The Gross Domestic Product (GDP) is a magnitude that allows to measure the wealth of a country during a certain period of time. 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 the wealth of a country 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 is located.
The richest country in the world
According to the latest report presented by the International Monetary Fund 2020, the rich sea country in the world is Luxembourg with a GDP per capita of US $ 123,930. Its economy is based mainly 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 2590 km2, being one of the smallest countries in Europe and the world. By 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 moves the economy of this country is the metallurgical industry. However, after the Second World War, the financial sector grew in such a way that Luxembourg currently has more than 140 banks around the world.
One of the factors influencing the GDP of Luxembourg is the labor force employed in that country. There are a lot 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 accounting.
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 second richest country in Europe: Switzerland, with an economy that has a GDP per capita of US $ 92,400. 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 and a half 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 is the excellent quality of the educational system, its high industrial productivity and an efficient health system, being among the best in Europe. If you want to find out exactly how many countries there are in Europe, take a look at this other oneHOWTO article.
The 20 richest countries in the world
Next, in a HOWTO, we present you a list of the richest countries in the world currently evaluated by GDP per capita or GDP at existing per capita purchasing power parity values in US dollars. Keep in mind that each country handles different ways of calculating GDP, and many times they differ in the time range for this calculation.
The 20 richest countries in the world according to their GDP per capita in dollars:
- Luxembourg: 123,930
- Switzerland: 92,400
- Ireland: 87,620
- Norway: 82,130
- Iceland: 73,960
- Singapore: 70,650
- USA: 67,660
- Taste: 67,250
- Denmark: 65,190
- Australia: 58,560
- Netherlands: 56,640
- Sweden: 55,970
- Austria: 54,300
- Finland: 52,830
- Hong Kong (Hong Kong Special Administrative Region of the People’s Republic of China): 52,670
- Belgium: 50,260
- Canada: 50,170
- San Marino: 49,160
- Germany: 48,560
- Israel: 47,230
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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