Jeff Bezos is the richest person in the world!! You already knew this. But if I ask which is the richest country in the world? Think! Think!
Is it Singapore? Or the United States? Or the country you live in? Surprisingly very few people will come up with the correct answer. Watching the growth in the GDP, where one year ago it was predicted that China will be the richest country in the world, the pandemic turned the tables within no time.
So, which is the richest country right now in 2021? Is it still China or some other country flags the ownership of being at no.1. GDP has always been a deciding factor for a country’s wealth and value. But there are a number of other factors too that provide a country its worth. In this post, I’ll be discussing the richest countries in the world and the supporting factors that lead them to the top spot.
Singapore, also known as the lion city, stands in the top ten richest countries in the world because of the most stable economy. Switzerland also makes its way to the top ten for its richest banking and financial services. Want to know which other countries fall on this list with their resources?
This post is all about the richness of the world’s resources divided among different countries making them the best. Find out whether your country is in the top ten or top 50.
Richest Countries In The World
Here is the much-awaited list of the top 10 richest countries in the world along with their current international dollars.
Art can earn you Bacon!!
Denmark stands 10th in the world’s richest countries. Known for its high-quality architecture and design, Denmark sets its worth high.
What all factors contribute to making Denmark one of the richest countries in the world?
Not just one but a dozen factors lead to Denmark’s growth. From rich resources to per capita gross production everything counts!
Production of pigs and pig meat became a major source of income in Denmark for over 100 years. In fact, the Danish pig industry is the world’s leading pig meat exporter.
Tiny places hides the most beautiful secrets!! Denmark is famous for hundreds of palaces and beautiful castles like the iconic Egeskov Castle and the famous Rosenborg Castle. Want a fairy tale experience? Denmark is the place!!
Economy and Employment!! Another important factor that decides a country’s growth.
Do you know when the whole world was badly hit by the corona crisis, this country maintained its economy so well, that during the pandemic both it’s public and household finances were less impacted than other nations relying totally on tourism, manufacturing, and petroleum exports.
The best part, Denmark is ranked among the world’s happiest countries where 5.8 million citizens enjoy efficient social security, and high employment rates and wages.
Set upon a total area of 42,933 km sq. Denmark supports a high standard of living. It’s per capita gross national product stands amongst the highest in the world.
Current International Dollars: 58,932.
9) Hong Kong SAR
Hong Kong Disney land, the dreamland for many!! Since childhood this country has been a fascinating dream, and look it’s in the top 10 richest countries in the world.
International trade and business rule the world!!
Hong Kong is the hub for international investment and trade. It has one of the world’s most thrifty economies. Not just this, Hong Kong is a cosmopolitan city that has a world-class business center for trade and cultural exchanges.
Why is Hong Kong SAR?
SAR (Special Administrative Region) is termed for a country when it has relative autonomy. Hong Kong has well-executed relative autonomy that maintains its own governance and controls its domestic and economic affairs on its own. It also supports the other surrounding areas, that’s why it’s referred to as a SAR.
What makes this tiny island extremely rich?
Talking about Hong Kong’s economy has no tariffs on the import and export of goods, has extremely low taxation, and no inheritance levies or capital gains. It also has full ownership of its business for foreigners with no nationality, citizenship, or residency requirements.
So the resulting outcome for this tiny island situated on just 1,104 sq.km stands highly rich as a whole.
This glamorous city, a hub for luxurious shopping is not that glamorous from inside. Spotted in political unrest since 2019 due to its income inequality, Hong Kong faced a disruptive business structure and spooking foreign investors. Can you believe all these stats came out even when Hong Kong had about 9,000 people with $30 million and more in net worth? That’s the income inequality I was talking about. But thanks to the pandemic for bringing back the economy right back on track as per last year it contrasted by 6.1%.
Hong Kong is the principal financial center in China and is the headquarter for more than 1,300 companies from all over the world.
Current International Dollars: 59,519
8) Brunei Darussalam
Peace has no price. It’s an ultimate gem that deserves the highest place in our lives!!
“Abode of peace” that’s what Brunei Darussalam means. It’s true looking, at the country’s higher standard of living. It has a longer life expectancy(as of 2020 it was on an average 75.93%).
What makes it one of the richest countries in the world?
Brunei is a small, independent, oil-rich country wedged between the Sabah and Sarawak states on the Malaysian side. The main source of economy is a mixture of domestic and foreign entrepreneurship, village traditions, and government regulation and welfare measures. It generates heavy revenue from the petroleum sector, and exports of crude oil and natural gas accounting for over half of GDP.
Can you imagine the Sultan of Brunei, Hassanal Bolkiah used to have his habitual haircut for $20,000!! Now you see where the fortune came from? From the immense reserves of natural gas and oil.
Well, this is one thing but it is estimated that 40% of its population earn less than $1,000 per year. The pandemic even hit its oil prices so hard that the GDP growth fell to 1.2% last year. However, thankfully the country did not suffer the worst of the pandemic as only a few hundred cases were recorded.
Current International Dollars: 62,371
7) The United States
Did we say only the smallest countries are the richest? Well, not in this case!!
Surviving extremely hard 2020, The United States still managed to maintain its spot in the top 10 richest countries in the world. But did America actually got rich even during the pandemic? Not at 360 degrees but to some areas yes, it did.
If you ask those who lost their jobs, had to shut their businesses, found themselves starving for food, and lined up to pay medical bills, then the expectations are really poor. But for those earning over $50,000 a year, who managed to work from home, got a hike in stock investment actually felt the richness.
Yet another story to be revealed. Between March 2020 to April 2021, the collective wealth of 719 billionaire Americans as per the Institute for Policy Studies leaped by $1.62 trillion (55%) from $2.95 trillion to $4.56 trillion. That means four times more wealth than any average 165 million Americans.
If you live in America then I think it’s fair to say that someone else is enjoying your proverbial lunch if your income is a fraction of the average GDP per capita.
Current International Dollars: 63,415
With great wealth comes great responsibilities. Unlike other rich nations, Norwegians always stood up to this thing. Its high per capita GDP reflects the true financial well-being of its people as Norway has the lowest income inequality gaps in the world.
What gets Norway the riches?
Norway is fueled by gas exports and oil that not only makes it stable and extremely efficient but also makes it one of the richest countries in the world for many many years to come. It has in fact been Europe’s top petroleum producer for decades. Benefitted from the rising prices of oil and petroleum, Norway faced a freefall as the pandemic hit. Its economy fell by 2.5% last year, which is the biggest annual fall recorded since World War Two.
Does it mean that Norwegians are no more wealthy?
Probably not. The GDP growth is already estimated to rebound by 3.9% in 2021. Furthermost, Norwegians can always rely on their sovereign wealth fund of $1.3 trillion, the world’s largest.
With Banking and Financial Services at it’s peak, is it a surprise that Switzerland is one of the World’s richest countries with the highest density of millionaires?
There is so much that Switzerland has contributed to the world then be it white chocolate or the Swiss Army knife, be it computer mouse or LSD.
The pandemic however did not spare the Swiss economy of this country as it faced a decline in production of 2.9% in 2020. Things were even worse in Germany, Spain, Italy and France as the contraction faced there was 4.9%, 10.9%, 8.8%, and 8.2% respectively.
How did it still manage to be on top?
According to the IMF, the country used it’s emergency spending and containment measures. Also, the household and solid public finances helped. Another factor is its low dependency on contact-intensive sectors.
Current International Dollars: 72,873
Luxurious shopping malls and ultra-modern architecture designs are compelling but are they compelling enough to earn a country the top spot in the world’s richest countries?
Many reports showed a constant decline in Qatar’s oil prices. But is it solely due to the pandemic crisis last year?
No, the country has been facing that decline since 2010. Where the per capita GDP of a Qatari citizen was recorded $143,222 in 2014, and the next year was seen to decline, which is even lower than now.
Something must have kept this country’s back, right?
Well, yes. The petrochemical reserves, the gas and oil reserves of this country are so large and it’s population is so small for just 2.8 million. This is how these resources saved the country from getting down amidst the crisis.
Current International Dollars: 93,508
Ireland became the fastest growing country on the continent in 2019. But everything turned upside down last year. Economic growth, resource production, everything faced a loss. Although the country’s economy is expected to rebound this year nicely. Let’s hope for the best!
In case you don’t know, it’s not just the covid-19 that did bad to this country, but the history is way long. In 2008, Ireland, a country of fewer than 5 million inhabitants, faced the hardest financial crisis.
How rich are the citizens of Ireland now than 10 years ago?
Undoubtedly the conditions are far better than they used to be but ordinary people benefitted less than multinationals did. Right now the conditions are again unstable due to the pandemic as the unemployment rate recorded recently at 5.8% is expected to climb to 8.1% soon. The gap between the rich and the poor is getting even broader.
According to a recent coverage from OECD, the national household per capita income is far lower than the overall country’s members.
You see the journey of Ireland has gone from being one of the poorest to one of the richest nations. Now it is one of the world’s largest corporate tax havens.
Current International Dollars: 94,391
Clean and green make the perfect scene!!
Garden City ranks at number 2 on the list of the world’s richest countries. Its Singapore!! The ‘instant Asia’ after all. It has the most prominent entrance gates in South Asia. Whether it’s the tall buildings or clean streets, Singapore is a heart-core fascination.
What made Singapore so prosperous?
Illiteracy, a factor that helps this country behind for so many decades after independence, is now replaced by the highest literacy rate. Today, Singapore is a thriving financial hub, manufacturing, and trade unit mainly because 98% of the adult population is literate. The richest person in Singapore, Zhang Yong, a restaurateur, has a net worth of an estimated $23 billion. Tax-free capital gains and dividends make Singapore affluent fiscal heaven.
Although the economy faced a bad hit by the pandemic dropping by 5.4%, the biggest recession in decades. But as we know, it has one of the most stable economies with no foreign debts, positive surplus, and high government revenue, which made it survive the cause and still stand high at a top position.
Current International Dollars: 97,056
Visit Luxembourg for its cultural festivals, beautiful countryside, castles, or gastronomic specialties, you’ll have a luxurious feel. Or If you want to invest offshore, invest here in Luxembourg, the biggest banking and financial sector. People in Luxembourg enjoy a healthy standard of living with far better healthcare facilities, better housing, education, and other things than any other nation in the world.
Like other countries, Luxembourg suffered the pandemic loss too. With increasing pressure from both the EU and OECD and the global financial crisis to reduce banking secrecy, this country faced economic disbalance, but not to that extent.
It managed to beat the pandemic through its effective testing and contact tracing measures better than any other European neighbors. The GDP which fell to -1.3% in 2020, will now rebound by 4% in 2021.
In 2014, Luxembourg topped the $100,000 mark in per capita GDP, and ever since then it never looked back. Even the pandemic couldn’t shake that.
Current International Dollars: 118,001
List of top 50 richest countries in the world along with their GDP-PPP
|9||Hong Kong SAR||59,520|
|11||United Arab Emirates||58,753|
|16||Taiwan Province of China||55,724|
195 independent countries in the world and standing in the top ten richest nations is such an amazing feeling. We covered the top 50 richest countries in the world for you in this article. Did you spot your country on the list? What position does it stand on? Do share with us in the comment section below. We’ll be updating the list with every change in data from time to time.
Featured Image Credits: Swedish Nomad