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Top 10 Richest Countries in the World

Updated on June 8, 2017
Source

Criteria

  • Based on GDP (PPP) per capita.
  • Based on International Monetary Funds(IMF) statistics April 2014.
  • GDP(PPP) is expressed in International Dollars or Geary–Khamis dollar.
  • World Bank Data and CIA Data is not taken into account.


The Power of being Wealthy

Rapid Industrialization,exploitation of natural resources,colossal oil booms and export based economies have resulted in substantial augmentation of wealth in citizens hands.This list is compiled using the Gross Domestic Product(PPP) mode,ie the value used for comparison is obtained when Gross Domestic Product of the country is divided by the mid-year or average population of the country which provides the GDP(PPP) of each country in Geary-Khamis Dollars or International Dollars(int$).

Though comparisons of wealth acquired by a nation can be calculated using nominal GDP,such a calculation has many flaws on the grounds that such a calculation does not take in to account the cost of living associated with the nation nor inflation toted by the subjects of the nation.

Geary-Khymis Dollar

Its an imaginary currency having the same Purchasing Powe Parity(PPP) that the US Dollar had in America at a fixed point in time.The commonly used yardstick year for comparisons that run through time are 1999 and 2000.

Australia

10. AUSTRALIA ($44,346)

The Commonwealth of Australia comprises of six states and two union territories namely New South Wales, Queensland, South Australia, Victoria, Western Australia and Tasmania. The territories being the Northern Territory and the Australian Capital Territory. Majority of the population lives in the coastal areas which boasts of incredible scenic beauty.The largest coral reef system in the world,The Great Barrier Reef is located in the Coral sea,of the coast of Queensland.

The Government follows a Democratic Federal system and Tony Abbott,leader of the Liberal Party of Australia currently holds the premier portfolio.The country was placed second in the United Nations 2011 Human Development Index(HDI) and first in Legatum's 2008 Prosperity Index.Australia has the Worlds 12th largest economy and is considered a developed country.

INTERESTING FACTS

  • There are 140 million sheep in Australia,that's almost 7 times the total population of Australia.The Kangaroo population is estimated as 40 million.
  • Anna Creek Station,The largest cattle station in the world is located in almost 34,000 square kilometres. It is even larger than Belgium.
  • Canberra was chosen as capital because both Melbourne and Sydney couldn't decide which among them was best suitable for being named as the capital.

Canada

9. CANADA ($44,656)

Canada is a North American country having a constitutional monarchy and a federal state with a democratic parliament.It is the second largest country by total area and fourth largest by land area.The Canadian government is a constitutional monarchy having Queen Elizabeth II as its head of state and a federal parliamentary democracy.It shares the largest land border in the world with the united states.

Canada has one of the highest economies in the world and its inhabitants are highly educated,the country being revered for its high quality of education,women's rights,freedom of speech,practicing civil liberties and democracy.Canada attained full independence from Britain in most matters with the Statue of Westminster Act 1931 and became fully independent with all its legal dependence of the British Government being severed by the Canada Act 1982.

Canada is an amalgamation of ten provinces and three territories. The provinces being British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia, the province of Newfoundland and Labrador and the territories are the Yukon, the Northwest Territories and Nunavut.Canada is revered for its abundant sources of natural resources,its credible service sector and massive manufacturing industry.The Niagara Falls is located in this cold,peaceful North American country.

INTERESTING FACTS

  • Canada has twice been invaded by the USA, first in 1775 and then 1812.
  • Its home of the Blackberry Mobile Phones and also has almost 55000 species of insects.
  • The Hotel de Glace in Quebec is built every year using 400 tons of ice and 12 000 tons of snow. It gets melts away in the summer heat and is rebuilt every winter.

Switzerland

8. SWITZERLAND ($47,863)

Swiss federation or commonly called the Switzerland is a landlocked country located in western and central Europe with Germany,Italy,Austria,France and Lichtenstein as neighbors.Bern is the federations capital while Global cities like Zurich and Geneva attract huge inflows of tourists due to their high standard of living,high economic stability,better services offered and for their perennial natural exquisiteness.

Switzerland is a member of the Schengen Area but hasn't joined the European union nor the Euro Zone.Switzerland is revered globally for their initiatives to promote peace and their endeavors to negotiate disputes between any two feuding nations.Geneva is the headquarters of many international governmental and non governmental organizations including the World Health Organization (WHO), the World Trade Organization (WTO),the World Economic Forum (WEF), the Airports Council International (ACI), the International Organization for Standardization (ISO) etc.

Swiss enjoy high standard of living and its citizens have the second highest life expectancy after japan according to the UN DESA list.It is also one of the least corrupted nations in the world on par with the Netherlands

INTERESTING FACTS

  • Switzerland has been an independent country since 1499.The establishment of the Swiss Confederation is traditionally dated to 1 August 1291,it joined UN only on 2002 and Schengen Area on 2005.
  • Patek Philippe.inventor of wrist watch was a Swiss citizen,he made the invention in 1868.some of the world famous Swiss watch manufactures are Patek Philippe, Piaget, Rado, Rolex, TAG Heuer, Tissot,,Vacheron Constantin etc.
  • Swiss are also revered for their chocolates and holds the credit for having the oldest watch manufacturing company with uninterrupted history,the Vacheron Constantin.

United States

7. United States ($54,980)

United States of America is a federal republic consisting of 50 states,one federal district and one incorporated(constitution fully applies) and 14 unincorporated territories.USA is considered as the worlds sole Super power after the untimely demise of the Soviet Union in 1991.United States is a militarily powerful nation with a share of 37% of global military spending.Its military is infused with state of the art technologies and has a huge array of military equipments including 19 Aircraft Carriers.

Having started as a British colony,the country declared Independence in July 4,1776 and the current constitution was adopted in September 17,1787.The United States is a permanent member of the UN security council and is rich in natural resources and is renowned for its manufacturing and production sector.The country abolished slavery after the American civil war and Barack Obama,an African-American is the nations current serving President.

INTERESTING FACTS

  • Even though the grizzly bear is California’s official state animal, none have been seen there since 1922.
  • US has no official language,though English is the most widely used language.
  • 1 in 8 American workers has been employed by MacDonalds.

Hong Kong

6. Hong Kong ($55,026)

Hong Kong which means 'Fragrant Harbor' is a special administrative region of China under the principle of 'one country,two systems'. A former British colony till 1997,Hong Kong is enclosed by the pearl river delta and the south china sea. Its is one of the worlds leading economic and financial center with a highly capitalized service economy,low taxes and free trade and incentives for the investors. Hong Kong has high Human Development Index(HDI) though it fails back in the Gini index Ratio(used to compare income equality). Its Gini index is 0.53,zero being complete equality and 1 being complete inequality.

Hong Kong was ceded to the British Empire after the First Opium War(1839-42) and was invaded by the Japanese imperial armed forces in the second world war(1941-45).Hong Kong is considered as one of the Four Asian Tigers(a term used to depict highly developed economies of Singapore,Hong Kong,South Korea and Taiwan).Hong Kong has a unique cultural standing in the world and has been the homeland of many notable and famous celebrities like Bruce lee,Jackie Chan,Jet li,Michelle Yeoh etc.

INTERESTING FACTS

  • The services industry accounts for 92.9 percent of Hong Kong's GDP.
  • It mirthfully boasts of the maximum number of Rolls-Royce luxury cars per capita. The largest single order of 14 Rolls-Royce Phantoms was secured by The Peninsula Hotel,Hong Kong.
  • It is actually composed of more than 200 islands.

Norway

5. Norway ($56,223)

The Kingdom of Norway is a Scandinavian constitutional monarchy with Sweden,Finland,Russia and Denmark as neighbors. Established in 872 CE,Norway is one of the oldest functioning monarchies in the world. King Harand V currently helms the crown of the Kingdom.Norway is part of the Schengen Area and also is a member of European Union,though its not awarded full membership yet.

Norway is an enriched with lofty levels of natural resources,seafood,petroleum,minerals etc.It has a credible social security and health care and welfare system.Vikings frequented raiding the country,establishing first ever Viking colonies outside modern day Sweden.Norwegians were ruled by Monarchs outside the country for many centuries,until 1905 when a referendum ended its union with Sweden.

Norway is a classic epitome of good governance of state with the state being the major stockholder in all successful established companies.state owned companies represents almost one third of Oslo stock market. Petroleum and natural gas accounts for 57% of the Norwegian economy.

INTERESTING FACTS

  • Trygve Lie,the first Secretary-General of the United Nations was a Norwegian.
  • Norway has topped the Human Development Index from 9 out of 11 years from 2001 to 2011,it also has the lowest income inequality in the world.
  • The Nobel Peace Prize is awarded in Oslo each year.

Brunei Darussalam

4. Brunei Darussalam ($56,287)

Brunei Darussalam is a constitutional monarchy located on the island of Borneo.The nation is divided into two by the district Limbang of Malaysian state Sarawak. It is completely surrounded by Sarawak apart from its 161 km coastline of the South China Sea. Brunei is ruled by His Highness Sultan Hassanal Bolkiah,who is the 29th Sultan in line who also acts as the countries incumbent Prime Minister. Forbes magazine has listed him as one of the wealthiest monarchs in the world,in view of the massive wealth he amassed thanks to the countries generic stockpile of natural resources.

Brunei became a British protectorate in 1888 and was occupied by the Japanese imperial forces on the second World War. Australia liberated the country from Japanese clutches in 1945 and a new constitution was written in 1959.Brunei obtained complete independence from the British on 1st January,1984.

Brunei has 0% public debt,according to IMF estimates and its revered for its achievement of High Human Developmental Index (HDI) in a short span of time.Crude and Natural gas production accounts for almost 90% GDP of this small developed southeast Asian nation but it is heavily dependent on imports from ASEAN nations for crucial essentials for its citizens like food resources,cars,hardware products etc.

INTERESTING FACTS

  • Sultan Hassanal Bolkiah, 29th sultan and incumbent prime minister of Brunei,proudly has in his inventory five thousand cars,including around 20 Lamborghini's,160 Porsche's,130 Rolls Royce's,360 Ferrari's,170 Jaguars,180 BMW's,360 Bentley's, and 530 Mercedes-Benz's.
  • Bruneians don’t shake hands with the opposite sex nor point their index finger while on a conversation,they point with their thumbs instead.
  • Brunei sultanate has passed a resolution to implement the Sharia law on their soil.

Singapore

3. Singapore ($67,035)

Designated as one of the four Asian tigers,Singapore can be considered as the pivot for commerce in South-East Asia. After declaring Independence from the British in 1963,Singapore merged with other former British colonies of South east Asia to form Malaysia. But,after an undisputed act by the Malaysian parliament,Singapore was expelled from the coalition in 1965.

Singapore's GDP weighs heavily on its ability to manufacture and on its bridled ability to export high quality merchandise. Despite being a developed nation,Singapore is plagued by rising income inequalities.

The nation,consisting of one major island and 63 smaller islands has been ruled by the Peoples Action Party (PAP) ever since autonomous governance of the island began.It is one of the founding members of Association of South East Asian Nations. It has a highly multicultural identity and has four official languages, English, Malay, Mandarin, and Tamil.

INTERESTING FACTS

  • The world’s largest bat with a wingspan of up to 1.5 meters,the Flying Fox, is found in Singapore.
  • The Bukit Timah Nature Reserve in Singapore contains more species of trees than the entire North American continent.
  • Singapore’s Changi Airport has won the award for “Best Airport Worldwide" many times,awarded by the British Traveler Magazine.

Luxembourg

2. Luxembourg ($79,977)

Luxembourg,the only remaining Grand Duchy(a nation headed by a Grand Duke) is the smallest sovereign state of the European Union and is located in the Western Europe. Luxembourg is a developed country and is a fully landlocked one with Belgium,Germany and France as its neighbors.

Though being a small state,Luxembourg is considered an economic power with memberships in NATO(North Atlantic Treaty Organization),the European Union,Organization for economic co-operation and development(OECD) and the Benelux (Coalition of the Dutch,Belgium and Luxembourg). The Financial sector and Steel sector drives the stable and high-income economy of the nation.Due to very loose taxation laws,Luxembourg is considered as a tax haven in par with areas such as cayman islands and the country of Switzerland.

INTERESTING FACTS

  • Luxembourg has a population of 524,853 and is the smallest country in the European Union (EU).
  • The official languages are Luxembourgish, French, and German.
  • Luxembourg receives about 0.5 to 1 million tourists annually,more than the actual population of the Nation.

Qatar

1. Qatar ($96,993)

A former British colony state of Qatar lies on the Arabian peninsula stranded between The Kingdom of Saudi Arabia and the Persian Gulf. Qatar is a developed nation with high income equality,extremely low unemployment rate and high standards of living and health care for its citizens. Though above 90% of Qatar's workforce is comprised of foreign labor, the country has been accused of poorly treating its immense population of foreign labor.

A part of Ottoman Empire before the World wars,Qatar became a British territory after the second World War and gained independence from the empire in 1971. Ruled by the Al Thani family ever since 1850s,Tamim Bin Hamad Al Thani,the youngest ever reigning monarch,serves as the incumbent Emir of Qatar.

With no income tax,Qatar's economy thrives on its vast resources of natural gas and petroleum.Being one of the leading exporters of liquified natural gas and petroleum products,Qatar is an active member of the Organization of the Petroleum exporting countries (OPEC).

INTERESTING FACTS

  • Qatar will host FIFA world cup 2022 and it has disclosed its plans to build 12 eco-friendly stadiums for the World Cup.
  • According to Wikipedia sources,there are only 2,78,000 Qatari citizens and 1.5 million expatriates in the country.
  • Al-Jazeera,the international news agency which rocketed into fame after its extensive coverage of the American wars in Afghanistan and Iraq is based on Doha and is funded by the Al-Thani family.

Qatar

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