7 Of The Richest Countries In The World ~ TwilightBox

7 Of The Richest Countries In The World

How to determine how rich is a country and compare it with the others? Of course, the main indicator is the GDP per capita (a total value of goods and services produced by a nation during a year divided by its total population). It shows how rich each citizen is, on average, but unfortunately does not take into account differences in the cost of living in various parts of the world.

richest-countries-in-the-world


For the most accurate measurement economists use GDP based on Purchasing Power Parity, the so called GDP (PPP) per capita. It calculates the total value of goods and services produced in each country, as if they were sold at US prices. So we can compare nations with different standards of living by measuring their GDP (PPP) per capita in international dollars (equivalent to US dollar), and find out who is the richest of them.


So here we are, presenting the top 7 richest countries in the world according to their GDP(PPP) per capita incomes in US Dollars. And the list goes like as following....

7 Of The Richest Countries In The World:



7.Ireland

Average Income Per Person- $68883

richest-countries-in-the-world


Ireland is an island country in North Atlantic. Politically the island country is divided in two parts as Republic of Ireland and Northern Ireland, which comes under Great Britain. Total population of this country is 6.4 million (2011 census data) out of which 4.6 millions are resident of Republic of Ireland and rest 1.8 millions are residing in Northern Ireland.
The per capita income of the citizen of this country is around $68883,making it the 7th richest country in the world as per income per head.


6.United Arab Emirates

Average Income Per Person- $72419

richest-countries-in-the-world


The United Arab Emirates is a country in Western Asia at the South-East end of Arabian Peninsula on the Persian gulf. In 2013 the population of U.A.E. was 9.3 million ,out of which only 1.4 million are Emirati Citizens and rest 7.4 million are expatriates. The economy of the country is mainly driven by its oil and natural gas reserves. U.A.E. oil reserve is the 7th largest in the world while its natural gas reserve is the 17th largest. The average income of every single person in this country is around $72419, making it the sixth richest country in the world in per capita income.


5.Kuwait

Average Income Per Person- $73817

richest-countries-in-the-world


Kuwait or officially the State of Kuwait, is a country in Western Asia situated in the northern edge of Eastern Arabia at the tip of Persian Gulf. As of 2016 census data the total population of Kuwait is 4.2 million out of which 1.3 million are Kuwaitis and 2.9 million are expatriates. Kuwait has a Petroleum based economy as it has the worlds 6th largest oil reserves. The oil reserves in the country were discovered in 1938. Kuwait dinar is the highest valued currency in the world. With a income per head of around $73817, Kuwait is the 5th richest country in the world.


4.Brunei

Average Income Per Person- $77441

richest-countries-in-the-world


Brunei or officially the Nation of Brunei, The Adobe of Peace is a sovereign state located in the North Coast of the island of Borneo in South-East Asia. This country has one of the smallest population in the world with 417000 being only its permanent residents.The main source of economy of this country is being petroleum and natural gas resources as well as growing industrialization. The IMF estimated in 2011 that the country has 0% public debt of the national GDP. With a per capita income of $77441, Brunei is the 4th richest country in the world.

7 Of The Richest Countries In The World:


3.Singapore

Average Income Per Person- $87856

richest-countries-in-the-world


Singapore or the Republic of Singapore,sometimes referred to as the Lion City, The garden city or the Little Red Dot is a Sovereign-city state, In the southeast Asia. The population of the country is around 5,607,300. Singapore is a global commerce, finance and transport hub. Its standings include: the most "technology-ready" nation (WEF), top International-meetings city (UIA), city with "best investment potential" (BERI), second-most competitive country, third-largest foreign exchange market, third-largest financial centre, third-largest oil refining and trading center, and the second busiest container port. The country has also been identified as a tax haven. With a per capita income of $87856, its the 3rd richest country in the world as per income per head.


2.Luxembourg

Average Income Per Person- $105882

richest-countries-in-the-world


Luxembourg or officially the Grand Duchy of Luxembourg is a landlocked country in the western Europe.With an area of 2,586 square kilometers (998 sq mi), it is one of the smallest sovereign states in Europe and its population is around 576,249, which makes it one of the least-populous countries in Europe.Luxembourg's stable and high-income market economy features moderate growth, low inflation, and a high level of innovation.Unemployment is traditionally low, although it had risen to 6.1% by May 2012, due largely to the effect of the 2008 global financial crisis.In 2016, according to the IMF, Luxembourg was the second richest country in the world, with a per capita GDP on a purchasing-power parity (PPP) basis of $105882.



1.Qatar

Average Income Per Person- $127523

richest-countries-in-the-world


Qatar or Officially the State of Qatar, is a sovereign country located in Western Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula. The total population of this country is around 2.6 million, out of which 313,000 are Qatari citizens and rest 2.3 million are expatriates according to a 2017 population estimate.Qatar is a high-income economy, backed by the world's third-largest natural-gas reserves and oil reserves.Qatar is classified by the UN as a country of very high human development and is the most advanced Arab state for human development. Qatar has the highest per capita income in the world with a per head income of $127523, making it the richest country in the world as per average income per head for its citizens.

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