............ Many of the world's richest countries are also the world's smallest..
Top Richest Countries In the World...
1. Qatar
International Dollars: 132,886
About $15,000 is, on average, how much each Qatari citizen has lost every year since the hydrocarbon prices started dropping in 2014. Still, the country’s oil, gas and petrochemical reserves are so large, and its population so small—just 2.8 million—that this marvel of ultramodern architecture, luxury shopping malls and fine cuisine has managed to top the list of world's richest nations for 20 years.
Will it retain this record? With only about 12% of the residents being Qatari nationals, the country—similarly to many other Gulf states—saw Covid-19 spreading among low-income migrant workers living in crowded quarters at furious speed: by mid-July, tallying one of the world's highest per capital rates of infection, the number of confirmed cases was exceeding 100,000. Yet, surprisingly, the economy is projected to keep growing over the medium term amid a rise in gas production and investment in preparation of the 2022 World Cup. By then, hopefully, social distancing on the stands will not be required.....
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2. Macao
International Dollars: 114,362
In Asia's gambling capital many are betting that Macao will
climb to the first spot of the richest nation’s ranking very soon. Formerly a
colony of the Portuguese Empire, since the gaming industry was liberalized in
2001 this special administrative region of the People's Republic of China has
seen its wealth growing at an astounding pace. With a population just over
600,000, and more than 40 casinos spread over a territory of about 30 square
kilometers, this narrow peninsula just south of Hong Kong is—almost literally—a
money-making machine.
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3. Luxembourg
International Dollars: 108,950 |
You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot again, as many do. It would a pity though: situated at the very heart of Europe, this nation of about 600,000 has plenty to offer, both to its tourists and its citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone. Yet, while both the global financial crisis and the pressure from the EU and OECD to reduce banking secrecy have had little impact on the economy, the coronavirus outbreak forced many businesses to close and workers to lose their jobs. Statec, the national government statistics service, has already stated that it expects the recession to be as short as it has been sharp, and that in 2021 the grand duchy's GDP will rebound by 7% from -6% this year. The country topped the $100,000 mark in per capita GDP in 2015 and never looked back ever since. Even the pandemic is unlikely to change that.
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4. Singapore
International Dollars: 103,181 |
With an estimated net-worth of $16 billion, restaurateur Zhang Yong is the richest person living in Singapore. Close-second with assets of about $14 billion (to some people's surprise) is Eduardo Saverin, the co-founder of Facebook, who in 2011 left the U.S. with 53 million shares of the company and became a permanent resident of the island nation. Saverin did not choose it just for its urban attractions or natural gateways: Singapore is an affluent fiscal haven where capital gains and dividends are tax-free.
But how did Singapore best so prosperous? When the city-state became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its bootstraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub (even most importantly 97% of the adult population is now literate). That is not as saying that it has been immune from the effects of the global downturn: in the second quarter of the year the economy plummeted a record 41%, knocking the country into recession for the first time in a decade.
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5. Brunei Darussalam
International Dollars: 80,383 |
1,788 rooms, including 257 bathrooms, a banquet hall that can accommodate up to 5,000 guests, a mosque for 1,500 people, an air-conditioned stable for 200 polo ponies, 5 pools and 18 elevators: this is where Hassanal Bolkiah, the Sultan of Brunei, lives. His fortune—derived from the immense reserves of oil and natural gas of the country—is estimated at about $28 billion, more than 50 times that of Britain's Queen Elizabeth. Despite Bolkiah's opulence, and an on-paper per-capita purchasing power of over $80,000, malnutrition in Brunei is commonplace. Although the data is scarce, it has been estimated that out of its 450,000 population up to the 40% earns less than $1,000 a year. Luckily, the country was spared the worst of the Coronavirus pandemic: in July, noting that no new cases of infection had been recorded in more than two months, Brunei's Ministry of Finance and Economy stated that in the first quarter of the year—as most other nations were already sliding into a recession—the economy had grown by 2.4%.
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6. Ireland
International Dollars: 83,399
Until recently, Ireland seemed unstoppable. While the rest
of Europe was facing all sort of uncertainties (Brexit, trade tensions with the
U.S., refugee and migrant crises to name a few), the Irish economy just kept
humming along: in 2019, while the Eurozone grew only 1.2%, it expanded by over
5.5%, consolidating its role as the fastest-growing country on the continent. A
nation of fewer than 5 million inhabitants, Ireland was one of the hardest hit
by the global downturn. Following some politically difficult reform measures,
including sharp cuts in public-sector wages and restructuring its banking
industry, the island nation regained its fiscal health, boosted its employment
rates and saw its per capita GDP almost double to its current levels. Do
citizens feel twice as rich as 10 years ago? Probably not: Ireland is one of
the world's largest corporate tax havens, with ordinary people benefitting
infinitely far less than companies do. And while they are undoubtedly better
off than they used to, according to data from the OECD the national household
per-capita disposable income is actually lower than the overall member countries'
average, about $25,300 a year versus $33,600.
With a considerable gap between the richest and poorest (the top 20% of
the population earns almost five times as much as the bottom 20%) most families
would balk at the idea that they are wealthy, especially now that the economy
is projected to shrink more than 7% by year end.
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7. Norway
International Dollars: 76,684 |
Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. As western Europe’s top petroleum producer, the country has benefitted for decades from rising prices. Not anymore: after prices crashed, the global pandemic ensued, sending the krone in freefall. Today, this export-reliant economy faces its first recession since the global financial crisis. Does it mean that it will become significantly less wealthy? Probably not. In June, just weeks after cutting the interest rates to zero, the governor of the country’s central bank said he was surprised by the speed and strength of the rebound in productivity.
On the other hand, when it comes to any economic problem
fate might throw at them, Norwegians can always count on their $1.2 trillion
sovereign wealth fund, the world's largest. Not only that, they know that with
great riches comes great responsibility: contrary to many other rich nations,
high per capita GDP figures are truly a reflection of people’s financial
wellbeing. Norway has one of the lowest income inequality gaps in the world.
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8. United Arab Emirates
International Dollars: 69,434 |
....Agriculture, fishing and trading pearls: these used to
be the economic mainstays of this Persian Gulf nation. Then oil was discovered
in the 1950s and everything changed. Today, its highly cosmopolitan population
enjoy considerable wealth, traditional Islamic architecture mixes with glitzy
shopping centers, and workers come from all over the world lured by tax-free
salaries and year-round sunshine (to the extent that only about 20% of the
people living in the country are actually locally-born). The United Arab
Emirates’ economy is also becoming increasingly diversified. Outside the
traditionally dominant hydrocarbon sector, trade and finance, as well as
construction and tourism, are major industries. This year, however, its beaches and hotels will remain
empty. The city was supposed to hold the much anticipated Dubai World Expo, the
biggest event it has ever hosted with some 25 million overseas expected to
visit. For obvious reasons, it had to be postponed to next year...
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9. Kuwait
International Dollars: 66,969 |
The flat Arabian Desert covers most of Kuwait’s territory. It was only in 1938 that oil was discovered under its sands. A lot of oil: Kuwait makes up over 6% of the world’s total reserves. The oil industry accounts today for about 40% of the country’s GDP and over 90% of its exports. With a population of approximately 4.1 million (3 million of which are expats) almost entirely concentrated in urban areas, this small state on the northern edge of the Persian Gulf is one of the Middle East's most advanced and democratic. However, the historical declines in oil prices recorded in recent years have begun to worry the very rich Kuwaitis: in 2015, the government announced the first budget deficit in more than a decade—a few others followed after that.
The country has since then taken steps to diversify its
economy by allowing 100% foreign ownership in a number of sectors and offering
various tax breaks to investors. The story, however, is entirely different when
it comes to foreign workers. Faced with the economic uncertainty brought by the
pandemic, the National Assembly has recently passed a bill to drastically
reduce their number as a consequence of the rising demand for jobs among
locals. Hundreds of thousands of livelihoods—along with the crucial remittances
contributing to countries such as India, Egypt and the Philippines—are at
stake.
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10. Switzerland
.International Dollars: 66,196 |
......White chocolate, the bobsleigh and—of course—the Swiss
Army knife. But also the computer mouse, Velcro and LSD. The list just goes and
on: these are only some of the inventions that Switzerland has contributed to
the world. Today, however, .this country of 8.6 million owes much his wealth to
its banking and insurance services and to tourism, as well as to exports such
as pharmaceuticals products, gems and precious metals, precision instruments
and machinery .(from watches, to medical apparatuses and computers). Is it
really a surprise that Switzerland has the highest density of millionaires in
the world? For every 100,000 residents, there are 9,428 of them (billionaires
included)—the 11.8% of the total considering just the adult population. All the
money in the world, however, could not have shielded the Swiss economy from the
effects of Covid-19: in 2020 production is expected to decline by 7%.., pushing
the country into what is possibly its worst recession since World War II....
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