Money makes the world go round is a saying we often hear these days. It’s all about the money. Who has more money and who has less money is all that one cares for these days. And why should we not? We live in an age where prices of every commodity, big or small, are increasing faster than we can say its name. Some examples of these are petrol, diesel, vegetables, etc. So it indeed is a necessity, more than a desire for every country to get rich. In this case, some countries are naturally gifted with resources that make them a rich country while a few others have had to work their way to the top. When a country is rich, it doesn’t have to worry about budget deficits, loans, borrowings, its federal reserve etc. When such an environment exists in a country, its economy tends to function better and bring in more profits and development. Similarly, such an environment is conducive for the general lifestyle of the people, and they also get further motivated to perform better in their tasks. But only the monetary factor is not enough to make a country rich. It should have a good social welfare system, it should preserve its natural resources, it should create the best of facilities for its citizens etc. While calculating the world’s richest countries, we take into account the GDP or the gross domestic product of the country. This gives us a correct insight into its economy. The following are the top 10 richest countries in the world –
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.
Home to the world’s richest bank, which is The Swiss Bank, Switzerland, is also one of the world’s richest countries. This is mainly due to its extremely efficient banking system. Along with it, Geneva in Switzerland is home to some of the world’s biggest agencies’ headquarters. This greatly impacts the policy-making of the Swiss government and makes sure that its citizens are given utmost importance. Apart from these, its liberal taxation policies have ensured that the county’s GDP is on the rise, despite of the European economic crisis. The current GDP of Switzerland is $45,285.8 and it is expected to rise by $54,000 by 2018.
8. United Arab Emirates
If we jump back a few decades, we would see that United Arab Emirates was basically a desert mass with no great development or productivity. And then suddenly, it witnessed a boom after all the oil reserves were found in the country. Like Kuwait, UAE profits greatly from the monarchy that rules over it. With the development of cities like Dubai and Sharjah, the UAE has seen a growth in incoming tourists which has also helped the country greatly. The current GDP of the United Arab Emirates is $48,992.47.
7. The United States of America
The world’s largest economy is also one of the world’s richest economies. With its IT boom in the past few decades, USA has set many milestones in the field. It is considered as a global super-power and since the fall of the USSR, the US has always had the upper-hand in what goes on around the world. The American products that are many times manufactured in Asian countries, have a huge consumer markets as people always want to buy things of American quality which is synonymous of world-class quality. The purchase of good greatly profits America and its national treasury. Although it has seen an economic crisis recently, the US is doing all it can to recover from it. The current GDP of the United States of America is $49,820.15.
6. Brunei Darussalam
Brunei Darussalam is better known as just Brunei. This small nation in the south-east region of Asia is located off the north coast of the island of Borneo. This sovereign nation is a sultanate and is mostly dominated my Muslim population. It is extremely wealthy due to its natural resources which are replete with petroleum and natural gas fields. Its exports of petroleum and oil make for most of its wealth. In 2011, Brunei was one of the two countries which had 0% public debt. Such a feat in today’s world is extremely great. The current GDP of Brunei Darussalam is $50,526.35.
5. Hong Kong
Although many people debate the inclusion of Hong Kong in the list of the richest countries in the world as Hong Kong is only a special administrative region of China, we must include the country due to its contribution in the world economics and politics. Hong Kong is an extremely developed region and it owes all its wealth to the evergrowing finance, trade and commerce. The political conditions of Hong Kong have made it possible to have free trade with it which in turn helps the economy. The current GDP of Hong Kong is $50,708.95
Apart from being one of the safest countries in the world, this land of the rising sun is also one of the richest countries in the world today. It is believed that the government in Norway has designed such a good social welfare system, that it has given rise to a society where every individual is duly paid if he/she does their bit of work with perseverance. Norway also has extensive petroleum, lumber, mining and fisheries reserves which help the economy. Norway holds many accolades when it comes to great and healthy lifestyle of people and it also firmly holds the 4th place in being one of the richest countries of the world. The current GDP of Norway is $55,264.45.
Singapore is a really small nation state in the south east of Asia. In the recent few years, Singapore has made great developments and changed, and we have seen it slowly become one of the world’s richest countries. The fact that it is such a small nation helps in easy governance of all the activities. The government of Singapore has right tapped all the beneficial fields and made sure that Singapore has a place of its own on the world map. The legal structure of Singapore is extremely strict yet one of the best. The education system in Singapore is also considered one of the best around the word. The current GDP of Singapore is $60,883.33
Luxembourg is a small European country located in between France, Belgium and Germany. The country appears so small on the map that one may actually miss its existence. But when it comes to wealth, it leaves all European giants far behind. It is the most rich country in Europe and it is the second richest country in the world. Due to its small geographical size, the governance becomes easy. But it is a rare known fact that Luxembourg has some of the world’s biggest and richest iron and steel companies, making it very wealthy. It also provides international banking services to the rest of the world, making sure that there is foreign reserve in the country. The current GDP of Luxembourg is a whopping $80,679.06.
Qatar is a comparatively small nation located in the Middle East region of Asia. It is situated in the Persian Gulf. It has an absolute monarchy and it has been ruled over the years by a single royal family. This small country of Qatar was previously known for pearl-mining but then with the discovery of the importance of oil, Qatar got lucky with its numerous oil, natural gas and petroleum reserves. 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.