When we talk about the richest country in the world, the first priority is the economic condition of that country. Now, in recent years, Qatar is on the top of this list because this country is economically powerful. It also has the biggest oil industry.
So, while thinking of the richest country the best things that are considered includes; the economy of country, natural resources and its currency rate internationally. Like UNITED STATES and CHINA are called as the “economic powerhouses”. Gross domestic production (GDP) is also use to measure the nations richness per capital.
The International Monetary Fund (IMF) is also taking the report of biannual funds that any nation is taking. So, this also a way Experts are measuring which is the richest country. Here is the list of top 10 world richest countries.
1. Hong Kong
This country has a big controversy till now that it is not a country. It was former a part of Great Britain but now it is included in China. But it must be considered a separate country in my view but unfortunately it is always taken as a part of China. It is ranked on number four in the whole world for its finance, as it is a business hub. It is economically strong country.
World bank has ranked it on number 4 out of 190 economies in the whole world. It is also rich in having ultra-high net worth taking people.
It is ranked on number 9 in the list of top 10 richest countries in the world. It is rich as well as famous for its petroleum or oil production. It is an Arab country. It has a large quantity of petroleum-based products that this country is exporting in the whole world and earning foreign exchange. This country is also famous for its petroleum products internationally.
The GDP rate of Kuwait has now reached till $66,980, also it has increased 1.9% from the last year rate.it is also the richest country in the Gulf Cooperation Council member states, among them it is ranked on number two next to Qatar. This country is also making progress to reach the top of the list in fact.
3. United Arab Emirates
It is Middle Eastern country, ranked on number eight in the list of richest countries in the world. It is also having petroleum production like Kuwait. And it is also earning its foreign exchange through it. It is also earning its high amount of income from telecommunication as well as services sectors.
This country is making progress in its income sources day by day, it is launching new industries as well that will give increase to the income of this country. The tourist trade has also exceeded the economy of this country in 2007-2009, this trade has also helped this country in world Financial crisis.
It is a Scandinavian country and has got the seventh number in the list of top 10 richest countries in the whole world. It is also a naturally blessed country having beauty of nature and charm besides its economy. It is also included in the list of top 10 beautiful countries of the world.
The GDP rate of this country has reached 3.1 percent in 2020, at the rate of $71,318. This country is increasing most of its income due to industrialization. Many other activities are giving expansion to its economy which includes fishing, petroleum production and natural resources. This country has very high standard for living.
It is also a beautiful country, also this is famous as it has great poets and writers. It is also a wonderful place for tourists as well. It is in fact one of the most affluent nations in the whole world. Due to its high economic production, this country also has high living standard. The high economy actually based on its trade and tourism mostly.
The GDP rate of Ireland is $77,670, this rate has exceeded from the last year. And it is expected to increase in future. The economic growth of this country always remain envy to other countries. It is earning foreign exchange through fishing, minerals and other natural resources. Also, through pharmaceutical and chemical industries.
6. Brunei Darussalam
This is a small Southeastern Asian nation, having a small population of approx. 400,000 people. But don’t be fool to its small population, it is ranked on number 5 in the list of top 10 richest countries in the world. The GDP production of this country is nearly $81,612 and this rate has exceeded 3.1% from last year. The economy of this country depends mainly on its oil and natural gas production. This mainly contains more than half of its GDP production rate.
This country also gains most of its income from local and overseas production and in future it seems that the production will increase further.
This is basically a Cosmopolitan city state, the population of this country is almost5.612 million this year. It is ranked on number four in the list of richest countries in the world. The GDP rate of this country per capita is $98,255, almost 4.4% increased from last year. It lacks natural resources and agricultural land. The economy of this country depends on banking as well as its electronics.
It is the world’s expensive country. This country basically has multicultural and liberal economy. But most importantly, the economy of this country depends upon its financial service sector.
This is a small European country and is famous due to its majestic castles. It is ranked on number 3 in the list of top 10 countries in the world. The GDP rate of this country per capital is almost $109,199, and it has increases 3.9 percent from last year. This country is blessed with many of the natural resources, which includes steel and many others.
The banking system is also increasing its economy. Many of the banks in the whole globe are attracted towards the banking system of this country because of this country has low taxes. This country has around 150 banks.
This is basically a Portuguese colony, and it is ranked on number second in the list of top 10 richest countries in the world. The GDP rate of this country per capita has increased from $118.099, which is actually7.4% increase from last year.
It is famous for gambling and tourism, and it is earning its economy through gambling mostly. It is also called as “largest gambling center in the world”.
Visitor arrival is noted in this country every year and this rate is increasing day by day. The administrative and manufacturing sectors are also progressing in this country.
It is ranked on number one in the list of top 10 richest countries in the world. It is famous for earning foreign exchange. The exports of this country are almost 85% and the nation’s revenue is around 70%. The economy of this country is high due to its petroleum production. It has many of the oil revenues, and it is earning its economy through it.