As per recent updates from International Monetary Fund published World Economic Outlook Database in April 2016, here we come-up with the top 10 richest counties in the world based on GDP. In this list Qatar gained the top position with the highest (Gross domestic product) GDP value per capita. Gross Domestic Product or GDP is the total market value of all goods and services produced in any particular country. Overall country’s wealth is determined on the basis of its GDP of that year. GDP can be measured by adding up all the income and profits generated from the production of goods and services of any particular year. Calculations of GDP are done by many different organizations like International Monetary Fund (IMF), World Bank and so on.
Top 10 Richest Countries in the World
With the highest GDP i.e. $ 129,511.85, Qatar stand still at the first position since from the consecutive three years 2014, 2015 & 2016. Its open trade policy and many other economic strategies make it as a wealthiest country in the world. Petroleum products are the chief sources of this country income and called as one of the largest oil reserves in the world. Other income generation sources include tourism and construction.
Currency: Qatari Riyal
Main Income sources: Oil and Natural Gas, Petroleum, Constructions and Tourism.
Qatar is going to host FIFA world cup 2022 and it started attracting foreign tourist and business investors from these days. By considering all these factors, it wont be surprised if we see Qatar on top of the list in upcoming years .
Luxembourg ranked second in the Richest Country in the world 2016 list and richest country in Europe with the GDP $100,991.14. The major portion of the income generation comes from the steel, telecommunication industries, transport and data centers.
Capital: Luxembourg (City)
Main Income sources: Transport, Data centers and communication.
Luxembourg is one of the important country in western Europe which shares border with Belgium, Germany and France.
#3 Macao SAR
Macao is special administrative region (SAR) of China and it’s main income comes from Tourism. Macau’s other important economic activity includes exports of textiles and garments, hospitality and gaming industry which contribute 50% of Macau’s GDP. In 2016 Macau SAR’s GDP is 3rd highest amongst other countries – $87,845.48
Capital: SAR of China
Currency: Macanese Pataca
Main Income sources: Tourism, Exports of Textiles, Hospitality, Gaming
Singapore is a smallest country in terms of population but very popular for its hygiene. Due to its cleanness, lowest polluted country and the regular development, it is placed at the fourth position with the GDP $86,853.69 in the Richest Country’s list.
Currency: Singapore dollar (SGD)
Main Income sources: Refining imported goods, Manufacturing, Tourism
Singapore is a least corrupt country in comparison to others and considered as one of the most innovative and effective economy in the world. Singapore has strongest and innovative economic policy which makes it stronger country in the world. The main sector they are working in includes, refining exported goods, manufacturing in mechanical and chemical industry, refining petroleum products, tourism and bio-medical science sector.
#5 Brunei Darussalam
Brunei is an Islamic Country means Muslims dominated country, located in the Asia continent. It is one of the largest oil and petroleum reserve country. With the GDP $77,661.86 Brunei saved fifth position in the IMF’s list of richest country in the World 2016.
Capital: Bandar Seri Begawan
Currency: Brunei dollar
Main Income sources: Crude oil and natural gas
Brunei’s major source of GDP is their crude oil and natural gas resource is one of the biggest exporter of it. They generate 90% of GDP from crude and natural gas resource.
This Asian Arab country is one of the leading oil producing country in the world. Kuwait is placed at the sixth position with the GDP of USD $70,586.57 in the IMF’s list Richest country in the World. Petroleum products are main contributors of this country’s income. Other income sources include natural gas reserves and oil.
Capital: Kuwait City
Currency: Kuwaiti Dinar
Main Income sources: Petroleum
Kuwait is one of the major exporter of petrochemicals, petroleum and fertilizer product which is major contributor of their GDP. It also has sound transportation and infrastructure and one of the popular country in middle east region.
Norway is located in the Europe continent and often called as the land of rising sun. This smallest country is considered as the best place for Peace of Mind. Norway is also well known for the least rate of Crime. Due to the healthy and wealthy lifestyle of people Norway is placed at the seventh position with the GDP $60,031.11.
Currency: Norwegian krone
Main Income sources: Oil and Petroleum
Norway is the best example of the mixed economy around the world and the prime sources of income is natural gas reserves and oil.
#8 United Arab Emirates (U.A.E)
UAE (United Arab Emirates) is called as a land of Arabs and gained high tourism attraction due to its beautiful Shopping Malls and Hotels. Due to the great boom in the oil reserves, this country established its name in the list of the richest country.
Capital: Abu Dhabi
Currency: UAE Dirham (AED)
Main Income sources: Oil, Tourism and Infrastructure
Natural oil reserves, Infrastructure and Tourism are the major contributor’s of this country’s GDP i.e. $ 67,946.49. Dubai is considered one of the most popular city and important place in UAE.
#9 San Marino
This European country is one of the most popular tourism country in the world. San Marino is placed at the ninth position with the GDP of USD $64,464.48 in the IMF’s list Richest country in the World.
Capital: San Marino
Main Income sources: Tourism, Finance, Sale of postage stamps, Small Agricultural Industry
Largest City: Dogana
San Marino is considered to have a highly stable economy, with one of the lowest unemployment rates in Europe, no national debt and a budget surplus. The San Marina’s mainly economy relies on commerce, Agricultural industry, services and tourism.
Most important sources of its Income are the Electronic products and the Banking sector. Switzerland is also well known for the world’s richest bank i.e. Swiss Bank.
Capital: None (Bern – de facto)
Currency: Swiss franc (CHF)
Largest City: Zürich
Main Income sources: Banking and Finance,
Due to the efficient banking system and taxation policies Switzerland received tenth position in the IMF’s list with the GDP $ 59,150.12. Switzerland is considered heaven for black money and people around the world has deposited huge amount due to this flexible investment policies.
# Statistical Data
Every year organizations like World Bank, International Monetary Fund conduct surveys and according to this survey they present their statistics about the economic conditions of various countries. In this highly competitive era, every year this statistics faces huge fluctuations due to the uncertain economic conditions of countries. Small countries present surprising growth with the high GDP or Purchasing Power Parity (PPP) and old big powers gradually slowdown their performances. Nevertheless this top 10 list of Richest Country in the World is based on the official report published by the IMF.
Here are Top 50 richest countries in the world by GDP (PPP) of 2016:
|8||United Arab Emirates||$66,346.63||$67,616.88||$67,946.49|
|12||Hong Kong SAR||$55,183.04||$56,700.77||$58,128.02|
|21||Taiwan Province of China||$46,090.53||$46,783.00||$47,811.58|
|40||Trinidad and Tobago||$33,054.46||$32,635.46||$32,432.02|
Source : International Monetary Fund (World Economic Outlook Database-April 2016)
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