Let’s take a look at the world’s richest countries in 2023 by their GDP per capita. In this list, you will find many small countries. This is so because tiny countries have small populations. So, each person gets a fair share of the country’s GDP. So, the standard of living is always high in these countries.
Let’s Look at the 7 richest countries in the world 2023
A prominent country in Scandinavia, Norway is gifted with both beauty and charm, not to mention a rich economy. In fact, its GDP per capita has expanded by 3.1 percent in 2018, reaching a staggering $74,318. Industrialization has greatly contributed to the country’s economic growth, with activities such as natural resource and petroleum exploration and fishing contributing in bulk to the economy. Known for its impeccable living standards, Norway’s monetary policy is of an independent nature, which has apparently been working to its advantage given its high productivity, state-sponsored healthcare and negligible unemployment rate.
A land known for weaning great writers and its lovely tourist spots, Ireland has evolved into one of the most affluent nations in the world. Ireland’s GDP per capita has increased by 6.1 percent, reaching $77.670. Despite peaking in 2008. The entry of foreign investors like Microsoft, Google and Apple has transformed the country into an exporter of medical, electrical and computer equipment. Also contributing to its economic growth are its pharmaceutical and chemical industries, along with natural resources such as fisheries, minerals and timber.
5. Brunei Darussalam
This small Southeast Asian nation is populated by only 400,000 people. But don’t let its size fool you. Brunei Darussalam has consistently made it to the top 10 richest countries in the world in recent years. This year, the country holds the no. 5 spot with a GDP per capita of $81,612, up 3.1 percent from 2017. This robust Southeast Asian economy is heavily dependent on its oil and natural gas production, which supports more than half of its GDP. This is further reinforced with income from its investments overseas and local production. Read more: Top 10 Richest People in the World in 2022
On number 4 comes the country Singapore, This cosmopolitan city-state of 5.612 million people is known as the wealthiest nation in Asia and by far, fourth in the whole world with a GDP per capita of $98, 255, a 4.4 percent increase from 2017. Despite its minuscule size, lack of natural resources and agricultural land, it has managed to amass wealth that other countries only dream of. Today, Singapore’s economy continues to grow, driven primarily by foreign investments and trade. The largest economic sectors include banking, shipbuilding and electronics. Although the financial services sector remains as the backbone of the country’s economy, its services and manufacturing industries have consistently contributed to its economic standing.
This small European nation is known for its majestic castles, delectable cuisines and being the last Grand Duchy in the world. But the country more than makes up for its size with its strong economy. Luxembourg ranks third in our list of the top 10 richest countries in the world. The country has posted a GDP per capita of $109, 199, an increase of 3.9 percent from last year. Its diverse natural resources are seen as the main driver of Luxembourg’s economic growth with the steel, industrial and banking segments as its leading revenue generators. It has also been attracting banks from around the globe owing to its low taxes, proof of which is the fact that the country has over 150 banks.
This former Portuguese colony has established itself as the second wealthiest nation in the world, posting a 7.4 percent increase in its GDP per capita, which has reached $118.099. Its strong economy is driven primarily by tourism and gambling, earning the title “largest gambling center in the world.” Compared to other gambling economies, Macau has reaped the most benefit from the sector, continuously posting the highest gambling revenue in the world since the year 2006. Visitor arrivals have likewise increased, rising by 8 percent to 16.81 million during the first six months of 2018. Read more: Top 10 Richest Singers in the world
Ranking first in our Top 7 richest countries in the world list is oil-rich Qatar. Its robust economy, which has been outperforming the rest of the world, is powered by its well- established petroleum sector, which accounts for around 85 percent of its export and 70 percent of total national revenue. With a population of only around 2.639 million, Qatar enjoys the economic benefits of a small nation blessed with vast oil reserves. The country, in recent years, has enjoyed surplus revenues from the oil sector. Also its tourist trade , steel and fertilizer exports are also the major contributors.
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