The world has faced its share of economic ups and downs in the past five years. Nearly every country on the globe has been affected. Even though the world economy is facing uncertainty, some countries are thriving in the midst of turmoil.
We’ve created a list of the top 10 richest countries in the world for 2016.You’ll also find a few interesting facts that help to explain how they are doing so well while some others are struggling under financial hardship. Find out what makes these countries so successful in tumultuous times.
Factors that determine a nation’s wealth
•Governmental practices/distribution of wealth
•Geographic location and physical conditions
The leadership of a country has a great deal to do with the overall wealth and the GDP per capita. Those who have a poor record for trickle down opportunities for the masses generally contain the majority of the wealth among select classes while the minorities do without. When the masses contribute their labor and high percentages of their income to wealthy rules who do not make allocations for the good of the people. the country as a whole suffers. Governments who do not establish financial institutions with regulations and rules to protect consumers and encourage economic growth, are sabotaging the wealth of their nation for self-gratification and hoarding of the resources.
Countries that establish good economic institutions and protect the rights of their citizens have a more productive work force. This has a positive impact upon the economy because the people are more active in gainful work efforts. Those who do not have such measures in place are less likely to have worker motivation and generally have a more sluggish economy.
The Geographic location and physical conditions of the region also have an impact on the economy. If there are natural resources to draw upon, habitable areas to live and manufactured goods for export, the country is more likely to have a healthy economy and a higher GDP. The following countries have the highest GDP per capita and are considered to be the 10 wealthiest nations in the world.
10. Switzerland — GDP per capita: $56,815
Swizerland has consistently maintained a high ethic among it’s workforce. The country maintains among the best financial institutions in the world. These have the reputation for being among the safest and many of the world’s wealthy deposit their money into Swiss accounts. They maintained a neutral status during the majority of the wars and other world conflicts and made wise investments with their surplus funds.
9. United States — GDP per capita: $57,045
The United States maintains a strong workforce and has a political system that encourages and fosters economic growth. It protects the rights of its citizens to own property and begin new business ventures. The import and export system in the United States is strong and thriving.
8. Hong Kong — GDP per capita: $57,676
Much of Hong Kong’s wealth is generated by the diversity of the businesses that have operations in the area. People from all over the world take advantage of the loose corporate tax rates and establish import and export businesses in the area. They also benefit from their high tourism, retail and service industries.
7. United Arab Emirates — GDP per capita: $67,201
The UAE has realized its potential in the oil industry and has built its wealth on the export of this resource. In addition, the revenues have been appropriately directed towards the national infrastructure and has included improvements in education and healthcare. Additional economic diversification into business, construction and tourism have reduced the country’s dependency on the oil industry and has resulted in tremendous wealth gain.
6. Norway — GDP per capita: $67,619
Norway has maintained a strong and independent economy and has refrained from joining the EU market. Their fishing industry remains strong and the workers are well supported by the government. They maintain their own military and have made good investments into their own economy while protecting the rights of the citizens. The work ethic is high and the citizens are well protected by the rules and regulations that Norway maintains. There is a high level of economic security for the citizenry.
5. Kuwait — GDP per capita: $71,600
The oil industry has helped to boost the economy of Kuwait. The native born citizens are among the wealthiest and they make up only 10 percent of the population. Immigrants and workers from other countries help to populate the area while the government and natural citizens benefit from the econonic boom.
4. Brunei — GDP per capita: $80,335
The export of oil found within the borders of Brunei gave it a good start. Wise investments in the infrastructure of the country has helped to boost it to the 4th wealthiest nation on the planet.
3. Singapore — GDP per capita: $84,821
Singapore has established an excellent record for full employment of its citizens, adequate housing, health care systems that raise life expectancy, educations and a government that has set up a stable social and financial structure. It is a hub for industry, manufacturing and finance.
2. Luxembourg — GDP per capita: $94,167
Luxembourg has a productive economy with workers averaging double the pay of those in the United States. Their workers are highly educated and fields of specialization are thriving. The government generates profits from investment both internally and externally and fosters the growth of its private sector. They maintain the lowest GDP ratio for national debt.
1. Qatar — GDP per capita: $146,011
Simply stated, Qatar is a small country that went from being a poor nation dependent on fishing to the wealthiest nation on earth through its oil industry. It is small in size and population, but its GDP is the highest on earth.
It’s interesting to discover that many of the wealthiest nations in the world are also among the smallest in size and population. These are the top 10 richest countries in the world for 2016. Now you know who they are and how each of them established their massive wealth.