Top 10 Richest Countries in the World

By | February 3, 2023

You can explain the term ‘rich’ in different ways, and therefore calculate it. Well-being is an increasingly important indicator. The top 10 list below is based on purchasing power parity (PPP) per capita. The way to compare purchasing power between countries. If you look purely at the average income, you quickly get a distorted picture. This generally magnifies the wealth of relatively rich countries, as well as the poverty of relatively poor countries. The cost of living is (in general) also a lot lower in poor countries. Check hyperrestaurant for list of richest people in 2017.

These figures are made available by the IMF.

By the way, the Netherlands is 12th in the list of richest countries in the world in 2020 with a PPP of $58,341.

  1. Hong Kong – $66,528

The official name of Hong Kong is Hong Kong Special Administrative Region of the People’s Republic of China. The area consists of 236 islands located in the South China Sea. A total of 7,409,800 people live here. Incidentally, the majority of the islands are not inhabited.

Hong Kong is home to one of the best located deep – sea ports and possibly the largest container port in the world . There is also a lot of light industry in the country. Then you should think of producers of toys, among other things. Hong Kong is currently known as one of the most important financial centers in Asia, but growth came to a standstill in 2016, according to the IMF.

  1. Kuwait – $66,387

Kuwait, a country with 4 million inhabitants, has become rich because of oil . This oil was only discovered in 1938 in the desert that covers Kuwait. Oil accounts for 50% of GDP and 90% of exports. But someday oil mining will stop. Kuwait is trying to prepare for that future as best it can.

  1. United Arab Emirates – $69,435

The United Arab Emirates is a country in Asia. It includes seven emirates namely Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Qaywayn, Ras al-Khaimah and Fujairah. Based on surface area, Abu Dhabi is by far the largest. The main cities are the namesake Abu Dhabi and Dubai . The population consists of Arabs, Iranians, Indians, Pakistanis, Baluchis and Africans.

The United Arab Emirates is rich in oil. As an example; within the Organization of Petroleum Exporting Countries (OPEC), the country is in the top five largest oil-producing countries. The oil revenues, the bulk of which are extracted from Abu Dhabi, have brought the United Arab Emirates a highly industrialized economy. The country is also considered one of the most developed countries in the world.

  1. Norway – $76,684

Norway has an area of ​​385,155 square kilometers. The coastline measures more than 25,000 kilometers. Large parts of the country consist of forests, fjords, glaciers and lakes. Due to the relatively low population (5,000,000), living here is generous; the population density is 13 per square kilometer.

From a purely economic point of view, this is a problem. Since less than 4% of the land is cultivated, Norway must source more than 50% of its food from other countries. Fortunately, Norway is rich in gas and oil fields. Other minerals that are mined are copper, iron ore, pyrite, titanium, zinc, lead and coal. Shipping and trade are also counted among Norway’s most important industries. The main trading partners are the United Kingdom, Germany and Sweden.

  1. Brunei Darussalam – $80,384

Brunei Darussalam, Brunei for short, is a country in Southeast Asia. The country is located on the island of Borneo on the South China Sea. Brunei consists of two parts, which are not connected. Almost 97% of the population lives in the western part. The mountainous, eastern part is clearly less popular. If you consider the total area, Brunei is slightly larger than our province of Gelderland!

The capital Bandar Seri Begawan, the oil city of Seria and the port cities of Kuala Belait and Muara are seen as the most important cities. Many Dutch people live in Seria, who work there for local oil companies. The production of crude oil and gas has given Brunei this attractive place in the top 10 of the richest countries in the world.

Incidentally, wealth is not distributed fairly in Brunei. Malnutrition among the population is even commonplace. About 40% of the population earns less than $1,000 a year. And if that’s not bad enough, the sultan decided in April 2019 to introduce the death penalty by stoning for those who commit adultery or sodomy.

  1. Ireland – $83,399

The economies of the European Union are going through a difficult period. Brexit, trade tensions, rising oil prices and Italy’s economic woes are creating uncertainty. However, the Irish economy continues to grow: in 2019 it will grow by more than 4%, consolidating its role as the bloc’s fastest-growing economy after the 2008 financial crisis.

Ireland, a country of less than 5 million people, was one of the hardest hit by the global recession. After a number of politically difficult reform measures, including sharp cuts in public sector wages and restructuring of the banking sector, the island regained fiscal health, increased labor force participation and almost doubled its GDP.

Do citizens feel twice as rich as they did 10 years ago? Probably not: Ireland is one of the largest tax havens in the world, where the ‘common man’ benefits a lot less than companies.

4.Singapore – $103,181

Singapore proves that a small country cannot be big at that. To start with the first; Singapore is the smallest country in Southeast Asia. In terms of surface area, it corresponds to the Dutch Noordoostpolder! Singapore has a total of 63 islands. A lot of land reclamation takes place in order to accommodate its inhabitants and to create new industrial sites.

Which brings us to the ‘big’ aspect. The second largest port in the world is located in Singapore. Other important industries are those of chips, shipbuilding, computers, machinery, textile, metal, oil refining and chemical industry. In order to maintain this position, the government is doing everything it can to increase the number of births. This is how potential parents are promised financial compensation!

  1. Luxembourg – $108,951

Luxembourg - $108,951

The Grand Duchy of Luxembourg is a parliamentary democracy. The Grand Duke fulfills the role of constitutional monarch. Luxembourg has long had a keen eye for international relations in areas such as economics and politics. The country is considered one of the founders of organizations such as the European Union, NATO, the United Nations, the Benelux and the OECD. This role has done the country no harm!

Luxembourg has developed from an economy based on steel production to one that thrives on international trade and banking. If we look at GDP, the financial sector now accounts for 28%. Also worth mentioning are the low taxes on fuel and tobacco. Many motorists from surrounding countries like to visit Luxembourg for this. It provides the state treasury with approximately 600 million euros annually. Luxembourg is the richest country in Europe

  1. Macau – $114,363

Macau - $114,363

In the gambling capital of Asia , many are betting that Macau will soon take the number one position in the list of richest countries. Formerly a colony of the Portuguese Empire, now a Special Administrative Region of the People’s Republic of China.

Since the gambling industry was liberalized in 2001, Macau has seen its wealth grow at an astonishing rate. With a population of just over 600,000 and more than 40 casinos spread over an area of ​​about 30 square kilometers, this narrow peninsula just south of Hong Kong is – almost literally – a money machine!

1.Qatar – $132,886

Qatar - $132,886

Qatar may call itself the richest country in the world in 2020. This peninsular country is an Arab emirate. Qatar is an absolute monarchy. The largest contributor to prosperity is the mining industry; oil and natural gas account for nearly 60% of Qatar’s GDP.

In second place (11.7%) is the financial sector, followed by industry (9.9%). Incidentally, this economic situation is very decisive for society in Qatar. For example, oil and gas extraction has led to a large flow of immigrants. The majority of the working population works in construction. Women prefer a job in the service sector.