Being the richest in the world has its perks! Be it an individual, public or private companies or countries for that matter. With the first decade of 21st century over, global economy is back on development track once again, recovering from the recession of 2007-08. Many countries have emerged as new centers of economic development. Wealth of countries has risen steadily over the years now. Countries have accumulated wealth so much that the living standard of those respective countries is on a all time high. Browse ahead to know the wealthiest Top 10 Richest Countries in the World 2015 and the reasons behind it.
Top Ten Richest Countries in the World 2015
Provided below is a comprehensive list of the richest countries in today’s world.
With the highest per capita GDP in PPP terms of $91,379, Qatar ranks number one in our list of Top 10 Richest Countries in the World 2015. Qatar is largely a petroleum based economy, deriving 70 percent of its annual GDP from oil exploration and exports. The country has made immense development over the years economically. Owing to its rising prominence in both regional and international arena, the nation has been awarded the privilege to host the 2022 FIFA World Cup and has effectively mediated disputes in the middle east and Africa. Qatar is said to hold almost 15 percent of the global gas reserve and seeks to become a global energy giant in the future.
A land locked country in Europe, Luxembourg, comes second on our list of the richest countries of the world. Officially known as the Grand Duchy of Luxembourg, is politically a representative democracy. the country has per capita GDP of more than $89,000 and a very strong financial sector. Luxembourg is a developed country with an advanced high-income market economy.
Singapore, with its massive $445 billion economy finds itself comfortably at number three on our list. Singapore is a highly developed market-oriented economy. It is the only Asian country with the top AAA rating from all the credit rating agencies. Ranked as the 7th least corrupt, Singapore is one of the most open economy and low tax regime make it a preferred choice for business and trade. Singapore is a major trading hub in the world economy today. Its economy is heavily dependent on foreign direct investments and trade. Singapore’s strong international appeal as the most open economy of the world and a tax haven has made this small nation one of the most prosperous nations of the globe in the contemporary times.
The wealthiest Scandinavian Country, Norway is also the most resource rich nation of the region. Norway maintained first spot for six consecutive years in the UNDP Human Development Index from 2001 to 2006. The standard of living in Norway is among the highest in the world. With the right mix of oil and gas exports, a healthy economy and immense material wealth, Norway is bound to be one of the richest countries of the world in times to come.
5. Hong Kong
Just like Singapore, Hong Kong too is a buzzing international Financial Center of the world in the 21st Century. Its service-oriented economy is characterized by almost free port trade, low taxation policies and a well established financial market. With high growth rate and a high per capita income, Hong Kong is easily ranked as the world’s fifth richest economy. this small nation has accumulated immense wealth in the post globalization era thanks to its stable financial institutions and government policies.
6. Brunei Darusslam
Mostly recognized as Brunei by the world. It is a small nation located in South East Asia off the North Coast of Borneo. Brunei’s economy is being driven by oil and gas exploration for last eight decades. 80 percent of its export revenue comes from hydrocarbon and constitutes over half of its GDP. Brunei has the second highest per capita GDP in South East Asia and is largest exporter of liquefied natural gas(LNG) in the world. In 2011, Brunei was one of the two nations in the world with zero public debt. No doubt the small nation has accumulated a immense wealth thanks to its rich LNG and hydrocarbon reserve.
7. The United States Of America
The United States of America(USA) often said to be the most powerful nation of the globe, stands at number 7 when it comes to defining the total material wealth of its GDP. One of the largest economies of the world, America is also the economic capital of the world. It houses the most number of millionaires and billionaires. The wealth of USA can be imagined from the fact that it has the most powerful banking system(the Federal Reserve) with a combined GDP of over a trillion dollars.
8. United Arab Emirates
The second largest economy of the Arab World, United Arab Emirates is the 8th richest economy of the world with a gross domestic product totaling 570 Billion dollars. The country is gradually diversifying its economy from oil-based economy
towards manufacturing, hospitality, tourism and related sectors. United Arab Emirates has made very rapid development owing to its petroleum based economy which constitute over 80 percent of its revenues and exports.
Switzerland finds a mention at number nine of our list of top ten richest nations in the world. Thanks to its long term financial security and political stability, Switzerland is the most preferred choice of global investors. The economy of Switzerland is heavily dependent on foreign investments. Switzerland is home to the richest bank of the world, ‘The Swiss Bank’, and headquarters of some of the most prominent global organizations like the UN and many more. Switzerland has one of he most liberal taxation policies which has meant its GDP is on the rise constantly.
Another developed country from the Arab world, Kuwait is comfortably ranked tenth on out list. With an average per capita GDP of $43,700, Kuwait is one of the richest and most prosperous nations in the Middle East. Like other nations in the region, Kuwait too is dependent on petroleum deposits for the majority of its annual revenue. The nation sustains third highest density of millionaires with 115 out of every 1000 household having wealth of at least $1 million.