Exchange rates alone can not be used to determine how rich a country is. The cost of living, standard of living, inflation rates and other figures include saving such as national wealth (not just income) and populations are additional indices of determining the wealth of a nation. The most commonly accepted method of determining the wealth of countries and comparing generalized differences in living standards on a whole between nations is to use GDP per capita on a purchasing power parity (PPP) basis in current international dollars. If only GDP is used, those factors were surely not taken into consideration.
In a lay man understanding, it means a country where you can enjoy highest standard of living per person. Some country have very less GDP in-spite of large population, on the other hand some have high GDP in spite of the small population.
Which country is the richest in the world?
1. Qatar – Richest Country in the World and in Asia
GDP (PPP): $106,283.96
Capital City: Doha
With a population of around 1.9 million and GDP equal to $182 Billion, Qatar is the world’s richest country. It lies in the Persian Gulf and it is a peninsula. It lies in the Middle East and is richest Arab country in the world. Saudi Arabia lies to its south. The economy of this country is entirely dependent on Petroleum as it contributes nearly 85% of export earnings. Banking and Tourism are other areas where Qatar generates money. It is also the richest country in Asia. Its competitively open trade policies with the US have made Qatar the wealthiest nation in the world. The country charges no income tax to its citizens and other taxes are also very minimal. The current GDP of Qatar surpasses all the other countries in the world and is $102,768.69. Thus we can see that the size of the country does not matter when it comes to wealth and that even a small a nation can aspire to be the richest in the world.
1 USD = 3.64105 QAR
2. Luxembourg – Richest Country in Europe
GDP (PPP): $79,649.49
Capital City: Luxembourg
Holding the title of the wealthiest country in Europe, Luxembourg is much famous as a tax heaven. Many billionaires from around the globe reside in this country to save themselves from taxes in their homeland. It is the second richest country in the world. With a population of just around half million, it has striking contrast of green pastures of land alongside the industrialized city. It lies in Europe and is headed by a Grand Duke. Banking, Steel Industry and telecommunications contribute heavily to its wealth.
1 USD = 46 Luxemburg francs
#3) Singapore
GDP (PPP): $61,046.96
Capital City: Singapore
Located in Southeast Asia and comprising of 63 islands, Singapore is a fully island country. On this list of top 10 wealthiest nations, it ranks third. It is one of the largest financial centers in the world and along with Taiwan, Hong Kong and South Korea, it forms the Four Asian Tigers. Its population is around 5.5 millions with majority of them practicing Buddhism.
SGD/USD = 1.2743
#4) Norway
GDP (PPP): $54,479
Capital City: Oslo
A country with roughly 5 million people, Norway, coupled with high GDP and comparatively low population, it is one of the richest countries on Earth. Sharing its border with Finland, Sweden and Russia, it is a developed country. The economy of this rich nation depends on oil and natural gas reserves which is found around it.
NOK/USD = 6.0521
#5) Hong Kong SAR
GDP (PPP): $50,716
Another fifth world's richest nation
Lying on China’s South coast, Hong Kong is the fifth country in this list based on per capita income. It has a high GDP and it is a leading financial destination in the world as well as in Asia. It is a specially administrated region with its own currency but defense services from China.
HKD/USD = 7.7500
#6) Brunei Darussalam
GDP (PPP): $50,440
Capital: Bandar Seri Begawan
Located in Southeast Asia, Brunei generates its revenues from crude oil and natural gas exports. Revenues from petroleum contribute around 90% of its GDP. With a small population of less than half-a-million, Brunei is one of the least densely populated country in the world. Its sultan is one of the richest people in the world.
#7) United States of America
GDP (PPP): $49,601
Capital: Washington DC
This country needs no introduction. The most powerful country in the world and the most powerful economy in the world, United States (US) leads the globe in science and technology and nearly in every research field which can be thought of. It is the largest exporter of weapons and also other goods and services. This rich country in the world has a GDP of around 15 trillion US Dollars which makes it the richest and biggest economy in the world. It is one of the wealthiest economy on planet Earth. On the American continent, this country is second to none. Thus it is also the richest country in the American continent (North as well as South America). This country is also the largest manufacturer in the world and the leading financial nation.
#8 United Arab Emirates (UAE)
GDP (PPP): $48,434
Capital: Abu Dhabi
Another wealthy country in the Middle-East, United Arab Emirates consists of seven independent Emirates which are ruled by their individual monarchs. It is the second richest Arab country. Its GDP is third largest in the Middle East after Saudi Arabia and Iran. It generates wealth from its oil and natural gas exports along with dried fish and dates. With the depletion of oil reserves, the UAE has started diversification of its businesses. This country now plans to make the UAE a big tourist destination and a leading financial market.
#9) Switzerland
GDP (PPP): $44,015
Capital: Bern
Lying in the continent of Europe is this eight wealthiest nation. Switzerland has a diverse economy and it has one of the most stable economies of the world. The economy of this wealthy country depends on banking, Tourism, Industries and Agriculture. Switzerland is also a leading exporter of high-end watches in the world. It is one of the financial havens for those seeking to hide their cash. On our ranking of top 10 world’s richest countries, it ranks ninth.
#10) Kuwait – Rich Arab Country
GDP (PPP): $43,773
Capital: Kuwait City
Kuwait is an Arab country in the western region of Asia. It is one of the world’s leading oil producing countries. Kuwait is the world’s fifth largest oil producing country. Apart from the fact that it holds the key to something that has more worth than gold, i.e. oil, its economy is thriving on the very fact that the country has a monarchy system of governance. Its rich monarchs provide the country with all the necessary funds and money. This makes sure that the economic conditions of the country are always favorable, regardless of the world’s economic conditions. The current GDP of Kuwait is $43,846.72.
Source: http://www.mapsofworld.com/world-top-ten/world-top-ten-richest-countries-map.html
http://www.techscio.com/the-richest-country-in-the-world/
http://www.clicktop10.com/2013/05/top-10-richest-countries-in-the-world-in-2013/
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