Here is the top 10 wealthiest country in the global world. As more wealth is created in the world, more of it is concentrated among the richest people in the countries.
The wealthiest 10 countries in the world tend to have complex and diverse economies. Many of these countries export goods and services from a variety of industries such as pharmaceuticals, biotechnology, and aerospace.
10. Hong Kong
Current International Dollars 66,517
A former British colony, this special administrative region of China is a gateway to the mainland and Asia’s top financial center. Ranked 4 among 190 economies in the World Bank’s Ease of Doing Business index thanks to its good infrastructure and many tax incentives, Hong Kong is an incredibly popular destination to launch a start-up, with foreigners allowed to own 100% of their businesses without any citizenship, residency or nationality requirements.
As a result, the island as a whole is extremely rich although according to government statistics one in five residents lives below the poverty line. Even so, Hong Kong is the city with the largest number of ultra high-net-worth individuals in the world (over 10,000 people with a net worth of at least $30 million).
Current International Dollars: 67,969
A lot of oil,Kuwait makes up about 8% of the world’s total reserves. The oil industry accounts today for nearly one-half of the country’s GDP and over 90% of its exports. With a population of approximately 4 million almost entirely concentrated in urban areas, this small state on the northern edge of the Persian Gulf is one of the Middle East’s most advanced and democratic.
The country has since then taken steps to diversify its economy by allowing 100% foreign ownership in a number of sectors and offering various tax breaks to investors. Nevertheless, such changes take time to bear fruit. In the meantime, Kuwait’s parliament passed yet another budget projecting a revenue shortfall for the current fiscal year: the fifth in a row.
8. United Arab Emirates
Current International Dollars: 70,474
Agriculture, fishing and trading pearls, these used to be the economic mainstays of this Persian Gulf nation. Then oil was discovered in the 1950s and everything changed. Today, its highly cosmopolitan population enjoy considerable wealth, traditional Islamic architecture mixes with glitzy shopping centers, and workers come from all over the world lured by tax-free salaries and year-round sunshine (to the extent that only about 20% of the people living in the country are actually locally-born). The United Arab Emirates’ economy is also becoming increasingly diversified.
Current International Dollars: 76,738
Norway’s economic engine is fueled by oil. As western Europe’s top petroleum producer, the country has benefitted from rising prices after years of decline. With massive revenues pumping stimulus into the economy, the central bank governor recently decided to do the unthinkable: hike interest rates to their highest level since 2015. While the rest of Europe flirts with sub-zero rates in order to encourage investment and growth, Scandinavia’s richest nation seems to have the opposite problem: an uptick in inflation, the most glaring signal that the economy is getting stronger.
On a side note, it is also important to point out that Norwegian policymakers know that with great GDP growth comes great responsibility: contrary to many other rich nations, high per capita GDP figures are truly a reflection of people’s financial wellbeing. Norway has one of the lowest income inequality gaps in the world.
Current International Dollars: 82,439
European Union economies are going through a rough period. Amid uncertainties tied to Brexit and trade tensions, rising oil prices and Italy’s economic woes, Eurozone officials were forced to slash their growth forecast for the 19 member countries to 1.1%. The Irish economy, however, just keeps growing: in 2019, it will expand by over 4%, consolidating its role as the fastest-growing economy of the bloc following the 2008 financial crisis. A nation of less than 5 million inhabitants, Ireland was one of the hardest hit by the global downturn.
Read also: Find out what is the strongest currency in the world
5. Brunei Darussalam
Current International Dollars: 83,777
Brunei, lives. Thier fortune derived from the immense reserves of oil and natural gas of the country—is estimated at over $20 billion, 40 times that of Britain’s Queen Elizabeth. Despite Bolkiah’s opulence, and a per-person GDP of over $86,000, malnutrition in Brunei is commonplace. Something like 440,000 people 40% of the population earn less than $1,000 a year.
Current International Dollars: 103,717
Singapore’s economy expanded by 3.2% in 2018, a sharp slowdown compared to 2017, when it grew 3.9%. Global trade tensions can have such effects. Yet one would be hard-pressed to find any clue of this deceleration by looking at the country’s GDP per capita figures. According to the IMF, GDP per capita grew in 2017 grew to over $86,000 from the previous year, reached $89,000 in 2018, and is projected to follow this upward trend in 2019 and until at least 2024, when it is expected to jump to $99,000.
How did Singapore become so rich? When Singapore became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its boostraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub and 97% of the adult population is adult literate.
Current International Dollars: 108,813
Europe, this nation of about 600,000 has plenty to offer, both to its tourists and its citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone.
Extraordinarily, it is worth mentioning that both the global financial crisis and the pressure from the EU and OECD to reduce banking secrecy have had little impact on the economy.
Current International Dollars: 122,201
In Asia’s gambling capital many are betting that Macao will climb to the first spot of the richest nation’s ranking very soon. Formerly a colony of the Portuguese Empire, since the gaming industry was liberalized in 2001 this special administrative region of the People’s Republic of China has seen its wealth growing at astounding pace. With a population just over 600,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong is almost literally a money-making machine.
Current International Dollars: 134,623
Still, the country’s total GDP per person in 2019 is still projected to remain above $134,000, slightly up from last year. Qatar’s oil, gas and petrochemical reserves are so large, and its population so small just a little over 2.6 million that it has topped the list of world’s richest nations for 20 years. This feat is even more remarkable given that Saudi Arabia and its allies imposed a blockade on Qatar in 2017.