According to leading global political economists, countries are considered rich only when their citizens earn enough money to support all of their needs. These top ten richest countries in the world are among the few countries who 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, including the income value, output value, and the expenditure value.
10. Kuwait
Top 10 Richest Countries in the World 2014
This country, located in the Persian Gulf, has an average GDP of $43,700. This makes it one of the most prosperous nations in the Middle East. As with other rich countries on this list, Kuwait is reliant on its petroleum deposits for the majority of its revenue. In fact, crude oil makes up a large percentage of its exported goods. As much as this country is rich, its population is rather small with a population of 2.8 million people.
Petroleum was what started the war between Kuwait and Iraq. In 1990, Iraq accused Kuwait of stealing Iraqi petroleum through slant drilling, although some Iraqi sources argue that Hussein’s decision to attack Kuwait was made only a few months before the actual invasion. Some scholars also believe there were several reasons for the Iraqi move, including Iraq’s inability to pay more than $80 billion that had been borrowed to finance the Iran–Iraq war and Kuwaiti overproduction of petroleum which kept revenues low for Iraq.
9. Switzerland
Top 10 Richest Countries in the World 2014
Home to the world’s richest bank, which is The Swiss Bank, Switzerland, is also one of the world’s richest countries. This is mainly due to its extremely efficient banking system. Along with it, Geneva in Switzerland is home to some of the world’s biggest agencies’ headquarters. This has a large impact the policy-making of the Swiss government and makes sure that its citizens are given the utmost importance. Apart from these, its liberal taxation policies have ensured that the county’s GDP is on the rise, despite the European economic crisis. The current GDP of Switzerland is $45,285.8 and it is expected to rise by $54,000 by 2018.
This information is not surprising considering that eight Swiss citizens figured in the 2007 list of the 500 richest people in the world drawn up by the US magazine Forbes. However, only one – Ernesto Bertarelli – made the top hundred (in 76th place), with a fortune of 8.8 billion dollars. The Forbes list also included 15 foreign residents of Switzerland, eight of them from Germany. The richest person in Switzerland, however, was Ingvar Kamprad, the Swedish head of the IKEA furniture giant, whose fortune was put at 33 billion dollars, making him the fourth richest man in the world.
8. United Arab Emirates
Top 10 Richest Countries in the World 2014
With an annual GDP of over $48,400, UAE deserves a spot on this list of top 10 wealthiest countries in the world. The small country is made up of 7 independent Emirates that are ruled by their own monarchs. As of 2014, it is one of the richest Arab nation because its GDP 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 other options for revenue. Experts believe that new oil finds in Coober Pedy, Australia, could wipe out UAE’s oil industry. Whether that will happen, we’ll have to wait and see.
7. United States of America
Top 10 Richest Countries in the World 2014
The United States is one of the most powerful countries in the world, despite several natural calamities and political issues that shook its economy in the past few years. What makes the country among the world’s richest is its exported goods that include, but are not limited to, cars, technology, and a few other services and products. In addition, the United States is considered as the largest manufacturer and financial nation worldwide.
Its economy experienced its worst crisis since the Great Depression in 2007, and then again in 2009. The crisis started in the home mortgage market, especially the market for so-called “subprime” mortgages, and soon spread beyond to prime mortgages, commercial real estate, corporate junk bonds, and other forms of debt. Total losses of U.S. banks reached as high as one-third of the total bank capital. The crisis has led to a sharp reduction in bank lending, which in turn, caused a severe recession.
6. Brunei Darussalam
Top 10 Richest Countries in the World 2014
Brunei Darussalam is known to the general public as just Brunei. This small country in in the south-east region of Asia is located off the north coast of the island of Borneo and has a GDP of $50,526.35.. Brunei Darussalam’s economy has been dominated by the oil and gas industry for the past 80 years, and hydrocarbon resources account for over 90% of its exports and more than half its GDP. Brunei currently has the second highest GDP per capita in the Southeast Asian region and is the fourth largest oil producer in the region and ninth largest exporter of LNG (liquefied natural gas) in the world. In 2011, Brunei was one of the two countries which had 0% public debt. Such a feature in today’s world is extremely unlikely.
5. Hong Kong
Top 10 Richest Countries in the World 2014
Situated on the southern coast of China, Hong Kong is considered as the fifth richest nation in terms of its GDP. In fact, the city-state is among the leading financial destinations of investors not only in Asia, but in the world as well. While it has its own currency, the defense services of Hong Kong is provided by China.
4. Norway
Top 10 Richest Countries in the World 2014
With about 5 million people living in this country and a relatively high GDP, Norway is evidently among the wealthiest countries in the planet. This land of the rising sun, holding its place firmly, has the world’s best social welfare system, where every individual gets to pay if he/she does their bit of work. The extensive natural and fishing reserves has brought the country in the rich list and keeping the healthy and wealthy lifestyle of people.
3. Singapore
Top 10 Richest Countries in the World 2014
Singapore is the third richest country in the world, ranking behind Qatar and Luxembourg. Using the most recent International Monetary Fund data available, academic argue that Singapore thrives as a technology, manufacturing and finance hub with a GDP per capita of nearly US$56,700. The population of this small country is about 5.5 million, and a big chunk of its population is Buddhist.
2. Luxemberg
Top 10 Richest Countries in the World 2014
Luxembourg is the second richest country in the world, according to the latest World Bank reports. Luxembourg has the top position partly thanks to a large number of cross-border workers, who contribute to the country’s GDP but are not counted into the population because they live in neighbouring countries: Germany, France or Belgium. The main source of income for people is the Oil Industry. Luxembourg tops the list of the richest countries in the European Union and Bulgaria, despite some improvement over the last three years, is still the poorest.
1. Qatar
Top 10 Richest Countries in the World 2014
With less than 2 million residents and about $182 billion GDP, Qatar is the most improving as well as the most resourceful country in the world . Their main focuses are the commercial and tourist industries. They plan to build a hotel that exceeds the expectations of tourists far more than than the Burj Al Arab in Dubai. Qatar also plans to be the host of the 2018 Fifa World Cup . Qatar also has the lowest rate of unemployment in the GCC region at 0.5 percent but experts warn that future trends point towards an escalation rather than a decline. Whether it will keep its No.1 spot in 2015, we’ll have to wait ans see. The potential is there.