What country is the richest

Richest Countries in the World 2022

Many people who swear that they have discovered the secret to overall happiness claim that it has nothing to do with money. There is an incredibly high chance that you have heard the phrase, «Money cannot buy happiness.» This statement is undeniably accurate, but there is also a strong counterargument—significant evidence shows that sometimes money can enable financial security that leads you to feel happier overall.

The core truth behind this counterargument is that many negative feelings and situations arise from a less-than-ideal fiscal standing. When one’s credit score is low, even basic expenses such as renting an apartment, purchasing a home, or just getting a car can be difficult or impossible to finance. Similarly, people on a limited income can find it challenging to keep up with bare essentials such as electricity, water, and even groceries. In short, a lack of money can severely hinder one’s ability to afford the fundamental «must-have» things human beings need to get by, let alone luxury items. This presence or lack of money can also impact one’s health. Wealthy people can often afford better medical treatment than those with less money, especially in countries without universal health care. Moreover, an unfavorable financial status can be a major source of stress, anxiety, or depression.

What about the argument that money cannot buy cherished memories, which are arguably the most precious treasure of all? Absolutely true. Granted, money can buy many things that can help create those memories, such as vacations, tickets to concerts or sporting events, nights out on the town, trips to the movies or the amusement park, gifts for loved ones, and so on. But creating those memories is still up to the individual. Plus, there are many other treasures that money can’t enable, including love, trust, friendship, and spiritual peace.

Ultimately, the adage is true: Money cannot buy happiness. To quote another common saying, «the best things in life aren’t things.» However, a persistent lack of money can trigger negative effects ranging from emotional stress and unhappiness to poor physical health, so having at least enough money to easily cover one’s living expenses is a worthwhile and unselfish goal.

Gross Domestic Product Per Capita as a measure of national wealth

The International Monetary Fund releases a definitive ranking of 236 countries and territories of the world. Here’s a sneak peek at the top 10 as of October 2021 (scroll down for the full list):

Developing countries often have deficient infrastructures and immature economies, which can put their citizens and corporations at a substantial disadvantage when competing in a global market. Larger disruptions such as war, hunger, disease, and political unrest can also have a tremendous negative impact on a country’s GDP (along with nearly every other aspect of life). Factors such as these are why developing nations are more likely to appear on the list of poorest countries in the world, at least for now.

Tax shelters and Gross National Income (GNI)

GDP values can sometimes be warped by international business practices. For example, some countries (such as Ireland, Liechtenstein, and Switzerland) are regarded as «tax havens» thanks to government tax rules that favor foreign businesses. For these countries, a significant amount of what registers as GDP may actually be money that international companies are funneling through that country, as opposed to income that is actually staying there.

In an attempt to compensate for these tax havens’ effect on national GDPs, many economists also track each country’s Gross National Income, or GNI. This metric is very similar to GDP in that it measures the total value of all the goods and services produced in a country—however, it also adds or subtracts the money coming into or out of the country through foreign businesses. This helps account for tax haven activity and gives an arguably more accurate measure of an economy’s health and wealth.

It’s important to note that GNI does not completely filter out all international financial interactions. It just helps to right-size the profits. For example, although their numerical values have changed, notable tax avoidance destinations Ireland, Liechtenstein, and Switzerland are all still in the top 10. What’s more, if the list above were expanded to include territories as well as countries, several of the British Overseas Territories would rank extremely high, with Bermuda ($117,740), Isle of Man ($83,160), the Cayman Islands ($68,200), and the Channel Islands ($66,220) all ranking in the top 10. All four are well-known tax havens with tiny populations, so the profit from even just a few multi-billion-dollar financial maneuvers can significantly elevate per-capita GNI.

That said, in all of these countries’ defense, being a tax haven is obviously only one out of a nearly infinite range of possible sources of national income. For example, most of the British Overseas Territories are also world-famous vacation destinations with a massive tourism sector. Note also that the absence of Monaco on this list is not an indication that it is a tax haven. Rather, GNI data for Monaco was unavailable.

What is the richest country on each continent?

As illuminating and arguably inspiring as it is to peruse the list of richest countries in the world, it’s also worthwhile to examine the data when broken down by continent. For example, a list of the very richest countries on each of the six inhabited continents (by GDP per capita, as above) would look like this:

Click on the links to visit the individual pages and learn more.

Profiles of Prosperity: Five of the Richest Countries in the World*

Luxembourg

Ireland

Switzerland

Norway

United States of America

Considering the lengths many large U.S. corporations go to hide their own profits in overseas tax shelters, it may be surprising to learn that the United States is itself considered a tax haven by many financial watchdog groups. However, many national and state-level regulations enable international clients to move their money through U.S.-based accounts while incurring minimal taxes.

Here are the 10 richest countries in the world:

What are the top 100 richest countries?

What are the top 50 richest countries?

Top 50 richest countries in the world

Which is the richest country in the world 2020?

What are the top 25 richest countries?

The 25 richest countries in the world

What are the 10 richest countries?

Top 10 Richest Countries in the World – GDP Per Capita (2020)

What are the 10 poorest countries in the world?

Here, we look at the ten fiscally-poorest countries in the world, the factors that go into this ranking – and the factors that don’t.
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Photo: Tommy Trenchard / Concern Worldwide.

What are the top 5 best countries?

Which country is No 1 in world?

For the fourth year in a row, Switzerland is considered the No. 1 Best Country. The country, well-known for its history of neutrality, ranks No.

Who is the poorest country in Asia?

Poorest Asian Countries 2021

Who is the poorest man in the world?

The world’s poorest man Jerome Kerviel has handed himself in to French authorities. Jerome Kerviel, the ex-Societe Generale trader who has more debt than anyone else in the world, has turned himself in to French authorities to begin a three-year jail sentence.

Why is Britain so rich?

Its quality of life is generally considered high, and the economy is quite diversified. The sectors that contribute most to the U.K.’s GDP are services, manufacturing, construction, and tourism.

Why is Qatar so rich?

Qatar is a World Bank high-income economy, backed by the world’s third-largest natural gas reserves and oil reserves. … For its size, Qatar wields disproportionate influence in the world, and has been identified as a middle power.

What is the richest country in Asia?

List of Asian countries by GDP (PPP) per capita

Is Australia richer than India?

Why is Norway so rich?

Norway’s huge oil and gas sector is the clear driving factor behind the nation’s economic boom over the last three decades, following major discoveries in the North Sea (although falling energy prices in recent years have had an impact).

How rich is Canada in the world?

List of countries and geographic regions by total wealth (2019)

The 50 richest countries in the world

The world’s richest nations are no longer as surprising as they were 20 years ago. They are the countries that are usually also considered global financial centers and attract numerous companies with low tax rates. This money, combined with small populations, generates large per capita revenues that the vast majority of countries can never match.

Ranking 9th, the USA is the only country with a large surface area and population among the highest-ranking nations.

Income and purchasing power

Earned capital is a figure measured and published annually by the vast majority of countries. It is the gross domestic product, the sum of all domestically generated income. If you convert this income to the number of inhabitants, you get a value that is hardly comparable. This is because income is certainly not measurable over various countries if the money cannot be used to buy the same things.

The calculations in this table are based on data for the year 2021. Evaluations for 2022 are expected as usual next spring, when the economic data have been collected and published.

Wealth in small countries

It is not surprising that so many small countries are in the top ranks. The top 20 richest countries include 14 countries with fewer than 10 million inhabitants. Most of the small countries are not internationally positioned industrial nations, but generate most of their money from financial products. Qatar and the Arab Emirates sit on huge oil reserves. In Europe, Luxembourg and Ireland are known for providing a safe and tax-efficient home for global players such as Amazon, Apple, Google and many others. Many of the countries ranked highly here are also considered tax havens.

At the same time, many small states are much less expensive to supply to the population because transport routes or cables are quickly laid. Providing a country like Luxembourg with nationwide high-speed Internet is a completely different undertaking than in the US or Australia.

From this point of view, the good rating of the USA (9th place) is surprising, but Germany (17th place) and Australia (19) are also well placed.

Macau, Las Vegas of the East

Macau is an exception. There is no oil and financial products are not a focus of the economy. The country consists of two small islands that together are just half the size of Manhattan. Instead, dozens of huge casinos are spread out here, making many times the revenue of Las Vegas. Since gambling is banned in China and Hong Kong, some 3 million tourists flock to the small country. monthly.

In 2020, the gross domestic product in Macau dropped drastically. Due to the travel restrictions attributable to Covid19, hardly any tourists came to the country. Of the previous USD 55.20 billion, only USD 25.59 billion remained in 2020.

The 15 Richest Countries In The World

GDP, or the Gross Domestic Product, is a measure of wealth in the country coming from sources including export revenues, incomes, consumption, and the value of goods and services the country produces in a span of a year. Setting the benchmark according to these metrics and establishing the same parameters across the board is what makes GDP so popular in demonstrating and comparing wealth. The GDP per capita is the wealth divided by the number of inhabitants in the country, which is a helpful measurement that can provide insight into the quality of life in a country. If the GDP per capita is high, this can often indicate the wealth and prosperity of the country’s inhabitants.

Here is the ranking of the 15 richest countries globally, using their GDP per capita using Purchasing Power Parity (PPP). PPP is a popular metric used by macroeconomic analysts that compare different countries’ currencies through a cost of a «basket of goods» and allows for a more direct comparison of economic productivity and living standards between countries.

1. Luxembourg

Known for high-income levels and a low unemployment rate, Luxembourg is the richest country in the world. With its inflation rate at only 1.1%, its wealth is also extremely stable. According to the World Economic Forum, the primary factor for Luxembourg’s high GDP is the large number of people working in this tiny, landlocked nation while residing in the neighboring western European countries. The advanced infrastructure and high values for the labor market attract investment and duplicates of the big outside firms.

Having depended on the steel and iron industry for a long time until it stopped bringing profit in the 1970s, the nation adapted superbly. Today, as one of the most educated labor forces in the world, Luxembourg prospers from a mix of industries, predominantly and an import-export economy based on financial services. Small to medium-sized companies expanded, while multinational corporations highly demand a highly-skilled labor force with the ability to speak multiple languages. There is also a small but prosperous agricultural sector in the country.

2. Singapore

Having no natural resources to build its economy on has not stopped the hard-working and inventive Singaporeans from turning their country into the second-richest in the world. Being a central world hub for global financial services firms drives the economy. The jobs in manufacturing, services, transport engineering, and logistics pay its citizens well, while electronics, biotechnology, and chemicals are the country’s main exports.

By erecting high-end infrastructure and significantly expanding its tourism sector, Singapore attracts millions of tourists every year. On top of that, the government procured a very investor-friendly economic environment of free trade, open market, and attractively-low tax rates, sought after by international firms and business travelers.

3. Qatar

Having discovered oil in 1939 and natural gas 30 years later, it began producing 46,500 barrels per day in 1951. Although some of the revenue was used to start modernizing the country, the Royal Family accumulated much of it, with shares also going to Great Britain, its ruling country. After gaining independence in 1971, Khalifa bin Hamad deposed his father and increased spending on social programs, housing, health, education, and pensions, cutting the Royal Family’s allowances. The country also receives significant returns on investments in foreign brands, banks, and even the Paris Saint-Germain soccer team and real estate in London.

4. Ireland

Low corporate taxes continuously attract numerous multi-billion dollar companies to relocate and grow their business in Ireland, contributing to the GDP and the high standard of living for the people. Although citizens receive high wages, the income per capita has been growing much slower than the collective GDP. Nevertheless, the country’s stability and ongoing wealth gain from tourism, agriculture, and manufacturing, is coveted by others.

The country’s main exports comprise metals and food products, including brewing, computers, parts and software, and textiles. Ireland is also largely dependent on its tertiary industry, including call centers, legal services, accounting, customer service, stockbroking, and catering.

5. Switzerland

Considered one of the happiest and healthiest nations on Earth, Switzerland is home to German-, French- and Italian-speaking citizens, living peacefully and thriving together for over 800 years. Even with its high cost of living, expensive products, and services and the Swiss Frank’s extremely high value with a high conversion rate to other currencies, people stream to engage with this country through business or tourism. A stable economy with a fixed currency value, Switzerland is regarded highly by investors searching for a safe haven for highly profitable feats. Attractive tax rates bring in investment, while international companies seek to expand their business to Switzerland.

6. United Arab Emirates

Dubai, United Arab Emirates.

Back when it was known as the Trucial States, the pearl industry prevailed in this country from the 1770s until the late 1930s, when pearl-diving was a hobby turned into a significant source of income for the people living in the small villages. Having been able to establish some of the most luxurious resorts in the world, Dubai, along with the rest of the country, has moved on to tourism, which keeps investing in itself through ongoing growth and popularity.

The discovery of oil in the late 1950s caused a clash between Dubai and Abu Dhabi citizens, with the latter getting the upper hand over the oil boundaries and becoming richer while the former struggled. While Abu Dhabi thrived, the ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, did not lose hope in his state’s potential, loaning tens of billions of dollars to invest in the state’s infrastructure in 1958, completing its first airport by 1960.

7. Norway

Norway is known to have the highest standard of living on Earth and rank top on the human development index with its advanced education systems, distinct social security system, and universal health care. Its raw oil and gas resources exports lead the economy, while abundant reserves guarantee future prosperity, including seafood, hydro-power, lumber, minerals, natural gas, and freshwater. Petroleum is another export that has been bringing Norway riches since the 1970s.

The government invests in free education for its citizens, while parents ensure that kids learn the importance of productivity from an early age in school. Keeping busy with work is a cultural staple in Norway, without which citizens do not find joy in life. The main occupancies include telecommunications and technologies. Featuring low unemployment and poverty rates at 3 and 0.5%, respectively, it is no wonder that Norway’s standard of living is strived for by other nations. Although things cost a lot in Norway, Norwegians don’t mind investing back into their economy, while having high purchasing power through high wages enables them to spend extravagantly abroad.

8. United States

With resource-rich land and the biggest economy in the world, the United States has a strong purchasing power. It supplies its energy and can export its oil and gas for profit, and the size of its economy and the high rate of real GDP growth goes unmatched by any other country. As a relatively deregulated market economy with a decentralized political system, there are virtually no state-owned enterprises, and the legal system protects the liability of investors. Although such stats attract talented people worldwide to take a shot at earning a fortune, it remains one of the top countries where wealth is not shared equally.

9. Brunei

Mosque Jame’ Asr Hassanil Bokliah at Brunei Darussalam.

Having gained independence from Britain in 1984, the small country of Brunei, situated in South Asia, quickly grew to become one of the richest countries in the world. Its Sultan regulates everything from the military to the economy, imposing unique punishing rules and providing free education and medical care for its citizens. Brunei has an over 97% literacy rate.

Brunei is known as the second happiest nation on the continent behind Singapore, which may be surprising, seeing as the country’s wealth is not equally distributed, with much of the population living in poverty. Nevertheless, while the US’s public debt in 2018 was 106% of its GDP, it was only 2.4% in Brunei.

What has made Brunei so rich is its offshore oil drilling industry, bringing the economic riches from export. It is well known that there are people in Brunei who enjoy luxurious things in life, with more car ownership than in most countries in the world. Despite the strict rules on certain things like homosexuality and alcohol consumption, prostitution often goes «unnoticed,» and even the Sultan has had numerous scandalous features written about him for being a «sex-obsessed monarch.»

10. San Marino

The stable and prosperous economy of San Marino is partly owed to its resourceful citizens, who were able to successfully adapt and utilize their available resources. Traditionally, San Marino was a country of farmers and stone-quarrellers, producing cheeses and agricultural products, along with unique trinkets made out of stone. Today its hard-working citizens contribute to the economy by producing ceramics, tiles, building materials, furniture, clothing, fabrics, paints, quality spirits, and wines for export. The export of fruit has also been a factor in the nation’s recent economic growth.

Completely enclosed by Italy, San Marino still retains a close relationship with the country it formerly belonged to, including payments made by the Italian government for monopolies on tobacco and other commodities on this South European microstate. San Marino’s bank system is also closely integrated with the EU’s through the Italian economy: its monetary and customs systems. While the cost of living in San Marino is comparable to Italy, the even distribution of wealth in this socialist society has led to one of the lowest poverty rates in the world. Lastly, with its low local population count and close to 3.5 million travelers a year, more than half of the country’s GDP owes to tourism.

11. Denmark

12. Netherlands

The Netherlands is considered the world’s 17 th largest economy and one of the world’s highest-earning nations. The prosperous and open economy of the Netherlands is heavily dependent on foreign trade, low unemployment and inflation rates, stable industries, and the country’s significant role as the major transportation hub of Europe. Some of the major industries of the Netherlands include petroleum refining, food processing, financial services, electrical machinery, etc. The Netherlands is also one of the world’s leading exporters, with its key trading partners being Germany, the United Kingdom, France, the United States, Russia, China, Italy, and Belgium. According to a report by the World Economic Forum in 2018, the economy of the Netherlands has been ranked as the world’s 4 th most competitive economy.

13. Austria

In terms of GDP per capita, Austria is one of the world’s richest countries due to its highly well-developed social market and industrialized economy. In addition to its highly developed industries, international tourism is also one of the major contributors to the economy of Austria. Approximately 66% of the imports and exports of Austria come from its trade with the other member states of the European Union.

14. Iceland

As measured by the nominal GDP in 2007, Iceland is considered the world’s 7 th most productive country and the 5 th most effective in terms of PPP. It is estimated that about 85% of the country’s primary energy supply is met from domestically produced renewable sources of energy. The use of hydroelectric and geothermal power has made the country the largest per capita electricity producer in the world. It has also made Iceland one of the world’s top greenest economies. The mixed economy of Iceland heavily relies on the intervention of the government as well as the improved levels of free trade. Some of the major industries of Iceland include tourism, manufacturing, aluminum smelting, fisheries, agriculture, etc. In December 2007, due to the failure of the three largest commercial banks in the country, Iceland was hit by a major financial crisis. As a result, there was a drastic drop in the country’s GDP. Nevertheless, positive GDP growth in 2011 aided by a boost in tourism helped to recover the Icelandic economy.

15. Germany

In terms of GDP per capita and the high living standards of its citizens, Germany is one of the world’s richest countries. It is one of the world’s biggest exporters. Germany exports automobiles, chemicals, electronic and electrical products, machinery, etc. The country has Europe’s largest manufacturing economy.

Territories With High GDP Per Capita

The richest countries listed above exhibit the dominance of European nations on the list. Oil-rich economies like UAE and Qatar from the Middle East also feature on the list. However, with fossil fuel reserves fast depleting in these countries, the future of these nations will depend on how effectively they diversify their economies. The United States, the world’s biggest economy in terms of nominal GDP, ranks 8th in terms of per capita GDP. With the world changing at an unprecedented rate, the world’s richest countries might see a massive change in rankings in the coming times.

List Of Richest Countries Of The World 2022

List of richest countries in the world 2022: In this article know which country is the richest in the world. There has recently been a debate on which country is richer, USA or China? The world’s richest economies or the world’s richest countries are listed below in decreasing order.

Whoever said that money can’t buy happiness did not know, that it can provide a higher GDP to a country in turn making it rich.

According to McKinsey & Co, the top richest countries in the world are—China, the United States, Germany, France, the United Kingdom, Canada, Australia, Japan, Mexico, and Sweden.

China had in 2020-21 surpassed the United States becoming the wealthiest nation in the world, according to a report released by McKinsey & Co. The report was published after examining the national balance sheets of ten countries having over 60% of the global income.

As per the World Bank, the country with the highest GDP per capita income is Luxembourg. The data for 2022 reveals it to be ahead of Singapore and Ireland in second and third place.

As per World Economic Outlook published by International Monetary Fund, Global growth is expected to moderate from 5.9 in 2021 to 4.4 per cent in 2022—half a percentage point lower for 2022 than in the October World Economic Outlook (WEO), largely reflecting the forecast markdowns in the two largest economies (USA & China)

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List of richest countries in the world 2022: Top 10 richest countries in the world at a glance

10-South Korea: This is the tenth-largest economy in the world in the year 2020-21 as per IMF. Known as the Republic of Korea, the country is in the East of Asia.

9- Canada: After the US, another North American country has grabbed a spot on the list of wealthiest nations in the world. It is the second-largest country in the world after Russia in terms of total area.

8- Italy: The Italian economy achieved an impressive recovery from the pandemic shock, returning close to the pre-COVID level of output by late 2021. It is an almost 2 trillion dollar economy now.

7. France: Another European nation, France, has managed to take its place in the top ten on the list of the wealthiest nations in the world. The country is renowned for its wines and sophisticated cuisine. Its capital, Paris, is famous for its fashion houses, classical art museums, and monuments. France slipped a position in GDP comparisons as per IMF last year.

6. India: Indian economy is the sixth-largest economy in the world as per IMF. The economy was at 3..18 in the fiscal year 2020-21 and is expected to see a 5 trillion mark by 2027 as per the latest IMF predictions.

5. United Kingdom: The United Kingdom, the island nation of Europe, consists of four countries— England, Scotland, Wales, and Northern Ireland. The European nation is ranked 6th on the list of the wealthiest nations in the world. In 2021, the Indian economy was just 0.1 trillion dollars short of the UK economy which stood at 3.19 trillion dollars. India is expected to surpass this mark beating UK’s economy by the end of 2022.

4. Germany: Officially known as the Federal Republic of Germany, it is the second-most populous nation in Europe and the seventh-largest on the European continent. Germany ranks fourth when it comes to the wealthiest nation in the world.

3. Japan: The island nation of East Asia is 3rd on the list of wealthiest nations in the world as per International Monetary Fund. Japan is the eleventh most populous nation in the world and is among the urbanized nations in the world.

2. China: China is the most populous nation on the planet. It had the first spot on the list of the richest nations in the world in 2021 surpassing the United States of America. As per IMF now it is the second-largest economy. Officially known as the People’s Republic of China, China is situated in East Asia and is spread in five geographical time zones, having 14 borders— second only to Russia.

1- United States: Located in North America, the United States ranks third in the world in terms of size and population. It has again beaten China, to become the richest country in the world.

In both, US and China, more than two-thirds of the wealth is held by 10% of the households and their share is continuously increasing. Around 68% of the global net worth is held by real estate, as computed by McKinsey & Co.

The data shared above is available on the official website of IMF as well.

List Of Richest Countries In The World 2022

Listed are the richest countries in the world based on GDP.

*The above table indicates the increase in the total economy of the country during the fiscal year 2020-21 and the estimated nominal GDP projected by IMF in 2022.