Top 10 Richest Countries in The World: Wealth and affluence can vary differently from country to country. In some countries, the majority of people are living in poverty, while other nations are flush with riches. But what are the 10 wealthiest countries in the world?
Factors for Rating the Richest Countries in the World
It can be tricky to put a precise number on a country’s wealth because there are so many considerations that must be made before one can confidently declare one nation to be richer or wealthier than another. Several examples are provided below:
- Gross Domestic Product (GDP)
- Standard of living
- General wellbeing
- Good governance
- Ecological biodiversity
- Time use
- Emotional well-being
- Cultural diversity
- Community vitality
Although all these are very useful components to examine before measuring a country’s wealth, this essay will only use GDP as a measure. This is because determining all the rest would require a complicated investigation, and not every country makes its statistics available. So, according to the World Bank, here is a list of the top 10 countries in terms of GDP per person.
Top 10 Richest Countries in the World
- Qatar: The small Middle Eastern country is considered the richest nation on Earth due to its abundance of natural gas and oil reserves. With a GDP per capita of $130,249, it’s nearly three times richer than the United States ($52,378).
- Luxembourg: This small European country is known for its thriving financial industry, which makes it one of the richest nations in the world with a GDP per capita of $106,737.
- Singapore: Boasting low taxes and an emphasis on business development, this Asian city-state has consistently been ranked as one of the most prosperous places in the world, with a GDP per capita of $100,159.
- Brunei Darussalam: Sitting on vast reserves of oil and gas deposits has helped this Southeast Asian sultanate become one of the wealthiest countries on Earth, with a GDP per capita of $85,229
- Ireland: It might be relatively small, but thanks to a pro-business climate and tech sector, growth, this Irish nation is among some of the wealthiest with a GDP per capita of $83,274
- Norway: Despite having only around 5 million people living there, this Scandinavian country punches well above its weight when it comes to wealth due to its large natural resources like petroleum and hydropower, with a GDP per capita of $82,760
- Kuwait: Another oil-rich Middle Eastern country; Kuwait sits near the top with a massive economy powered by exports such as crude petroleum, which gives it a hefty GDP per capita at$79,492
- United Arab Emirates: High oil prices have pushed this federation up and towards higher wealth. rankings and put their per capita income at an impressive level of $67,795
- San Marino: Although technically not part of Italy, San Marino manages to do better economically, thanks largely to tourism, making it possible for them to have a high GDP per capita: 67368 dollars.
- Hong Kong’s business opportunities coupled with competitively low taxes make Hong Kong’sDespite being one of Asia’s smallest nations, hold its own when it comes to wealth too, with its residents earning over 64571 dollars each year, according to the World Bank estimates
According to data compiled by the World Bank in 2022, these are the 10 wealthiest nations on Earth. It can shift over time as GDP rises and falls in various countries. Share this article with friends so they can educate themselves on the top 10 countries in the world.