Category: 

Which are Some of the Richest Countries?

The Burj al Arab in the United Arab Emirates, one of the richest countries in the world.
Singapore ranked sixth in wealth as of 2008.
Several countries in the Middle East are often counted among the richest.
Article Details
  • Written By: J. MacArthur
  • Edited By: Lucy Oppenheimer
  • Last Modified Date: 09 April 2014
  • Copyright Protected:
    2003-2014
    Conjecture Corporation
  • Print this Article
Free Widgets for your Site/Blog
There has never been a documented human death associated with a tarantula bite.  more...

April 19 ,  1775 :  The American Revolution began.  more...

The richest countries in the world can change often. Factors affecting such a change include economic fluctuations like currency exchange rate changes. These fluctuations may change a country's ranking from year to year while they often make little or no difference to the standard of living of its population.

While there are many ways to determine a country’s success, gross national product (GNP) is perhaps the most widely accepted index. GNP represents the total amount of money a country's consumers spend on all goods and services in a year, divided by that country's population. GNP per capita only counts consumption that can be measured in money, and usually does not capture the true quality of life in a country.

According to the CIA World Factbook, Luxembourg is at the top of the list of the world's richest countries. It has a GNP per capita of $80,800 US Dollars (USD). Once buoyed by iron and steel industry, its economy has been strengthened by international banking and financial services. As a member of the European Union (EU), Luxembourg also has the advantage of the open European market.

Qatar is also one of the world's wealthiest nations with a per capita GNP of $79,500 USD. Once a poor country, it transformed financially as a result of the discovery of oil and natural gas resources. With less then a million citizens, it is also one of the least taxed nations in the world.

Ad

Another of the richest countries in the world is Norway, with a $55,600 USD GNP per . Norway is a highly developed country in Europe with a high cost of living and abundance of oil and natural resource exports.

Kuwait also finds itself on the world's richest countries list with $55,300 USD in per capita GNP. One of the fastest growing economies in the Middle East, Kuwait does not impose taxes. In fact, about 80% of the government's income comes from oil exports.

The United Arab Emirates (UAE), another middle eastern country, comes in as one of the world's richest with about $55,200 USD in per capita GNP. A small country, it is rich in its abundance of oil and natural gas and boasts a highly developed economy. It is perhaps most famous for its many man-made islands and is currently building the worlds tallest structure.

As of 2008, Singapore was the sixth richest country with $48,900 USD in per capita GNP. Thought to be one of the most business-friendly countries in the world, Singapore has the 4th largest trading center and the busiest port in the world.

The United States of America (USA) takes the seventh spot with $48,000 USD in per capita GNP. Noted for its large size and population, it's speculated that the USA is home to more billionaires than any other country.

Ad

Discuss this Article

TrogJoe19
Post 3

@arod2b42

I don't think any European would agree with you here. Europe sees America as a stray child, doing whatever it wants to and treading on people all over the world. Europe doesn't owe it anything.

arod2b42
Post 2

Many European nations thrive on tourism. European Americans are often driven by a desire to see their lands of ancestry, and are willing to dump a considerable sum of money to experience echoes of a past age. Being the economic capital of the world, America has benefited Europe in various ways.

dbuckley212
Post 1

Switzerland is also quite rich. It is home to a lot of highbrow homes of the rich and famous. This is understandable, since it is so safe and neutral, as well as beautiful, being situated high in the Alps. Obtaining a drivers license is quite difficult, however, and the regional politicians can be quite tight-fisted.

Post your comments

Post Anonymously

Login

username
password
forgot password?

Register

username
password
confirm
email