Where in the world is it best to live for those who want to live in peace, have access to good education and care, earn a lot of money and live a long time? This list ranks the world’s richest countries based on data from the International Monetary Fund (or abbreviated as IMF by Abbreviationfinder).
The ranking is based on the countries’ gross domestic product (GDP) per capita adjusted for purchasing power parity (PPP). PPP, which stands for Purchasing Power Parity, is used to compare the price difference of goods between countries. The idea is that PPP should give a better picture of the standard of living as it takes into account the cost of living and inflation in the countries. The information is given in so-called international dollars, a hypothetical currency with the same purchasing power as the US dollar.
Sweden ends up outside the top 10 and finds itself parking in place seventeen over the world’s richest countries. However, one of our Nordic neighbors is reaching the top. Read on to find out which one.
10. San Marino
Dollar and GDP (PPP) per capita: 64,443
The micro-state of San Marino, located on the Apennine Peninsula, completely surrounded by Italy and has around 29,000 residents. Important industries in the state are tourism with around two million visitors per year, banking and electronics industry. The standard of living in the country is very high and San Marino also has the world’s lowest mortality rate among adults.
9. United Arab Emirates
PPP per capita: 67,696
From being one of the poorest areas in the world, the United Arab Emirates has in a short time reached a high standard of living by exporting oil and natural gas. The country’s economy is dominated by oil extraction and trade, and the oil industry has expanded enormously since the 1970s. Surpluses from the oil industry are invested in infrastructure and to pay for public spending on health care, education and defense instead of taxes.
PPP per capita: 69,296
Norway is the only Nordic country to make it into the top tier among the world’s richest countries. Our western neighbors have had high economic growth since the 1970s, but it is above all the country’s oil resources that have strengthened the economy so strongly in recent decades. Norway also has an even income distribution, low unemployment and a very high standard of living.
PPP per capita: 69,374
Ireland’s economy has grown so fast in recent decades. However, the country’s main income comes from companies based in other countries, which makes the country’s overall economy somewhat unbalanced.
PPP per capita: 71,263
Kuwait is a small state along the coast of the Persian Gulf that borders both Saudi Arabia and Iraq. The small state holds about 10% of the world’s oil reserves and is in other words very rich. Petroleum accounts for almost half of the country’s GDP, 95% of export earnings and 80% of government revenues.
PPP per capita: 79,710
Brunei is a small state in Southeast Asia located on the northwest coast of Borneo and has around 415,000 residents. The small state has become rich mainly due to its large oil and natural gas resources that make up more than half of the country’s GDP. Brunei has no taxes or VAT and a very high standard of living.
PPP per capita: 87,082
Singapore is Southeast Asia’s smallest country located at the southern tip of the Malacca Peninsula. The country has the highest standard of living in all of Asia and is also ranked highly in the whole world. Unemployment is low and electronics manufacturing and tourism are some of the country’s most important industries.
PPP per capita: 96,147
The small country of Macao with about 600,000 residents can be found on a peninsula in southern China. The country’s main income comes from gaming and casino operations, as many foreign companies have chosen to get their license here. The country’s riches also come from textiles and shoes, which make up about 85% of the country’s exports. Check Countryaah to find all countries in Asia.
PPP per capita: 101,936
The world’s only Grand Duchy of Luxembourg with just over half a million residents is an industrial country with advanced economies and the world’s second highest GDP per capita. The country has a stable economy with good growth, low inflation and low unemployment.
PPP per capita: 129,726
The swine-rich little emirate of Qatar tops the list of the world’s richest countries. The country consists of a peninsula located in the Persian Gulf and has the world’s third largest natural gas resources and oil in abundance. Both incomes and living standards are high and Qatari citizens are even exempt from income tax. However, there is a downside. Only 15% of the population are Qataris and the country’s residents consist for the most part of foreign labor living in extreme poverty and often used as cheap labor.