A country’s status in the world when it comes to wealth is measured by the amount of the GDP per capita. This is because a high GDP per capita implies that people have more disposable income, allowing them access to more goods and services compared to others. Other significant factors like the rate of employment and the countries’ population will however be considered too. The sources of income of the top 10 richest countries in the world 2014 will be evaluated too. Here is a list of the top 10 richest countries in the world.
This is the only Arab country in western Asia, and one of the leading oil producers in the region too. It has a GDP of about $43,846. The abundance of oil in the country makes it one of the leading export commodities, and one of the main sources of income. It is further the central musical influence of the gulf cooperation sector, a position that sees it earn a lot of foreign exchange to boost in the income earned from the oil. It is also ruled by a stable monarchical government, which conducts all the country’s affairs smoothly as reflected in its position.
With a GDP per capita of $45,285.8, is found to be one of the top richest countries. Unlike most of the other rich countries, which have one major source of income, Switzerland has come to its position by diversifying and enhancing its economy. Most of the country’s leading economic sectors are very well refined offering top quality goods and services and in return getting a bigger market and more money. Some of the leading sectors include the banking system, chocolate production industries, and Swiss army knives.
8. United Arab Emirates
Currently recording a GDP per capita income of $48,992.47, this country has risen from one of the harshest places in the world to one of the best places to be in. Its current position has a lot to do with the stable system of government, the abundant oil reserves, and the tourism sector. It gets a lot in return for its oil. Further, the great architectural projects carried out in the country makes it one of the leading tourist attraction places, a role that sees it earn a lot of foreign exchange. The numerous date plants have a significant impact on the country’s economic status too.
7. United States of America
This is not only the world’s largest economies, but also one of the top 10 richest countries in the world 2014. It has a GDP per capita of $49,820.15. Its economic status is largely influenced by the stable and efficient system of government. It is also a leading producer of IT products with a very wide market worldwide. Other economic sectors, which earn it a lot of money, also include the entertainment industry.
6. Brunei Darussalam
This nation has a very significant position in the list of the top richest countries in the world despite its small size. A lot of its income comes from its natural resources, which include petroleum and a lot of natural gas. Its small population also plays a lot in increasing the GDP per capita. Furthermore, it has zero public debt, making it somewhat independent.
5. Hong Kong
Just like Switzerland, Hong Kong has come to its position by diversifying and improving its economic sectors. It currently has a GDP per capita of $50,708.95. Most of its income comes from sectors like tourism and transport. The fact that it has a stable government and that it has a huge role not only in the affairs of China, a rapidly expanding economy, and the whole world in general, also has a significant impact on its position.
This land of the rising sun currently has a GDP per capita of $55,264.45. It also boasts of the world’s best social welfare system. For income, it depends mostly on its rich reserve of fish and other agricultural and edible products like coffee and waffles. The stable government and cooperative citizens also play a big role in the country’s daily development. In addition to being one of the top 10 richest countries in the world 2014, Norway’s citizens also lead a great and healthy lifestyle owing to the abundance of healthy foods such as seafood.
Singapore has a current GDP per capita income of $60,833.33, one of the highest so far. It has a very stable political system, which when coupled with the strict and favorable law systems allows smooth flow of the country’s affairs. It’s a delicious and famous cuisine sees it earn an unexpectedly huge amount of money both from within the country and from other countries as well. It also has a very competitive tourism industry, which sees it host many tourists yearly.
This country has one of the highest GPD per capita standing at $80,679.06. Most of its income comes from the sale of its iron and steel products as it has some of the best iron and steel countries in the world. It also provides international banking services to lots of people all over the world, which sees it, earn a lot of income. The government also has set the highest legal minimum salary in a bid to increase its citizens’ living standards, a strategy that has paid off.
With a GDP per capita of $102,768.69, Qatar is at the top in the list of richest countries in the world this year. It has a lot of natural oil and petroleum reserves, and most of its income is dependent on these commodities. It also has a very well diversified economy with some of the best economic sectors being the pearl mining sector as well as the transportation industry, more specifically the air transport sector. To increase its citizens’ living standards, the ruling royal family has set a strategy on no tax for the people’s income. It also has open trading policies with the world’s largest economy, the USA, a very significant factor too.
This is a comprehensive list of the top 10 richest countries in the world 2014 as analyzed by global economic institutions and economists in general. The economic status is one of the main determinants/factors of their richness. In addition, their economy always remains constant or gradually improving, hence resulting better standard of living among the citizens.