Two standard methods can be used to define the richest countries in the world. One method is by taking into account how large the economy of each country in the world is as seen in its gross domestic product (GDP). But determining how rich an average resident of a particular country is forms the widely accepted definition of the wealthiest countries. It is based on this reason that it is asserted that the best method is by using GDP data per capita.
When comparing the differences in the standards of living among nations, using purchasing power parity (PPP) might be consider more adequate. This is owing to the fact that PPP considers the inflation rates and the relative cost of living instead of using only exchange rate which might turn out to distort the actual differences in income. Many economists find this measure most suitable when considering per capita wealth and standard of living or when comparing the economic strengths of countries.
For the economists, countries are considered as rich if citizens in these countries procure enough to bolster the majority of their needs. These main 10 wealthiest countries on the planet are among the individual countries that have the most noteworthy GDP per capita, with the GDP value ascertained and measured in US dollars. Likewise, several angles were made use of in the ranking, for example, the income value, expenditure value and output value.
This Arab country has a normal GDP of $43,700, which makes it a prosperous country in the Middle East Asia. Likewise with other rich nations, Kuwait relies on upon its petroleum stores for its huge incomes. Actually, crude oil accounts for a gigantic percentage of its exports. As rich as this country is, its population is fairly little with just around 2.8 million inhabitants.
Switzerland, a country that is very rich in Europe, is among the most prosperous nations on the planet. It gloats of its diverse and stable economy, and it has figured out how to keep up its fabulous records as far as its GDP is concerned. Switzerland has extensive sources of income like tourism, agriculture and banking and this has contributed greatly to the emergence of Switzerland as one of the wealthiest countries in the world. Switzerland is also a main exporter of the finest watches and rich people has turned Switzerland into a land of money making.
8. UNITED ARAB EMIRATES
With a yearly GDP of over $48,400, United Arab Emirates is in reality adept to have a place in this rundown of main 10 wealthiest nations on the planet. The nation is made up of 7 autonomous Emirates that are governed by their own particular rulers. At present, it is one of the wealthiest Arab countries on account of its GDP that is the third-biggest in the Middle East. Oil exports, natural gas, dried fish and dates are some of its sources of income. Since there were drastic reductions in its oil reserves, it turned its attention to other businesses and they have been successful.
7. UNITED STATES OF AMERICA
The US is a standout amongst the most powerful nations on the planet regardless of a few regular disasters and political issues that shook its economy for some years now. This country is stupendously rich because of its successful export of technology, weapon and some other services. What's more, the US is adjudged as the biggest manufacturer in the world.
6. BRUNEI DARUSSALAM
One of Southeast Asia's wealthiest countries, Brunei has a normal yearly GDP of $50,400. It creates its wage and incomes from crude oil exports and natural gas. Besides, incomes originating from petroleum add no less than 90 percent to the nation's GDP. With fewer than 500,000 living in this nation, Brunei is additionally the slightest populated nations all through the world.
5. HONG KONG
Spotted on the southern shoreline of China, Hong Kong is considered as the fifth wealthiest country as far as its GDP. Actually, the nation is among the main financial destinations of investors in Asia, as well as on the planet. While it has its own particular legal tender, Hong Kong has its defence services provided by the People’s Republic of China.
With around 5 million individuals living in this nation and a generally high GDP, Norway is clearly among the wealthiest nations in the planet. It is interesting to know that the nation shares international boundaries with Russia, Finland and Sweden. The nation's economy depends to a great extent on regular gas reserves and oil.
Another wealthy nation is Singapore. Singapore is an island nation that comprises of 63 islands. It is one of the four countries with the biggest financial centers in South East Asia. Others include Hong Kong, Taiwan and South Korea. The number of inhabitants in this little nation is around 5.5 million, and most of its citizens are Buddhist.
Luxembourg is one of the most prosperous nations in Europe. It is considered as a tax-free zone. Many billionaires from the length and breadth of the globe choose to live in Luxembourg in order to avoid paying expensive taxes. Steel industry and telecommunications are the two major sources of income of Luxembourg.
With fewer than 2 million inhabitants and about $182 billion GDP, it is most likely Qatar is the wealthiest nation in the planet. It is a landmass situated in the Persian Gulf, and it can be found in the Middle East Asia. The economy of this nation hangs around petroleum as it makes up 85 percent of all the country’s exports. Banking and tourism also contribute to the wealth of the country.