The new year started with most individuals tagging it as their year of success but what most people fail to realize is a successful nation is a product of the people in it and vice versa, hence the reason why a country with a thriving economy is most likely to produce affluent individuals.
Different countries are blessed differently, some are blessed with rich mineral resources but few human resources to harness them while some are endowed with human resources that adequately and judiciously use the few mineral resources they have and some are abundantly blessed with both the former and latter.
Differences in this country have led to different numerous classifications such as categorizing countries into:
- A well-developed nation, industrialized country, more developed country, in another way “advanced or more economically developed country” (MEDC), is a country that has all her needs without the help of an ally country or developed country, a country that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. e.g. United States of America (U.S.A), France, Germany, Japan, Canada, etc.
- The developing nation also refers to as an underdeveloped country or a less developed country is a nation with and a low Human Development Index (HDI) and a less developed industrial base relative to other countries. e.g. India, Nigeria, Cameroon, Afghanistan, Cambodia, etc.
All that has been said above and many more have inspired this article for creating a list of countries that are in the top ten richest countries all over the world.
Top 50 Richest Countries In The World
Top 50 Richest Countries In The World 2023
|| GDP Per Capita (PPP)
|| United States
|| Hong Kong
|| San Marino
|| United Arab Emirates
|| United Kingdom
|| South Korea
|| European Union
|| New Zealand
|| Czech Republic
|| Puerto Rico
Without further ado, the following is the list of the top ten richest countries in the world based on the gross domestic product (G.D.P) as released by the International Monetary Fund (I.M.F)
Top 50 Richest Countries In The World
A small European country that shares a border with France, Belgium, and Germany. It has a population of about six hundred and fifty thousand people but that doesn’t stop it from breaking into and sitting comfortably at number two spot of the richest countries not just in Europe but all over the world with a per capita income of about $122,740.
Banking, steel, and industrial sectors are the dominant forces in the economy of the country. Unlike most of the names on this list, Luxembourg has a highly diversified economy and oil is not even present in commercial quantities in the country. Exports contribute massively to their economy with their primary market being neighboring countries like Belgium, France, and even Germany.
Coming third on our ranking of the richest countries in the world, Singapore, has been found to also have one of the most open economies, ranked at a time to be the 7th least corrupt economy and tax rate is very low, makes one wonders what they could depend on to have an economy which is better than the likes of Saudi, UAE and even the mighty United States of America. It has a per capita income of $102,742.
Singapore generates most of its revenue from the export they make from vast industries such as electronics, chemicals, oil drilling equipment, food and beverages, rubber, and many more. With a population of about 6.5 million people, the industries shouldn’t be lacking in human resources to improve the economy further maybe to the point where it becomes number one.
Ireland is a European country with a population of about 6.5 million people, known for its cultural diversity. It is the third wealthiest nation in the world with a per capita income of $99,239.
The majority of its GDP is accounted for by the trading of various products and services of various industries of its economy such as the pharmaceutical, chemicals, computer hardware, food products, and medical devices. Its main export partners are the USA, UK, and neighboring European nations.
Holding on very comfortably to the number four on the spot is Qatar. So many things can be said of this wonderful nation but starting with the subject of discussion, it is undoubtedly the richest in terms of both parameters mentioned earlier (GDP and total wealth). With a population of just under three million, the country’s per capita income is a whopping $97,262.
Not only are they the number four on the world’s richest list, but they have also held on strongly to the position for quite some time now and it doesn’t look like they will relinquish the position soon.
Most (about 70%) of their revenues are generated from the oil exploration and petroleum sector and they generate a further 80% revenue on oil and petroleum.
Macau was formerly called “Ou Mun”, meaning “Trading Gate”. Ou Mun was the Chinese name it was formerly called before Macau. Macau originated from a misunderstanding from the 16th century. Some Portuguese merchants came to the country, and upon inquiry, they were told they were in “A Ma Kok”. The name was adopted and used until it gradually evolved to the Portuguese name “Macau”.
Macau which was formerly a sparsely populated territory has become a major city. Now, the country is one of the richest in the world with a GDP per capita income of $90,606.
One of the most beautiful European countries also happens to be on our list of the wealthiest countries. Its beauty is actually a major part of its economy as it has numerous places such as beautiful lakes, villages, and the high Peak of the Alps that people from all over the world want to see which serves as tourist centers. It occupies the eighth position on this list as the per capita income of the country with a population of about 10 million people is about $75,880.
Switzerland’s most important sector is the manufacturing of chemicals, health and pharmaceutical goods, scientific and precision measuring instruments. They are also known for their banking, insurance and international organizations e.g. Federation of International Football Association (FIFA) in addition to tourism all of these add to the richness of this wonderful nation.
Coming in seventh on the list of the richest countries in the world, A Scandinavian country, with a population of just over 5 million people, mostly known for its mountains, glaciers, and deep coastal fjords is not just a financially buoyant country but the impact of the finance reflects of the individual. It consists of very lovely people. It is ranked to be one of the most peaceful countries in the world with a very low crime rate. Like most of the countries on this ranking, oil and gas production accounts for 20% of its economy. Other important sectors include hydropower, fish, forests, and minerals. State revenues generated from petroleum are usually saved in the world’s largest sovereign wealth fund. Its per capita income stands at $69,171.
8. United States Of America (U.S.A)
The United States of America ticks all the following boxes: Politically powerful, technological advancement, top-notch human resources, natural resources, it would be unthinkable to have a list of nations doing well educationally, socially, politically, and even economically without the USA. Unlike most other lists, the USA would have been number one but it found itself occupying the ninth position on the list of the richest countries in the World, which is partly due to its magnificent population of 325 million people. The per capita income of the country is $68,309.
The economy of the USA is being moved by abundant natural resources, developed infrastructure, and high productivity. It has been the largest economy in the world since the 80s, The U.S. is the world’s third-largest producer of oil and natural gas. In 2016, it was the largest trading nation in the world as well as the world’s second-largest manufacturer, representing a fifth of the global manufacturing output.
Population definitely plays an important role in wealth. Brunei, a very tiny nation with a population slightly under six hundred thousand must have a significant part of its population contributing to a major achievement such as finding itself on the map of the richest countries and it has consistently been ever-present in recent years. It’s known for its beaches and biodiverse rainforest.
Crude oil and natural gas account for roughly 65% of GDP with Japan being the primary export market with 95%. The government has been putting in measures for the diversification of the economy after the consistent drop in oil prices witnessed some couple of years back.
Brunei’s per capita income stands at $64,405 which qualifies it as the ninth richest country.
10. Hong Kong
Hong Kong is the special administrative region of China and a metropolitan area. It is one of the most crowded populated territories with more than 7.5 million residents. The official languages in Hong Kong are English and Chinese. Hong Kong was formerly a sparsely populated territory for fishing and farming. It is one of the major manufacturing and financial centers, hence, its position as the tenth-largest exporter and ninth-largest importer in the world. The per capita income of Hong Kong is $62,839.
11. San Marino
San Marino is the third smallest state in Europe located within central Italy. The official language spoken in San Marino is Italian. The population includes a large number of Sammarinese and few Italians. San Marino is known for its hospitality. History has it that San Marino provided shelter to 100,000 evacuees from Italy during the Second World War.
The economy of San Marino majorly banks on the banking and tourism sector, and the manufacturing and agricultural sector to a small extent. Over 80 percent of the country’s exports are taken to Italy, and the country boasts of a per capita income of $61,508.
Denmark is a small country in Northern Europe. Denmark shares a border with Germany to the south, and to Sweden in the southwest. It presently has a population of 5.84 million. It is the southernmost Scandinavian country. The citizens of Denmark are called Danes and they are known to be very happy people. Denmark offers equal rights to services such as healthcare and education. The country boasts of low crime rates and a per capita income of $60,461.
13. the Netherlands
The Netherlands means “low countries’ and it is a small country in northwestern Europe. The country is located Between Germany and Belgium. The size of the Netherlands could be defined as smaller than West Virginia and larger than the state of Maryland. The Netherlands ranks as the most densely populated European country and its per capita income stands at $60,461. The country is sometimes called Holland.
The Netherlands has three times more bicycles than cars. This is because most people use bicycles for transportation. Tourism is very important to the Netherlands.
14. United Arab Emirates (U.A.E)
The United Arab Emirates consists of Dubai, Abu Dhabi, Shariah, Al-Ain, Aman, Ras al Khaimah, Fujairah, and umm-al Quwain. Dubai is the most populous of all the listed cities. This is what is called a conglomerate of wealth. This country is an example of how proper planning yields an awesome result. Years of careful planning brings a seemingly unknown state to being one of the largest economies in the Arabian Peninsula. With a population of about 11 million, its per capita income stands at an awesome figure of $59,844.
The UAE’s oil and natural gas reserves are the seventh and seventeenth largest in the world respectively. The paramount leader “Sheikh Zayed”, leader of “Abu Dhabi” and also double to be the first President of the United Arab Emirates, who pilot the economic development of the Emirates and drive crude oil incomes into education, infrastructure, and healthcare. The UAE’s economy is the most diversified in the Gulf Cooperation Council. The diversification has caused less reliance on oil and gas as compared to previous years. Recently, tourism and business have also been a major component of their economy.
WHAT MAKES A COUNTRY RICH?
As would be seen in the ranking below, it can be deduced that countries that are flourishing are due to a combination of economic factors, including trading in natural reserves, gas, oil or petroleum, finished industrial products, developed tourism, and sophisticated and lucrative banking sectors, generating heavy revenues in the process. These countries are the world’s richest countries in 2019 so far.
CRITERIA WORTH MENTIONING
Economists all over the world are a very clever bunch, they study human behavior up to the point where a very important part of human life is how he accumulates, sustains wealth, and even how he spent it judiciously. They come up with different terminologies in which wealth can be measured which include the traditional gross domestic product (G.D.P) and the total individual wealth. The two parameters have their strengths and also weaknesses.
GDP is the total monetary value of everything produced by all the people and companies in the country. It does not matter whether they are citizens or foreign-owned companies. As far as any production process is done within the country’s boundaries, the government regards such production as GDP.
Total individual wealth refers to the private wealth (assets fewer liabilities) held by all the individuals living in each nation. The type of “wealth” is demonstrated in three kinds of asset: physical or “manufactured”); human capital (the population’s education and skills); natural capital (including land, forests, fossil fuels, and minerals), and capital (machinery, buildings, infrastructure and so on.
Countries included in the ranking below are just sovereign states and not dependency state (the reason why Macau didn’t make the list)
WHY MUST IT BE GDP AGAIN?
The economy of countries is usually monitored using the gross domestic product (G.D.P). It is worth mentioning it has its weaknesses and has been criticized in some quarters recently by a modern economist but its advantages far outweigh the few criticisms it has faced and it still stands as the most widely used means by which countries measure their growth and development. This may sound very petty but almost all of the traditional economists agreed upon its usefulness, they couldn’t be all wrong.
Simplifying things, a little bit further, it is a better statistic for the sake of our comparison which involves ranking the richest countries and not the distribution of wealthy citizens in a country because it at least portrays how wealth is distributed in a country in the sense that the total monetary value of production processes is divided by the total population, unlike total wealth.
The G.D.P is also an average quantity which is usually preferable to individual quantities. For instance, two Footballers A and B can be judged on the number of goals scored, say both players scored 5 goals in 7 and 3 matches respectively. Individually it looked as though they have achieved a similar feat but when both goals are averaged with the number of games played it will be seen that player B has definitely achieved something more remarkable than A.