Daily Management Review

10 richest countries in the world


The International Monetary Fund conducted a study in October 2017 and identified countries with the highest GDP per capita.

Many of the countries that are among the richest in the world have oil and gas reserves on their territory, which has a positive effect on the development of their economies. Investments and a strong banking system are factors that also play an important role in their economy. Below are the 10 richest countries in the world.

10. Hong Kong

GDP per capita: $ 61,020

The economy of the territory is based on a free market, low taxation and non-interference of the state in the economy. Hong Kong is not an offshore territory, it is a free port, and it does not charge customs duties on imports, there is no value added tax or its equivalents. Excises are levied only on four types of goods, regardless of whether they are imported or locally produced.

Hong Kong is an important center for international finance and trade, and the headquarters concentration level is the highest in the Asia-Pacific region. In terms of per capita gross domestic product and gross urban product, Hong Kong is the richest city in the PRC.

9. Switzerland

GDP per capita: $ 61,360

The Swiss economy is one of the most stable in the world. The long-term monetary policy and banking secrecy policy made Switzerland a place where investors are most confident in the security of their funds. As a result, the country's economy becomes increasingly dependent on constant inflows of foreign investment.

Because of the country's small territory and high specialization of labor, Switzerland's key economic resources are industry and trade. Switzerland is the world leader in the purification of gold, processing two-thirds of its world production.

8. United Arab Emirates

GDP per capita: $ 68,250

The basis of the UAE economy is re-export, trade, extraction and export of crude oil and gas. Oil production is about 2.2 million barrels per day, most of it is produced in the emirate of Abu Dhabi. Other oil producers in importance are Dubai, Sharjah and Ras al-Khaimah.

Oil provided a rapid growth of the UAE economy in just a few decades, but other sectors of the economy also developed quite quickly, especially foreign trade.

7. Kuwait

GDP per capita: $ 69,670

Kuwait is a state in South-West Asia. It is an important oil exporter, a member of OPEC. According to Kuwait's own estimate, it has large oil reserves - about 102 billion barrels, or 9% of the world's oil reserves. Oil gives Kuwait about 50% of GDP, 95% of export earnings and 95% of the state budget's revenues.

6. Norway

GDP per capita: $ 70,590

Norway is the largest producer of oil and gas in Northern Europe. Hydropower covers most of the energy needs, which allows to export of most of the oil. Oil funds serve for future generations. On the territory of the country there are significant mineral reserves, and Norway has a large merchant fleet. Low inflation (3%) and unemployment (3%) compared to the rest of Europe.

5. Ireland

GDP per capita: $ 72,630

The economy of the Republic of Ireland is a modern, relatively small, trade-dependent economy. While Ireland remains the main driver of Ireland's economic growth, its development is also facilitated by increased consumer spending and the restoration of both construction and business investment.

4. Brunei

GDP per capita: $ 76,740

Brunei is one of the richest and most prosperous countries in the world. Thanks to the rich oil and gas reserves, Brunei is one of the first places in Asia in terms of living standards. The basis of the national economy is oil production and processing (over 10 million tons per year) and gas (over 12 billion cubic meters), exports of which account for more than 90% of foreign exchange earnings (60% of GNP).

3. Singapore

GDP per capita: $ 90,530

Singapore is a highly developed country with a market economy and low taxation, in which transnational corporations play an important role. Singapore is attractive for investors because of low tax rates. In total, Singapore has 5 taxes, of which one is income tax, and one is a wage tax.

The total tax rate is 27.1%. Singapore is ranked among the East Asian tigers for a rapid jump in the economy to the level of developed countries. The country has developed electronics, shipbuilding, financial services. One of the largest manufacturers of CD-drives. Large-scale research in the field of biotechnology is under way.

2. Luxembourg

GDP per capita: $ 109,190

Luxembourg is one of the richest countries in Europe with the highest standard of living. In the city of Luxembourg there are many EU organizations. Due to favorable conditions and offshore zone, the capital hosts about 1 thousand investment funds and more than 200 banks - more than in any other city in the world.

1. Qatar

GDP per capita: $ 124,930

Qatar is one of the richest states in the world, according to the IMF. This country has been leading the world in terms of GDP per capita for the last several years.

Qatar is the third largest natural gas producer in the world, the 6th largest exporter of natural gas and a major exporter of oil and oil products (21st in the world). The country is a member of the Organization of Petroleum Exporting Countries.

source: imf.org