Top Ten richest Countries in the World

10. KUWAIT

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Coming in at number 10 is Kuwait, which is a high income, petroleum based economy with petroleum and fertilizers as it’s main exports. Kuwait has a population of 4.1 million and a GDP of about $71,020.

The Kuwaiti dinar is the highest-valued currency unit in the world. Petroleum accounts for nearly half of it’s GDP and 94% of export revenues and government income. The abundance of oil in the country makes it one of the leading export commodities, and one of the main sources of income. It is also ruled by a stable monarchical government, which conducts all the country’s affairs smoothly as is reflected in its position.

9. SWITZERLAND

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With a population of 8,211,700 and an income per capita of $58,731 Switzerland is one of the richest countries in the world. Unlike most of the other rich countries, which have one major source of income, Switzerland has come to its position by diversifying and enhancing its economy. It’s most important economic sector is manufacturing.

Most of the country’s leading economic sectors are very well refined offering top quality goods and services and in return getting a bigger market and more money. It also boasts an advanced manufacturing sector and a very organized banking system.

8. UNITED ARAB EMIRATES

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With a population of 9,346,129 and a GDP Per Capita income of 65,037 the UAE’s oil reserves are the seventh-largest in the
world , while its natural gas reserves are the
world’s seventeenth-largest with petroleum and natural gas playing a central role in the economy.
The UAE has risen from one of the
harshest places in the world to one of the best
places to be in. Its current position has a lot to do with the stable system of government, the abundant oil reserves, and the tourism sector. It gets a lot in return for its oil. Further, the great architectural projects carried out in the country makes it one of the leading tourist attraction places, a role that sees it earning a lot of foreign exchange.

7. UNITED STATES OF AMERICA

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This is not only the world’s largest economy but also one of the top 10 richest countries in the world 2015. It has a GDP per capita of $54,596 and a population of 321,369,098.

its economy has reached a postindustrial
level of development and its service sector constitutes 67.8% of its GDP.
Its economic status is largely influenced by the stable and efficient system of government. It is also a leading producer of IT products with a very wide market worldwide. Other economic sectors, which earn it a lot of money, also include the entertainment industry. The USA Is the largest producer of oil in the World as well as it’s second largest importer.

6. BRUNEI DARUSSALAM

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With a population of 415,717 and a Per Capita income of 50,440 Brunei’s small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation,
welfare measures, and village tradition. Crude oil and natural gas production account for about 90% of its GDP. About 167,000 barrels (26,600 m 3) of oil are produced every day, making Brunei the fourth-largest producer of oil in Southeast Asia. [10] It also produces
approximately 25.3 million cubic metres
(890 ×10 6 cu ft) of liquified natural gas per day, making Brunei the ninth-largest exporter of the substance in the world.

Brunei has a very significant position in the list of the top richest countries in the world despite its small size. A lot of its income comes from its natural resources, which include petroleum and a lot of natural gas. Its small population also plays a role in increasing the GDP per capita. Furthermore, it has zero public debt, making it somewhat independent.

5. HONG KONG

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Hong Kong has come to its position by diversifying and improving its economic
sectors. It currently has a GDP per capita of
$56,428 and a population of 7,234,800.
Most of its income comes from sectors
like tourism and transport.
As one of the world’s leading international financial centres , Hong Kong has a major capitalist service economy characterised by low taxation and free trade .

The fact that it has a stable government and that it has a huge role not only in the affairs of China, a rapidly expanding economy, and the whole world in general, also has a significant impact on its position.

4. NORWAY

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With a population of 5,136,700 and a Per Capita income of 67,445 Norwegians enjoy the second-highest GDP per-capita among European countries (after Luxembourg ), and the fourth-highest GDP (PPP) per-capita in the world. The standard of living in Norway is among the highest in the world.
The country is richly endowed with natural resources including petroleum, hydropower, fish, forests , and minerals . It also boasts of the world’s best social welfare system.

Large reserves of petroleum and natural
gas were discovered in the 1960s, which led to a boom in the economy. Norway has obtained one of the highest standards of living in the world in part by having a large amount of natural resources compared to the size of the population.

Today, Norway ranks as the second-wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation.

3. SINGAPORE

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Singapore has a highly developed market economy, based historically on extended entrepôt trade. It has a population of 5,469,700 and one of the highest GDP Per Capita income of 82,762 .
The Singaporean economy is known as one of the freest, most innovative, most competitive and most business-friendly.
Singapore is consistently ranked as one of the least corrupt countries in the world and is the 14th largest exporter and the 15th
largest importer in the world. The country has the highest trade-to-GDP ratio in the world at 407.9 percent, signifying the importance of trade to it’s economy.

It has a very stable political system, which when coupled with the strict and favorable law systems allows smooth flow of the country’s affairs. It’s a delicious and famous cuisine sees it earn an unexpectedly huge amount of money both from within the country and from other countries as well. It also has a very
competitive tourism industry, which sees it host many tourists yearly.

2. LUXEMBOURG

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Luxembourg’s stable and high-income market
economy features moderate growth , low inflation, and
a high level of innovation. Unemployment is also very low and the industrial sector, which was dominated by steel until the 1960s, has since diversified to include chemicals, rubber, and other products. Growth in the financial sector has more than compensated for the decline in steel production .
Services, especially banking and finance, account for the majority of economic output.

This country has the second highest GDP per capita standing at $93,174 and a population of 562,958. Most of its income comes from the sale of its iron and steel products as it has
some of the best iron and steel countries in the world. It also provides international banking services to lots of people all over the world, which sees it earn a lot of income. The government also has set the highest legal minimum salary in a bid to
increase its citizens’ living standards, a strategy that has paid off.

1. QATAR

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Since 2010 Qatar has been the richest country in the world based on per capita income which currently stands at 145,894 with a population of 2,155,446 and this has not changed in 2015.
Qatar’s GDP at $213.784 is at an all-time high due to soaring gas exports and high oil prices.

With no income tax , Qatar is one of the countries with the lowest tax rates in the worldand it has the second lowest unemployment rate in the world at 0.5%.
Qatar also has the highest GDP per capita in
the world, it is the world’s richest country per capita, with a high income, developed economy backed by the world’s third largest natural gas reserves that account for more than 13% of the global resources and oil reserves in excess of 25 billion barrels.
It’s economic growth has been almost
exclusively based on its petroleum and natural gas industries. Qatar is the
leading exporter of liquefied natural gas in the world and most of its income is dependent on
these commodities. It also has a very well
diversified economy with some of the best economic sectors being the pearl mining sector as well as the air transportation sector. To increase its citizens’ standard of living there is a zero income tax policy. It also has open trading policies with the world’s largest economy, the USA, a very significant factor too.
The Qatari government has directed investments into United States, Europe, and Asia Pacific through Qatar Holdings which is the international investment arm of QIA. As of 2013, the holdings were valued at $100 billion in assets. Since 2009, Qatar Holding has received $30–40bn a year from the state. As of 2014, it has investments around the world in Valentino, Siemens, Printemps , Harrods , The Shard , Barclays Bank, Heathrow Airport ,
Paris Saint-Germain F.C. , Volkswagen Group , Royal Dutch Shell , Bank of America, Tiffany , Agricultural Bank of China , Sainsbury’s , BlackBerry and Santander Brasil .
As a result, it is the richest state per-capita in the world. None of its 2 million residents live below the poverty line and less than 1% are unemployed.

And there you have it, it’s plain to see what a huge role tourism, a stable political terrain, technological advancement, agricultural development, a stable market economy, a strong financial sector and plenty of oil and natural gas play in getting one to the top of such a list. Till my next post, I say Au revoir good people.

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