Discover the top 10 richest countries in the world
The top 10 richest countries in the world in 2022 have become ideal locations to live, raise a family, and retire. Thanks to the technological advancements and progressive government schemes in these countries, citizens enjoy an exceptional level of wealth and prosperity that cannot be found anywhere else in the world.
Discover the top 10 richest countries in the world in 2022 based on their current Gross domestic product (GDP) per capita and the Purchasing Power Parity per capita.
Despite being landlocked, the highest wealth per capita by country is Luxembourg, with a PPP per capita value of $118,503.6. To date, the tiny country is one of the major economies in the Eurozone, boasting a stable economy, low inflation and unemployment rate.
Once a proud industrial state with its steel production in 1960, Luxembourg has since diversified its economy, with the banking sector being the most profitable industry. Renowned as a tax haven, Luxembourg is home to some of the regional headquarters of major multinational countries like Skype and Amazon.
Singapore is also among the top 10 richest countries in the world, with a value of 98,483.3 USD. Singapore was formed in 1816, serving as a trading post of the defunct British Empire. Despite having no known natural resources, Singapore has redefined its economy to have one of the highest wealth per capita by country.
The prosperous country is also among the Four Asian Tigers (Hong Kong, Singapore, South Korea, and Taiwan) due to its desirable trade, including electronics, chemicals and services, as well as other economic developments. The developed market economy has brought about innovation, free trade, and corporations’ attention across the globe.
Ranked among the top 10 richest countries in the world by wealth per capita by country, Monaco is known as the “billionaires’ playground. Ideally situated on the French Riviera, between Nice and the southwestern coast of Italy, the tiny country of Monaco has one of the world’s most favourable tax systems, with no personal income tax or capital gains tax.
Thirty-two percent of the principality’s population of 39,000 are millionaires, nearly 3,000 are multimillionaires, and at least half a dozen billionaires call Monaco home.
Monaco is also an international banking centre and a sovereign nation-state whose hallmarks are political stability and commitment to a sustainable environment. With this, Monaco has become one of the most desirable places to invest in property. Larvotto, Monte-Carlo, Le Jardin Exotique and Carré d’Or Monaco real estate for sale are among the most sought-after in the principality, offering a glamorous and sophisticated lifestyle.
Once a baron and low-lying desert just 50 years ago, Qatar has risen to become one of the top 10 richest countries in the world with one of the lowest tax rates globally. Following British rule, the country gained independence in 1971 to become a sovereign nation.
Qatar is home to the highest human development in the Arab world thanks to the discovery of natural gas in the country. Qatar has the 3rd largest natural gas reserve in the world, creating a high standard of living for its citizens. To date, Qatar’s wealth per capita by country is 89,935.3 USD.
Switzerland is the 5th richest country in the world, with a wealth per capita by country of 71,760.6 USD. While Switzerland is located in Europe, it is not a member of the European Union or the EuroZone.
In 2020, the Global Innovation Index ranked Switzerland as the most innovative country globally thanks to its robust service sector of banking, tourism and insurance. The prosperous country has also developed a manufacturing industry that produces and exports chemicals, pharmaceuticals, measuring and musical equipment.
Located on the eastern end of the Arabian Peninsula, the international hub of Dubai is among the top 10 richest countries in the world. The UAE boasts a rich oil and natural gas reserve that has transformed this desert land into one of the most developed countries in the world in just 40 years. In fact, the UAE has tripled its GDP more than three times in the last 40 years to 66,746.6 USD.
As one of the top 10 richest countries in the world, the UAE has seen an influx of migrants from undeveloped countries, making Emirati citizens a minority.
Brunei is an Islamic country in Southeast Asia governed by a monarchy. Following its independence from the United Kingdom, Brunei’s wealth per capita increased by 56% between 1999 to 2008. The success of Brunei can be attributed to its access to crude oil, making the country the net exporter.
Brunei is also one of the most progressive countries in the world. The government of Brunei provides free education to its citizens and has since recorded a 97.2% literacy level.
Boasting a wealth per capita of 95,237.2 USD, Ireland is one of the top 10 richest countries in the world, turning its economy into an open market economy. As a result, Ireland has been renowned as the best country for high-value Foreign Direct Investment (FDI) at least six times in a row.
Foreign Multinational companies are the driving force of Ireland’s economy because of the government’s policies. The country reduced its corporate tax from 32% to 12.5%, an approach that attracted corporations like Amazon, Apple and other big tech companies. In fact, in 2015, Foreign corporations paid about 80% of Ireland’s corporate tax.
Arguably the most powerful country in the world, the United States of America (USA) holds the highest wealth per capita by country. The USA boasts the largest economy in the world; it is also the largest importer and trails China as the largest exporter of goods.
The American state not only dominates the world’s total GDP but accounts for 30% of the total wealth in the world, despite making up just 4.2% of the world population. Much of the US’s wealth can be attributed to the immense technological milestones through many successful start ups and established companies.
Also known as the Land of the Fjords, Norway is among the top 10 richest countries in the world due to its mixed economy and natural resources. Norway also has the world’s largest Sovereign Wealth Fund (SWF), funded through export revenues from oil and gas. Aside from oil and gas, Norway is the second-largest fish exporter and has access to other significant mineral resources within its borders.
Norway enjoys an exceptional standard of living thanks to its high wealth per capita by country, ranking first in the 2021 OECD Better Life Index.
It is without question that the top 10 richest countries in the world represent a place where the average life is one of the best in the world.