In order to achieve a relatively realistic living standard, GDP is measured by its purchasing power parity per capita; this shows the average resident’s value and household consumption. The per capita GDP data is nothing short of the national economy as it reflects the people’s living conditions. GDP itself is the value of a nation’s economy – periodic assessment and value of a nation’s domestic goods and services. GDP is, within a period of time, the flexible measure of national economic activity.
The citizens of a nation are somewhat expected to benefit from the progress of the economy of a nation, but that isn’t often the case. Some countries with mere GDP rationale have a tremendous wealth to overcome the imagination because they have not been convincing in people’s lives.
There still seems to be some sort of imbalance in wealth distribution, for example, China with a $27,805 trillion mental GDP is the world leader, while its GDP per capita is the 87th richest in the world.
The richest countries in the world are those with a healthy and sound economy. The wealth of nations, measured by the Gross Domestic Products (GDP), could produce enormous results, but with the people’s living conditions one could be amazed by the gap between them. In such cases, either nominal GDP or buying power parity is calculated for the richest of all countries (PPP).
Nominal GDP is the measure of the nation’s economic value, while GDP by PPP takes the possibility of inflation into account. Qatar is the world’s richest country with nominal per capita GDP, maintaining its position as the richest shopping parity per capita. The projections of the IMF in 2020 indicate that these are the richest GDP (PPP) countries per capita:
10. 10. The Swiss Swiss
Switzerland is one of the world’s most stable economies, and its unemployment rate is extremely low (4.63 percent in 2020). The country benefits from its manufacturing and investment-oriented economy in a healthy combination with exports and service sectors with a vibrant labor force.
As a member of the European Free Trade Association (EFTA), Switzerland has a highly liberal trading approach that empowers the private sector in large measure. Zurich is the center of the nation’s industrial treasures with around 150,000 companies. In addition, Switzerland has a commendable living situation at one of the lowest rates of homeownership in Europe and has one of the highest life expectancies in the world over 83 years.
9. Kuwait Kuwait
Kuwait is the ninth most rich per capita per GDP economy in the world, with a population of 4,420,110 (2020 est.) and a life expectancy of 78 years. It has the world’s largest currency unit and is home to approximately 10 percent of the world’s oil reserve, making it a petroleum economy.
Of all the Arab countries, Kuwait is the first country to initiate economic diversification in the Middle East and is a successful investment Arab nation. Kuwait is not only a petroleum-friendly country but also strongly involved in tourism, agriculture, shipping and banking, and finance. Kuwait is a relatively reasonable business area and encourages business/business start-ups and for most social media companies.
8. United Emirates (UAE)
A league of seven Arab countries with Dubai as their most populous city, the UAE’s economies were previously purely exports of petroleum and gas but currently, non-oil sectors such as tourism and services have improved, generating up to 70% of the nation’s GDP.
Especially in tourism, Dubai rises by over 60%, while Abu Dhabi, originally known for its exports of oil and gas, holds 16%. Though the UAE does not allow trade unions to exist, they are definitely seen as a free market zone, well ranked in the Index of Economic Freedom and the Ease-of-Doing Business Rank.
With a population of 9.631 million in 2013 (with expatriates representing approximately 20 percent of the total population), the UAE has enough to cover a total life expectancy of 76 years. In addition, this shows that the UAE has the highest percentage of immigrants in the world.
7. Norway Norway
Norway is yet another country that per capita is doing well with GDP. The country is ranked seventh in the world, having an incredibly large reserve of capital and a high monetary value. Norway guarantees its inhabitants a standard living condition with a total life expectancy of 82 years.
The main economic activity here in this country has always been oil production and exports, but in all, due to their numerous natural resources, they have a vibrant mixed economy. Norway seems to be the only country to have a disability pension for a percentage of its population.
6. Darussalam Brunei
Brunei Darussalam has been included on the list of richest countries due to a number of factors; the country has a life expectancy of 77 to 78 years, an unemployment rate of 9.1 percent (2019), and 428,962 people.
The country has a rather small rich and diverse oil and gas economy (90% of its GDP), imports and exports, agriculture and fishing, patronizing local and foreign investments. Brunei ranked among Southeast Asia’s most developed nations.
Iceland is #5 on the list of the richest countries in the world. Ireland has a population of 6.6 million and one of Europe’s highest growth rates. According to IMF reports, Ireland’s GDP growth has in recent years been driven by expenditure, investment, including foreign multinationals and the construction industry.
4. The Netherlands
Singapore is the destination for a dynamic, successful, and towering economy. Like China, it promoted its world-class market economy. Singapore has also proved to be one of the most influential cities in the world and a stepping stone to technological progress, industrialization, and foreign investment.
As a wealthy country, Singapore is known for its workable social policies, skilled workforce, low tax rates, advanced infrastructure, a politically stable environment that is free of corruption, all of which earned it a place in the spot where the World Bank does business.
Singapore has the advantages of a vibrant economy in that 80 percent of the population have their own homes. Singapore is also known as one of the leading tourist destinations with an estimated record of more than 18 million tourists in 2019 before the COVID 19 breakup in 2020.
Luxembourg has an average life expectancy of 82 years with a population of 626,108 and a legendary low unemployment rate of 6.8% by 2020. Known as the ‘effective’ tax paradise for foreign investors, the banking industry is the largest industry in the economy, and then steel production, telecommunications, tourism, and agriculture.
Luxembourg is also prominent because it is an internet start-up and investment hub. Despite its highly-rated market economy, Luxembourg had the largest external debt per capita in the world in 2014, with approximately $3,696,467. The nation’s external debt has reached 3.5 trillion in recent years.
2. SAR Macao
In Asia’s gambling capital, many bet that Macau will soon climb first place in the ranking of the richest nation. This special administrative region of the People’s Republic of China has seen its wealth grow at an incredible rate since the gaming industry was liberalized in 2001.
This narrow peninsula just south of Hong Kong, with a population of just over 600,000 (2018) and more than 40 casinos spread over about 30 miles square, is almost literally a cash machine. Macau, it turns out, can also do very well without foreign tourists: of nearly 40 million visitors, nearly 71 percent came from mainland China in 2019.
According to Business Insider, Qatar has been the wealthiest nation in the world by GDP (PPP) per capita for over 3 years in a row. Prior to the oil boom in 1940, fishing and pearl hunting mainly supported its economy. At present, oil & gas – one of the world’s largest natural gas reserves known to own the third-largest proven natural gas reserve – is boosting the economy.
The country is also known as the second-largest natural gas exporter. Apart from oil, industries, the financial sector, tourism, and transport, they also make a significant contribution to the economy of the country. Because of its relatively diversified booming economy, its standard of living is significant both in the Middle East and worldwide.