Economies are vital to allow societies to prosper and give residents the opportunity to realize their dreams and ambitions.
Here are the top 15 richest countries by GDP per capita in the World.
15. Australia Per Capita Is $54,763
The country of Australia is made up of the largest landmass of the continent with a number of smaller islands including Tasmania. It is absolutely enormous and is actually the sixth largest country on earth, covering an area of just under 3,000,000 mi².Despite the size, large swabs of the country has a population of around 26 million people who mainly live in the coastal regions, particularly to the east. This economy is one of the strongest in the world, thanks in large part to the huge volumes of natural resources that it has. Australia allows the development of industries based on export of commodities as opposed to one of manufacturing. The country is reliant on importing compared to exports services that underpin the economy resilient. Australia was for example the only large economy that didn't suffer a recession in the wake of the financial crisis in 2008. GDP per capita in Australia is around $54,763, making it easily one of the wealthiest countries in the world.
14. Denmark Per Capita Is $60,657
It is part of Scandinavia. Denmark is made up of the main peninsula, along with 443 islands off the eastern coast. It covers a total area of approximately 16,580 mi².If you take into account the fact that Greenland and the federal islands are autonomous territories as part of Denmark size, it increases to more than 850,000 mi². This country has one of the highest portions of residents with higher education qualification and the highest minimum wage in the world. This is something that's happened not because of government policy but because of the actions of trade unions and marquees to be mainly reliant on agriculture since the second world war. This focus went on to increase the industrial and service sectors. Now it's a world leader in industries like pharmaceuticals, manufacturing, wind turbines, nickel, equipment and transportation infrastructure. Because of this, and its membership of the European Union, Denmark gives tariff free access to a market of more than 500 million customers. This has allowed the economy to thrive, especially as citizens voted to reject the adoption of the euro retain the krona meeting. The Danish government set monetary policy in a way that other European countries cannot squeeze them with a GDP per capita of $60,657. The economy is built around sharing the wealth making it the most affluent Country on earth.
13. Singapore Per Capita Is $64,103
Singapore is one of the world's few remaining self-governing city states with 64 smaller ones. It is situated in the southern tip of the Malay Peninsula. Originally founded as a trading outpost for the British Empire in 1819, it gained independence in 1959. Despite facing challenges at first going from strength to strength, its regarded as one of the four Asian tiger economies. Its the only Asian country and one of the very few countries worldwide that has a AAA credit rating. From the three main agencies, its geographical position means it's a great Launchpad to access the economies of other countries in the region and is for this reason, more than 7000 multinational corporations have a significant presence there with competitive tax rates in a competitive marketplace. There is great demand for skilled workforce. 44% of the people that are employed. Singapore has the highest proportion of millionaires on earth whereby one in six households having at least $2 million worth of disposable income. That doesn't take into account assets like properties and businesses meaning that it's one of the most expensive places to live with a GDP per capita of $64,103. Over 5.7 million residents are able to afford this.
12. Peninsula Per Capita Is $64,000
It’s on the northern edge of Saudi Arabia and it’s the 35th smallest country in the world covering an area just 4400 mi². It has a population of 2.6 million people, 313,000 of which are Qatari citizens. A measure of the country's wealth sit on the world's third largest reserves of natural gas and oil. This is means that the house which has ruled the country since independence in 1868 has gained a lot over the years. These profits from natural resource are used to generate massive development within the region. The country’s percent of the global supply of fossil data shows that a single resident is considered in the poverty line GDP per capita of $64,700. Of course, now the nation is looking at ways to derive energy by other means. Leaders are finding ways of lifting the economy of the country through investing in business and entertainment center. The first steps in doing this will be by hosting the world soccer 2022 and its hoping this will put the country on the world stage. These investments will create wealth long after the oil and gas reserves have lost their value states.
11. United States of America Per Capita Is $65,130
It covers an area of 3.8 square miles with a population of over 330 million people. It is considered the third largest and the third most populous country in the world. USA is easily the largest economy in the world generating $22.7 trillion each year, almost 1/4 of the plant entire economic. This is fueled by the fact that the US dollar is the main reserve currency on earth and it's an open market economy. The country is the largest importer of goods as well as the second largest exporter in its dominant place in the world. As a result of vast natural resources across the country, it has grown through the agriculture sector in recent decades by technological innovation. Not only does the US have largest stock exchanges in the world, its also where 121 largest out of 500 companies are based. The highest number of billionaires in the world gives a GDP per capita figure of $65,134. Its the economy protection that doesn't guarantee paid vacations to employees or family leave. Wealth is far from being spread evenly because some people generate huge amounts of wealth, while others have to survive well below the poverty line.
10. Iceland Per Capita Is $71,345
It is situated in the North Atlantic Ocean. Iceland is one of the largest, but most sparsely populated countries in Europe known as the land of volcanoes and ice. It is an area of 40,000 mi².It’s population is just over 357,000 residents. 40% of exports, and 7% of jobs in Iceland are because of the fishing industry. Iceland is the world's leader in green energy by harnessing hydroelectric and geothermal energy. Its economy has been able to diversify in recent decades being so reliant on traditional fossil fuels. Successful biotech, financing technology and based industries such as tourism act as a vital part of Iceland's economy growth. In a normal year, there are three times as many visitors. Resident's service industry makes up about 70% of GDP with a GDP per capita figure of $71,345. It’s social welfare system is like the one used by Nordic countries that provide free healthcare and college education to every resident which helps to spread this wealth out more evenly. It intends to ensure that every person is afforded the opportunities they need to succeed in life.
9. Norway Per Capita Is $74,986
Its located in the furthest west of the Scandinavian countries of the main landmass along with the Arctic Archipelago and several other islands. Norway is also the most joyous place on earth, regularly topping the list of happiness index. It covers an area of roughly 148,000 mi². The population of this country is just under 5 million people. It's a place with more natural resources than most. 25% of the GDP is derived from the extraction of fossil fuels whereas 30% of the workforce being employed by the government itself. The reason why Norway is such a wealthy country, authorities always use the gain from the countries resources to pay into the government pension fund, which is the largest sovereign wealth fund in the world. It is currently valued at more than $1 trillion equivalent to one half times way more of the annual GDP to an equal of $190,000 per resident. Norway alone controls 1% of the publicly traded shares around the world. Profits made are reinvested back into national infrastructure, comprehensive Social Security system and with a GDP per capita of $74,996, it's no wonder why no regions are so happy like this country.
8. Ireland Per Capita Is $81,637
Its made up of the southern most 26 out of the 32 counties of the island which Ireland covers an area of approximately 27,000 mi². This country has a population of around 5 million people. Amazingly more than 40% of the residents live in the wider area around the country's capital city Dublin while the rest of the country relatively sparsely. As part of the European Union and with the euro as its currency industry in Ireland, it has access to a much wider tariff free customer base. This coupled with business tax rates means that Ireland is often chosen by large multinational companies place to base their operations. This provides jobs for 1/4 of the workforce that generates more than 80% of business taxes. To give an example of how important this is to Ireland's economy, of the 20 largest companies that operate, 14 are ones that are US-based. Taxation policy here attract companies like these. Over the years, concerned Ireland's were forced to change the tax rates so now they are more in line with the rest of Europe and the world. It was costly to the recent agreement, seemingly trying to do just that. Ireland might not remain as one of the top countries when measuring GDP per capita. For the moment it is with a figure of $81,637
7. Macau Per Capita Is $84,097
Officially part of China which is on an island in the Pearl River Delta designated as a special administrative region. This allowed it to make its own fiscal policies and measured separately from the rest of China bringing area of just 44 mi². With a population of around 680,000 people, it is considered to be one of the most densely populated places on earth, because of the legal separation from mainland China. In Macau, there are more restricted laws than elsewhere within the country. It's their presence that means the city is able to generate huge income in particular it has become a resort city that's reliant on casino gaming. It’s so successful that gaming in Macau is worth over seven times that of Las Vegas. 80% of the government funding comes from gambling. 68% of visitors visit Macau for that purpose. Again, however this is not all indicative of the financial experiences of most residents because the wealth inequality is one of the largest you find anywhere in the world. Majority of the income that's generating goes to just a few owners of corporations, while the remaining residents are reliant on jobs at the casinos to purchase food and goods, all of which have to be imported from Hong Kong.
6. Switzerland Per Capita Is $85,135
Switzerland is mainly an alpine country covering an area of about 15,900 mi² split up into 26 regions which are known as cantons. It has around 8 million residents, of which one out of 10 speak other countries official languages. It’s explained for its neutrality, has it came to world politics as a historic banking sector which is broader than just finance. Insurance products are relatively low due to low tax rates and the majority of industry are in private hands.Switzerland has a much lower unemployment rate as compared to the surrounding countries, and it's in the top 20 countries, when ranked by income inequality with a GDP per capita of $85,135. It has a relatively low percentage of residents living below the poverty line. The Swiss economy continues to grow, and is expected to rise higher up the list in the coming years.
5. Cayman Islands Per Capita Is $92,692
It’s a self-governing British overseas territory with three main islands. It covers an area of 102 mi² with a population of around 66,000 people. At first glance you wouldn't expect it to be one of the world's financial powerhouses. This country has however become synonymous with offshore tax and as most favorite places in the world for the rich due to extremely low tax rates. Residents don't pay any tax themselves on earnings. Properties or capital gains rates are are a form of revenue to the country. Financial transactions are currently high with more than 100,000 companies registered in the Caymans. For those that don't work in finance, there's plenty of jobs and tourism that the employment rate is just 4%. Average income of residents is around $56,000 per year, with a GDP per capita of $92,692.
4. Luxembourg Per Capita Is $100,481
It is one of the wealthiest countries in the Caribbean offering a high standard of living to residents of the Caribbean. Luxembourg is in Western Europe that is bordered on all sides by Germany and France. As part of the European Union with its capital, Luxembourg City is the headquarters of the European Court of Justice. It is connected with other countries around with three official languages. Luxembourg is one of the smallest countries in Europe covering an area of just 998 mi². The population of Luxembourg is just over 620,000 people making it one of the least populous of European countries. Its also one of the strongest economies in the world with banking secrecy laws. There's been a particular drive in recent years to attract technology startups into the country. Hope to become a center for innovation in the coming years to counteract the inevitable clampdown on taxi. Unsurprisingly, Luxembourg is entwined with financial institutions of Europe position at the center of the reinsurance market as well as being the second large investment fund center in the world with US GDP per capita of $15,000 likely to rise on next years.
3. Bermudian economy Per Capita Is $117,768
It’s a self-governing British overseas territory in the North Atlantic Ocean 956 miles north of the British Virgin Islands of 181 islands. The largest covering an area of about 20 mi². It has a population of around 71,000 people. There are two main sectors that underpin the Bermudian economy, 85% of which is related to banking while 5% due to tourism. This country has positioned itself as an offshore financial center. To do this, it has minimal tax rates on businesses and personal income with a consumption tax rates to make up for this lack of corporate tax. The country makes it an ideal place for companies, particularly those based in the US. There is a part of a scheme to generate millions of dollars’ worth of tax from 15,000 companies registered there, most of which don't have office space at all. It’s a popular place for wealthy individuals to live on an average property, said to be worth as much as $1 million. GDP per capita works out at $117,768. The country has serious wealth division between natural born residents on the island and those that moved there, but it's proof that a country can run itself with no corporate taxes and be able to provide healthcare to 179,258 micro state.
2. Liechtenstein Per Capita Is $179,000
It's in the Alps in central Europe between Switzerland and Austria. It's the fourth smallest country in an area of just 62 mi². Liechtenstein has one of the smallest populations of just 38,700 residents. It was once regarded as a billionaire’s tax haven. The economy here is based on the banking sector. Efforts have been made in recent years to align tax rates with the rest of the world. This country is not currently blacklisted like other tax havens. It does however still have more registered companies than there are residents because the country is so reliant on trade and connections with Switzerland. It uses the Swiss franc currency. The country is a thriving industry in electronics and textiles. Specialist in the country are just 1% and the GDP per capita figure is $179,000. An average worker in the country certainly has a wage packet benefit from extremely good public services and it’s one of the country with the highest life expectancies in Europe.
1. Monaco Per Capita Is $190,532
It’s the most well-known country for being the playground of the rich and famous hosting most prestigious events in the world with an area of 8 mi². An example is the Formula One race calendar that is held every year, which is on the French Riviera near to the border. It has under 39,000 residents in which fewer than 10,000 nationals probably the wealthiest collection of people on earth. Monaco has the lowest poverty rate in the world with extraordinarily rich people who are able to live there. The country relies on a 48,000 person workforce who travel from France and Italy each day. For example, you will find the world's most expensive apartment which cost $335 million. In 2016, it was regularly rated as having the most overall expensive real estate market on the planet. There are two main industries that underpin Monaco's economy, which are banking and tourism. Tourists’ is high due to its climate and the lure of the place with the most relaxed gambling regulations in all of Europe for wealthy individuals and corporations. Attraction is the unique tax system which doesn't tax any personal income, but instead has high VAT rates and social insurance taxes. GDP per capita in the country is $190,532. By far the highest in the world record time.
If you get time. Try visit this places once in your lifetime.
Kindly like, share, comment and subscribe.
Content created and supplied by: GMogeni (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More