Does that mean the economy is the biggest factor while judging a country? In many ways, yes. Since finance is key to growth it matters how much a country earns. Do you know what are some of the richest countries of the world? According to a survey published by the International Monetary Fund’s October 2017 data, these are some of the richest countries in the world. Have a look.
Qatar is all about luxury
Qatar is at no 1 in the richest countries list and honestly, that does not surprise us. Qatar is a small peninsular country in the Middle East and has a stunning GDP of $124,930 a year. The country has a population of more than 2 million and despite controlling the prices for its biggest fuel resource which is hydrocarbon, it has seen a steady rise in its GDP. In fact, Qatar's economic boom is expected to last for a few years down the line.
Luxembourg is a treasure
The beautiful country of Luxembourg is a European tourist destination and also the second richest country in the world despite being mostly rural. Luxembourg is also one of the safest countries in the world and has a very strong and steady workforce. It has a GDP of $109,190 abd has a population of more than 600,000. But European reports suggest that the arrival of Brexit may bring about some fluctuation in the country.
Singapore is a financial hub
Is it really shocking that the affluent island country of Singapore is the third richest country of the world? Not really. Singapore is a financial centre with a steadily growing GDP. It has a population of 5.6 million and a GDP of $90,530. It's main growth comes from export and tourism.
Brunei is on the list too
Brunei is a rather small country near Malaysia and is located on the island of Borneo. Brunei has a GDP of $76,740. And though the International Monetary Fund recently revealed that Brunei's GDP has taken a substantial hit in the late couple of years, it is still doing well. Brunei's biggest revenue source is oil and gas, and it has a population of 400,000 people.
Ireland has been a constant
Ireland is one of the few European countries to have witnessed a steady economic growth over the last decade despite the economic turmoil. Ireland is an island nation on the North Atlantic. And it enjoys a steady revenue from tourism. It's population exceeds 4 million and it's GDP is $72,360.
Norway is geographically blessed
Norway is a Nordic nation in North West Europe and is one of the best places you can spend your summer in. Norway has a lot going for it, both economically and geographically. The country has 5 million inhabitants and has a GDP of $70,590. Norway enjoys a steady tourist flow and in the last couple of years was able to reduce its unemployment rate substantially even after facing a few economic hiccups.
Kuwait is one of the most interesting spots
Kuwait is a country located in the Persian gulf and one of the most culturally blessed countries in the world. It's of course very well off economically as well. It has a population of 4 million and it's economy is mainly backed by oil trade and has a GDP of $69,670. The IMF has confirmed that the non-oil trade also continues to grow in Kuwait and in the next couple of years could witness an economic boom.
The UAE is gorgeous
The United Arab Emirates is located along the Arabian Peninsula on the Persian gulf. The UAE is a federation of 7 emirates and is often known as just The Emirates. Everything you've heard about the beauty and splendour of the UAE is true. It has a GDP of $68,250 and a population of almost 10 million. Besides oil trade tourism also factors in when it comes to measuring the economic growth of the UAE.
Switzerland is basically a plush heaven
Switzerland is home to the rich and playground for the richer. The Central European country is famous for its breathtaking lakes, mountains and chalets and is obviously a major tourism hub. It has a GDP of $61,360 and a population of 8 million. Switzerland has also been boosting its economy with some new policies and financial pivots.
Hong Kong is growing
Hong Kong’s economic growth slowed down somewhat around 2016, and yet IMF confirms that it is still one of the most well-off countries in the world. Hong Kong is an autonomous territory in Southeastern China and is a major cultural hub of Asia. The country has a population of 7 million and has a GDP of $61,020. Besides tourism, financial and trade services, also do well in the country and it has been ranked as the world’s freest economy.
San Marino is a delight
San Marino is a mountainous state in north-central Italy and is famous for its archaic architecture, which also attracts thousands of tourists. The country has a population of 9 million people and is in a way still building its economy. The country's GDP is hugely dependent on finance, tourism and industry. Did you know San Marino’s GDP is $60,360, which is better than that of most developed European countries? San Marino’s economy is said to be very stable and it also has a really low unemployment rate and does not have a national debt. Did you know that it is the only European country which has more vehicles than people?
United States makes the list too
In case you were wondering, about the US, it is not too far behind. Did you know that the IMF has recently confirmed that the United States is in the middle of its longest and most extensive economic growth since 1850? US has a population of 325 million, and yet the unemployment rate has been kept at a low. While healthcare, education and construction are some of the highest earning industries, sectors like financial services also help out in the country’s growth. US has a GDP of $59,500.
Saudi Arabia is posh
Saudi Arabia is the largest sovereign state in the Middle East. It has a GDP of $55,260. Saudi Arabia comes 4th when it comes to military expenses and is one of the world’s biggest arm importer. Oil is, of course, the biggest revenue source in the country. It has a population of 32 million and the government also has policies in place to generate other non-oil based income. This could bring about more economic growth in Saudi Arabia.
What’s special about Netherlands?
Netherlands is known for its windmills, tulips and beautiful canals. Netherlands has been witnessing some tremendous economic growth in the past few years and is now one of the richest countries of the world. The country has a GDP of $53,580 and has a population of 17 million. The quality of life in Netherlands is much talked about, as are the healthcare policies and their education structure.
Iceland is a wonder
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