richest Country In The World (Summary)
In retrospect, the richness of a country is not determined by its GDP per se, but by income distribution and living standards enjoyed by its citizens.
The state of government and its welfare policies, therefore, play an important role in determining a country’s resource management and productivity.
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