If you talk about the biggest economies in the world the United States comes on top followed by China, Japan, Germany, India, France, United Kingdom, Italy, Australia, and Canada. But there are several ways to rank the richest countries in the world, by GDP Per Capita, GDP based on PPP (purchasing-power-parity) and GNI (gross national income) Per Capita. The wealthiest countries in the world have diverse economies and two things in common. First, they are among the least corrupt countries, their government maintains transparency with their public and the people of these countries also have a great life expectancy at birth (World Bank).
While GDP may be the usual method for determining the size of a particular country it doesn’t show the growing income inequality in that country for example In China and India a lot of people still lives under the poverty line. Countries like the USA might have the largest economies but they also have a large number of debts to pay. GDP-PPP Per Capita shows us more of a clear picture of the standard of living in a country. As well as GNI which measures all economic activity within a nation’s borders. Down Below we are listing the top 10 Richest countries in the world by Gross domestic product (GDP) based on purchasing-power-parity (PPP) per capita according to the International Monetary Fund (IMF).
10 Richest Countries By Gross domestic product (GDP) based on purchasing-power-parity (PPP) per capita:
1. Qatar – $134,623
• Population (2017): 2.74 million
• Life expectancy at birth: 78.2 years
Most of Qatar’s wealth comes from oil and natural gas. They are making themselves independent of fossil fuels in the future. Qatar is also one of the leading countries in technical innovation. In Qatar, salaries range between on average US$ 412 per month to US$ 23895 per month.
2. Macao SAR- $122,201
• Population (2017): 0.62 million
• Life expectancy at birth: 83.8 years
Macao is known as Asia’s gambling capital. The former colony of the Portuguese Empire has more than 40 casinos spread over a territory of about 30 square kilometers.
3. Luxembourg- $108,813
• Population (2017): 0.59 million
• Life expectancy at birth: 82.3 years
Some of the smallest countries in the world with a very small population like Luxembourg, Monaco and Liechtenstein rules when it comes to wealth thanks to their banking and financial services. The people of Luxembourg enjoy the highest standard of living in Europe.
4. Singapore- $103,717
• Population (2017): 5.61 million
• Life expectancy at birth: 82.8 years.
Singapore is one of the most business-friendly places in the world. It is a thriving trade, manufacturing, and financial hub and 97% of the adult population is literate here.
5. Brunei Darussalam- $83,777
• Population (2016): 430,000
• Life expectancy at birth: 77.2 years
With an immense reserve of oil and natural gas and no tax or VAT, Brunei Darussalam is the 5th richest country in the world.
6. Ireland- $82,439
• Population (2017): 4.83 million
• Life expectancy at birth: 81.6 years
Ireland is one of the world’s largest corporate tax havens attracting many companies to set their base in the country.
7. Norway- $76,738
• Population (2017): 5.29 million
• Life expectancy at birth: 82.5 years
Norway has one of the lowest income inequality gaps in the world and its economy is mainly boosted by oil.
8. United Arab Emirates- $70,474
• Population (2018): 9.543 million
• Life expectancy at birth: 77.3 years
Though oil was the primary source of UAE’s wealth, tourism, construction, trade and finance, and major industries have been also helping its economy to grow.
9. Kuwait- $67,969
• Population (2017): 4.41 million
• Life expectancy at birth: 74.7 years
Kuwait’s oil industry values for nearly one-half of the country’s GDP and over 90% of its exports. Its government has been also taking steps to diversify its economy.
10. Hong Kong SAR- $66,517
• Population (2017): 7.41 million
• Life expectancy at birth: 84.2 years
Hong Kong ranked 4 among 190 economies in the World Bank’s Ease of Doing Business index. It’s good infrastructure and many tax incentives, and policies attract start-ups and foreigners across the world.
10 Richest countries in the world by GNI (Gross National Income) Per Capita:
Rank Country GNI per capita ($)
1. Qatar $128,060
2. Singapore $90,570
3. Brunei Darussalam $83,760
4. Kuwait $83,310
5. The United Arab Emirates $74,410
6. Luxembourg $72,690
7. Switzerland $65,610
8. Hong Kong SAR $64,100
9. Norway $63,980
10. Ireland $61,910
10 Richest Countries By GDP (Nominal) per capita Ranking
Rank Country GDP ($)
1 Luxembourg 115,203
2 Macao SAR 86,339
3 Switzerland 85,157
4 Norway 82,773
5 Iceland 79,271
6 Ireland 77,160
7 Qatar 72,677
8 The United States 65,062
9 Singapore 62,984
10 Denmark 62,041