The economic condition of a country is always judged by its GDP. GDP is the gross domestic product per capita, and here is the list of ten richest countries with highest GDP in 2016.
10. USA (United States of America). $56,116 GDP (PPP) per capita
It is the most highly populated country in the list with the population of 310 million people, and its impressive that the USA is successfully maintaining the GDP of $56,116 per capita. Its large domestic automotive industry, technological sector and democracy system are the reasons behind it success.
9. Switzerland – $57,235 GDP (PPP) per capita
The GDP of Switzerland is $61,000. It is a small country but it’s banking and financial system made it a strong economy holder. Swiss Bank is one of the biggest financial institution, most of the big companies and wealthy people have their accounts in it therefore Switzerland has excess capital to use for investment purposes. Zurich and Geneva are its famous cities because of the living standard.
8. Norway – $61,197 GDP (PPP) per capita
The country with the population of 4.7 million people has maintained it GDP on $61,197 per capita. Norway is the 9th largest exporter of refined oil, 3rd largest exporter of natural gas in the world and eighth largest exporter of crude oil. Major petroleum exploration is the reason behind its success.
7. Ireland – $65,144 GDP (PPP) per capita
With the population of 4.8 million people, Ireland has GDP of $65,144 per capita. Textiles, mining, and food – staple products are its main industries. OECD (Organization of Economic Cooperation and Development) ranked Ireland on 4th place.
6. The United Arab Emirates – $69,971 GDP (PPP) per capita ( 6 on the list of Richest countries)
With the Area of 32,278 sq. miles with the population of 9.2 million people UAE is maintaining its GDP on $69,971. A third of the $69,971 per capita economy comes from oil revenues. The UAE is the second largest economy in the Arab world after Saudi Arabia.
5. Kuwait – $74,646 GDP (PPP) per capita
Kuwait is a small country but the GDP is as high as $74,646 per capita. And the Kuwaiti dinar is highest-valued currency unit in the world. Kuwait has nearly 10% of the world’s oil reserves and nearly half of GDP and 95% of export revenues and government income comes from petroleum.
4. Brunei – $78,369 GDP (PPP) per capita
Brunei is a small country with a strong and stable economy. Most of the GDP comes from oil and gas. And the biggest reason behind its success is the investment of domestic investors.
3. Singapore – $85,382 GDP (PPP) per capita
Singapore is a small state which is moved up from 5th position to take 3rd with per capita income (PPP) of $85,382. Most of the wealth comes from financial services sector, a chemical export industry, and its liberal economic policies that encourage growth and innovation.
2. Luxembourg – $101,926 GDP (PPP) per capita
Luxembourg is number two on the list has a per capita GDP (PPP) of $101,926, which is nine times the world average. Its financial sector, prudent fiscal policies, dynamic industrial and steel sectors are the key factors of its economic stability.
1. Qatar – $141,543 GDP (PPP) per capita
Qatar is ranking number one on this list because of its high GDP (PPP) per capita of $141,543. 70% of its government revenue, 60% of its GDP and 85% of its export earnings are coming from the petroleum industry. Qatar has been chosen as the host of the 2022 FIFA World Cup because of its economic stability. This is the first Arab country which will host FIFA World Cup. Qatar is top on the list of richest countries.