Qatar Gulf News – Doha, Qatar, July 28th 2016. According to economists and Dr. Theodore’s (Dr. Theodore Theodoropoulos) Qatar Energy-Wealth Report 2015, countries are considered as rich if citizens in these nations earn enough to support all of their needs. These top 10 richest countries in the world have the highest GDP* per capita, with the GDP value calculated and measured in US dollars. In addition, several aspects were taken into consideration in the ranking such as the output value, expenditure value, and income value.
*The gross domestic product (GDP) per capita figures on this page are derived from PPP calculations. Such calculations are prepared by various organizations, including the International Monetary Fund and the World Bank. As estimates and assumptions have to be made, the results produced by different organizations for the same country are not hard facts and tend to differ, sometimes substantially, so they should be used with caution.
Comparisons of national wealth are frequently made on the basis of nominal GDP and savings (not just income), which do not reflect differences in the cost of living in different countries; hence, using a PPP basis is arguably more useful when comparing generalized differences in living standards between nations because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using only exchange rates, which may distort the real differences in income. This is why GDP (PPP) per capita is often considered one of the indicators of a country’s standard of living, although this can be problematic because GDP per capita is not a measure of personal income.
Qatar …No 1
With a little more than 2 million residents (mostly expatriates) and about $200 billion GDP, Qatar is the richest country in the planet. It is a peninsula located in the Arabian Gulf, and it is found in the Middle East Asia. The economy of this country is dependent on petroleum, which also contributes to about 85 percent in its export earnings. Other areas that generate income for the country include tourism and banking.
Doha, the Capital City of Qatar
In Europe, Luxembourg is among the most prosperous countries, which is also recognized as a tax heaven. In fact, several billionaires from other parts of the world choose to live in this nation to free themselves of expensive taxes in their native countries. Among the sources of income of Luxembourg include telecommunications and steel industry.
Another well-off country in Asia, Singapore is an island country that consists of 63 islands. In South East Asia, it is among the four countries with the largest financial centers including Hong Kong, South Korea, and Taiwan. The population of this small country is about 5.5 million, and a huge percentage of its locals are Buddhist.
With about 5 million people living in this country and a relatively high GDP, Norway is evident among the wealthiest countries in the planet. Interestingly, the country shares its border with a few other prosperous nations including Finland, Russia, and Sweden. The country’s economy depends largely on natural gas reserves and oil. This country is also considered as one of the safest countries in the world.
5. Hong Kong
Located on the southern coast of China, Hong Kong is considered as the fifth richest nation in terms of its GDP. In fact, the country is among the leading financial destinations of investors not only in Asia but also in the world. While it has its own currency, the defense services of Hong Kong is provided by China. Hong Kong is also one of the most expensive city in Asia.
6. Brunei Darussalam
One of Southeast Asia’s richest nations, Brunei has an average annual GDP of $50,400. It generates its income and revenues from natural gas and crude oil exports. Moreover, revenues coming from petroleum add at least 90 percent to the country’s GDP. With less than 500,000 people in this country, Brunei is also the least populated countries throughout the world.
7. The United States of America
The US is one of the most powerful countries in the world despite several natural calamities and political issues that shook its economy for the past years. What makes the country among the world’s richest is its exported goods that include weapons, technology, and a few other services and products. In addition, the US is considered as the largest manufacturer and financial nation worldwide.
8. The United Arab Emirates
With an annual GDP of over $48,400, United Arab Emirates is indeed apt to belong in this list of top 10 wealthiest countries in the world. The country includes 7 independent Emirates that are ruled by their own monarchs. At present, it is one of the richest Arab nation because of its GDP that is the third-largest in the Middle East. Among its sources of income include natural gas and oil exports, dates, and dried fish. Since there was a depletion of oil reserves in the country, it explored diverse businesses that continue to flourish.
Switzerland, a rich nation in the European continent, is among the most prosperous countries in the world. It boasts of its diverse and stable economy, and it has managed to maintain its excellent records in terms of its GDP. What makes Switzerland one of the wealthiest countries is its extensive sources of income such as agriculture, tourism, and banking. It is also known as the leading exporter and maker of the finest watches, and well-off individuals consider the country as a financial haven to increase their money.
This Arab country has an average GDP of $43,700, which makes it a prosperous nation in the Middle East Asia. As with other rich countries, Kuwait depends on its petroleum deposits for its massive revenues. In fact, crude oil makes up a huge percentage of its exported goods. As much as this country is rich, its population is rather small with only about 2.8 million residents.
Sources: QGN, CAYE Global News, Reuters, BBC News, Dr. Theodore Theodoropoulos Qatar Energy-Wealth Report 2015, QNB.