The country's wealth is a very subjective indicator, and in this regard, the size and availability of natural resources is not always the main indicator of a high standard of living of a people. But economists have derived a formula by which the richest countries in the world are determined annually. The key point in this formula is Gross Domestic Product. It is calculated per capita taking into account the purchasing power. So, here is the rating of the richest countries in the world whose GDP (PPP) per capita is above $ 50 thousand. And at the very bottom of the article you will find a generalized list of countries, as well as their location on an interactive world map.
The richest countries in the world in 2020:
23
Bahrain. $ 50 102
Before the discovery and development of oil fields, the main industry of the Kingdom of Bahrain was pearl fishing. Today, the oil and oil refining industries account for 30% of GDP.
There are also huge reserves of natural gas. The offshore banking sector and aluminum production are well developed in Bahrain. Large foreign exchange earnings to the budget bring tourism. Bahrain is completely self-sufficient in food supply.
22
Denmark. $ 51,643
Denmark has one of the highest living standards. Favorable social conditions for life are created here. The economy is dominated by small and medium-sized industrial enterprises. Shipbuilding is developed, oil and gas reserves are used productively.
Economic benefits are associated with low inflation and low unemployment, a high budget surplus. Denmark maintains economic relations with almost all countries, and its Lego brand is known all over the world.
21
Austria. $ 51,936
A developed industrial power in the very center of Europe in 1995 became part of the European Union. In Austria, almost all sectors of the economy are developed.
In the new economic realities, emphasis is placed on the development of high-tech industries and the application of new technologies. In addition to traditional, heavy and light industry, aerospace technologies are developing. Tourism provides a large budgetary income, because the country is visited by more than 16 million people a year.
By the way, you can look at the list of the most visited states of the world on our website.
20
Australia. $ 52,190
The total wealth of the Green Continent is $ 6.4 trillion, and in nominal GDP Australia stably holds among the 15 leading powers of the world.
The economy is dominated by the service sector, which provides almost 70% of GDP. The mining and processing industries are developed. An important indicator of economic development is developed foreign trade. It is noteworthy that Australia ranked 19th in terms of import and export.
In addition, this is one of the most beloved countries for thebiggest.ru, because we have written more than one article about it.
19
Taiwan. $ 52 304
The economy of a small state is based on the principles of developing a free market. In Taiwan, the public sector is declining every year due to a clear privatization policy.
Real GDP growth is slightly more than 4% per year, which is reflected in the growth of living standards. There are no large deposits of natural resources, but Taiwan has reoriented the economy to the development of labor-intensive industries, high technology, the development of the financial sector and foreign trade.
18
Germany. $ 52,801
One of the most developed economies in Europe, with a total GDP of fourth in the world. After the war, she managed to quickly restore the economy, and is now a post-industrial state.
The services sector is 54%, and the rest is in industry and agriculture. One of the features of the economy of the Federal Republic of Germany is a developed infrastructure in combination with a highly skilled workforce.
17
Sweden. $ 53,077
In Sweden, an export-oriented developed economy. The main wealth of the Scandinavian country is iron ore, forest and electricity. Annual GDP growth is around 2.4%.
Almost all products are manufactured by private companies. Engineering and wood processing industries are developed. It was possible to introduce new technologies in the energy sector. Sweden has a strong financial system, and the Central Bank keeps inflation low. They managed to create effective mechanisms for social protection of citizens, which even the term “Swedish socialism” appeared.
16
Iceland. $ 54 121
The island state develops its economy according to the Scandinavian model with strong social security of the population. The economy of Iceland is characterized by stable growth.
Iceland recorded a low level of unemployment, as well as a uniform distribution of income. To gain a leading economic position was allowed by the large-scale development of the financial sector and the banking system. The main budget revenues are provided by fishing and tourism. By the way, according to the popular most-beauty.ru, Iceland is the most beautiful country in the world.
15
Saudi Arabia. $ 55,859
The basis of the economy of Saudi Arabia is oil production and export. This country has 25% of the world's reserves of this valuable energy product, and the main oil and natural gas fields are controlled by the state-owned company Saudi Aramco.
In addition to energy exports, the industrial sector has been actively developing in the last 30 years, mainly the production of building materials, mineral fertilizers, and petrochemical products. This provides guarantees for the future when cyclical oil production crises ensue.
14
Netherlands. $ 56,435
Now the pace of economic growth of the Kingdom of the Netherlands has slightly decreased, but ten years ago, GDP growth was more than 4%. The post-industrial state with developed infrastructure, and the Netherlands gained a good economic reputation in the world at the expense of well-known companies.
In development, agriculture plays a large role. The export of agricultural products is an important source of income for the sovereign budget. It can be said. That hardworking Dutch feed most of Europe. In addition, mechanical engineering, aircraft and shipbuilding, the chemical industry and ferrous metallurgy are developed.
We recently published 13 places that you should definitely visit in the Netherlands. We advise you to look!
13
San Marino $ 61,169
The small European state has managed to create a developed economy, which ensures a high standard of living for the inhabitants of San Marino. The main sectors of the economy are banking, tourism, winemaking and the production of electronic devices. San Marino is on our list of the smallest states on the planet.
An amazing state has learned to earn money by issuing stamps and souvenirs. Their sales account for 10% of GDP. Most of the population is employed in the service sector, so San Marino is a post-industrial state with high social security.
12
USA. $ 62 152
The undisputed world economic leader, and in nominal terms the largest economy in the world. Despite strong economic performance, 15% of Americans live below the poverty line.
The US has a well-developed financial sector. American exchanges make the weather in the global finance market. An important role in development is the extraction and export of energy resources. A wealthy state with one of the highest denominations of external debt.
On our site thebiggest.ru you can not only learn about the largest cities in this country, but also about its largest states.
11
Switzerland. $ 63,379
The developed stable economy and wealth of the inhabitants of Switzerland is largely ensured by the neutrality and hard work of the population. Investors are not afraid to invest in Switzerland, since here the most stable and reliable banking system.
The quality of Swiss products is valued all over the world. Exports of agricultural products are also an important source of income. Trade union traditions are strong here. And all disputes are resolved on the basis of the “labor world”.
10
Hong Kong. $ 64,533
Favorable geographical position provided Hong Kong with stable economic growth. This factor contributes to the improvement of living standards.
This is the largest financial center in the Asian region of the planet, and Hong Kong banks are considered reliable and stable. The authorities are trying to legislatively protect foreign investment. Thoughtful laws have been adopted that promote the development of trade and the movement of capital.
9
Kuwait. $ 66,673
The southwestern country is among the leading states that extract and export oil. Energy production forms half of GDP, and Kuwait is among the highly developed economies in the world.
Kuwait ranks 4th in the world in oil exports. In recent years, not only export, but also the processing of "black gold" have become leading industries. In parallel, the Kuwaiti authorities are developing the banking system, which favorably affects the general standard of living of the population of the Asian state.
8
UAE $ 68,662
Until the mid-twentieth century, the United Arab Emirates was one of the poorest countries in the world. The main income items at that time were fishing and pearl fishing, and today every tenth resident is a millionaire.
With the development of oil fields and the beginning of the export of energy resources, the UAE has become firmly entrenched in the top ten richest countries. Another income item was tourism. A great tourist infrastructure has been created here. Now it is an expensive and sought-after resort, where famous world brands have come. And the city of Dubai is one of the richest cities in the world.
7
Norway. $ 74,065
In the early 1970s, the Kingdom of Norway began active development of gas fields. This allowed for a short period to ensure stable economic growth.
Oil production on the northern shelves is 30% of the budget of the Scandinavian state. In addition, the country's wealth is provided by the wood processing industry, and the export of magnesium, iron, aluminum and titanium. Big profits come from catching and processing fish.
6
Ireland. $ 79,924
A developed industrial-agrarian country with a population of almost 4.6 million people has gained a leading position in the world thanks to foreign trade. Stability in this sector ensures the development of the entire economy.
In recent decades, there has been a sharp breakthrough in the production of electronics, multimedia and the development of information technology. The textile and chemical industries traditional for Ireland do not stand aside. In the leading positions: glass production, production of agricultural machinery, electric power industry.
5
Brunei. $ 79,726
According to the form of government, Brunei Darussalam is a sultanate, where the leader of the state and the church is one person. The entire economy is built on the extraction and export of oil, as well as liquefied natural gas.
According to this indicator, Brunei is in 9th place among the countries exporting energy resources. The 2008 financial crisis reduced oil production, but stimulated the manufacturing sector. Brunei reoriented to methanol production. After a sharp fall, stable growth began again.
4
Singapore. $ 98 014
The main advantage of Singapore is a developed market economy. The main sources of income are the export of high-quality household appliances, medicines, electronics and the provision of financial services to leading global companies.
The lack of natural resources hindered development, but authorities began to attract investment. This helped stabilize the economy, and then ensure its dynamic growth. If you read thebiggest.ru quite often, then you probably know that Singapore is one of the countries that completely defeated crime.
3
Macau $ 122,489
The Forbes Magazine, a special administrative center of the People’s Republic of China, is separately included in the list of the richest countries in the world. This is an open port, a major financial center of Asia.
The wealth of the region is provided by gambling, night clubs, and a hippodrome. There are 33 casinos in Macau. Smaller than in Las Vegas, but money also flows in the river, providing 40% of the gambling industry's GDP. In addition, the region produces and exports quality textiles.
2
Luxembourg. $ 110 870
The Grand Duchy of Luxembourg is an offshore zone that provides large investments in the economy. The largest financial and tourist center of Western Europe easily registers foreign financial companies on its territory.
The main sources of income are services, tourism, trade and finance. Revenues from these areas are directed to the development of the industrial sector. Luxembourg is characterized by a high standard of living and safety.
1
Qatar. $ 128,702
Qatar Square, which is located on the Arabian Peninsula, is only 11 570 km². In recent years, Qatar has been a leader among the world's richest powers. The government is actively working to attract foreign investment in agriculture and the production of finished products.
Stable economic growth is provided by the rich oil and gas reserves that Kuwait is actively exporting. Other industries are developing based on energy exports. First of all, fertilizer production, metallurgical production and cement production. A significant role in the economic sector belongs to tourism.
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Summarize
A little more economics. In this formula (let's call it “wealth index”), the so-called “fair exchange rate” is used, in which all things in different countries are the same. Inflation indices and cost of living in a particular country are also taken into account. But no matter what formulas economists derive, people always remain the main wealth. In conclusion, we note that if we take into account the Gross National Product, then the undisputed leaders in wealth are the USA, Germany, China.
And here’s an interactive map that displays the richest countries in the world:
Posted by Valery Skiba