5 Richest Countries in the World, Ranked

Depending on how you measure it, the answer to this question is different. However, most agree that a country’s wealth is based on its natural resources, its production capacity, and the value of goods and services produced by its residents. There are many ways to measure national income and wealth, but we will focus on GDP (or Gross Domestic Product) which is the value of all final goods and services produced in an economy in a given year. As such, this article looks at countries with high GDP per capita as well as other measures of national wealth when determining the richest countries in the world.

United Arab Emirates

The United Arab Emirates is a country where the glittering lights of skyscrapers shine against the desert sands. Possessing some of the world’s most luxurious tourist attractions, this country also hosts some of the most profitable industries. In fact, the UAE is the third richest country in the world with a GDP per capita of $76,987, according to the IMF. The petroleum sector accounts for roughly a third of the UAE’s national revenue. Most of the UAE’s oil is produced Abu Dhabi and then transported to other emirates by pipeline. The UAE is also one of the world’s largest exporters of liquefied natural gas (LNG). And although petroleum constitutes the majority of the UAE’s exports, the country is also home to a small but profitable manufacturing sector which produces goods such as pharmaceuticals and electronics.

Switzerland

Switzerland is a country that is synonymous with wealth. It is home to the world’s most expensive cities and is a hub for some of the world’s most profitable industries like banking and healthcare. With a GDP per capita of $80,834, Switzerland is the second richest country in the world. Switzerland’s economy is driven by a strong service sector (accounting for approximately 80% of the economy) and a small but productive manufacturing sector. Some of the country’s most profitable industries include chemicals, pharmaceuticals, watches, and music. In fact, Switzerland’s music industry is the most profitable in the world, accounting for 1% of the country’s GDP.

Luxembourg

Luxembourg is a country that is a leader in financial services, accounting, and insurance. As such, these industries account for a large percentage of its GDP. This has made Luxembourg one of the world’s largest investment funds, with the country being home to the European headquarters of some of the world’s largest investment firms. With a GDP per capita of $79,329, Luxembourg is the richest country in Europe and the third richest country in the world. In fact, Luxembourg’s GDP per capita is the highest in the world when adjusted for purchasing power parity (PPP). This metric is used to compare and standardize differences in cost between countries.

Qatar

Located on the world’s largest natural gas field, Qatar has become a leader in the global liquefied natural gas industry. In fact, Qatar is the world’s largest exporter of LNG, with roughly 77% of the country’s GDP coming from the LNG industry. The country has used its natural resources to build a thriving economy and a GDP per capita of $67,788, making Qatar the richest country in the Middle East and the fifth richest country in the world. Due to the importance of the LNG industry, other industries in Qatar tend to be smaller in scale. The most profitable non-energy industry in the country is construction, which accounts for less than 2% of the economy.

Singapore

With a GDP per capita of $64,601, Singapore has become a hub for trade, finance, and shipping. The global headquarters of many large multinational corporations have built offices in Singapore owing to the country’s attractive business climate. Additionally, Singapore is a major trade hub with one of the busiest ports in the world. The country’s largest export is refined petroleum. With a thriving economy and an abundance of natural resources, Singapore has become the fifth richest country in the world. Singapore’s thriving economy has helped the country become one of the most developed nations in the world. In fact, Singapore is ranked first on the Human Development Index (HDI), which is a composite statistic used to rank the world’s most developed countries based on a variety of factors such as life expectancy and the country’s standard of education.

Conclusion

While this list is meant to be a guide for the richest countries in the world, keep in mind that measuring a country’s GDP is not an exact science. As such, there may be some debate as to whether or not a certain country deserves a spot on this list. Nonetheless, this list does provide an overview of some of the world’s wealthiest countries. Regardless of whether or not your country made it on the list, it’s important to remember that wealth is not something that can only be achieved by countries. It can also be achieved by individuals who have the knowledge and motivation to pursue their goals and dreams.