The richest country in the world is Qatar
According to a recent study by the Global Finance Magazine, Qatar has been named as the world’s richest country.
With Qatar bagging the first spot, Luxembourg and Singapore fall on the second and third places respectively.
However, Qatar has not always been the wealthy country that we know of today. In the past, before the discovery of oil, Qatar depended vastly on fishing and pearl hunting as its primary sources of income.
When Japan introduced its cultured pearl on to the world market in the 1920s and 1930s, the pearling trade of Qatar suffered a huge downfall.
Yet, very fortunately for Qatar, it discovered oil in 1940 and since then it has embarked on a very successful journey towards development.
Now, Qatar is one of the countries that has the lowest tax rates in the world. It has a high standard of living and no income tax.
Below are the countries that made it to the top 10 in the study –
10- Australia
9- Switzerland
8- UAE
7- USA
6- Hong Kong
5- Brunei
4- Norway
3- Singapore
2- Luxembourg
1- Qatar
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Source News: Qatar Living
