Over the past few decades, the world economy has been influenced by so many factors, i.e. oil, wars, drought and technology amongst others. Whereas, there are those countries which have made significant improvement in their economies, some of the ones known super powers are slowly moving down the list. Discussed herein are top ten countries considered to be financially powerful thus rich, that is in respect to CIA World Factbook as well as Wikipedia which is gauged by GDP per capita. In financial terms, GDP and acronym for Gross Domestic Product- refers to the value of goods generated by a particular country. GDP per capita signifies the value that an average individual generates.
1. Luxembourg – $80,800
Luxembourg is a minute country that has a population that does not exceed 500,000. Many regard it as the present day European miracle. It is the 8th smallest country in the world. But, the question that a majority of people are begging is where does a country that measures 50 x 30 miles get all its wealth from? Foremost, there are over 250 financial institutions located in that tiny country. It is the only country that has got the largest concentration of banks within the European Union and most likely the whole world. Other than being the richest country, its residents are sharp as well. All elementary schools offer French and German is offered from the middle school. Once in high school, the main language is English, despite that fact that they speak Letzebuergesh.
2. Qatar – $75,900
Located in UAE, a purely Arabic speaking country with a population not exceeding a million individuals is Qatar. It achieved its independence in 1971 from the British colonialists. Initially it was a poor country but all that changed significantly with the discovery of oil and natural gas which are the country’s major revenue earners. It is the only country that does not impose income tax in the world and is still capable of providing the most basic of services to its citizens for free.
3. Norway- $55,600
Despite not forming part of the European Union, Norway is one of the most developed nations in Europe. Its main revenue comes from oil and natural gas. However, it has one of the highest costs of living, i.e. 30% above United States in spite of its wealth.
4. Kuwait – $55,300
At number four is Kuwait, a small country in the Middle East that is constantly faced with conflicts. Kuwait directly translates to “Fortress built near water” in Arabic terms. It is located on the coast of the Persian Gulf and neighbors Saudi Arabia and Iraq. Despite its size, Kuwait boasts of being number five in terms of oil reserves. It is also a few of the countries that do not tax its citizens as most of its revenue is generated from oil exports. In addition to having free economy, the country has a fast paced economic growth unlike other countries.
5. United Arab Emirates – $55,200
United Arab Emirates is rich in oil and natural gas than any other country. This has enabled it to have one of the highest developed economies of the world. The country has so much money that they even lack ideas as to what to do with it. There are several artificially built Islands and some of the most magnificent buildings the world has to offer.