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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. 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.