To obtain a relatively realistic standard of living in a nation, the GDP is measured by Purchasing Power Parity per capital; and this shows you the worth and household consumption rate of the average resident. The GDP data per capita, is nothing short of the country’s economy as it reflects in the living condition of the people. GDP in itself is the worth of a nation’s economy – periodic evaluation and worth of the domestic goods and services of a nation. GDP is the flexible measure of the national economic activity within a period of time.
The richest countries in the world are those countries with a sound and healthy economy. The wealth of nations, measured by The Gross Domestic Products(GDP) might give huge results, but with respect to the living conditions of the people, one might be stunned at the disparity between the two. In that case, the richest of all countries is calculated either by nominal GDP or by Purchasing Power Parity(PPP). Nominal GDP is the measure of the economic worth of a nation disregarding effects of inflation while the GDP by PPP puts into consideration the possibility of inflation.
It is somewhat expected that the citizens of a nation would benefit from the progress of the nation’s economy, but that is not often the case. Some countries by mere GDP rationale are tremendously affluent that it beats imagination why it has not in a convincing way reflected in the lives of the people. There still appears to be a sort of imbalance in wealth distribution, for instance, China with a mind spinning GDP of $18.976 trillion is the world’s leading economy but by per capita GDP(in terms of population), ranks the 87th in the world’s richest list. While the richest country in the world by nominal GDP per capita is Luxembourg, Qatar is the richest Purchasing Power Parity, per capita.
According to IMF, these are the top richest countries by GDP (PPP) per capita:
Top 10 Richest Countries In The World
Total GDP: $320.9 Billion
GDP Per Capita: $61,020
Hong Kong is one of the business-friendly destinations in the international community, and as such, has encouraged a serious capitalist economy. Hong Kong is the 10th richest nation in the world by GDP (ppp) per capita, and it is also known for its low tax rates. This is most probably the direct reason why the country has a high life expectancy (84 years); in other words, the wealth distribution is a near perfect one and the economic success of the country is evident in the lives of the people. From the 1980’s till now, Hong Kong’s economy has been depicting signs of speedy and positive growth against all odds.
Total GDP: $659.8 Billion
GDP Per Capita: $61,360
Switzerland is one of the most stable economies in the world, having a terrific low unemployment rate (3.2% as at 2013). With a vibrant labor force, the nation benefits from their manufacturing and investment-oriented economy in a healthy combination with exports and the service sector. As a member of the European Free Trade Association (EFTA), there is a very liberal trading attitude in Switzerland, thereby empowering the private sector to a large extent. The nation’s industrial treasures are centred in Zurich, harboring about 150,000 companies. Switzerland has one of the lowest rates of home ownership in Europe, commendable living condition and has one of the highest life expectancies in the world with an overall 83 years.
8. United Arab Emirates(UAE)
Total GDP: $348.7 Billion
GDP Per Capita: $68,250
A league of 7 Arabic States with Dubai as the most populous city. UAE’s economy before now was solely on oil and gas exports but currently non-oil sectors like tourism and services sector have improved, generating 71% of the country’s GDP. In Tourism particularly, Dubai raises over 60% while Abu Dhabi, originally known for her oil & gas exports, holds 16%. Though the UAE does not permit the existence of trade unions, it is definitely considered a free trading zone, ranking 25th in the Index of Economic Freedom and 26th in the Ease-of-Doing Business Rank. With a 2013 population of 9.2 million(a 9:1 ratio of expatriates to natives), UAE has enough to go round with a 76 years overall life expectancy.
Total GDP: $114 Billion
GDP Per Capita: $69,670
Meet the 7th richest economy in the world by GDP per capita with a 2014 population of 4.1 million people and 78 years life expectancy. Kuwait has the currency unit with the most value in the world, and holds about 10% of the global oil reserve, thus, it is a petroleum-based economy. Of all the Arab countries, Kuwait is the first to initiate the diversification of the economy in the Middle East and recorded as the most successful Arab nation in investments. Kuwait is not only an oil-friendly nation but also firmly involved in tourism, agriculture, shipping and banking services. As a relatively reasonable area to trade, Kuwait encourages business/entrepreneurial start-ups and for most, social media-based businesses.
Total GDP: $370.6 Billion
GDP Per Capita: $70,590
Norway is yet another country that is doing well by GDP per capita, ranking the 6th in the world, has an incredibly large capital reserve and a highly rated monetary value. Norway assures a standard living condition for her inhabitants with an 82 years overall life expectancy. The major economic activity in this country has always been oil production and exports but in all, they have a vibrant mixed economy, owing to their numerous natural endowments. Norway seems to be the only country that places a percentage of her population on a disability pension.
Total GDP: $294.1
GDP Per Capita: $72,630
The Island country is #5 on the list world’s richest countries. With a population of 6.6 million people, Ireland has one of the highest growth rates in Europe. According to IMF reports, spending, investment and construction drove GDP growth in Ireland in 2016.
Total GDP: $26,938.50 Billion
GDP Per Capita: $76,740
Brunei Darussalam made it on the list of richest countries due to several factors; the country has a 77-78 years life expectancy, 3.7% unemployment rate a population of 415,717 people, and according to the World Factbook, a $79,900 by GPP (PPP) per capita. A small wealthy and diversified economy with keen interests in Oil & Gas(90% of its GDP), imports & exports, agriculture and fisheries; they patronize both local and foreign investments. After Singapore, Brunei is rated the next most developed nation in Southeast Asia.
Total GDP: $297 billion Billion
GDP Per Capita: $90,530
Singapore is the go-to- place for a vibrant, successful and towering economy. Just like China, it has promoted her market economy to a world-class level. The second freest economy after HongKong is the 4th most influential city in the world and a pacesetter in tech-advancement, industrialization and foreign investments. As a wealthy nation, Singapore is known for her feasible social policies, skilled workforce, low tax rates and advanced infrastructure, corruption-free and stable political environment; all these earned her the World Bank’s no 1 for doing business. Singapore enjoys the perks of a vibrant economy such that of a 5.5 million population, 90% own their homes, and is known as one of the top tourist destinations with an estimated record of over 15 million tourists in 2014.
Total GDP: $59.95 Billion
GDP Per Capita: $109,190
With a population of 562,958 people, Luxembourg has an 82 years average life expectancy and a legendary low unemployment rate of 6% as of 2012. Known as a tax haven, banking is the largest sector of the economy, then comes steel production, telecommunication, tourism and agriculture. Luxembourg is prominent for being an internet start-up attraction and an investment hub.
Despite the highly rated market economy of the nation, as at 2014, Luxembourg had the highest external debt per capita in the world with about $3,696,467.
Total GDP: $152.5 Billion
GDP Per Capita: $124,930
Among all the richest countries, Qatar has been the world’s richest nation by GDP(PPP) per capita for over 3 years in a row, according to Business Insider. Before the oil boom in 1940, their economy was predominantly supported by fishing and pearl hunting. Currently, the economy is boosted by oil & gas – 3rd largest reserve in the world, industries, financial sector and tourism; ranking 32nd in the Index of Economic Freedom. The nation’s rank in the standard of living both in the Middle East and the world at large is beyond doubt. Qatar has a population of 2,155,446 people, of which a greater chunk are expatriates, 14% are dollar millionaires(Wikipedia), 79 years life expectancy rate and a 0.4% unemployment rate (2014). Qatar is one of the leading Arab nations and the first ever in the category to host the 2022 FIFA World Cup.