Top 10 Richest Countries In The World - Her Espresso

Top 10 Richest Countries In The World

What do people think when they think about the richest countries in the world? Of the almost 200 countries on the planet, only a handful actually generate a large enough income to be called the richest countries in the world. The annual revenue of these countries is in billions and trillions of dollars. The GDP of these countries decides which of them is the richest.

The Wealthiest Countries in 2018

The numbers are based on the International Monetary Fund’s annual report published in October. Most richer countries of the world are not necessarily the biggest Also to anyone who says money does not buy happiness why are some of the richest countries also the happiest?

Let’s take a look at the top 10 richest countries in the world.

10. Hong Kong

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Hong Kong has the title of the easiest place in the world to do business in South East Asia. A lot of companies set up their offshore headquarters in Hong Kong because of they’re relaxed policies and liberal tax laws.

In Hong Kong, there are now more than 10,000 people who own more than 30 million dollars. The Chinese city is ahead of New York, which has “only” 8,800 super rich. Tokyo comes in 3rd position. Hong Kong is the 10th richest nation in the worlds as per the data from the IMF and the GDP per Capita index. [3]

9. United Arab Emirates

The UAE is a conglomerate of 7 Arabic states with Dubai being one of the most populous of the lot. The UAE is still controlled by a royal family and they take great pride in the development of the market and economy.

With a GDP per capita of $68,250, this oil-producing nation has left no stone unturned to make the UAE one of the most developed nations in the world.

Each Emirati receives from the government a monthly pension of about $ 4000 a month, supplemented by an allowance to pay for a vehicle. For each wedding (since a man can get married up to 4 times), the family receives a bonus of $ 25,000 and a villa as a gift. The couple also earns a bonus for each birth. [1]

8. Kuwait

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The Kuwaiti dinar is the highest-valued unit of currency in the world. Enough said!  While a few countries were negatively impacted by the reduction in oil prices Kuwait’s economy held strong. Kuwait has invested a large portion of funds to accelerate growth in other areas and the results have been quite impressive.

If the Kuwaiti ill and he can not be cured at home, no problem… the government will pay for the treatment in any country of the patient, as well as all costs to support relatives.

The GDP per Capita for Kuwait is just shy of $70,000 but the rate at which the economy is growing it won’t be long before they reach the top of the charts. [1]

7. Ireland

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A part of the OECD, the economy of Iceland was boosted due to wise investments and construction growth. Ireland was one of Europe’s biggest success stories. Nicknamed the “Celtic Tiger,” it had low unemployment and inflation, solid growth, and low public debt
Many tech giants have European headquarters in Ireland and due to extremely low corporate tax rates they do little to divert activities off-shore.

The economy is also helped by the strong employment rates, high salaries for individuals, and strong domestic spending. Iceland has a GDP per capita of About $72,630.

6. Norway

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Not only is Norway one of the happiest countries in the world to live in, it is also one of the richest countries in the world.

With a GDP per Capita of $74,882, Norway has the 6th highest GDP as per the IMF data. The economy of Norway is based mainly on oil production and export, coupled with a robust international trade of goods.

5. Brunei

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A country that has not forgotten its rich cultural heritage even when keeping pace with the modern advancements in technology and industry. Brunei is the second most developed country in South East Asia after Singapore.

Its economy depends on oil and gas, exports and trade with nations, however, it has been able to keep economic stability due to its well-diversified investments. Brunei has a GDP per capita of $76,740.

4. Switzerland

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This tiny nation nestled between the Alps has a population of just under 9 million and a GDP per capita of over $80,000.

Banking, industry, international trade, and labor specialization are keys to the economy in the country. Tourism also plays an important revenue earner for Switzerland.

3. Singapore

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This tiny island nation continues to be a strong contender for the world richest country. The economy grew by over 2.5% year-on-year in the first quarter and is not showing signs of slowing down.

The biggest hurdle Singapore needs to overcome is its image as an expert-only field. Singapore’s GDP per capita is about $90,530.

2. Luxembourg

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This tiny European nation has a population of just 600,000. The unemployment rate is at a steady 5%. The economy of Luxembourg is primarily based on steel production and international banking. The dense forest also helps local businesses.

However, with the Brexit in sight, there could be some major instability moving forward. The GDP per capita is $109,190. Not too shabby for such a small nation.

1. Qatar

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Their economy is primarily based on selling the huge reserves of oil this tiny middle eastern nation is blessed to have.