If you’re wondering what is the top richest country in the world, look no further than Switzerland, the United Kingdom, or the United States. While many European nations dominate the list, oil-rich economies also make the cut. However, their future depends on diversified economies. Nonetheless, the United States remains the world’s largest economy in terms of nominal GDP and ranks eighth in terms of per capita GDP. As such, you can rest assured that you’ll never go broke living in the United States.
Brunei Darussalam
The United States has always been the wealthiest country, but that hasn’t stopped it from falling behind in some areas.
The United States has been on the edge of a pandemic, and even the recent recession couldn’t halt its descent. Brunei Darussalam, a small Southeast Asian nation, has more than enough oil to last until 2020.
Its oil and gas resources have generated substantial foreign investment and income for the country. Its economic growth and high standard of living are largely due to these resources, but unemployment is a significant concern. Employment opportunities and skills requirements for youth in the country don’t match up. Despite this, Brunei’s economy is heavily concentrated in the service sector, with employment concentrating largely in the banking sector and wholesale and retail trade.
Singapore
Despite its low population of just 5.6 million, Singapore is the third richest country in the world and the fourth-richest in Asia.
It has one of the world’s best economies, a reputation it has maintained despite lacking natural resources and agricultural land. Its favourable investment environment has attracted many global investors and encouraged entrepreneurship. But is Singapore as rich as it seems?
As early as the 1970s, Singapore’s economy was thriving. By 1992, the country’s capital stock had increased by 33 times, and its capital-labour ratio had nearly tenfolded. Its population had grown from illiterate to literate, and living standards have steadily risen. Today, 98 percent of Singapore’s adult population is literate.
Luxembourg
As of 2015, Luxembourg is the second richest country in the world.
It is predicted to overtake Qatar as the richest nation by that year. Not only is Luxembourg one of the wealthiest countries in the world, but it is also one of the few with the highest minimum wage in the EU. While the country’s GDP may be small, its per capita income is enormous, making it one of the world’s most stable economies.
Historically, Luxembourg’s economy has depended on the steel industry, which declined in the 1970s. The country has since developed into a global financial center and boasts one of the world’s most educated labor forces. With a growing population and an booming services sector, Luxembourg’s economy is poised to grow much faster than the EU average in the next decade. The country has a thriving financial sector and a relatively small, but prosperous agricultural sector.
Qatar
The economy of Qatar relies on expatriate labor. The country does not levy taxes on its residents. The government sponsors national health insurance for all residents.
Its unemployment rate is among the lowest in the world. Qatar is also a leader in the oil and gas industry. The country has no minimum wage and a remarkably low crime rate. Qatar’s economy has been able to keep its public spending under control, and the government continues to fund the Emirates and Qatar Airways.
The wealthiest countries in the world are often found in the Eurozone. While European countries dominate the list, many oil-rich nations are also represented. In order for these countries to stay afloat, they need to diversify their economies. The United States ranks eighth in terms of per capita GDP, but is the world’s largest economy in nominal GDP. Its GDP per capita is a little less than one third of the GDP of the world.
United States of America
The United States of America is one of the richest countries in the world, but what’s going on? We’ve been on the edge of a pandemic for the last two decades.
The United States’ wealth and safety are dependent on reliable electricity, welfare and social services, and hospitals that use reliable electricity. But the United States’ per capita income is actually lower than that of the 10 poorest countries. That’s the biggest difference between the rich and poor countries.
The United States has a diverse culture, which is reflected in its music, art, and literature. Jazz, for example, was invented in the U.S., and its most celebrated musician is African-American Louis Armstrong. Jewish writers Saul Bellow and Philip Roth are some of the most famous literary figures in the U.S. and among the world’s most influential writers. In addition to its rich culture, the U.S. is one of the world’s leading media markets. It is also home to the world’s most renowned universities, and its population of 225 million is growing every year.
Australia
Australia ranks among the Top 10 richest countries in the world, and the average household’s wealth has increased by 19.7% since the start of the decade.
In the last quarter, average household wealth increased by $27,782 compared to the same quarter last year. It has grown so much that it has now reached a record high of $522,032, outpacing the number two richest country in the world, Luxembourg, which has a population of only 633,000 people.
In terms of GDP per capita, Australia is second only to Switzerland, with US$411,060 being the average. Its wealth per adult is skewed toward non-financial assets, with real estate accounting for about 60 percent of the total. Wealth is defined as total assets minus total liabilities, which include debt and superannuation. Australia’s GDP per capita, however, is projected to reach $57,300 USD by 2022.
