Algorithmia AI Generated Summary
The population of the world is growing at a fast rate. This has also affected the rate of poverty and unemployment globally which has also led to the increase in the cost of living. The quest for everyone to improve his/her standard of living has led to migration from rural to urban areas and also from countries of residence to places of greener pastures.
Despite the rate of unemployment and poverty, there are still countries in the world which standard of living is moderate due to the favorable economy and utilization of available resources. Many individuals have the intention of traveling to countries with big names such as America, Britain, China etc. whereas there are other countries with stable economies. I know you would be shocked if I tell you that America and Britain and not the richest countries in the world. More shocking is the fact that they don’t even come amongst the first t10! I know you would be asking yourself now, which country is the richest then? In this article, I will like to give you a rundown of the FIVE (5) richest countries based on several verifiable statistics which include the GDP and GNI per capita of each of these countries gotten from the World Bank’s “World Development Indicators’ Database”.
The Richest Countries in The World
On the top of the list is Qatar. The Asia country with a population of over 2.6 million people is the richest country in the world with a GNI per capital of $118,000 which is more than the GNI per capital of any other country in the world. Most of her revenue is derived from oil as it is a major supplier of about 15% of global supplies. This in turn accounts for more than 85% of her GDP. The GDP of Qatar in 2017 alone was estimated to be approximately $ 308 billion.
Luxembourg has a population of about 560,000 people and is the second richest country in the world. With a GDP of $62.4 billion, the GNI per capita is about $109,000. The low population accounts for the high level of its GNI per capita. The country relies majorly on exportation of commodities such as iron, plastics and machineries.
Switzerland remarkably comes third with a GNI per capita of $80,000. This is said to be remarkable because the country has a population of about 8.4 million people which generates a GDP of approximately 678 billion, most of her revenues come from the service sector while about 25% comes from industry and a meager 1% from agriculture.
With a GNI per capita of $75500, Norway has a population of about 5.2 million with a GDP of about 399 billion. With the discovery of offshore oil and gas in the 1960, the country has one of the robust economies in the Scandinavian region.
Ireland comes fifth with a GNI of $69,000. Ireland has a population of about 4.1 million people and a GDP of about 318 billion. The country gets a high percentage of her revenue from the service sector and high-tech industries.
- UNITED STATES OF AMERICA
United States of America is said to be the world’s largest economy with a GDP of about $19.39 Trillion. With a population of about 327 million people, the GNI per capita stands at about $59,000. The country has an abundance of natural resources but its major source of revenue is from taxation
Singapore comes seventh with a GNI per capita of $57000. The population of this Asia country is about 5.6 million people with a GDP of $324 billion. Singapore is the largest producer of microchips. The country has flexible business regulations which make her a point of call for most businesses who deal import some of its products or raw materials. Furthermore, the country makes a large sum of her revenue from custom and excise duties.
- HONG KONG
Hong Kong is next with $46,000 as her GNI per capita. The country has a population of about 7.4 million people with a GDP of 341,4 billion. Because of its free market policies, the government gets its revenues from taxation and the exportation of major commodities such as gold, integrated circuit, broadcasting equipments, telephones etc.
- UNITED ARAB EMIRATES
United Arab Emirates has the second largest economy in the Arab nations (after Saudi Arabia) with a GDP of about $399,000. The population of this country is approximately 9.4 million with a GNI per capita of $45,200. Some of her resources come from tourism and the service sector while it also exports raw materials such as crude oil, diamond and gold.
Kuwait is the tenth richest country with a GNI of $34,500 She has a population of about 4.1 million people and a GDP of approximately $142 billion. The major source of revenue is the oil sector while tourism also contributes substantially to the GDP.