According to the information from International Monetary Fund published in October 2017, we have received a list of richest countries in the world. Out of 200 countries, they standout on the basis of GDP per capita.
GDP of these countries are decided by comparing currencies of these countries with respect to cost of gold. However, countries like Qatar and Brunei, which feature at the top of the list are funded by stock of oil in their reserves.
In some countries like Ireland and Iceland, investment in the banking sector has made a positive impact on their. Let us look at the list of these 15 richest countries.
With a GDP of $52,150 per capita, Iceland occupies 15th spot in this list. Tourism, exports and investment in banking sector have given this economy a major boost which is predicted to be long lasting.
Despite going through a process of economic recovery amidst Brexit, Netherlands have a GDP of $53,580 per capita. The 17 million population of the country is mainly located in Netherlands although Kingdom of Netherlands covers Aruba, Curaçao, and Sint Maarten as well.
13. Saudi Arabia:
With a population of 32 million, for all these year oil has been a major factor in this country’s GDP. However, with the ‘Vision 2030’ reform program they are looking forward to boost other industries in the country so that they don’t have to depend on oil anymore. The current GDP per capita is $55,260.
12. United States:
The US occupies 12th spot in this list with their GDP of $59,500 per capita. Despite having a population of 325 million they have successfully kept unemployment rates low. They are currently going through the longest economic expansion since 1850.
11. San Marino:
Rising employment rates and domestic and external demand has ensured that San Marino’s economy is recovering after the recession. The country with 9 million population currently has a GDP of $60,360.
10. Hong Kong:
With a population 7 million, Hong Kong still remains one of the richest countries in the world with GDP of $61,020 despite the recent economic slowdown in 2016. According to IMF, their economy will recover soon thanks to extra spending.
Although its central bank lost $52 million in 2015 the economy of Switzerland stands strong. The GDP of the country is currently $61,320 per capita. The country is recovering fast and will soon come up this list.
8. United Arab Emirates:
Oil is the primary factor in this country’s economy. It is one of the richest countries in the world. Despite the fall in oil prices in 2016, the GDP stands at $68,250.
Despite being a oil rich country, Kuwait didn’t face the economic slowdown in 2016 as they increased the production of other sectors. The country has population of just 4 million. The GDP of the country stands at $69,670.
With a GDP of $70,590 per capita Norway ranks 6th in this list. However, the country also faced economic slowdown as oil prices dropped in 2016. The nation has a population of 5 million. However unemployment rates haven’t spiked yet.
Due to increased spending, constructions and investment Ireland’s GDP currently stands at $72,630 per capita. The GDP of country grows at a remarkable rate.
As a major exporter of oil, Brunei occupies the 4th spot in this list. This country has just 400,000 people. 90% of Brunei’s income comes from oil. Despite the drop in price in oil they have fared extremely oil. Their current GDP is $76,740 per capita.
Singapore is one of world’s richest countries with GDP of $90,530 per capita. With a population of 5.6 million, their economy grew by 2.7% in the first quarter of 2017. As the global electronic trades have flourished, this economy will grow even faster according to IMF.
With a tiny population of just 600,000, this country is the second richest country in the world. Their GDP is currently $109,190 per capita. Their economic growth as higher than European Union’s last year. However, some uncertainties can be predicted following Brexit.
This oil rich country is the wealthiest country in the world. With a population of 2.27 million their current GDP stands at $124,930 per person. They have maintained their growth despite the oil price drop. IMF predicts that their growth will continue in the near future.