Richest Country in the World 2018 – Can You Guess?
When a country’s riches are no longer just perceived by what the eyes can see nor how widespread its sphere of influence but rather is judged by its gross domestic product per capita, the richest country in the world may not always be what people would expect them to be. Some countries—despite their relative obscurity to some people—may actually be richer than they appear while some being the complete opposite.
But while our perceptions about this matter may not always be trustworthy given our oftentimes lack of proper information, crunch numbers do not lie which makes the GDP per capita formulation the de facto basis for a country’s wealth, especially when comparing to others. Gross domestic product (GDP) per capita is the valuation of all products produced and services rendered in a particular country given a full calendar year.
This is the Richest Country in the World – And 7 Others
With that being said, let us identify the world’s richest countries as per latest consensus based on this tried-and-true formula:
Endowed with a profusion of natural gas and oil which generate much of its annual revenues, the middle-eastern kingdom of Qatar is the richest country in its region as well as globally. This is not to mention of the kingdom’s export of valued resources like steel, urea, and ammonia fertilizers as well as, arguably, the best airline in the world, Qatar Airways. With an estimated GDP per capita of around $124,000 to $129,000, Qatar unsurprisingly retains its status as among the richest countries in the world for a long time now.
Considered the “Las Vegas of Asia” due to its prolific indulgence in gambling, Macau is a haven for high-profile gamblers from across the globe. Coincidentally, the tourism and hospitality business are also rife in this small region of China. Furthermore, Macau is also a good source of garments which it exports and whose revenue adds to the country’s GDP per capita bottom line. At the present, Macau’s GDP per capita is estimated to be around $114,000 to $125,000 which is astonishing.
The country’s economic growth rate may be considered moderate by modern standards but the country’s inflation rate is also very low which makes this place well-balanced for its populace. When it comes to unemployment rate, this rich European country has the lowest in the world. But, then again, it could also be due to the country’s relatively low population at less than 600 thousand people which could easily be accounted for with work. Luxembourg may not be known for its produce of natural resources which makes most country wealthy but with banking and finance at the heart of its business, it is a country with very good cashflow. In fact, it has the second biggest financial investment destination in the world, next to the United States. This country has an estimated GDP per capita of $94,000 to $112,000.
Aptly dubbed as one of the four tiger economies of Asia due to its spurt of development from within the 1960’s and 1990’s and whose status it maintains to this day, the micronation of Singapore is a testament that small nations can outperform bigger ones with just the right management. But like any well-maintained economies, Singapore’s is not without the right foundation. With a huge influx of tourism and a conducive environment to do business, Singapore is a revenue-making machine. This is further compounded with a robust finance sector and proper investment in technology. When it comes to products and services, Singapore is at the lucrative business of oil refining and electronics manufacturing. The culmination of all these elements resulted to the country’s GDP per capita of $90,000 to $93,000.
- Brunei Darussalam
Rich in oil and natural gas, the kingdom of Brunei Darussalam may not be the richest country in the world but it is able to maintain its status as a debt-free nation. But the country also generates large sums of revenue from other sources as well such as from foreign investment. Yet, on the other hand, the country’s economy has its pillar on both banking and tourism. Infrastructures and transport are also well-developed. With the aforementioned as its strengths, Brunei Darussalam is a country so rich, it is able to sustain a high quality of living for its small populace of 417,000 people which places them at the second ranking in human development index within South Asia alone. Consequently, Brunei Darussalam generates a GDP per capita of $76,000 to $77,000.
With an economy that weighs heavily on the renewable sources of energy, Ireland is able to maintain a sustainable growth in comparison to other countries which depends on crude oil. But Ireland is also a country where much is happening commercially in line with a booming tourism. Accounting 6.5 million of its inhabitants, Ireland is able to make a GDP per capita of $72,000 to $75,000.
Leading the Scandinavian region for its overall high-quality of life, the Norse’s quality of living has been at the top of the charts for several years. But this kind of phenomenon is not only perceptive to its 5.2 million many people, they actually enjoy it, consequently making them the happiest people in the world. The Norse are entitled to appealing social benefits such as free health care and up to 46 weeks of paid leave on top of an already highest salary in the world. Norway is able to sustain a good life to its people thanks to its large reserve of valued resources, namely oil, gas, fresh water, and minerals. However, the country’s major exports are actually woods and fresh fish. The country’s GDP per capita ranges between $70,000 to $72,000.
Joining the ranks of oil-rich kingdoms in the Middle East, Kuwait maintains its wealthy status despite the dynamics in the pricing of oil. It isn’t the richest country in the world but revenues from oil is only a portion of its total income. It also thrives in other sectors such as tourism, finance, health, as well as research. Of all currencies, Kuwait’s Dinar is the highest valued where a single Dinar equates to 3 US dollars. The kingdom’s GDP per capita is set between $69,000 to $71,000.