World richest countries


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World richest countries

  1. 1. Worlds Richest CountriesBangalore: If wealth is the power then Qataris have the most as Qatar is the richestcountry in the world. Forbes ranked the world’s richest countries based on their grossdomestic product (GDP) at purchasing power parity per capita, the value of all finalgoods and services produced within a country in a given year. Qatar was followed byLuxemburg and Singapore.The list of the richest countries of the world includes: 1. Qatar:The Persian Gulf emirate with a population of 1.7 million people ranks as the world’srichest country per capita. Thanks to a rebound in oil prices and its gigantic natural gasreserves. Adjusted for purchasing power, Qatar booked a probable gross domesticproduct per capita of more than $88,000 for 2010.Qatar has the third-largest reserves of natural gas in the world, and the country hasinvested heavily in infrastructure to liquefy and export it and to diversify its economy.Qatar has attracted multinational financial firms to the country, as well as satellitecampuses of U.S. universities. The government is pouring money into infrastructure,including a deepwater seaport, an airport and a railway network, all with an effort tomake the country a better host for businesses and the 2022 World Cup.
  2. 2. 2. Luxembourg:The second place is taken by Luxembourg. The country has a per capita GDP on apurchasing-power parity basis of just over $81,000. Luxembourg with half a millionpeople became a financial hub in the latter half of the 20th century, partly due to strictbanking secrecy laws that earned it the reputation of a tax haven. 3. Singapore:Singapore is the third richest country in the world. The city-state thrives as a technology,manufacturing and finance hub with a GDP (PPP) per capita of nearly $56,700.The country has one of the highest per-capita GDP in the world. In addition, its port
  3. 3. infrastructure and skilled workforce, which is due to the success of the countryseducation policy in producing skilled workers, is also essential in this aspect as theyprovide easier access to markets for both importing and exporting, and also provide theskills needed to refine imports into exports. 4. Norway:Norway ranks fourth on the list. Norway’s petroleum accounts for nearly half of exportsand over 30 percent of state revenue. It is the main contributor to its PPP-adjusted GDPper capita of nearly $52,000.The country is also one of the largest gas exporters of the world. Shipping has also longbeen a support of Norways export sector, but much of the countrys economic growthhas been fueled by an abundance of natural resources, including petroleum explorationand production, hydroelectric power, and fisheries. Norway has a very high standard ofliving compared to other European countries and has a strongly integrated welfaresystem. Norway is the worlds second-largest gas exporter and its position as an oilexporter has slipped to ninth-largest.
  4. 4. 5. Brunei:Brunei is the fifth wealthiest country in the world. It has a GDP (PPP) per capita of about$48,300. The country is rich due to its extensive petroleum and natural gas fields.Brunei Darussalams economy has been dominated by the oil and gas industry for thepast 80 years, and the hydrocarbon resources account for over 90 percent of its exportsand more than half it’s GDP. The country currently has the second highest GDP percapita in the Southeast Asian region and is the fourth largest oil producer in the regionand ninth largest exporter of liquefied natural gas in the world. 6. United Arab Emirates:The United Arab Emirates took the sixth position on the list. UAE looks to its oil and gasfor about 25 percent of its GDP, which is nearly $47,500 per capita (PPP).
  5. 5. Though the UAE is becoming less dependent on natural resources as a source of revenue,petroleum and natural gas exports still play an important role in the economy, especiallyin Abu Dhabi. A gigantic construction boom, an expanding manufacturing base, and athriving services sector are helping the UAE diversify its economy. 7. United States of America:United States is the seventh wealthiest country in the world. The country has a per capitaGDP on a purchasing-power parity basis of just over $46,000. The U.S. is the largesttrading nation in the world and its three largest trading partners as of 2010 are Canada,China and Mexico. The country has maintained a stable overall GDP growth rate, amoderate unemployment rate, and high levels of research and capital investment.The U.S.A remains the worlds largest manufacturer, representing a fifth of theworldwide manufacturing output. Of the worlds 500 largest companies, 133 areheadquartered in the United States. It is also one of the world’s largest and mostinfluential financial markets.
  6. 6. 8. Hong Kong:Hong Kong is the eighth richest country in the world. The country is dependent oninternational trade and finance. The GDP (PPP) per capita of Hong Kong is estimated tobe $45,944.As one of the worlds leading international financial centers, the country has a majorcapitalist service economy characterized by low taxation and free trade. Hong Kong’seconomic strengths include a sound banking system, virtually no public debt, a stronglegal system, ample foreign exchange reserves and rigorous anti-corruption measures. 9. Switzerland:
  7. 7. Switzerland ranks ninth on the list. The GDP (PPP) per capita of the country is $41,950.The country has one of the worlds most stable economies.The country’s policy of long-term monetary security and political stability has madeSwitzerland a safe haven for investors, creating an economy that is increasinglydependent on a steady tide of foreign investment. Due to the countrys small size andhigh labor specialization, industry and trade are the keys to Switzerlands economiclivelihood. The country has achieved one of the highest per capita incomes in the worldwith low unemployment rates and a balanced budget. 10. Netherlands:Netherlands is the tenth wealthiest country in the world. The GDP (PPP) per capita ofthe country is over $40,900. The country’s main industries include agriculture, metal,and engineering products.The country’s government plays a very active role in maintaining a high standard ofliving for its citizens. Unemployment is also low because thousands of people havesimply dropped out of the labor force and are living on government benefits. The countryis a model of liberal social policy and lenient economics.Australia ranked eleventh on the list of the world’s richest countries while Austria ranked
  8. 8. twelfth. Ireland, Canada and Kuwait took the thirteenth, fourteenth and fifteenthposition respectively.