The Gross Domestic Product (GDP) is a magnitude that allows for measuring the wealth of a country during a certain period of time. The GDP must be updated every year, measured quarterly, semi-annually, or annually, and is calculated through the national accounts of a country. This indicator of a country’s wealth refers specifically to the production of goods and services.
Have you ever wondered which is the richest country in the world? Next, in OneHOWTO we tell you which is the richest country in the world and why it is so. In addition, we reveal a complete list of the richest countries in the world to see where you live.
The richest country in the world
According to the latest report presented by the International Monetary Fund 2020, the richest country in the world is Luxembourg with a GDP per capita of 117,000 US dollars. Its economy is mainly based on the financial sector and strict fiscal policies, with the banking sector and the steel industry being the most powerful fields of its economy.
Luxembourg is located in Western Europe and has an area of approximately 2,590 km2, making it one of the smallest countries in Europe and the world. For the year 2018, it had a population of 602 thousand inhabitants. Since it is an economy with the best GDP per capita in the world, we can assume that the inhabitants of this country have a very good quality of life.
One of the main industries that move the economy of this country is the metallurgical industry. However, after the second world war, the financial sector grew to such an extent that Luxembourg now has more than 140 banks from all over the world.
One of the factors influencing Luxembourg’s GDP is the workforce employed in that country. There are a large number of people from neighboring countries like Belgium, Germany, and France who work in Luxembourg but live in their respective countries. This variable directly influences the calculation of GDP per capita, since it is not taken into account in its calculation.
What is the richest country in Europe?
Europe, where the industrial revolution was born in the mid-18th century, has the richest country in the world and, by default, the richest country on the continent. We can say, in this case, that the richest country in Europe is Luxembourg.
However, in this segment we are going to talk about the second richest country in Europe: Switzerland, with an economy that has a GDP per capita of 86,849 US dollars. It represents a tax haven for the great tycoons of the world.
Switzerland is one of the smallest countries in Europe with an area of 41,290 km2 and almost 8.5 million inhabitants. The quality of life of Swiss citizens is one of the best in the world, and their salary is also one of the highest in the world.
Other parameters that show that Switzerland is one of the most attractive countries to live in are the excellent quality of the educational system, its high industrial productivity, and its efficient health system, being one of the best in Europe. If you want to find out exactly how many countries there are in Europe, take a look at this other article from OneHOWTO.
The 20 richest countries in the world
Next, in a HOWTO, we present a list of the richest countries in the world currently evaluated by GDP per capita or GDP at per-capita purchasing power parity values in existing US dollars. Keep in mind that each country handles different ways of calculating GDP, and many times they differ in the time range for said calculation.
The 20 richest countries in the world according to their GDP per capita in dollars:
- Luxembourg : 116,921
- Switzerland : 86,849
- Ireland : 83,849
- Norway : 67,176
- United States : 63,415
- Denmark : 60,494
- Iceland : 59,633
- Singapore : 58,902
- Australia:52.824
- Netherlands : 52,247
- Qatar: 52.144
- Sweden : 51,796
- Finland : 48,981
- Austria: 48.154
- Hong Kong (SAR): 46,753
- Germany : 45,732
- San Marino : 44,818
- Belgium : 44,529
- Israel:43.688
- Canada : 43,278
If you have been interested in this article, you may also be interested in discovering which is the poorest country in the world.
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