There are 196 countries in the world today. Some of them are developed countries while others are developing countries. Countries like US, Canada, France are developed ones while India, Pakistan, Bangladesh, Nepal are developing ones.
The developed countries have comparatively greater GDP, per capita income than the developing ones that makes the economies stronger. Here is a list of the top 10 richest countries of the world in 2018. The list has been made on the basis of GDP per capita in U.S. Dollar.
10. Saudi Arabia
Saudi Arabia has a large role to play with oil and petroleum. After petroleum was discovered in 1938, Saudi Arabia became world’s largest producer as well as the exporter of oil. Saudi Arabia is the only Arab country to be a part of G-20 major economies. It is also sometimes called as “The Land of Holy Mosques”. It has made its place to the world’s 10th richest economy with a per capita income of 56000USD.
One of the beautiful European countries, Switzerland is known for its mesmerising beauty that everyone of us would love to see at least once in our lifetime. It fetches a great amount from its tourism for the scenic beauty this country has. It is one of the world’s most stable economies. It is a pool of foreign investment and hence has achieved one of the highest per capita incomes in the world despite lower employment rates. It is world’s 9th richest economy with a per capita income of 56000USD.
8. United States of America
United States is the world’s largest economy. When we talk of development, United States is the first country that comes to our minds. It has a gross domestic product of 17.914 trillion USD as of mid 2015, which would have definitely increased by this time. The New York Stock Exchange is one of the largest stock exchange markets for foreign investments. The economy is one of the top performing economies as per studies and hence is 8th richest economy with a per capita income of 57000USD.
7. United Arab Emirates
United Arab Emirates is the second largest economy in the Arab world. UAE has almost all of the revenues from oil. Tourism also fetches a hefty amount in UAE, especially Dubai. As per the statistics, Since independence in 1971, UAE’s economy has grown by nearly 231 times to AED1.45 trillion in 2013. UAE is the second largest exporter od oil and hence is World 7th richest economy with a per capita income of 68000USD.
Norway has the world’s largest foreign wealth fund. Norway is a home to abundant natural resources, including petroleum exploration and production. The country also maintains a high standard of living comparing other European economies and hence is the 6th richest economy of the world 2018, with a per capita income of 68000 USD.
One of the richest Arab Countries, Kuwait is also known globally for its oil reserves and is the fourth biggest economy in Organisation Of Petroleum Exporting Countries (OPEC) wherein oil counts to approximately half of the GDP and 95% of export revenues. Kuwait currency is the highest valued currency which speaks in itself the rich and firm structure of the country that makes the country counted as 5th richest country having a per capita income of 72000 USD.
The country is famous for the export of crude oil and natural gas with revenues from the petroleum sector accounting for over half of GDP. It has a great per capita income of 80000 USD. The country is hence 4th richest country in the world 2018.
It has one of the richest Asian Countries and the most open economy in the world. The country earns a huge amount because it is the home for FDI inflow, the investors find the country relevant to invest because it has attractive investment climate and most importantly, stable political environment that makes the per capita income of the country 3rd highest to 85000 USD that makes the country 3rd richest country of the world.
The income of the country is largely dependent on banking, steel and Industrial sector. The nation is seen as a diversified industrialised nation. It is the “Green Heart Of Europe”and one of the richest European Countries. The country has a per capita income of 94000 USD making it 2nd richest country of the world in 2018.
The country is known for its Petroleum and Liquefied Natural Gas that account for more than 70% of the government revenues, more than 60% of the GDP and roughly 85% of export earnings. Oil has given Qatar a per capita GDP that ranks among the highest in the world. It has a large natural gas reserve that makes the country rich in natural resources. Production and export of natural gas makes the country’s per capita income 146000 USD and hence the richest country of the world in 2018.
These countries are flourishing their trade either by natural reserves, maybe oil or petroleum, or by tourism that make them generate heavy revenues.