7 Richest Countries In The World- The List Is Shocking

Posted by: frank mubiru in Business May 2, 2016

Indeed the list of the top seven richest countries in the world is kind of shocking, some countries which are well-known were not included, the research was conducted basing on the GDP.

1. Qatar – Richest Country in the World and in Asia GDP (PPP): $106,283.96

Capital City: Doha

With a population of around 1.9 million and GDP equal to $182 Billion, Qatar is the world’s richest country. It lies in the Persian Gulf and it is a peninsula.^[2] It lies in the Middle East and is richest Arab country in the world. Saudi Arabia lies to its south. The economy of this country is entirely dependent on Petroleum as it contributes nearly 85% of export earnings.^[1]

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Banking and Tourism are other areas where Qatar generates money. It is also the richest country in Asia. Its competitively open trade policies with the US have made Qatar the wealthiest nation in the world.^[6] The country charges no income tax to its citizens and other taxes are also very minimal. The current GDP of Qatar surpasses all the other countries in the world and is $102,768.69. Thus we can see that the size of the country does not matter when it comes to wealth and that even a small a nation can aspire to be the richest in the world.^[4]

2. USD = 3.64105 QAR 2. Luxembourg – Richest Country in Europe
GDP (PPP): $79,649.49

Capital City: Luxembourg

Holding the title of the wealthiest country in Europe,^[9] Luxembourg is much famous as a tax heaven. Many billionaires from around the globe reside in this country to save themselves from taxes in their homeland. It is the second richest country in the world. With a population of just around half million, it has striking contrast of green pastures of land alongside the industrialized city. It lies in Europe and is headed by a Grand Duke. Banking, Steel Industry and telecommunications contribute heavily to its wealth.^[1]
1 USD = 46 Luxemburg francs

3) Singapore GDP (PPP): $61,046.96

Capital City: Singapore

Located in Southeast Asia and comprising of 63 islands, Singapore is a fully island country.^[5] On this list of top 10 wealthiest nations, it ranks third.^[6] It is one of the largest financial centers in the world and along with Taiwan, Hong Kong and South Korea, it forms the Four Asian Tigers. Its population is around 5.5 millions with majority of them practicing Buddhism.^[2]
SGD/USD = 1.2743

4) Norway GDP (PPP): $54,479

Capital City: Oslo

A country with roughly 5 million people,^[8] Norway, coupled with high GDP and comparatively low population, it is one of the richest countries on Earth. Sharing its border with Finland, Sweden and Russia, it is a developed country. The economy of this rich nation depends on oil and natural gas reserves which is found around it.^[1]
NOK/USD = 6.0521

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