In looking at the economic performance of a country, GDP and GDP per capita can be used. When it comes to comparing the economic performance of countries, GDP per capita is a better indicator. GDP takes into account the output of the country while GDP per capita, applies this output to the population. In looking at the top five richest countries, the list may vary depending on whether you are using GDP or GDP per capita. In this study, we make use of the IMF 2014 report on the richest countries in the world based on GDP Per Capita i to come up with our list of the richest countries in the world.
Qatar is a small peninsula within the bigger Arabian Peninsula. Qatar’s GDP per capita went up by 35% to 144.4 thousand dollars. This country that used to be the poorest in the Middle East region mostly known for pearl fishing is today the richest not only in the region but also in the world. Most of Qatar’s riches have been driven by its huge oil deposits. Apart from oil, the country also has huge gas reserves and is a leader in Liquefied Natural Gas. Apart from the oil industry, the construction industry is booming.
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Luxembourg may be among the last countries in Europe when it comes to size but in terms of wealth, it is the richest country in Europe and the second richest in the world. Its GDP per capita in 2014 rose by 1.5%to 92.5 thousand dollars. This small country of just a little over half a million people, located between Germany and France has managed to avoid the economic tensions that have been the plight of other European countries. Its high GDP per Capita has greatly been influenced by its low taxes that have made it a tax haven where big banks and other major companies have decided to set up their headquarters. Although there are ongoing probes into the tax policies of the country, it is still waxing strong and expecting its GDP to rise even further.
If there is economic recession, this is definitely not being felt in Singapore with its GDP per Capita of 81.3 thousand dollars. This is one country whose wealth is not based on natural resources. The country has grown to become a huge financial center with many companies setting up their headquarters. Its strategic position also enables the country to benefit from the economic surge from China and other Asian countries.
This country’s GDP per capita of 77.8 thousand dollars is well linked to its natural resources especially oil. The country is also improving ties with its neighbours in the hopes of gaining from the economic benefits that may arise from such ties.
Being the sixth largest producer of oil in the world, Kuwait’s GDP per capita of 70.9 thousand dollars is mainly due to its natural resources. Even with all the wealth, foreign investment in the country is slow mostly due to the numerous internal and external political tensions.
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