A small country like Qatar ranks as the richest country in the world according to the report of 2017. It also becomes the first Arabian nation to host FIFA world cup 2022
The wealth of a country defines the status of development in a country. GDP is the key factor to measure the economic health of a country.
Over the last few years, many countries have improved and even doubled their economic wealth and there are also some countries whose economy has dropped rapidly.
Here is a list of some of the richest countries in the world:
1. Qatar
The Middle Eastern country ranks as the richest countries in the world in 2017.
Qatar has a population of about 2.27 million people and its average economy is approximately 124,930 dollars per person as per the report of IMF suggests.
The country is situated in the middle of the Persian Gulf and its major earning is based on export and import of petroleum and liquefied petroleum gas.
Qatar is one of the leading Arab nations with respect to life expectancy, the standard of living and economic freedom.
It is also going to be the first country to host FIFA world cup 2022 in Arab.
2. Luxembourg
The country ranks as the world’s second richest country with a population of about 600,000.
The country has a low inflation, moderate growth and high level of innovation.
Its per capita income is close to 109,109 dollars.
The country has an unemployment rate of about 6 per cent.
Tourism is the primary source of income in this country. Other than that it has a large set up for steel production, banking, telecommunication and agriculture.
3. Singapore
Singapore is the country of towering economic growth. It has promoted its economic market to a world-class level.
It has the per capita income of 90,530 dollars.
The country is best known for its feasible social policies, skilled workforce, low tax rates and advanced infrastructure and most importantly corruption-free and stable political environment.
It has a population of 5.5 million people and 90 per cent of people own their homes.
Singapore is also famous for its tourism business.
Every year many people from around the world migrate to Singapore for tourism purposes, which also contribute a lot to its economy.
4. Brunei Darussalam
Situated in the north coast of the island of Borneo in Southeast Asia, it has made to the list of richest countries of the world due to various reasons like it has a life expectancy of 77-78 years, unemployment of about 3.7 per cent, and per capita income of approximately 76,740 dollars.
The country’s earning majorly concentrates on the import and export business of oil and gas.
Other than that agriculture and fisheries also contribute largely to the growth of the economy of the country.
Brunei is also rated as the most developed country in Southeast Asia, after Singapore.
5. Ireland
Ireland is one of the highest growth rates in Europe. It has a GDP of 72,630 per capita income.
It has a population of about 6.6 million people.
It is the second largest island of the British peninsula, the third-largest in Europe, and twentieth-largest on Earth.
The major source of income in the country is through high-tech, life sciences and financial services industries.
Also read: India is the 6th wealthiest country in the world, total wealth grew by 160 per cent in 10 years
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