Wealthiest Countries In The World 2020- We will be discussing the Wealthiest Countries In The World 2020 in this article. These countries are the richest in the world by GDP (PPP) per capita according to data from the International Monetary Fund. Rankings of the wealthiest countries in the world are based usually on the gross domestic product (GDP) of the states. GDP is the total value of all final goods and services that are produced in a country within a single year. When a country’s GDP is divided with its entire population, you get GDP per capita, which is the average measure of how much of the total GDP of the country each inhabitant accounts for. For example, in the case of China which is the second most prosperous country in the world based on its total GDP in US-dollars, when its GDP is divided with its massive population you will realize that the country’s GDP per capita is relatively low. Although GDP is just a necessary measure of how much money is in a country, there is also an apparent connection between GDP per capita and the wellbeing and standard of living of the population. Although a list of the wealthiest countries in the world is also a list of countries with the highest standard of living, one has to bear in mind that wealth can be more or less unevenly distributed among inhabitants of a nation. So, provided below is the list of the wealthiest countries in the world, according to data obtained from the International Monetary Fund (IMF). The data shows the countries’ GDP (PPP) per capita as of October 2018. PPP stands for purchasing power parity and takes the price level in each country into account. PPP is applied to make a comparison between different nations’ GDP per capita fairer. The unit used for the value of PPP for each country is a hypothetical currency called international dollar (Int. $).
TOP 10 WEALTHIEST COUNTRIES IN THE WORLD 2020 — ALL YOU NEED TO KNOW
- #1. Qatar
- GDP (PPP) per capita: 133 250 (Int. $)
Topping this list of Wealthiest Countries In The World 2020 in Qatar. Qatar like its neighbors, United Arab Emirates and Kuwait, made its fortune from oil. Qatar also has the second highest natural gas reserve of all countries in the world, behind only Russia. The country has had a rapidly growing economy over the years due mainly to the fact that oil prices have risen so much within the last two decades. Also, Qatar exports natural gas in addition to oil, but the country is now trying to develop more technology-based companies so as not to be completely dependent on fossil fuels in the future. Qatar like Kuwait and UAE also has no income tax.
- GDP (PPP) per capita: 112 620 (Int. $)
Luxembourg is often mentioned along with the other European microstates, but the country is much larger and more populous than, the likes of Monaco, Andorra, and Liechtenstein. Luxembourg has a low rate of unemployment and a steadily growing economy. This is due mostly to the country’s steel, chemical, rubber, and banking industry. The capital of Luxembourg also called Luxembourg is home to many EU main buildings. The economy of Luxembourg depends largely on its banking, steel, and industrial sectors. The country currently has the second highest per capita gross domestic product in the world behind Qatar. Luxembourg is however seen as a diversified industrialized nation, which is in contrast to the oil boom in Qatar, the major source of income for the southwest Asian state.
- #3. Singapore
- GDP (PPP) per capita: 102 030 (Int. $)
Rounding up the top 3 on this list of Wealthiest Countries In The World 2020 is the small republic of Singapore. It is one of the most densely populated countries in the world, which is not so surprising, considering the capital city called Singapore takes up almost the entire country area. The bulk of Singapore’s GDP comes from the manufacturing industry. The country specializes in importing products, refining them before then exporting them. The economy of Singapore is described as a highly developed free-market economy. The country’s economy has also been ranked as the most open in the world, the 7th least corrupt, and the most pro-business, with low tax rates (14.2% of Gross Domestic Product, GDP). It’s the third highest per-capita GDP of all countries in the world in terms of Purchasing Power Parity (PPP) is why it is in 3rd place on this list.
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- #4. Brunei
- GDP (PPP) per capita: 86 480 (Int. $)
Brunei is another tax-free country. There are no income or sales taxes in this small sultanate. Still, the country’s government offers free schools and healthcare. The country’s wealth comes largely from deposits of oil and natural gas, with investments from abroad also bringing in the bucks.
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- #5. Ireland
- GDP (PPP) per capita: 81 690 (Int. $)
The economy of Ireland has grown extensively over the past few decades. The country now boasts one of the world’s highest GDP (PPP) per capita. However, the economy of the country is quite unbalanced, and a large portion of the income of Ireland belongs to large companies that are based outside the country. This probably makes the country’s GDP (PPP) per capita a bit misleading.
- #6. Norway
- GDP (PPP) per capita: 76 620 (Int. $)
Topping the bottom half of this list of Richest Countries In The World Is Norway. The country constantly places high on the list of best countries to live in the world, and it is not hard to understand why. Apart from having rich resources of oil, natural gas, forests and also hydropower, the country offers its wealthy inhabitants a magnificent and unique scenery. However, the economy of Norway will be threatened by oil depletion in the future.
- #7. United Arab Emirates
- GDP (PPP) per capita: 72 180 (Int. $)
The United Arab Emirates is a federation made up of seven Arab Emirates each of which is ruled by an Islamic leader called Emir. The most famous of these Emirates are Abu Dhabi and Dubai. The major source of income for the United Arab Emirates is oil, and surplus income from the oil industry pays for the healthcare, schools and also military of the federation. As a result, residents of the UAE don’t have to pay income tax.
- #8. Kuwait
- GDP (PPP) per capita: 69 260 (Int. $)
Kuwait is a small Arab country with most of the citizens is residing in the capital, Kuwait City. The country’s well-developed economy depends largely on the country’s large oil deposit. Almost all export revenues of Kuwait come from the black gold. Thanks to the abundance of oil, Kuwait has a lot of money for importing both food and water, which are scarce resources in this arid country. It is worthy of mentioning that residents of Kuwait pay no income tax.
- #9. Switzerland
- GDP (PPP) per capita: 66 780 (Int. $)
Switzerland is a beautiful alpine country famous for its banks. The financial services constitute a large portion of the country’s GDP. Other key industries in Switzerland include the manufacturing industry, the pharmaceutical industry and also tourism. The country exports goods such as chemicals, machinery, electronics and of course watches!
- United States
- GDP (PPP) per capita: 65 060 (Int. $)
The 10th country on this list of Wealthiest Countries In The World is the United States of America. Indeed, the US is the wealthiest country in the world by GDP, but when the GDP is divided by the population, the US takes 10th place on this list. The United States was severely hit by the recent financial crisis and suffered from quite large income gaps. The economy of the US is driven primarily by the nation’s vast service sector and its abundant natural resources. The country produces, sulfur, phosphates and liquid natural gas among other things.
Conclusion On Top 10 Wealthiest Countries In The World 2020 — All You Need To Know
We have looked at the Wealthiest Countries In The World 2020 in this article. These countries have the most wealth, in proportion to their population. The microstates Liechtenstein and Monaco would have placed high on this list of the world’s wealthiest nations, but since these countries are not members of the International Monetary Fund, there is no comparative data on the countries’ GDP per capita. Also, both Macau (126 580 Int. $) and Hong Kong (67 560 Int. $) qualify to be on this list, but they are defined as particular administrative regions and not as countries, so they are left out.
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