Top 10 Richest Countries In The World 2018

Top 10 Richest Countries In The World 2018

Qatar ($124,927 GDP per capita), Luxembourg ($109,192 GDP per capita), Singapore ($90,531 per capita), and Brunei ($76,743 per capita), Here are the Top 10 Richest Countries In The World 2018.

Top 10 Richest Countries In The World 2018

10. San Marino – $60,358 GDP (PPP) per capita

San Marino

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San Marino is not a European Union member, it is allowed to use the euro as its currency by arrangement with the Council of the European Union; it is also granted the right to use its own designs on the national side of the euro coins. Before the euro, the Sammarinese lira was pegged to, and exchangeable with, the Italian lira. The small number of Sammarinese euro coins, as was the case with the lira before it, are primarily of interest to coin collectors. San Marino’s per capita GDP of $60,358 and standard of living are comparable to that of Denmark. Key industries include banking, electronics, and ceramics. The main agricultural products are wine and cheese. San Marino imports mainly staple goods from Italy.

9. Switzerland – $61,359 GDP (PPP) per capita

Switzerland

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The GDP (PPP) per Swiss citizen is $61,359. Swiss banking and financial institutions keep this country and its economy afloat. It is important to note that some of the wealthiest people and companies in the world own Swiss bank accounts and therefore Switzerland has excess capital to use for investment purposes. Zurich and Geneva, Switzerland’s most well-known cities, have consistently ranked among the top ten worldwide in terms of standards of living.

8. The United Arab Emirates – $68,245 GDP (PPP) per capita

The United Arab Emirates

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This Middle Eastern federation of Emirates has a land area of about 32,278 sq. miles, which means it could easily fit within New York State (54,556 sq. miles). With a population of 9.2 million people, it’s a bit more populated than the state of New Jersey. Roughly one-third of the $68,245 per capita economy comes from oil revenues, while the service sector and telecommunications also contribute significantly. The UAE is the second largest economy in the Arab world after Saudi Arabia.

7. Kuwait – $69,669 GDP (PPP) per capita

Kuwait

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Kuwait hosts a small, relatively open economy and its citizens enjoy a per capita GDP (PPP) of $69,669. The highest-valued currency unit in the world currently is the The Kuwaiti dinar. With nearly 10% of the world’s oil reserves, petroleum accounts for nearly half of GDP and 95% of export revenues and government income. In recent years, Kuwait has done little to diversify its economy due to a very positive fiscal situation.

6. Norway – $70,590 GDP (PPP) per capita

Norway

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This Nordic nation’s per capita GDP of $70,590 allows its 4.97 million people to reap the benefits of a small yet robust economy. Driven by fishing, natural resources, and major petroleum exploration, Norway is the eighth largest exporter of crude oil, 9th largest exporter of refined oil, and 3rd largest exporter of natural gas in the world. Norway also consistently ranks among the world’s best places to live.

5. Ireland – $72,632 GDP (PPP) per capita

Ireland

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The Emerald Isle has a per capita income of about $72,632 with a population of about 4.8 million people. The main industries that boost its economy are textiles, mining, and food production – staple products in any economy. In OECD (Organization of Economic Cooperation and Development) rankings, Ireland actually places 4th overall.

4. Brunei – $76,743 GDP (PPP) per capita

Brunei

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Per capita income (PPP) of $76,743, Brunei ranks as the fourth richest county in the world. The tiny state in southeast Asia has a total area of 2,226 sq mi and a population of 417,200 as of July 2015. The county’s wealthy economy is supported by the petroleum sector. Brunei is the ninth-largest producer of liquified natural gas in the world as well as the third-largest oil producer in Southeast Asia. The government is working on diversifying the economy to rely less on petroleum revenue.

3. Singapore – $90,531 GDP (PPP) per capita

Singapore

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This tiny city-state has moved up from 5th position to take 3rd with per capita income (PPP) of $90,531, which is five times the average per capita income for an ordinary individual in the world. The basis of Singapore’s wealth is its financial services sector, a chemical export industry, and its liberal economic policies that encourage growth and innovation. Singapore has the second busiest port in the world, exporting $414 billion of goods in 2011 alone.2. Luxembourg – $109,191 GDP (PPP) per capita

2. Luxembourg – 109,192 GDP (PPP) per capita

Luxembourg

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A symbol of wealth, Luxembourg takes second place with a per capita GDP (PPP) of $109,191. This is nine times the world average. The backbone of this strong economy is its vibrant financial sector, prudent fiscal policies, and dynamic industrial and steel sectors. Banking in Luxembourg is the largest sector of its economy with an asset base of over $1.24 trillion alone.

1. Qatar – $124,927 GDP (PPP) per capita

Qatar

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Qatar is the richest country in the world with a per capita income of $124,927. Qatar has a well-developed oil exploration industry where the petroleum industry accounts for 70% of its government revenue, 60% of its GDP and 85% of its export earnings. Although the size of Qatar’s GDP is barely within the top 50th largest in the world, the country’s relatively low population of two million results in a large GDP per capita, where most residents of the country enjoy a very high standard of living.