See the Top 7 Richest Countries in the World to Visit

– Richest Countries in the World –

Richest Countries in The World: A stable and prosperous economy is the base on which a country frames its policies and keeps its citizens happy. There are two methods for determining how rich a country is.

The Top 7 Richest Countries in the World to Visit

Findings are based on a comparative study in between nations, using a Power Purchasing Parity (PPP) basis. Which is highly accurate as it takes into account not only the exchange rates between currencies, but also the relative cost of living and inflation rates.

These countries listed below have been able to endure the toughest of weathers and managed to keep their economy afloat and make their citizens rich.

1. Qatar

• GNI per capita: $116,799

• 2017 GDP: $308.6 billion (51st out of 196 countries)

• Population: 2.6 million

• Life expectancy at birth: 78.3 years

Qatar is, by far, the richest country in the world, with a GNI per capita of $116,799 — more than $20,000 higher than any other nation.

The country has more in oil reserves than all but two other countries worldwide — equal to 13% of the global supply.

This natural resource brings in tens of billions of dollars to the country of less than 3 million residents each year. Oil revenue helps subsidize government services in the country. Petroleum accounts for nearly all of Qatar’s exports – 87%.

Thanks to its strong economy, Qatar’s unemployment rate is one of the lowest in the world, at 0.2%.

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2. Macao SAR, China

• GNI per capita: $95,304

• 2017 GDP: $65.3 billion (98th out of 196 countries)

• Population: 0.6 million

• Life expectancy at birth: 84.0 years

Macao is another special administrative region of China, meaning it is not fully autonomous, as China handles foreign affairs and defense.

Since allowing the foreign competition in its local casino industry starting in 2001, Macao has become one of the world’s top gaming destinations, and the sector has pumped billions of dollars into the economy of this relatively small region.

Only one nation has a higher GNI per capita than Macao’s $95,000.

Macao’s economy is growing faster than that of any country that ranks among the 25 richest in the world. The special administrative region’s economy grew 9.1% in 2017, nearly triple the rate of the worldwide GDP growth.

3. Singapore

• GNI per capita: $82,503

• 2017 GDP: $480.0 billion (39th out of 196 countries)

• Population: 5.6 million

• Life expectancy at birth: 82.9 years

Sitting on the southern edge of Malaysia, Singapore is an important shipping point, connecting much of mainland Asia to the rest of the world.

Singapore’s economy, which has a GNI per capita of $82,503, is one of the most business-friendly in the world due in part to a lack of cumbersome regulations.

Singapore is the single largest seller of integrated circuits, or microchips, in the world. These circuits makes up 36% of Singapore’s exports.

As it relies heavily on the export of technology, Singapore invests a large amount, worth 2.2% of the nation’s GDP, in research and development.

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4. Brunei

• GNI per capita: $76,427

• 2017 GDP: $30.8 billion (125th out of 196 countries)

• Population: 428,697

• Life expectancy at birth: 77.4 years

Petroleum accounted for over 90% of Brunei’s exports in 2017. Because of its wealth of valuable resources, the relatively small Southeast Asian nation has become one of the world’s wealthiest, with a GNI per capita over $76,000.

Brunei also has the highest unemployment rate among the 25 richest countries at 9.2%. Worldwide, the unemployment rate is less than 5%.

Additional Information

With a meagre population of 4.9 million and boasting of per capita income of $56,670, the Norwegian government has effectively accumulated assets resulting from hydrocarbon production.

Transparency and open economy are two key factors that have contributed to the growth of the nation. The legal framework is of the highest order providing excellent protection of rights and containing corruption.

Its major trade components are fisheries, metal and oil; although it sailed through the economic crisis smoothly, its exposure to economic problems is still a concern considering over 80% of its trade is with EU members.

5. Kuwait

• GNI per capita: $72,872

• 2017 GDP: $271.1 billion (57th out of 196 countries)

• Population: 4.1 million

• Life expectancy at birth: 74.8 years

Kuwait is one of just five nations with a GNI per capita above $70,000. Unlike most other countries that rank among the wealthiest in the world, Kuwait does not have a diverse economy.

Petroleum accounts for over 84% of its exports. Kuwait ranks as one of the most corrupt nations on this list, likely resulting in an uneven dispersal of the wealth created from petroleum.

Along with fellow oil-rich nation Saudi Arabia, Kuwait is one of the few countries that rank among the richest in the world that saw a decline in their GDP in 2017.

Kuwait actually had one of the sharpest decreases in GDP of any country, with an economic contraction of 2.9%.

6. Bermuda

• GNI per capita: $68,113

• 2017 GDP: $3.3 billion (169th out of 196 countries)

• Population: 65,441

• Life expectancy at birth: 81.4 years

The island nation of Bermuda is by far the least populous country to rank among the richest in the world, with a population of less than 66,000.

Bermuda’s exports are worth very little. The nation ranks among the wealthiest largely because of international businesses, like insurance and financial services companies that operate in the country.

These businesses account for around 85% of Bermuda’s GDP. Tourism is also an economic boon for the country accounting for a large share of total employment.

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7. United Arab Emirates

• GNI per capita: $67,758

• 2017 GDP: $632.6 billion (31st out of 196 countries)

• Population: 9.4 million

• Life expectancy at birth: 77.4 years

Nearly half of all exports from the United Arab Emirates are forms of petroleum — crude, refined, or gas. The country’s exports also include precious metals and minerals like gold and diamonds.

These valuable exports have helped make the UAE one of the wealthiest countries in the world, with a GNI per capita of $67,758.

The UAE has among the highest rates of primary school enrollment and primary school completion, setting up students for future success.

The country also has one of the lowest unemployment rates in the world, at 2.6%, just over half of the 5.0% worldwide unemployment rate.

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CSN Team.