Today We will talk about Top 10 richest country in the world. Do you know the top 10 richest country in the world is small countries?
What do people think when they think of the richest countries in the world? And what comes to mind when they think of the smaller countries of the world? Some may be surprised to learn that even the richest countries have the richest countries.
Some very small and very rich countries like Luxembourg, Singapore, Switzerland, and Ireland have the advantage of having a sophisticated financial sector and tax regime to help attract foreign investment and business talent. Others, such as Qatar, Brunei, and Kuwait, have large reserves of hydrocarbons or other attractive natural resources.
The glittering casinos and crowds are also good for business: Asia’s gambling paradise, Macau, is the world’s second-richest state. According to the International Monetary Fund (IMF), Norway and the United Arab Emirates are two large oil-and-gas-rich powerhouses.
But what do we mean when we say that a country is “rich”, especially in an age of growing income inequality between the rich and everyone else? While Gross Domestic Product (GDP) measures the value of all goods and services produced in a nation, dividing a country’s GDP by the number of full-time residents is a good way to determine how one country’s population relates to another.
The reason why “rich” is often equal to “small” is clear: the economies of these countries are disproportionately large compared to their relatively small populations. That’s why these countries are in the top 10 richest country in the world.
Why are small countries rich ?
One of the richest and least corrupt countries in the world. It also has a kind of social cohesion and unity that only small countries can achieve. If a country was twenty times larger it would be more diverse and less integrated. Its leaders will be more distant from the people, and their policies are more tainted by group corruption. For this reason
Following the Brexit vote, Scottish nationalists called for a new referendum on Scottish independence. But many remain uncontested, and many claim that Scotland is too small to be an independent country. Others claim that Scotland is very weak, as Scotland’s per capita GDP is only 90 percent compared to England.
But by no means is Scotland a “poor” country. It may be poorer than England, but Scotland’s per capita GDP puts it at almost half of the Organization for Economic Co-operation and Development (OECD) ranking of all. This means that by this measure it is similar to France and Japan.
If Scotland is relatively less good than many other rich western countries, there is no reason to believe that this is due to its size. With 4.4 million people, Scotland is about the same size as New Zealand and Finland, and a little smaller than Denmark. None of these countries “barely do.”
Yet this has not stopped critics from claiming that the United Kingdom itself is too small. Scottish scholar George Galloway, for example, criticized the idea of Scottish independence because it would “break up this small country.” He meant the United Kingdom. The UK, however, is larger than all but twenty countries. If Scotland were to be excluded, Rump UK would be the most populous in Europe, with the exception of Germany, France, and (of course) Russia.
That is the main resones of Top 10 richest country in the world are small countries.
1. Qatar
Qatar — GDP per capita: $146,011 (£101,406)
How much has every Qatari citizen lost an average of $15,000 since hydrocarbon prices started falling in 2014? Nevertheless, the country’s oil, gas and petrochemical reserves are so large, and its population so small – just 8.8 million – this marvel of ultramodern architecture, luxury shopping malls, and fine cuisine has topped the list of richest countries in the world for 20 years.
Will he maintain this record? With about 12% of the population being Qatari nationals, the country – as in many other Gulf states – lived in densely populated quarters at a rapid pace among Kovid-19 low-income expatriate workers: by mid-July, one of the highest per-capita rates in the world, confirmed cases. The number was over 100,000.
Surprisingly, however, the economy is expected to continue to grow over the medium term amid growth in gas production and investment in the run-up to the 2022 World Cup. At that point, hopefully, there won’t be a need for social distance on the stands. Qatar is in 1st position in a list of
Surprisingly, however, the economy is expected to continue to grow over the medium term amid growth in gas production and investment in the run-up to the 2022 World Cup. At that point, hopefully, there won’t be a need for social distance on the stands. Qatar is in 1st position in a list of the top 10 richest country in the world.
2. Luxembourg
Luxembourg – GDP per capita: $94,167 (£65,399)
You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you can set up afore account through any of its banks and never set foot again like many people. Yet it pity: this nation, located at the very edge of Europe, with a population of about 600,000, offers plenty to both its tourists and its citizens.
Luxembourg uses a large portion of its wealth to provide better housing, healthcare and education for its people, who enjoy the highest living standards in the eurozone. However, when the global financial crisis and pressure from the EU and OECD reduced banking secrecy, the coronavirus outbreak shut down many businesses and forced workers to lose their jobs.
The National Government Statistics Service, the state, has already stated that it expects the recession to be as short as possible and that in 2021 this year the Grand Duchy’s GDP will grow from 7% to 12%. In 2015, the country’s per capita GDP peaked at 100,000,000 and never looked back. Even an epidemic is unlikely to change that. This country is in the top 10 richest countries in the world. Luxembourg is in 2nd position in a list of the top 10 richest country in the world.
3. Singapore
Singapore — GDP per capita: $84,821 (£58,909)
With a fortune of approximately 16 billion, Restaurant. Zhang Yong is the richest man living in Singapore. In second place (with some surprises) is Eduardo Severin, co-founder of Facebook, who in the US with 53 million shares of the company in 2011 with a fortune of about 14 billion. Left and became a permanent resident of the island nation. Severin chose it not just for its urban attractions or natural gateways: Singapore is a thriving financial haven where capital gains and dividends are tax-free.
But how did Singapore become so prosperous? When the city-state became independent in 1965, half the population was illiterate. With virtually no natural resources, Singapore pulled itself together through its bootstraps with hard work and smart policy, becoming one of the most business-friendly destinations in the world.
Today, Singapore is a thriving business, manufacturing, and financial center (most importantly, 97% of the adult population is now literate). That is not to say that it is immune to the effects of the global recession: the economy recorded a record 41% in the second quarter of the year, pushing the country into recession for the first time in a decade. Singapore is 3rd position in a list of the top 10 richest country in the world.
4. Brunei Darussalam
Brunei Darussalam — GDP per capita: $80,335 (£55,793)
1,788 rooms, including 257 bathrooms, a banquet hall that can accommodate up to 5,000 guests, a mosque for 1,500 people, an air-conditioned stable for 200 polo ponies, 5 pools, and 18 elevators: This is where the Sultan of Brunei, Hassanal Bolikia, lives. His fortune, from the country’s vast oil and natural gas reserves, is estimated at $28 billion, more than 50 times that of Britain’s Queen Elizabeth. Despite Bolekia’s prosperity and over$ 80,000 per capita purchasing power, Brunei is malnourished.
Although data is scarce, it is estimated that up to 40% of its 450,000 population earns less than $ 1,000 a year. Fortunately, the country survived the worst coronavirus epidemic: in July, noting that no new cases of infection were reported in more than two months, Brunei’s Ministry of Finance and Economy said that in the first quarter of the year – most other countries were already in recession. – The economy grew by 2.4%. Brunei Darussalam is 4th position in a list of the top 10 richest country in the world.
5. Kuwait
Kuwait — GDP per capita: $71,600 (£49,726)
The flat Arabian desert covers most of Kuwait. It was only in 1938 that oil was discovered under its sands. Lots of oil: Kuwait accounts for 6% of the world’s total reserves. The oil industry today accounts for about 40% of the country’s GDP and 90% of its exports.
With a population of about 4.1 million (of which one million are formerly Pato), it is almost entirely concentrated in urban areas, this small state on the northern edge of the Persian Gulf is the most advanced and democratic in the Middle East. However, the record lows in oil prices in recent years have caused the very prosperous Kuwaitis to worry: in 2015, the government announced the first budget deficit in more than a decade – among others.
The country has since taken steps to diversify its economy by allowing 100% foreign ownership in a number of sectors and granting various tax breaks to investors. The story is completely different when it comes to foreign workers.
Faced with the economic uncertainty brought on by the epidemic, the National Assembly recently passed a bill to sharply reduce their numbers as a result of increasing demand for employment among locals. Hundreds of thousands of livelihoods are at stake, along with sending crucial contributing money to countries such as India, Egypt, and the Philippines. Kuwait is in 5th position in a list of the top 10 richest country in the world.
6. Norway
Norway — GDP per capita: $67,619 (£46,962)
Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. As the top petroleum producer in Western Europe, the country has benefited from rising prices for decades. Not now: After prices broke, a global epidemic broke out, sending the krone to freefall.
Today, the export-oriented economy is facing its first recession after the global financial crisis. Does that mean he will become significantly less wealthy? Probably not. In June, just weeks after interest rates were cut to zero, the country’s central bank governor said he was surprised by the pace and strength of the boom in productivity.
On the other hand, as fate may throw at them when it comes to economic problems, Norwegians can always count on the world’s largest $ 1.2 trillion sovereign wealth fund. Not only that, they know that with big wealth comes big responsibility: Unlike many other rich countries, per capita GDP figures are a reflection of people’s economic well-being. Norway has the lowest income inequality gap in the world. Norway is in 6th position in a list of the top 10 richest country in the world.
7. United Arab Emirates
United Arab Emirates — GDP per capita: $67,201 (46,671)
Agriculture, fishing, and commercial pearls: This was the economic base of the Persian Gulf nation. Then in the 1950s oil was discovered and everything changed. Today, its entire population enjoys considerable wealth, traditional Islamic architecture blends with glossy shopping centers, and workers from around the world are lured by tax-free salaries and year-round sunshine (only 20% of people living in the country are actually locally born).
The UAE economy is also becoming increasingly diverse. Outside the traditionally dominant hydrocarbon sector, trade and finance, as well as construction and tourism are the main industries. This year, however, its beaches and hotels will remain empty. The city was supposed to host the much-anticipated Dubai World Expo, the largest event to date with an estimated 25 million visitors abroad. For obvious reasons, it had to be postponed to next year. The United Arab Emirates are in 7th position in a list of the top 10 richest country in the world.
8. Hong Kong
Hong Kong — GDP per capita: $57,676 (£40,056)
Under British rule, it did not have to suffer from a closed economy like communist China. It served as an important port for the entire East. It is a natural deepwater port with ideal conditions for operating all types of ships Given that location, and the availability of cheap labor, it became a hub for electronics manufacturing and assembly.
It has made a successful transition from a manufacturing/assembly hub to a services center. It is now an international banking and financial hub.
Hong Kong is small compared to its neighbors who have developing economies. By offering a tax-friendly business environment, many businesses establish office fees there. The same reason you have H.K. You will also find many trade shows on. By reducing taxes, consumption is also increased. This makes it a pocket-friendly discount destination for shopping. Therefore, more business activity leads to more income.
This type of tax policy only works in small countries and requires a large economy nearby to offset lower taxes. The Maldives and Ireland follow a similar model. Hong Kong is in 8th position in a list of the top 10 richest country in the world.
9. United States
United States — GDP per capita: $57,045 (£39,618)
The United States led the world in the development of financial assets last year, due to tax cuts and booming stock markets, but the distribution of its assets was more uneven than other countries, according to a study published Wednesday.
Acquired and owned annually by the German insurer Allianz of the world’s stocks, bonds, cash, and other assets, it was also found that the poorer countries would no longer catch up with the richer countries, reversing the trend. For the first time since 2000, the number of middle-class people worldwide declined, as measured by their financial holdings.
And the world’s richest are getting richer. The top 1 percent have 44 percent financial wealth and their share is growing. “The super-rich really seems to be outnumbered by the rest of society,” said the president of Allianz.
The epidemic will only widen the arena between the rich and the poor, the study authors said. Developing countries will suffer the most from the decline in world trade, and the poor suffer the most from the stress of health care systems and public schools. The United States is in 9th position in a list of the top 10 richest country in the world.
10. Switzerland
Switzerland — GDP per capita: $56,815 (£39,458)
White chocolate, bobsleigh, and of course – a Swiss Army knife. Also computer mouse, velcro and LSD. The list goes on and on: these are just some of the discoveries that Switzerland has made in the world. However, today the country of 6.6 million has its assets for its banking and insurance services and tourism as well as for the export of pharmaceutical products, gems, and precious metals, precision instruments and machinery (watches, medical devices) and. Computer).
Is it really surprising that Switzerland has the density of millionaires in the world? For every 100,000 inhabitants, there are 9,428 of them (including billionaires) – 11.8% of the total considering only the adult population. All the world’s money, however, could not protect the Swiss economy from the effects of Covid-19: production is expected to decline by 7% in 2020, pushing the country into its worst recession since World War II. Switzerland is in 10th position in a list of the top 10 richest country in the world.
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