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Top 10 Richest Countries in the World

08-OCT-2018 18:26
Top 10 Richest Countries in the World

The Gross Domestic Product (GDP) is one of the primary indicators used to estimate the health of an economy. It identifies the wealth of a specific country. It is a measure of consumer spending (C) plus business investment (I) and government spending (G) as well as its net exports, which is exports minus imports (X-M).

Top 10 Richest Countries in the World

The top 10 list of the Richest Countries in the World is drafted on the basis of report given by the International Monetary Fund assessments and US Central Intelligence Agency's lists of countries by GDP (PPP) are discussed below:

10. Hong Kong

GDP per capita ($): 63, 350

It is an Administrative Region of the People's Republic of China which is located on the eastern side of the Pearl River estuary in southern China. It has consistently ranked at the top of the Heritage Foundation's index of economic freedom since 1995, but the region suffers from a relatively high level of income disparity.

9. UAE

GDP per capita ($): 69, 900

It is located at the southeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing maritime borders with Qatar to the west and Iran to the north. It has the second largest economy in the GCC (after Saudi Arabia) and ranked as the 26th best nation in the world for doing business based on its economy and regulatory environment, ranked by the Doing Business 2017 Report published by the World Bank Group.

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8. Kuwait

GDP per capita ($): 71,930

It is located in the Western part of Asia and shares borders with Iraq and Saudi Arabia. It has a high-income economy backed by the world's sixth largest oil reserves.

7. Norway

GDP per capita ($): 72,190

It is a Nordic country which is located in the North-western part of Europe. It has one of the highest GDP per-capita among European countries. The economy of this country has a mixed economy which is embedded by a prosperous capitalist welfare state and social democracy country featuring a combination of free market activity and large state ownership in certain key sectors.

6. Ireland

GDP per capita ($): 75,790

It is an island in the North Atlantic which is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. It is the second-largest island of the British Isles, the third-largest in Europe, and the twentieth-largest on Earth. It has a knowledge economy, focused on services into high-tech, life sciences and financial services industries. Ireland is an open economy (6th on the Index of Economic Freedom), and ranks first for high-value foreign direct investment (FDI) flows

5. Brunei Darussalam

GDP per capita ($): 77,700

It is located on the north coast of the island of Borneo in Southeast Asia. It is also known as Nation of Brunei, the Abode of Peace. It has wealthy economy which is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition.

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4. Singapore

GDP per capita ($): 93,680

It is a sovereign city-state and island country in Southeast Asia. It is also a global hub for education, entertainment, finance, healthcare, human capital, innovation, logistics, manufacturing, technology, tourism, trade, and transport.

3. Luxembourg

GDP per capita ($):112,710

It is located in the western part of Europe and shares its border with Belgium, Germany and France. It has stable and high-income market economy features moderate growth, low inflation, and a high level of innovation

2. Macao

GDP per capita ($): 125,170

It is an autonomous territory on the western side of the Pearl River estuary in East Asia. Its economy is based largely on tourism and Other chief economic activities are export-geared textile and garment manufacturing, banking and other financial services.

1. Qatar

GDP per capita ($): 129,360

It is located in the Western Asia which is neighbouring the Gulf Cooperation Council (GCC) monarchy Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf.  Its economy is based on the export of petroleum and liquefied petroleum gas.

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Top 10 Richest Countries in the World

Country (Rank)

GDP per capita ($)

10. Hong Kong

63, 350

9. UAE

69, 900

8. Kuwait

71,930

7. Norway

72,190

6. Ireland

75,790

5. Brunei Darussalam

77,700

4. Singapore

93,680

3. Luxembourg

112,710

2. Macao

125,170

1. Qatar

129,360

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