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 Curiosity for knowing the richest economies of the world can be overpowering for many. And it may come as a surprise knowing that smallest countries reside on the top by being the wealthiest nations. According to the report published by the Global Finance Magazine on Apri 2019, following are the top 20 richest countries of the world as per their economic growth.
1. Qatar
• Gross National Income per capita: 116,799 USD
• Population : 2.6 million
• GDP in 2017: $308.6 billion
This beautiful country is emerging as the wealthiest nation of the world. Its strong economy relies on its oil and gas reserves, the pharmaceutical industry, and small population.
2. Macao, China
• Gross National Income per capita: $95,304
• Population: 0.6 million
• GDP in 2017: $65.3 billion
With amazingly hardworking people, China exports goods to almost all around the globe.
3. Singapore
• Gross National Income per capita: $82,503
• Population : 5.6 million
• GDP in 2017: $480.0 billion
Singapore is the most favorite business-friendly Asian nation.
4. Brunei Darussalam
• Gross National Income per capita: $76,427
• Population : 428,697
• GDP in 2017: $30.8 billion
It is one of the happiest small nations of the world, who pay taxes and enjoy government benefits.
5. Kuwait
• Gross National Income per capita: $72,872
• Population : 4.1 million
• GDP in 2017: $271.1 billion
Kuwait's economy mainly relies on petroleum.
6. Bermuda
• Gross National Income per capita: $68,113
• Population : 65,441
• GDP in 2017: $3.3 billion
Bermuda owns some of largest international businesses including insurance companies and financial companies.
7. United Arab Emirates
• Gross National Income per capita: $67,758
• Population : 9.4 million
• GDP in 2017: $632.6 billion
UAE is one of the wealthiest nations of the world and is known for the export of gold and diamond.
8. Norway
• Gross National Income per capita: $67,529
• Population : 5.3 million
• GDP in 2017: $342.8 billion
Norway is among the major petroleum-producing nations.
9. Luxembourg
• Gross National Income per capita: $65,101
• Population : 596,336
• GDP in 2017: $55.5 billion
The economy of Luxembourg relies on exports.
10. Hong Kong
• Gross National Income per capita: $58,420
• Population : 7.4 million
• GDP in 2017: $414.3 billion
Hong Kong is one of the fastly growing Asian nations. Its economy relies on exporting precious minerals, stones, and metals, and heavy machinery.
11. Switzerland
• Gross National Income per capita: $58,138
• Population : 8.5million
• GDP in 2017: $490.2 billion
Switzerland is well known for its amazing sightseeing places. Its economy relies on innovation and technology and tourism.
12. United States
• Gross National Income per capita: $55,351
• Population : 325.1 million
• GDP in 2017: $17.7 trillion
The United States of America has the highest ration of income equality. Whether you read any economic report or not, the USA stands among the top richest countries of the world. And that is because of its ever-increasing industries. They are on top when it comes to research and development, science and technology, health, education, exports, and also the US has one of the greatest tourism industries.
13. Ireland
• Gross National Income per capita: $52,755
• Population : 4.8 million
• GDP in 2017: $320.2 billion
Ireland is progressing by leaps and bounds. Its economy depends on exports of chemicals, including pharmaceutical goods. These exports account for more than 20% of Ireland's GDP, that means more than 320 million USD.
14. Kingdom of Saudi Arabia
• Gross National Income per capita: $49,626
• Population : 32.9 million
• GDP in 2017: $1.6 trillion
Kingdom of Saudi Arabia is majorly known for its oil reserves and extensive pilgrimage to the Holy cities throughout the year. West world heavily relies on these oil reserves, and will the fluctuations in the oil prices, the GDP of the country see highs and lows.
15. Netherlands
• Gross National Income per capita: $48,994
• Population : 17.1 million
• GDP in 2017: $835.8 billion
Netherland's economy basically depends on its export. More than 83% of the Netherland's GDP comes from exporting goods. This nation is rising in every department, and the average life expectancy is 81.6 years, which accounts for the more working population.
16. Denmark
• Gross National Income per capita: $48,260
• Population : 5.8 million
• GDP in 2017: $272.5 billion
The economy of Denmark relies on a number of industries. It depends on the export of heavy machinery worth of billions of dollars, animal products, chemical products, food goods, and several profiting industries. Denmark was also ranked the least corrupt country in the 2018 corruption perception Index.
17. Sweden
• Gross National Income per capita: $47,346
• Population : 10.1 million
• GDP in 2017: $469.5 billion
The Swedish economy is flourishing because of its main focus in education, research and innovation, and development and technology. And the younger educated generation of the country will play its part to boost the economy further.
18. Germany
• Gross National Income per capita: $46,422
• Population : 82.7 million
• GDP in 2017: $3.8 trillion
Germany stands out in the world for its amazing automobile industry. Some of the biggest car manufacturers, including Audi, BMW, Mercedes Benz, are from Germany. Additionally, it was ranked 3rd largest exporter in 2017 in all over the world.
19. Austria
• Gross National Income per capita: $45,375
• Population: 8.8 million
• GDP in 2017: $400.2 billion
Austria has one of the most flourishing and blooming economies. A significant amount of Austria's GDP goes in research and technology, and development. Moreover, it is a well-known state when it comes to exporting machines and different transportations vehicles.
20. Canada
• Gross National Income per capita: $43,559
• Population: 36.7 million
• GDP in 2017: $1.6 trillion
In the top 20 richest countries of the world, Canada comes on the last spot. Major boost for Canada's economy depends upon export of crude petroleum. Crude petroleum accounts for more than 14% of this country's export. Due to its prosperity, Canada has become one of the most desirable nations of the world.
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