top ten richest countries in the world 2016

Top ten richest countries in the world 2016 

With every tick of the clock, the world experiences a million changes belonging to any field or any area of life. The economy and wealth of the countries keep in transition but there are some usual claims that are made by statistical descriptions of some countries. The wealth and economic strength of a country is measured by its Gross Domestic Product per capita which is divided by the estimated population. Like last year, here are top 10 wealthiest and fortunate countries with highest GDP per capita in the list below:

#1 Qatar - First Richest Country in the World

Qatar tops the list of the 10 richest countries in the world because of its record-breaking GDP per capita, which is $143,532.45 The country has a well evolved oil exploration industry and is considered the mainstay of Qatar's economy. It is striking to note that the petroleum industry contributes over 62% towards the government revenue, approximately 92% towards export earnings, and over 60% towards GDP. Qatar is also one of the nations that has invested hugely in British property and firms.

#2 Luxembourg

Luxembourg with just half a million population ranks number second in the list and has per capita GDP of $93,173.61, which is multiple times of the world average. The cornerstone of this powerful economy is its exuberant financial sector (with bank holdings almost 20 times of its GDP size), ever increasing and diversified industries to include – steel, rubber, chemicals, etc. and its judicious fiscal policies. Its proximity with Belgium, France, and Germany is also a crucial factor for the prosperity and economic growth of the nation.

#3 Singapore

Singapore, officially known as the Republic of Singapore, is the tiny and self-governing city-state of Southeast Asia. Ranked as the third richest country in the world, it has per capita GDP of $85,198.16 and is one of the world's leading centers for commerce. The foundation of Singapore’s wealth is its service sector for finance (the fourth largest financial center), its liberal economic ground that promotes innovation and growth, and its export industry for chemicals. Moreover, the country has the world's second busiest port that exported $414 billion of commodities in the year 2011. In 2014, it handled 33.9 million 20-foot containers.

#4 Brunei Darussalam

The world's fourth richest country, Brunei, has extraordinary wealth owing to its extensive natural gas and oil reserves. The per capita GDP is $72,370.45 and the data indicates that both oil and gas reserves contribute more than 70% towards the nation's economy and around 90% of exports in terms of revenue. Moreover, the country seeks to encourage more and more investment, becoming self-sufficient in food sector, and observing high standards of administration in both private and public sectors.

#5 Kuwait

Kuwait - Fifth Richest Country in the World is a small but a wealthy economy. The country’s crude oil reserves, which are about 102 billion barrels, form more than 6% of the world reserves. The per capita GDP is $70,913.56. Oil sector dominates the economy. Petroleum accounts for over half of the GDP of the country, 89% of the government income and 94% of export revenues. The Kuwait oil exports are oil products, chemical fertilizers, crude oil, liquefied petroleum gas, salt and chlorine.

#6 Norway

Norway or the Kingdom of Norway has the world's sixth highest per capita GDP $67,445.20 – allowing its five million population to reap the profit of its strong economy. Having large-scale reserves of natural gas, petroleum, minerals, seafood, and fresh water, Norway is the third biggest exporter of natural gas, and seventh largest oil exporter.

#7 United Arab Emirates

UAE is a prosperous nation. It is an open economy and has a high per capita income. The per capita GDP of UAE is $65,149.04. The small nation has 10% of the world’s total supply of oil reserves and the world’s fifth largest natural gas reserves. Oil, which is the mainstay of the UAE economy, accounts for around 30% of the country’s GDP. 

#8 San Marino

Holding the eighth position on my list of Top 10 Richest Countries is San Marino. With a per capita GDP of $61,836.32, San Marino’s economy is mainly focused around industries including banking, electronics, tiles, paints, ceramics, furniture and sprites/wines. Other items sold by San Marino include collectible postage stamps and philatelists. While the traditional economic activities in San Marino comprised of food crops, stone quarrying and sheep farming, the contemporary activities are focusing on vines, grain, animal husbandry (cattle and swine) and orchards. All in all, the manufacturing and financial sectors account for more than half of San Marino’s GDP.

#9 Switzerland

Switzerland is among those nations that has the world's most stable economy with per capita GDP of $58,730.92. The keys to the nation's economic livelihood include Swiss banking and financial institutions, highly evolved service sectors, dexterous labor force, and manufacturing industries based on high technology. Moreover, Switzerland has access to extraordinary capital to use for investment motives as world's wealthiest people and companies hold Swiss Bank accounts. Also, the nation's most popular cities – Geneva and Zurich – have repeatedly appeared in the top ten list of highest living standard cities in the world.

#10 Hong Kong SAR

A free market economy and one of the world’s leading financial centers, the per capita GDP of Hong Kong is $56,428.07. As per the Index of Economic Freedom, Hong Kong has had the highest degree of economic freedom in the world. Close ties to mainland China, virtually no public debt, a sound banking system and a huge amount of foreign exchange reserves are some of the positive points of the economy of Hong Kong.

Gross Domestic Product (GDP) is the total market value of all goods and services produced in a country in a given time period. In the rankings of the World's Top 10 Richest Countries based on GDP (PPP) per capita for the year, Qatar is placed first, with Luxembourg placed second. Qatar is an oil rich country in the Middle East with an abundance of natural resources, such as natural gas.