However, over the years, as per the world bank, there has been a decline in the global poverty rate from 37.8% in 1990 to 11.2% in 2014. Setting up industries and increasing job opportunities (in terms of both blue and white collared jobs) after the mobile and internet boom has made the best use of economic opportunities.
Since the technological revolution has made it easy for job seekers to make a living even sitting miles away. Today you will know which is the top 10 richest country In the world in 2024.
Top 10 Richest Country In The World:
Gross Domestic Product, popularly referred to as GDP, denotes the standard of living that citizens enjoy or get in a specific country.
GDP is the criteria of knowing the wealth in the country that comes from various sources, a popular one being from the revenue generated from export, followed by income, consumption, and production of goods and services annually.
These broad terms highlight and demarcate the source of income for a country when considering twelve months.
GDP per capita is the total wealth each citizen owns. This becomes a landmark to judge the quality of life that a specific citizen enjoys and experiences in the country. Let’s now look closely at the richest countries in the world based on the demarcations through GDP.
1. Qatar: GDP Per Capita – $128,702
Qatar is a home for expatriates from around the world, with a population of roughly 2.27 million. Although this part of the world covers a small portion of land, yet, is proudly the richest country in the world based on per capita income.
This factor directly shows the living standard of people. The country, which relies heavily on petroleum and natural gas, has managed to be at the top thanks to the natural resources that have been well taken care of.
This has given a dignified life for citizens and expatriates who join the team of engineers and experts to strengthen the economy further. This strategy is by far quite a conducive and fruitful one considering the long-term benefits the country is all set to experience.
2. Macau: GDP Per Capita: $122,489
When GDP is considered the sole criterion to consider the richest country in the world, then Macau, despite being densely populated with a population of 650,900, is number two.
The country’s revenue comes from tourism which has become a hub and has rightly generated a big part of income through the hospitality industry. The industries such as textiles and garments and financial services such as banking have added to the GDP.
Macau is an inspiration as to how a small country can do wonders when worked collectively, thus giving its citizens a high standard of life. Other countries should surely learn from the policymakers who have given the deserving position on the world map.
3. Luxembourg: GDP Per Capita: $122,489
A country that takes optimum care of the workers naturally develops a sense of togetherness, reciprocating by giving the best.
Luxembourg is one such country that is home to a strong workforce thanks to steel giant Arcelor Mittal and other industries, giving a favorable option for many not just to raise the standard of living of people back home but also to strengthen the economy further.
Being a small European nation, it has a population of roughly 600,000 and is the third richest country in the world.
4. Singapore: GDP Per Capita: $98,014
Do you know the most important criteria to strengthen the economy? The country should have a favorable atmosphere where there is no place for corruption or “under-table money”.
Singapore is the other name that offers a highly favorable investment scenario and attracts people who don’t shy from investing here.
One can experience how entrepreneurship blossoms in the country. It is possible through the government’s efforts to favor business-friendly economies, which opens the way for mushrooming of industries regularly.
5. Ireland: GDP Per Capita: $79,924
Come to Ireland if you want to check out the awesome work of the government to favor business and investment opportunities. With a GDP of $79,924, Ireland is continuously registering increasing growth.
It is possible due to the favorable rates of corporate taxation and the similar process that helps businesses to thrive.
Investment opportunities and construction strengthen the economy and the accompanying financial activities of multinational companies that have made the country their second home.
6. Brunei: GDP Per Capita: $79,726
How would you rate a country that has rich natural reservoirs and, along with the same, equally has friendly government rules that help to grow business? Brunei is one such country that is also on the list of the richest country in the world.
A small country with a population of 400,000 people but big ambitions has helped to make better use of oil reserves.
The government’s favorable projects and a proper environment that has brought businesses by exporting and setting up industries have strengthened the economy. The two aspects that have contributed to GDP are the export of crude oil, natural gas, and LNG.
7. Switzerland: GDP Per Capita: $76,111
Switzerland is another addition to the richest country in the world. The country makes proper and optimum use of natural resources, which gives a promising start to a prosperous economy. It also has enormous financial assets along with low debts that have systematically created attraction among investors who know the promising future the country holds for them.
The country has a population of 8.8 million and has carved a niche for the world to look at and get inspiration from.
8. United Arab Emirates: GDP Per Capita: $68,662
Natural resources back some countries, and there are still others that make the best use of honing those resources for the development of the economy and to bring more businesses. Likewise, UAE has shown the world how the gifted resources in terms of oil, natural gas, and petroleum can boost the economy.
Thanks to the systematic and friendly government regulations that have aided in creating a conducive economy. Yes, with a population of over 10 million and a GDP per capita of $68,662, the country is one of the world’s top richest countries.
9. Kuwait: GDP Per Capita: $66,673
What is the most obvious thing that directly relates to the living standard? Well, it is how wealthy a certain country is. Rightly so, a rising GDP can give a more dignified life away from poverty and abuse in safe and hygienic conditions.
Kuwait is another country with abundant oil reserves and a population of 4 million. The per capita income is high, thanks to the strong economy. The oil reservoirs constitute half of the economy and are continuously in the rising phase.
10. United States Of America: GDP Per Capita: $62,152
No wonder, when it comes to considering the world’s biggest economy, it has to be that of the USA. Being a wealthy nation and an obvious choice for people to make their second home irrespective of the geographical location, it is not just a country but a ray of hope for a better standard of living.
The country’s GDP is $62,152 and concentrates on its entrepreneurial economy in terms of having businesses such as Wall Street or the entertainment industry known as Hollywood, or even the technology sector that Silicon Valley denotes.
Conclusion:
Aforesaid is the list of richest countries in the world that have been a favorite for those who wish to bask in the glory of a strong economy. Yes, these countries are an instant choice for desirous people looking to experience a certain standard of life.
Few of the small countries dominate the ranking due to top-class educational infrastructure, stable policy as well as robust institutions. Finally, after reading the post above, you now know the richest country in the world.
The specific countries’ position is based on GDP as it is a benchmark for giving them required positions accordingly. Now, based on the specific country’s GDP, which, if supposed, is high, it automatically relates to a high or superior standard of living.
I am Afzal Zaheer , a freelance content developer with over 13 years of experience. ‘Choice of Words’ are important to bring the exact meaning and I am passionate to bring the ‘best’ for binding the interest of readers. I always aim to guide the budding content developers as a way of giving back to the love and respect I have got in my journey.
