Many of the richest countries in the world amass their wealth from oil and gas deposits on their land, which have a significant effect on the growth of their economies.
The International Monetary Fund published a survey in October 2017, revealing the countries that has the highest GDP per capita.
Investment and a healthy financial sector are both considerations that play an significant role in the economies of the wealthiest nations.
Which are the Richest countries in the world in 2020?
15. Iceland | GDP per capita: $52,150
Iceland is an island country situated in western Northern Europe.
The Icelandic Administration has launched a new plan for the development of aluminum smelters.
Biotechnology, agriculture, banking and information technology are all under active growth.
In terms of career framework, Iceland appears to be a more urban and industrialised country: agriculture workers 7.8 per cent, manufacturing employs 22.6 per cent and services account for 69.6 per cent of the working-age population. Tourism is the sector that accounts for the country’s key GDP growth.
14. Netherlands | GDP per capita: $53,580
The Netherlands is an economically strongly developed region. Services contribute to 73 per cent of GDP, 24.5 per cent of manufacturing and building and 2.5 per cent of agriculture.
Transport and media, finance and financial networks, research and technology (research and growth), healthcare, international tourism and corporate facilities control the most relevant infrastructure industries.
13. Saudi Arabia’s | GDP per capita: $55,260
Saudi Arabia, with its large oil reserves, is the largest nation of the Association of Petroleum Exporting Countries (OPEC). Oil shipments compensate for 95 per cent of the country’s products and 75 per cent of its revenues.
Twelve. U.S. GDP per capita: $59,500 The United States is a heavily industrialized nation with the world’s first population in nominal GDP and second in GDP (PPP).
While the size of the nation is just 4.3 per cent of the world’s people, the Americans control almost 40 per cent of the world’s overall income.
The United States is the global leader in a variety of socio-economic metrics, including real income, HDI, GDP per individual and efficiency.
Although the U.S. economy is a post-industrial environment marked by a predominance of services and a information culture, the country’s manufacturing sector remains the second-largest in the world.
11. San Marino’s | GDP per capita: $60,360
San Marino is one of the lowest countries in the world. Situated in Southern Europe, surrounded by the territories of Italy on all directions.
Tourism plays a very important role in the economy of the region, the state tourism sector has an equivalent of 2 million workers annually, and more than 3 million visitors visit the nation each year.
10. Hong Kong | GDP per capita: $61,020
The economy of the country is focused on a free market, low taxation and non-interference of the state in the business. Hong Kong is not an overseas jurisdiction, it is a free port which does not levy customs duty on goods, there is no value added tax or its variants. Excise taxes are imposed on these four categories of products, regardless of whether they are manufactured or produced locally.
Hong Kong is an significant centre of international finance and commerce, with the largest concentration of headquarters in the Asia-Pacific region. Hong Kong is the wealthiest region in China in terms of gross domestic product per household and total urban output.
9. Switzerland’s | GDP per capita: $61,360
The Swiss economy is one of the most prosperous in the world. The new strategy of long-term monetary and financial confidentiality has made Switzerland the position where creditors are more secure in the protection of their money, rendering the country’s economy highly dependent on steady inflows of foreign investment.
Thanks to the limited size of the nation and the high degree of specialization in labor, manufacturing and commerce, Switzerland’s economic resources are important. Switzerland is the world leader in gold clearance, responsible for two-thirds of the global supply.
8. UAE | GDP per capita: $68,250
The UAE economy is focused on the re-exportation, commerce, development and export of crude oil and gas. Oil output is about 2.2 million barrels a day, most of which are manufactured in the Emirate of Abu Dhabi. Many main oil suppliers are Dubai, Sharjah and Ras al-Khaimah.
Oil has risen rapidly in the UAE economy in just a few decades, but other sectors of the economy have also grown rapidly, especially foreign trade.
Kuwait’s GDP per capita: $69,670 Kuwait is a kingdom (Sheikh) in Southwest Asia. An significant exporter of crude, a member of OPEC.
Kuwait’s own estimate reveals that it has significant oil reserves-about 102 billion barrels, or 9% of the world’s oil reserves.
Oil supports Kuwait with around 50 per cent of GDP, 95 per cent of export sales and 95 per cent of the state budget.
6. Norway | GDP per capita: $70,590
Norway is the main source of oil and gas in Northern Europe. Hydropower meets much of the electricity requirements, making it easier for much of the oil to be exported.
The oil funds should support the growth of future generations. The nation has huge resource deposits, a strong shipping ship.
High inflation (3%) and unemployment (3%) relative to the rest of Europe.
5. Ireland’s | GDP per capita: $72,630
The economy of the Republic of Ireland is a new, fairly low, trade-dependent economy.
Although exports remain the key driver of Ireland’s economic growth, increased consumer demand and the rebound of both building and business activity are also contributing to production.
4. Brunei | GDP per capita: $76,740
Brunei is one of the richest and poorest nations in the world. The nation is recognized as the Islamic Paradise for the prosperity of its citizens and sultans. Due to its abundant oil and gas deposits, Brunei ranks among the best in Asia in terms of living standards.
The state economy is focused on oil output and refining (over 10 million tons a year) and gas (over 12 billion cubic meters) with exports responsible for more than 90 a cent of foreign exchange earnings (60 per cent of GDP).
3. Singapore | GDP per capita: $90,530
Singapore is a highly innovative consumer economy and low taxation country in which transnational companies play an significant part.
Singapore is appealing to investors thanks to low tax rates.
There are 5 taxes in Singapore, four of which is sales tax, one is payroll tax.
The overall tax rate is 27.1%. Singapore ranks among the East Asian tigers with the fast growth of the economy to the point of developing countries. The country has grown electronics manufacturing, shipbuilding, financial services. Some of the largest CD drive producers. Large-scale scientific work is ongoing.
2. Luxembourg | GDP per capita: $109 190
Luxembourg is one of the wealthiest countries in Europe with the lowest living conditions. There are several EU organizations located in Luxembourg.
Approximately 1,000 are situated in the city thanks to desirable weather and an offshore field. More than 200 banks in the world than any other region.
1. Qatar’s | GDP per capita: $124,930
According to the IMF, it is one of the wealthiest nations in the world. In the past few years, this nation has been leading the planet by a wide margin in terms of Income per capita.
It is the world’s third-largest exporter of natural gas, the world’s sixth-largest supplier of natural gas and the world’s leading exporter of oil and refined products (21st in the world). It is a part of the Association of Petroleum Exporting Countries.
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