There is a range of different aspects that make a country economically rich or poor. Naturally, the main aspect is money: if a country has enough money, it is automatically considered rich. However, money is not the only factor that is taken into consideration when deciding which countries are rich and which countries aren’t.
Other aspects that determine a country’s status as rich or poor may include:
- Security: This includes job security — are there enough jobs in this country? Do citizens keep their jobs for a long period of time? — and personal security — is this country safe? — as determining factors.
- Equity: This is determined by the opportunities available in a country: does everyone, or most of the population, at least, have access to the same opportunities? Are citizens treated equally by the law?
- Equality: Although this is similar to equity, equality is directly related to wealth. A country may be wealthy, but does everyone have access to this wealth or is it concentrated within a minor portion of the population?
- Freedom: This is a very important aspect. If there is freedom in a country, it means that the population is allowed to move as they please, to think as they please, to act as they please. Not all countries allow citizens to express their thoughts and opinions freely.
Now that we know a few factors that determine whether or not a country is rich, let’s take a look at the 8 richest countries in the world!
List of Richest Countries in the World
1. Norway
For several years now, Norway has been considered one of the best places to live in the world. Not only has Norway ranked first in the HDI ranking for many years in a row thus far, it is a beautiful country with a rich culture.
The GDP — Gross Domestic Product — is an index that is always taken into account when an individual wants to come up with a list of richest countries in the world. GDP is the monetary value of all goods and services produced by a country in a period of time. A good way of measuring a country’s standard of living is by dividing the GDP by the number of the population.
In 2017, Norway’s GDP was approximately 400 billion dollars, and its GDP per capita was approximately 75,500 USD, which is way higher than most rich countries. On top of that, the life expectancy in this country is around 82.3 years, which is a direct result of the country’s booming economy: if people live better, they live longer.
Additionally, Norway has a very small unemployment rate — 3,9% — in comparison to other countries. It also ranks second in the global gender equality ranking, meaning that it is a great country not only for men, but for women as well.
2. Luxembourg
In 2015, this European country was the second richest country in the world, according to the World Economic Forum.
Luxembourg’s GDP is over 62 billion USD and its GDP per capita was over 100,000 USD in 2017, making it rank even higher than Norway in the rich countries index! This is mostly due to a stable economy and a small population, which consequently allows the country’s wealth to be distributed more equally between the citizens.
3. Switzerland
Switzerland ranks second in the HDI ranking, only behind Norway. This country is known for being a popular destination for tourists thanks to its beautiful snowy sights, but it is also known for being one of the best places to live in the world.
With a GDP of approximately 680 billion USD and a population of a little over 8 million people Switzerland’s GDP per capita is around 80,000 USD, which places it in a very high position in the list of richest countries in the world. On top of that, the life expectancy of the population is 82,9 years, a number that is higher than that of most countries.
4. Qatar
Qatar is the first non-European country to make it into our list. This country is not only one of the richest countries in the world; it is the richest country in the world! Qatar may be a small country, but it sure has some breathtaking sights to offer!
This Arab country’s economy relies heavily on a rich natural resource: petroleum. It is generally known that when a country possesses a large amount of petroleum in its territory, it has a tendency of becoming a rich country, given that petroleum is extremely valuable in our society. Qatar is regarded as the most well-developed country in the Arab peninsula.
With a population of less than 3 million people and a Gross Domestic Product of approximately 167 billion USD, Qatar has a GDP per capita of over 126,000 USD — more than 20,000 dollars ahead of Switzerland!
5. Iceland
Iceland is a picturesque small country that has certainly earned its spot in the top 10 of best places to live in the world, as well as the top 8 richest countries in the world.
Not only is this country the place with most gender equality than any other country, it is also one of the safest places in the world, with homicide and crime rates ranking so low they’re practically nonexistent. On top of that, the life expectancy of the population is 82,47 years, all thanks to a stable and ever-growing economy.
Iceland’s GDP in 2017 was around 23 billion USD, and its GDP per capita was a little over 70,000 USD. This country’s unemployment rate is also very short at 3,5%. These numbers indicate that Iceland offers job opportunities for virtually all of its 364,000 people and most of the country’s population has access to Iceland’s wealth.
6. Singapore
Yet another non-European country that has made it into our list is Singapore. Known for its incredible performance in the education field, as well as for its modern architecture, Singapore is also one of the richest countries in the world.
With the second highest life expectancy in our list so far — 82,80 years —, Singapore has a GDP of approximately 324 billion USD and a population of around 5,6 million people. Its GDP per capita is around 57,800 USD, which is higher than most Asian countries.
7. Ireland
Ireland is one of the most popular countries in the world. Filled with beautiful landscapes, this country has a very old history and a rich culture that has influenced millions of people around the world, such as the Halloween tradition, which was originally celebrated in Celtic Ireland.
Because it is not part of the United Kingdom, Ireland’s GDP is not the same as Northern Ireland’s. This independent country has a GDP of over 333 billion dollars and a small population of 4,83 million people, which makes it a very rich country. The GDP per capita is approximately 69,000 USD, meaning that its population has a proper and sufficient income.
8. United States of America
For many years now, the United States of America have grappled with China for the first position as the world’s richest economy. The U.S. are a very rich country, economically speaking but also in terms of culture and history. This country is the main destination of most tourists and it is home to some of the most popular people in the history of the universe.
The GDP of the United States of America is almost 20 trillion USD, a number that is higher than any other country in the world. However, its population is also higher than that of most countries and its wealth is not as equally distributed, unlike other countries in our list.
With a population of over 350 million people, the GDP per capita in the USA is approximately 60,000 USD, lower than any other country on our list.
CONCLUSION
There are several aspects that need to be considered when determining which countries are considered rich and which countries are considered poor. Naturally, when people have more access to their country’s wealth and the government knows how to run a country and administer its wealth, the population has a tendency of living longer.
When a country is well-developed and well-managed, crime rates decrease, unemployment rates decrease, and inequality rates decrease as well. All of these factors combined produce the perfect environment for human beings to live in.
I hope that this article on richest countries in the world was helpful. If you are interested, visit the Country Rankings Page!
