Top 10 richest countries in the world 2024

Qatar ranks first among the top 10 richest countries in the world 2021. The economy of Qatar is one of the richest in the world because of the highest GDP per capita. It is ranked as the richest country in the world. The country has the highest per capita income in the whole world. Qatar is a high-income economy, backed by the world’s 3rd-largest natural gas reserves and oil reserves. Qatar has been lined by the House of Thani since Mohammed bin Thani signed a treaty with the British in 1868 that recognized its single status.

The economy of Qatar relies on refugee labor to keep its economic engine running. The government does not charge any taxes on Qataris, which makes them enjoy their earnings in full, along with the national health assurance that the government sponsors. Qatar airways are the best because of its best services and high-quality meals.

Here are some of the reasons that make Qatar one of the richest country in the world:

• Stable political system
• Lack of any home issue
• Exploiting natural resources
• And prioritizing.

2- Macao:

The economy of Macau has remained one of the most open in the world from the time when its handover to China in 1999. It is considered the second richest country in the world.
Macao is another distinct administrative region of China, meaning it is not fully independent, as China handles overseas affairs and defense.
As permitting the foreign competition in its local casino manufacturing opening in 2001, Macao has become one of the world’s top gaming termini, and the sector has pumped billions of dollars into the economy of this fairly small region. Only a single nation has a higher GNI per capita than Macao’s $95,000.

3- Luxembourg:

Luxembourg is the deliberated one of the richest countries in the world with an average GDP per capita of $79, 593, and 91. The high number is partly due to the large number of people working in the tiny interior nation while living in surrounding France, Germany, and Belgium.
The economy of Luxembourg is largely reliant on the banking, steel, and industrial sectors. Luxembourgers relish the highest per capita gross domestic product in the world.

Benefiting from its closeness to Belgium, France, and Germany, Luxembourg has a diverse economy in which the economy comprises high levels of openness and entrepreneurial activity, joint with centralized economic planning and government regulation. Luxembourg is also a member of the European Union (EU).

4- Singapore:

Singapore is the only largest seller of integrated circuits, or microchips, in the whole world. These circuits make up 36% of Singapore’s trades. As it depends heavily on the export of technology, Singapore invests a great amount, worth 2.2% of the nation’s GDP, in research and development. These characteristics make Singapore of the ten richest countries in the world.
The economy of Singapore is a highly industrialized free-market economy. Singapore’s economy has been categorized as the most open in the world, 3rd least corrupt, most pro-business, with low tax rates and has the 3rd highest per-capita GDP in the world in terms of purchasing power parity. APEC is headquartered in Singapore.

5- Brunei:

Petroleum accounted for more than 90% of Brunei’s trades in 2017. This makes it one of the richest countries

The economy of Brunei is small and prosperous and is a combination of foreign and domestic free enterprise, government regulation and welfare dealings, and village traditions. It is almost entirely held by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP.

6- Ireland:

The economy of the Republic of Ireland is chiefly a knowledge economy. It engrossed its services into high-tech, life sciences, financial services, and agricultural business with agri-food. Ireland is an open economy and ranks 1st for high-value overseas direct stock flows.
Ireland is one of just thirteen countries in which the GNI per capita beaten $50,000 in 2017. The country also has one of the fastest-growing economies, with a 7.2% annual rise in its GDP. Wide-reaching, the annual GDP increase was less than 3.2%.

7- Norway:

The economy of Norway is a developed and diversified economy with a state-tenure in deliberate areas. Although delicate to global business cycles, the economy of Norway has shown vigorous growth since the start of the industrial era.
Despite being one of the minor countries in the world with a population of 5.3 million, Norway has one of the greater economies, with a GDP of $342.8 billion. Since the discovery of offshore oil and gas in the 1960s, Norway has become a petroleum-manufacturing powerhouse. In 2017, petroleum made up more than half of the Scandinavian country’s trades.

8- United Arab Emirates:

The economy of the UAE is the 2nd largest in the Middle East. The UAE has a GDP of USD 414 billion in 2018. All of the trades of UAE are of petroleum, gas, or crude oil form.
The country’s exports also comprise precious metals and minerals like gold and diamonds. These valuable exports have facilitated make the UAE one of the richest countries in the world, with a GNI per capita of $67,758.

9- Kuwait:

The economy of Kuwait is a small but wealthy petroleum-built economy. The Kuwaiti dinar is the top-valued unit of currency in the world. Non-petroleum industries include financial services. Rendering to the World Bank, Kuwait is the 4th wealthiest country in the world per capita.
Kuwait is one of just five nations with a GNI per capita above 70,000 dollars. In contrast to most other countries that rank among the richest in the world, Kuwait does not have a varied economy. Petroleum accounts for more than 84% of this country’s trades. Kuwait ranks as one of the most unethical nations on this list, likely resultant in an uneven dispersal of the wealth created from petroleum.

10- Hong Kong:

The economy of Hong Kong is a greatly industrialized free-market economy. It is reflected by its low taxation; almost free port trade and well-recognized international financial market. The currency of Hong Kong is known as the Hong Kong dollar. This currency is legally by 3 major international commercial banks and is nailed to the US dollar.
Hong Kong is not a fully sovereign nation, but rather an unusual administrative region of China. But it has its own influential economy with a GDP of $414.3 billion and a GNI per capita of $58,420 per person. In addition to being one of the well-off countries in the world, Hong Kong is also one of the strongest and fittest countries. The average life prospect at birth in the country of 84.7 years is more than 12 years longer than the global average and about 6 years longer than in the United States.

Why the country is poor or rich?

As we already know that we can determine the “poorness” or “richness” of any nation by its GDP per capita. Though, this does not mean that people in poor countries are mostly poor. In the same way, poor people also exist in rich countries. And because poverty is seen as the more persistent issue between the two, researchers have been focusing on how to lessen poverty.

The poverty of any country could not be reduced by raising a country’s GDP but rather by increasing the economic productivity per individual. Simply speaking, economic growth is an important factor in minimizing poverty. To thrust economic growth, a country wants to increase capital and labor output. This is named total factor productivity, which when elevated drives economic growth.