Many countries are rich due to its high GDP (PPP) per capita. Many countries which are smaller are now considered the richest countries of the world because they have good standards of living among other different nations. Many countries of Europe are considered the richest countries all over the world and US and Canada are also the part of this highest rank. The wealth of any country can be calculated by its GDP. Here is the list of Top Ten Richest Countries In The World 2020.
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10. Saudi Arabia
Saudi Arabia is rich in oil. Oil from Saudi Arabia exports all over the world in a large quantity. It is also called the producer of oil. This country is the best one in petroleum reserves. The economy of this country is based on oil and it’s also the gas reserves country and its GDP per capita is $53,624. Many foreigners work and 7.5 million foreigners play a vital role in increasing Saudi economy. Saudi Arabia also rich in gold, silver, iron copper, manganese, lead, sulfur etc. Dates are produce in rich quantity in this country and it became a part of World Trade Organization for trading. Some of the service sectors are also privatized like education and health care, traffic control and car accident, electricity, telecommunications, water. Many factors combine to make this country wealthy and developed.
The most beautiful country of the world Switzerland considers the biggest one in economic purpose. It exports watches and chocolate bars in a very large number in all over the globe. Swiss central bank also safe its economy rate by introducing sub-zero interest rates. This country earns $56,000 per capita income. After the end of World War 2, Switzerland was considered the richest safe place for placing money. It has also the best government transparency, civil liberties, quality of life and human development. There is no kind of natural resources and people just do work as a labor in banks. It is also a safe place for investors. Switzerland has many industries like Nestle, Sika AG, Novartis and Roche, Sarnafil etc. It is also exporter and importer of the world. Most of the products are exported by Switzerland including watches, jewelry, orthopedic appliances, vaccines and glycosides, raw ores and metals. Its major import products are cars, jewelry, medicament’s etc. Switzerland the country of high beautiful mountains also is very peaceful place for tourists and there are many hotels for staying people as well and this is also the part of its developing economy.
8. United States Of America
America is also considered the richest country due to its large wealth. This country is also rich in oil producer and natural gas. The rapid increase in its wealth is due to households. Its total personal wealth includes $63.5 trillion. U.S is also considered the fourth highest income Gini Coefficient. America needs no efforts to improve their economic power. It is already rich in resources, in innovation. Student can get best learning and education in America educational institutes. Its health system is also very good. It is popular one due its energy production as well as atomic power. Its GDP is nearly $17.914 trillion and consider the world’s largest stock exchange. Its population is about 310 million people.
7. Hong Kong
This is situated on China’s South Coast. It is the most developed country due to its high GDP. This country also has its own well established international financial market. Hong Kong is one of the economic freedom countries and its government is busy in making profits. It is the place of the billionaires. It’s one of the most attractive places Disneyland resort is the wonderful place for tourists. Some of the billionaires are Sir Li Ka-Shing, Lee Shau-Kee, Raymond, Thomas etc. The total population of Hong Kong is about 7.155 million. People also go in this place for economic and business purposes.
Norway is the 6 th one richest country in the world due to its high GDP Per Capita and wealthy one country all over the world. It is the best exporter country all over the world and it exports natural gas, crude oil and refined oil as well. It’s all over population includes 4.97 million people get good benefits from these resources. This country is very prosperous one clean one. Its GDP Per Capita is $67,445.20 and seafood, fresh water and minerals are available in large quantity. Norway also exports many products through ship. Some products like petroleum production and exploration, hydroelectric power, fisheries are sources of its growing economy. Norway petroleum income is deposited and for this facility government established the Government Pension Fund. Many taxes also exist including VAT, petroleum sector, ordinary income etc. No one is free there regarding working purpose and everyone is doing work for its rising economy and one of the best things of this country is that it is never spend on government. The department of finance is working actively for budget handling. Hence, many reasons are behind this successful nation.
This one of the Arab country has its wealth economy and it ranks at fifth number. This has crude oil reserves including 102 billion barrels and its gross domestic product per capita is $70,913.56 and it is rich oil exporter country. Oil is the biggest resource in every country and it exports oil products, crude oil, chemical fertilizers, salt, and chlorine and petroleum gas. Oil is the only source for its best foreign exchange. Its currency has its own value all over the world. The National Bank of Kuwait is one of the largest well developed banks in the Arab world. This small country is also the foreign investor with $8.4 billion. Agriculture is also the source of its economy and part of its GDP as well. This country also works on agriculture for their fruit and vegetables.
4. Brunei Darussalam
The world’s richest country Brunei has per capita GDP $72,370.45. This country has its large quantity of food for exporting purpose. Both oil and natural gas are used for export and 90% of this is a part of its rich and wealthy economy. It is a small country and many of the products are also imported. Brunei also launched Halal brand to penetrate lucrative markets in many countries. Due to decrease in petroleum revenues, Brunei’s economy has become more vulnerable. SPARK investment is also the major development by the Brunei Methanol Company and it is the greatest landmark of Brunei. One of the largest LNG plant Brunei liquefied Natural Gas also established in Brunei for the purification of gas.
Singapore is the most attractive and leisure place for tourism purpose. It has a large population of 5.312 million. The capital of this country is The City of Singapore and this is very beautiful and worth seeing place for everyone. The GDP per capita of Singapore is $70,598.10 and this is the real one richest country in the world. Economy, education, health, safety and security, personal freedom and governance all these factors make this country most powerful and wealthy one. Its GDP became double in 22 years and this is an expensive country. There are also many costly cars for buyers and pay of that country ministers are also very high. Government also gives luxury homes to people for their living. So this is one of the richest countries among all countries of the world.
Luxembourg is the second topper smallest richest country across all over the globe. This small state has nine times the world average Per Capita GDP of $97,662. Banking is the top one source of its rising economy and development. There is no money waste on military in this small state and also there is no need of roadwork. People of this country are well educated and do work for their income in banking, communication and transportation sector. The people who do not work there is 5.5 percent. Taxes are also in very low rate there. So there are many secrets behind this small developed state.
Qatar is one of the top list states among the richest country due to its high GDP. Petroleum and natural gas are the backbones of its rising economy. Qatar exports natural gas and produces it and this one factor became this country rich and ranks at first one. It has many fossil fuels in its resources as well. Qatar is also considered rich in industries like fertilizer plant, steel plant and petrochemical plant. Its economy increases with per capita GDP of $140,649. This was also selected for FIFA WORLD CUP due to its successful wealth. So it ranks at number one among all wealthy countries.