It is an indispensable fact that while some
countries are getting richer by the day others
are getting poorer and some even stagnant in
terms of their economic advancement and
national wealth. Not that these countries don’t
have what it takes to be rich, however, the
reason for some of these countries been poor
can be ascribed to palpable corruption rates.
Although there is no country in the world
today, that is hook, line, and sinker corrupt-
free it is noteworthy to mention that some of
these countries which made it into our list of
the richest countries in the world are
recognized by Transparency International in
using corruption perception index; as relatively
corrupt-free to some extent. For instance,
Norway and Luxembourg made 85% among
others in the IMF list of the richest countries
as well as Transparency International’s list as
been corrupt-free to some extent.
In essence, nothing pools a nation’s economy
down like corruption, and as long as some
countries remain corrupt there will be no
palpable economic development.
Haven said all these, it becomes imperative to
look at some core terms which will enable us
to situate our discussion and conclusion on a
suitable premise. Now, what is National
Wealth or put simply, National Riches?
National wealth can be seen as the total value
of wealth and goods generated by all
economic activities in a given nation. National
wealth is a useful platform through which one
can measure the progress of a nation’s
economy and corresponding economic
resources. There are several indices that can
be used to gauge a nation’s wealth, these
range from Gross Domestic Product (GDP) to
GDP PPP per capita, Gross National Income
(GNI), Gross National Product (GNP) and so
on. Although (GNI) accounts for both the
wealth generated in a country as well as that
establishment of the nation that is abroad but
studies have however revealed that the most
suitable index that could be used to gauge a
nation’s income is GDP PPP per capita.
Gross Domestic Product can then be defined
as the total monetary or market value of all
the finished goods and services produced
within a country’s border in a specific period
of time. Studies have, however, shown that
the best scorecard to measure a nation’s
wealth is through GDP. To make a transparent
comparison among these nations, purchasing
power parity PPP will be used to compare the
economies and incomes of these countries by
adjusting for differences in prices, also, Per
Capita will be used to divide the countries
GDP by the total number of the population.
Using data from the International Monetary
Fund (IMF) World Economic Outlook Rosebena
list brings you the Top 10 richest countries in
the world using GDP (PPP) Per Capita.
Table of Contents
1. 1. Qatar – $ 134,623 Billion
2. 2. Macau $ 112,201 Billion
3. 3. Luxembourg – $ 109, 813 Billion
4. 4. Singapore – $ 108, 717 Billion
5. 5. Brunei Darussalam- $ 83,777 Billion
6. 6. Ireland – $ 82, 437 Billion
7. 7. Norway – $75, 737 Billion
8. 8. UAE – $ 70, 474 Billion
9. 9. Kuwait – $ 67, 969 Billion
10. 10. Hong Kong SAR $ 66,517 Billion
1. Qatar – $ 134,623 Billion
Qatar is a country situated in Western Asia
with an estimated population of over 2.6
million people, of which 313,00 are Qatari
citizens and 2.2 million expatriates. Before
the discovery of oil in the country, the country
focused on fishing and pearl hunting as it’s a
major mainstay. In the year 1940 oil was then
discovered in Dukhan Field which is by far the
largest oil field in Qatar located on the west
coast of the peninsula. This discovery led to
the diversification of the nation’s economy to
oil production. Currently, the country has the
third-largest natural gas reserve and oil
reserve in the world. Not only that, but Qatar
also has one of the highest standards of living
for its legal citizens with no income tax
attached.
It is imperative to note that the economic
growth of the nation is based on its petroleum
and natural gas industries. The country was
once a member state of the Organization of
Petroleum Exporting Countries (OPEC); haven
joined in 1961 and left the organization in
January 2019. In recent time, the country is
making a productive move towards investing
in renewable resources, a major goal for the
country over the next two decades this they
term vision 2020.
Aside from its economic advancement over
the years, Qatar has the following amazing
fact: there are no trees in the country, it has
one of the world’s best airline industry, it is
one of the safest countries here on earth; the
number of men outnumbers the number of
women and everyone lives in the city just a
handful lives in the suburbs .
2. Macau $ 112,201 Billion
Macau is the second richest country with
about 673, 300 million people. Macau is a
special administrative region of the people’s
republic of China. The city is located at the
Western Pearl River Delta by the south China
sea. Why is this region referred to as a
separate entity? It is so regarded because it
maintains a separate government and
economic system that is different from that of
mainland China. This densely populated
country was a former colony of the
Portuguese when it was leased as a trading
post in 1557 by Ming China and later returned
to China in 1999.
Macau unlike other wealthy nations of the
world that is blessed with great mineral
resources, is notable for its gambling and
Tourism. These are its most important
economic components. Macau is regarded as
the largest gambling center in the world and
by far larger than the popular Las Vegas
gambling centers. Also, high-speed hydrofoils
as well as some traditional and slower river
ferries, carry tourists from Hong Kong and
Shenzhen to Macau’s gambling casinos, bars,
hotels, and other attraction sites in the region.
3. Luxembourg – $ 109, 813 Billion
Luxembourg is the third richest country in the
world with an estimated population of 597,
245 people are by far one of the least
populated nations in the world. Half of the
nation’s population are foreigners.
Formally, Luxembourg’s economy was
predominantly based on iron and steel
industries, thereby accounting for as much as
80% of the nation’s wealth in the 1960s. In the
1970s however, the steel industry experienced
a sudden decline and the country did well by
restructuring steel production into a single
body called ARBED, which is presently one of
the leading producers of steel in the world.
Steel still accounts for 29% of the country’s
exports, 1.8% of the GDP, and 3.9% of
employment.
In recent times, however, Luxembourg’s
economy can be said to have experienced an
upsurge due to its flexibility as well as the
productiveness of the inhabitants. The
government of the country, therefore, has
diversified the economy of the nation. In the
1980s, the nation became one of the world’s
most prominent banking centers. By the year
1996, there were 222 banks in the country
with 21,458 employees accounting for (9.5%)
of the nation’s workforce. The success of the
nation’s financial institutions has led to the
establishment of some foreign companies in
the nation.
The government of the country has
encouraged the development of audiovisual
and ICT sectors which have become the
second most prominent sector in the
diversification agenda. The major drawback of
the country is energy. 95% of the country’s
energy is imported. Also; oil, coal, and natural
gas are imported into the country.
4. Singapore – $ 108, 717 Billion
Singapore is an inland city in southeast Asia
with an estimated population of 51,617,000
people as of 2018. Unlike other oil endowed
nations, Singapore has no mineral resources
and its economy historically was based on
entrepot for neighboring countries due to its
strategic geographical location at the entrance
of the strait of malacca; a renowned trade
route in southeast Asia.
The most notable natural resources in the
country are its deepwater harbor. As a result
of this, Singapore made itself very useful in
shipbuilding and repair, tin smelting, and
rubber. Since the year 1960, Singapore has
strived to break away from this tasking
economic pattern. However, it’s government
embarked on promoting industrial investment
both locally and internationally. These range
from developing industrial estates to providing
industrial financing, technological services,
manufacturing of electronics, oil refining, and
so on; all these have yielded a higher valued
income to the nation’s economy.
Despite its lack of natural resources like other
countries, Singapore has been able to make
something out of nothing. This can be
attributed to its positive minded government
and industrious citizens who have been able
to diversify the nation’s economy over the
years, making the country the fourth richest
country in the world. Currently, the country has
ranked in some important economic indices;
for instance, Singapore is the third-largest
commercial center, the fifth most innovative
country, and the second busiest container
port in the world. Lastly, Singapore is the third
least corrupt country in the world this reflects
the reason for its economic advancement in
the past years.
5. Brunei Darussalam- $ 83,777 Billion
Brunei is located on the north coast of the
island of Borneo in Southeast Asia with an
estimated population of about 424,800 people
as estimated in 2018. Prior to the discovery of
petroleum in the country; Agriculture, fishery,
and forestry once served as the most
significant mainstay of the nation’s economy.
The discovery of petroleum in the 1920s
however, resulted in a decline in the
aforementioned sources of income in the
nation, accounting for just a little fragment in
the nation’s GDP.
The overdependence of the nation on
petroleum made the nation suffer in terms of
food production which made them rely on
imported foods only. The government of
Brunei haven seen the effect of the over-
dependence on petroleum embarked on a
program to develop the agricultural sector,
(the once-neglected mainstay of the national
economy). In the early 21st century, therefore,
Brunei has become autonomous and self-
sufficient in the production of poultry and
eggs, fishery, vegetable plantation, and so on.
In recent times, Brunei has catapulted the
diversification of the nation’s economy by
resorting to clothes manufacturing, banking,
tourism, construction industries, rice farming,
goat, water buffalo, and cattle rearing. Chief
among the diversification is the improvement
of the nation’s forest cover which allows for
large timber production.
It is imperative to note that despite the
success of the nation’s diversification
program, petroleum and natural gas account
for 65% of the nation’s GDP. This has,
however, enabled the nation to give its citizen
the highest per capita income in Asia. Hence,
Brunei is the fifth richest country in the world.
6. Ireland – $ 82, 437 Billion
Ireland is located in the Nothern part of
Europe and North Atlantic ocean, just west of
the united kingdom. It is a country of about
4,834,000 people as estimated in the year
2018.
Unlike other west European countries,
Ireland’s economic development was slower.
Until the late 1950s, precisely the year 1958
Ireland was predominantly an agrarian society.
Agricultural produce accounted for the largest
percentage of the country’s GDP. However, the
drive for industrialization, liberal trade policy,
and the need to meet up with other developed
countries in the world led to the diversification
of the nation’s economy by the government of
the country.
As mentioned earlier, Ireland’s economic
development was slow. The quest to meet up
with other developed countries by the nation is
unquestionable but despite its quest; the
nation faced some economic drawback, chief
among these was the worldwide economic
recession of the 1980s which made it
experience double-digit inflation and a high
unemployment rate. Ireland also suffered from
the global economic downturn of the year
2001 among others. This, in the mid-1990s
the economic situation of the country
improved drastically. The country recorded a
growth rate of 7% in 1996-2000,
unemployment fell from 16% to only 5%
within the same period.
Currently, Ireland is the sixth richest country in
the world with the following sectors
contributing immensely to the nation’s GDP:
financial services, information, and
communication technology (ICT), medical
technologies, pharmaceuticals, software,
engineering, aircraft leasing, and alcoholic
brewery industry. The primary sectors which
include; agriculture, mining, fishing, and
forestry altogether contribute about 5% of the
nation’s GDP and 8% of employment in the
country.
Ireland has been able to bear every economic
drawback that has beset it from time past and
currently, Ireland is one of the 10 richest
countries in the world. Kudos to its positive
minded government.
7. Norway – $75, 737 Billion
Norway is a country situated in the Western
part of the Scandinavian peninsula in Northern
Europe, with an estimated population of about
5,314,000 people as estimated in the year
2018. Traditional, the nation was famous for
its lumbering and fishing trade hence, the
discovery of oil in the Ekofisk field in the
North sea in late 1969 has since had
quintessential importance in the nation’s
economy. It is noteworthy to mention that oil
and gas revenue account for about one-fifth
of the overall government revenue.
Norway has a mixed economy with the
government having 32% of the listed shares
on the Oslo stock exchange. On the one hand,
State’s ownership is the most dominant in the
hydroelectric, mining, oil sector, postal
services, and railway services e.t.c. Most of
the small companies are usually family-
owned.
8. UAE – $ 70, 474 Billion
The United Arab Emirates is a federation of
seven (7) emirates located along the eastern
coast of the Arabian peninsula with an
estimated population of about 10,161,000
people as estimated in 2018. The federation is
one of a fortunate country blessed with oil in
the world.
Petroleum and natural gas are major
mainstays of the nation’s economy, especially
in the Abu Dhabi emirate. Abu Dhabi is by far
the wealthiest of all the emirates, it contains
the largest concentration of oil reserve in the
UAE (about 95%) which contributes a very
large fraction of the Federation’s GDP.
The emirate of Dubai, on the other hand, is
famous for its tourism and business success
over the years. The government of the nation
has however made a tremendous effort at
diversifying the economy of the federation.
However, despite its effort in the
diversification agenda, oil still accounts for the
largest fraction of the nation’s GDP. Among
the seven emirates, Dubai proofs to be the
more productive in the diversification initiative.
Thus, Dubai does not depend on petroleum for
its survival but on businesses and it
embraces of foreign companies.
Also, the emirate of Ra’s Al-Khaimah and Al-
Fujairah in the two exclaves of Ajman and at
Al-Ayn have expanded through the increased
use of wells and pumps for irrigation in
Agriculture. Although Agriculture only
contributes a tiny fraction of the nation’s
economy and employs less than one-tenth of
the workforce, hence, date palm is the major
agricultural produce in the country as well as
tomatoes, cucumber, and eggplant. The nation
is almost self-sufficient in fruit and vegetable
production. The federation also produces
eggs, poultry, fish, and dairy products, but
imports most of its foodstuffs notably grains.
9. Kuwait – $ 67, 969 Billion
Kuwait is a country situated in the Arabian
peninsula in the northwest corner of the
Persian Gulf. According to Encyclopedia
Britannica, the country has a population of
4,540,000 people as per the 2018 estimate.
Historically, the nation was a trade entrepot
and a fishing zone which concentrate on large
production of Shrimp which is way far too
small for it to meet up with other developing
nations as of then. The discovery of oil in the
year 1934, however, transfigured the economy
into the limelight of economic presence.
Currently, the country is the seventh-largest
exporter of oil in the world. In 2017, the
country exported $ 38.2 billion worth of oil.
Oil extraction and processing account for 95%
of export revenue and government income.
As for Kuwait, other sectors are feeble.
Agriculture, manufacturing, and trade
constitute a very tiny portion of the nation’s
riches. For instance, agriculture is almost a
dead sector in the nation. This can be
attributed to its geographical location, which is
one of the driest and least hospitable deserts
on earth. Hence, there are minimal arable
farmlands in the country.
At this juncture, it suffices to say that if not
for the discovery of oil in the nation the fate of
the nation would have been like the other
developing countries in the world today.
10. Hong Kong SAR $ 66,517 Billion
Hong Kong like Macau is a special
administrative region of the people’s Republic
of China. The region is located at the eastern
Pearl River Delta by the South China Sea with
an estimated population of 7.5 million people
of diverse nationalities.
Hong Kong was a former colony of the British
empire after the Quing Empire gave up Hong
Kong Island at the finish of the first opium war
in 1842. Hong Kong was later transferred to
China in 1997. This territory maintains a
separate economic policy and government
system under the principle of “one country,
two systems”.
Historically, Hong Kong was a farming and
opium dealing region, however, the expansion
of the region by the British empire made the
region gradually become one of the most
significant commercial centers in the world
today. The region is renowned for its report,
manufacturing, and top financial institutions.
Hong Kong is the tenth-largest exporter and
ninth-largest importer in the world. The city is
so developed to such an extent that it has the
highest number of skyscrapers in the world
and its citizens have the highest life
expectancies in the world. UN ranked Hong
Kong as fourth on Human Development Index.
We present to you Hong Kong the tenth
Richest Country in the world.
You may be wondering why world power,
countries like the USA, China, and Russia did
not make it into the top ten richest countries
in the world. Well, the answer is that GDP per
capita is the scorecard used for our selection
measures the totality of goods and services
(excluding revenue and investments overseas)
taking into consideration these countries’
population. In essence, the GDP per capita of
the nations mentioned on the list above if
divided are per citizen of the respective
nations mentioned above are representative of
the annual income of each citizen.
Even in the ongoing pandemic and possible
recession insight, some countries are having a
stable economy and GDP. Countries like China
who are known for massive production are
surprisingly not long the top 10 richest
countries in the world because their
population affects their GDP hence making
them rank lower in the list of countries with
wealth. The UAE which generates its riches
mostly from tourism is still holding on the
firm in its position as one of the top richest
countries amidst the low rate of tourism due
to the Coronavirus pandemic. The stability is a
result of years of masses riches which has
made their GDP almost unshaken. Haven
retrieved our data from International Monetary
Fund (IMF) using GDP PPP per capita we
present to you Top Ten Richest Countries of
the World.
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