If asked about the wealthiest country in the world, anybody would answer United States of America without giving a thought. But USA is the wealthiest country in terms of GDP not in terms of GDP per capita. “The difference between GDP and GDP per capita is that GDP is the sum total of all the goods and services produced in a country within a year whereas GDP per capita is determined by dividing GDP of a country for a particular year by the population of that country in that year.” However, GDP gives us a good snapshot of a country’s economic scenario, it isn’t a good idea to measure a countries wealth based on GDP. GDP per capita is more appropriate tool while determining individual economic prosperity. Determined by the IMF (International monetary Fund), here is the list of Top 10 Richest Countries in the World by GDP Per Capita in the world.
10 United States- US $54,597
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USA, one of the tax heaven countries, might be world’s largest economy with GDP of 16.77 trillion USD but based on GDP per capita it stands at 10th position in Richest Countries in the World. Being the most technologically powerful country in the world, US economy is largely dependent on service sector and manufacturing sector. US economy is capitalist economy and hence market firms enjoy greater flexibility than other countries in important decision making. Although, the middle class in US is still struggling since Sub-Prime crisis of 2008, but it is still far better than most nations of the world.
9 Singapore- US $56,319
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Singapore is high-income economy and the financial center of Asia. Singapore, one of the cleanest cities in the world with best airport in the world has the most business-friendly environment in the world with its lenient and flexible rules and regulatory. The strong manufacturing and service sector are the two main pillars of Singapore’s prosperity. Singapore is highly depended on trade and it is one of the major FDI (Foreign Direct Investment) outflows of the world. Singapore is also a shipping and transportation hub for Asia.
8 San Marino- US $56,820
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The micro state, one of the area wise smallest countries in the world, with a population of 32,000 and surrounded by Italy, San Marino is one of the richest nations in the world based on GDP per capita. San Marino is one of the smallest economies in the world and has zero national debts. The excellent financial structure and tourism industry has resulted in San Marino being one of the wealthiest and most stable economies in the world. The greatest source of income for people of San Marino comes from the sale of collectibles and souvenirs such as historical coins and stamps to the tourists.
7 Sweden- US $58,491
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As a neutral country Sweden remains out of European Union because it might affect Sweden’s economy. Timber, Hydropower and Iron ore are the base resources of Sweden and most of it is heavily exported. Sweden being export oriented nation exports most of it resources in EU. The agriculture sector of the Sweden account for less than 1% and most of the economy is dominated by privately owned firms.
6 Denmark- US $60,564
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Denmark, one of the peaceful countries in the world, has a mixed economy and relies mostly on human resources. The country has a high tech agricultural industry, world leading firms in Maritime shipping, Pharmaceuticals, and Renewable Energy. The country also highly depends on foreign trade and is also a member of European Union. Denmark is exporter of food and energy but depends on the import of raw material for the manufacturing industry.
5 Australia- US $61,219
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The Australian economy features high employment, few public debt, contained inflation and strong and stable financial system. Almost 70% of the GDP of Australia accounts for service sector. Australia is also a significant exporter of food, energy and natural resources. Due to its extensive reserves of coal, iron, copper and other natural resources, Australia attracts huge high levels of foreign investments.
4 Switzerland- US $87,475
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Switzerland is a peaceful country with low unemployment, skilled-labor force and one of the Richest Countries in the World by GDP. Switzerland has a highly developed service sector, followed by financial sector and manufacturing industry that has experience in high technology and knowledge based production. What makes Switzerland world’s most competitive economy is its transparency in financial matters and its economic and political stability. The cities of Zurich and Geneva have the highest standard of living in the world.
3 Qatar- US $93,965
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Once, the poorest country among the Gulf States, Qatar is now one the Richest Countries in the World. The secret of Qatar’s wealth is rooted in Oil. Qatar has the third largest oil reserves in the world, which it has leveraged to become one of the wealthiest countries per capita on earth. Around 14% of the households in Qatar are millionaires. Out of the 1.8 million people of Qatar, only 280,000 people are its actual resident citizens while rests are working class migrants. Hence, they have not been included in the calculation as they are laboring underclass and do not benefited from the nation’s wealth. Qatar is still a monarchy and is ruled by Al Thani family.
2 Norway- US $97,013
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Just like Qatar, Norway is a country blessed with abundance of oil reserves. Norway is also rich in other natural resources like such as seafood, lumber, minerals and hydropower. Although, 57% of GDP comes from petroleum products, Norway has slowly been using the money to enter into other sectors also. The economy of Norway is a mixed economy with government interference in selective areas. Norway enjoys a very high living standard compared to other European countries.
1 Luxembourg- US $111,716
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Highly dependent on banking, steel and Industrial sectors, Luxembourg, one of the tax heaven countries, enjoys the privilege of being the Richest Countries in the World by GDP Per Capita. The industrial sector also includes chemicals, rubber and automobile products. Luxembourg is highly benefited from its neighboring countries of Belgium, France and Germany. Due to attractive corporate tax laws, Luxembourg is ideal place for headquarters of many of Multinational companies and conglomerates.