Around the world, there are countries that have amassed great wealth and prosperity. These countries have become a benchmark in how to develop their economies and quality of life. As you move through these countries of great riches, there is a measurement that standardizes how to compare wealth. This metric is called GDP, or Gross Domestic Product. GDP measures the wealth of a country, and takes into account a yearly analysis of population, income, export revenue, value of goods and more. If this metric is high in comparison to the number of inhabitants, then it has a high GDP per capita — which in turn serves as an indication of prosperity and wealth in that particular country. PPP, or Purchasing Power Parity, is another measurement used to determine a country’s wealth. PPP looks at the cost of “a basket of goods” in one country in relation to others as an economic and living standard. Based on these measurements, there are some countries that are deemed the wealthiest places you can live. Check out these 6 richest countries of the world.
Luxembourg has a GDP per capita of $120,962.2. It is well known for its low unemployment rate and its high income among inhabitants. It has a very advanced infrastructure and has a very robust labor market. The inflation rate is only 1.1%, so it presents its wealth in a very stable structure. It has a mix of prosperous industries with a very skilled workforce. It also has a growing and successful agricultural industry.
Singapore has a GDP per capita of $101,936.7. Singapore is the second richest country in the world, but is one that has had to build its wealth in ways that other countries have not. Singapore has no natural resources to use to its advantage in building wealth. Singapore has relied heavily on its own inventiveness. It has become a central and global hub for financial services, which really drives its robust economy. There are a plethora of jobs in logistics, manufacturing, and transport engineering. It exports mainly electronics, chemicals and biotechnology.
Qatar has a GDP per capita of $93,851.7. Just fifty years ago, Qatar was just a small fishing town with little economic significance and almost no educational structure. Today, it is one of the most significant hubs for oil exportation. It began exporting oil after its discovery in Qatar in 1939, as well as natural gas. By 1951, it was producing 46,500 barrels a day. It has grown to receive investments back into its economy from foreign brands, banks, real estate and sports teams like the Paris Saint-Germain soccer team.
Ireland has a GDP per capita of $87,212.0. Several billion dollar companies have relocated their homebase to Ireland due to the country’s low corporate tax rates. This has subsequently increased Ireland’s GDP and also the standard of living for the country’s inhabitants. The country continues to have a stable economy and amasses more wealth from several strong industries such as manufacturing, agriculture and tourism. It mainly exports metal, computers, textiles and food products.
Switzerland’s GDP is $70,276.6. Switzerland is known for being one of the happiest and healthiest countries on the planet. This may be a reflection of just how great their standard of living is in the country. It has a very stable economy, and is very attractive to investors looking to make low risk profits. They have many exports in high demand, like chocolate, jewelry, cheese and home decor.
United Arab Emirates
United Arab Emirates has a GDP of $69,957.7. This country has been able to amass its economy and overall aesthetic to become one of the most luxurious countries in the world. It is known for its tourism, as many people travel from all over the world to enjoy the beauty and sophistication of this country.