REVEALED: Top 10 Richest Countries In The World
Qatar and the UAE feature on the list of the world’s richest nations as measured by GDP per capita.
June 2, 2013
Benefitting from its status as an international financial hub, Luxembourg has historically boasted solid growth, low inflation, and low unemployment. Although the country has lost some of its advantages as a favourable tax location because of OECD and EU pressure, it is one of the few nations that has continued to grow in the Euro area.
Estimated GDP per capita in 2013: $112,135.310
Population: 0.540 million
Although endowed with numerous natural resources – petroleum, hydropower, fish, forests, and minerals – Norway is highly dependent on the petroleum sector, which accounts for about 20 per cent of government revenue. It is the world's third-largest natural gas exporter and seventh largest oil exporter, according to the CIA World Factbook.
Estimated GDP per capita in 2013: $105,478.030
Population: 5.094 million
Holding more than 13 per cent of the world’s proven natural gas reserves and with oil reserves in excess of 25 billion barrels, the tiny country is one of the richest in the world. It is also rapidly diversifying its economy as it invests in infrastructure to host the mega event, FIFA World Cup 2022.
Estimated GDP per capita in 2013: $98,737.088
Population: 1.912 million
Renowned for its highly efficient and ultra-secretive banking services, the country has long been a haven for cash-rich individuals around the world. Switzerland's economy also benefits from a manufacturing industry that specialises in high-technology, knowledge-based production.
Estimated GDP per capita in 2013: $80,472.957
Population: 8.050 million
The Australian economy has experienced continuous growth for over 20 years, with GDP growth averaging 3.5 per cent a year. The country’s economy is driven by the services sector, which accounts for about 70 per cent of GDP and 75 per cent of jobs.
Estimated GDP per capita in 2013: $68,939.332
Population: 23.051 million
6. United Arab Emirates
Flexing some serious clout in the Middle East because of its vast oil reserves, the UAE has been focusing on diversifying its economy away from oil in the last few years. The country is investing heavily in developing its tourism and aviation sectors, which will get a further boost if the UAE wins the bid to host Expo 2020 in Dubai.
Estimated GDP per capita in 2013: $64,779.940
Population: 5.702 million
Boosted by a strong engineering sector – which accounts for 50 per cent of output and exports, Sweden’s economy is also heavily supported by foreign trade thanks to resources such as timber, hydropower, and iron ore. The country also has a mixed system of high-tech capitalism and extensive welfare benefits.
Estimated GDP per capita in 2013: $60,019.967
Population: 9.597 million
One of the strongest members of the European Union (EU), Denmark has a solid agricultural and industrial sector, with world-class firms in pharmaceuticals, maritime shipping and renewable energy. The Danish economy is characterised by extensive government welfare measures and an equitable distribution of income.
Estimated GDP per capita in 2013: 58,668.005
Population: 5.591 million
A high-tech industrial society in the trillion-dollar class, the growth of Canada’s manufacturing, mining, and service sectors in the last 50 years has transformed the nation from a largely rural economy into an industrial and urban economy.
Estimated GDP per capita in 2013: 52,364.356
Population: 35.210 million
Considered Southeast Asia's financial and high-tech hub, Singapore boasts an open and corruption-free environment. The economy depends heavily on exports, particularly in consumer electronics, IT products, pharmaceuticals, and on its growing financial services sector.
Estimated GDP per capita in 2013: 52,178.874
Population: 5.499 million prev next
Two Gulf countries – Qatar and the UAE – feature on the list of the world’s top 10 wealthiest nations. The reasons for their inclusion are obvious – the countries have massive oil and gas wealth, along with disproportionately smaller populations.
Not surprisingly, several Scandinavian countries also make it to the list.
The list is compiled using gross domestic product (GDP) per capita at current prices in US dollars. All the data is taken from IMF’s April 2013 World Economic Outlook Database. Other sources: CIA World Factbook.