A country is said to be richest or poorest based on GDP and per capita income of that particular country. A study shows that people in richest country had only five times higher income than the people in poorest country before 200 years ago. But in current scenario people in richest country have 30 times higher income than people in poorest country.
In 2008, overall economic growth of many countries had slowed down for many years due to global financial crisis. However some richest countries never had a hard impact. The richest countries have enough resources and economic stability to satisfy all the needs of their people. By considering GDP Per Capita income as primary factor we framed a list of top 10 richest countries in the world 2015 in the following section.
List of top 10 Richest Countries in the World 2015
1. Qatar
Per capita income: $ 102,211
GDP: $ 202.45 billion
Population: 1.8 million
Qatar is the third largest natural gas reserves in world which is located in Western Asia. Income from oil and natural gas reserves contribute more than 50 percent of GDP and 80 percent of export revenue. This country holds first place in the list of richest countries in world because of its highest per capita income and stable economic growth. And moreover it is recognized as high income economy by the World Bank. The ruling authority has not levied any income tax for individual or corporate tax to improve standard of living of their citizens and has lowest rate of unemployment.
2. Luxembourg
GDP per capita income: $ 79,785
GDP: $ 42.2 billion
Population: 0.5 million
Majority of population in Luxembourg depend on oil industries for their income. It is the second richest country in world 2015 due to highest per capita income and well developed industries which is a landlocked country in Western Europe. Till 1960 the industrial sector was dominated by steel and after few years it has diversified to include rubber, chemicals and other products. The financial service industries has attained maximum growth which made the country to transform from industrial economy to services and manufacturing economy. Well developed infrastructure and skilled workforce is considered as wealth of this country and it is largely free from corruption. The unemployment is low in Luxembourg when compared to the other countries in the world.
3. Singapore
Per capita income: $ 60,410
GDP: $ 326 billion
Population: 5.4 million
The wealth of Singapore is highly depending on financial sector, chemical industry and moderate economic policies. It has second busiest port in the world which exports majority of goods. The electronics and chemical industries play a major role in economic development of this country. It places highly in international rankings with regard to economic competitiveness, health care, education and more. The legal system of Singapore is based on English common law but with local differences. The policies encourage innovation and growth of various sectors and it has best intellectual property rights in Asia.
4. Norway
GDP per capita income: $ 55,009
GDP: 2771 billion
Population: 5 million
The main income source of Norway depends on oil reserves, metal and fishing which made it as one among the richest countries in the world. The government saves revenue from dividend and tax received from oil and gas companies for their pension fund. Tax rate for individual income is 47.8 percent and corporate tax is 28 percent. It has well developed infrastructure and people have high standard of living, higher literacy rate, unemployment and much more. It is one of the least corrupt countries in world which leads to maximization of monetary resources and economic growth. There are some barriers in entering international trade and investment in Norway.
5. United States
Per capita income: $ 49,922
GDP: $15.7 trillion
Population: 314.2 million
The country has achieved the highest per capita income even though it has huge population of 314.2 million which is comparatively higher than other richest countries. A system of democracy, innovative technology and huge automobile industries can be the key factors for success of United States. It has faced economic crisis in the year 2007 due to great depression and also in 2009. Revenue from exported goods can be the main source of income and also made it as fourth richest country.
6. United Arab Emirates
GDP per capita income: $ 49,012
GDP: $ 271 billion
Population: 5.5 million
Nearly 80 percent of government income is based on oil and gas export which made it as richest country in the world 2015. It has unemployment rate of 2.4 percent and annual growth of 3.9 percent. The important fact about UAE is tax because it has no income tax and also corporate tax. It is one of the least corrupted countries and leading tourist place as it has attractive architecture.
7. Switzerland
Per capita income: $ 45,418
GDP: $ 363 billion
Population: 8 million
Switzerland is one of the investment friendly countries where there are no much restrictions on investment which encourages both foreign and domestic investors to make huge investment. This is the reason for development of financial sector in this country. Banking is the main source of income and other than that government depends on revenue from chemicals, electronics, metals and pharmaceuticals. Many regulations were placed by government to protect property rights.
8. Netherlands
GDP per capita income: $ 42,194
GDP: $707 billion
Population: 16.8 million
Netherland is the centre for international commerce and it has one of the largest ports in world. The regulatory framework is liberal where starting a business involves only limited procedure. It is one among richest countries in the world because of three key factors such as agriculture, mining and manufacturing industries which contribute to economic growth. People have high standard of living and high growth in employment.
9. Australia
Per capita income: $ 42,640
GDP: $ 970.8 billion
Population: 22 million
Mining and agriculture are main export of Australia and it remains competitive for many countries in technology, value added manufacturing goods and service industry. It is one of the richest countries with great opportunity and resources for growth which has the highest per capita income. The individual tax rate is 45 percent and corporate tax rate is 30 percent. It ranks highly in various national performances like education, economic freedom, health, quality of life and more.
10. Austria
GDP per capita income: $ 42,409
GDP: $ 359 billion
Population: 8.5 million
Austria’s economic growth has slowed down because of crisis but still have stronger economy than any other EU nations. The income tax rate of individual is 50 percent and corporate tax is comparatively low. The government has control over oil, steel, gas and engineering industries whereas freedom for telecommunication. It is the tenth richest country in world 2015 with great natural resources and better standard of living. The corruption is rare and regulatory framework of country encourages entrepreneurs.
That’s all about the richest countries in the world. This list is prepared by considering the current status. Hope you all enjoyed this article, please share this article with your friends and let us know your suggestions in the comment section below.
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