Table
These are the richest country in the world:
- Luxembourg
- Singapore
- Ireland
- Qatar
- Switzerland
Which is the richest country in the world?
ANS – Luxembourg is the richest country in the world.
Luxembourg (No 1 Richest country in world):
Luxembourg is landlocked and one of the smallest sovereign states in Europe. However, It is the wealthiest and one of the happiest countries in the world. Germany borders Luxembourg to the east, Belgium to the west and north, and France to the south. The largest city of this country is the capital Luxembourg City. Luxembourg is a developed and advanced country with a high-income economy. On the other hand, Luxembourg is one of the least-populous countries in Europe, with a population of about 634,730.
It is also among the smallest sovereign states in Europe, with 2,586 square kilometers. The religion of 73.2% of residents is Christianity, including Roman Catholic and other Christian. The total GDP of this nation in nominal terms is $71 billion, while in PPP terms is $74 billion. GDP per capita rank of this nation in nominal terms is 1st and in PPP terms is 2nd. The GDP of this country is growing at the rate of 3.1%. 86.9% of the GDP comes from the service sector, 12.8% from the industry sector, and 0.3% from agriculture. Its position in Human Development Index is very high; it also ranks high in Ease-of-doing-business. The country has a Labour force of 300,538 with an employment rate of 72.1%.
Primary industries of this country are information technology, construction, banking, financial services, real estate services, iron, metals, and steel. Exports of this country in 2017 were $15.99 billion while Imports were $20.66 billion. The nation exported Machinery and equipment, steel products, chemicals, rubber products, glass. At the same time, this country imported goods such as commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods. Accordingly, This country’s major import partners are Belgium, Germany, France, the United States, Netherlands. Besides, Luxembourg’s economy largely relies on the steel, banking, and industrial sectors.
Singapore (No 2nd richest country):
Singapore is the second most prosperous country globally, and its economy is a highly-developed free-market economy. According to the World Economic Forum data, Singapore’s economy is the most open globally. Moreover, corruption in this nation is typically one of the lowest globally. Tax rates are meager in this nation, and the currency is the Singapore dollar. Singapore is a developed and advanced country with a high-income economy. The population of Singapore is 5,770,040, and it covers an area of 733.1 square kilometers.
The official languages of this nation are English, Malay, Mandarin, and Tamil, while the national language is Malay. 75.9% of people of this nation are Chinese, 15.0% are Malay, and 7.5% are Indian. The religion of 31.1% of people is Buddhism, 18.9% are Christian, 15.6% are Muslim, and 5.0% are Hindu. The nominal GDP of Singapore is $379.071 billion, and in PPP terms, GDP is $617.987 billion. This country’s GDP is 38th in nominal terms and 37th in PPP terms. Singapore’s GDP is growing is with a rate of 3.4%, and Inflation (CPI) is 1.101%. Singapore’s GDP per capita in nominal terms is $62,112.954 and in PPP terms is $101,408.889.
24.8% of GDP comes from the industry sector, 75.2% from the service sector, and 0.5% from the agriculture sector. As a result, Singapore’s rank on Human Development Index is (11th )very high. The primary industries of Singapore are Scientific instruments, Electronics, chemicals, petroleum refining, financial services, oil-drilling equipment, and biomedical products. Its Ease-of-doing-business rank is 2nd means it is effortless to do business here. The main import partners of Singapore are China, Malaysia, the United States, Japan, Taiwan. Accordingly, primary Import goods are Machinery and equipment and, Mineral fuels. Imports of this country in 2019 were US$533 billion, while exports were US$626 billion in 2020.
Ireland (No 3rd richest country):
Ireland is 3rd richest and 4th happiest country in the world. It is a nation in north-western Europe, including 26 of the 32 counties of the island of Ireland. It is an advanced, developed, and high-income open economy. The largest city Dublin is also the capital of the country. The Republic of Ireland has a highly developed knowledge economy. The economy of the Republic of Ireland concentrated on services in life sciences, financial services, agribusiness, and high-tech. The population of Ireland is 5 million, and it covers an area of 70,273 square kilometers.
The GDP of Ireland is $476 billion in nominal terms and $500 billion in PPP terms. However, the GDP of Ireland ranks 28th in nominal terms and 44th in PPP terms. Ireland’s GDP per capita in nominal terms and PPP terms rank is 3rd globally. 60.2% of GDP comes from the service sector, 38.6% from the industry sector, and 1.2% from agriculture. The primary industries of this nation are Pharmaceuticals, chemicals, computer hardware, software, food products, beverages, and brewing medical devices. Therefore, Ireland is the most suitable country for doing business and because its Ease-of-doing-business rank is 23rd.
The religion of 85.1% of people is Christian, while 10.1% of people do not follow any religion. Ethnic groups are White (92.4%), Asian (2.1%), Black (1.3%), while the currency of this country is Euro. Ireland’s rank (2nd) on Human Development Index is very high. This country’s labor force is 2,440,256, while the employment rate is 74.1%. The total exports of this country in 2017 were $219.7 billion, while imports were $98.13 billion. This country’s main export partners are the United States, Great Britain, Belgium, and Germany. At the same time, the main import partners are Great Britain, America, and France.
Qatar (No 4th most prosperous country):
Natural gas and Petroleum are the primary sources of Qatar’s economy. They account for more than 70% of total government income, more than 60% of GDP, and approximately 85% of export revenues. As a result, Qatar is among the wealthiest countries globally based on GDP per capita. Besides, the government has a high-income economy. The currency of Qatar is the Qatari riyal which is equal to 100 dirhams. The population of Qatar is 2.6 million, and it covers an area of 11,581 square kilometers. Capital city Doha is also the most significant city in this country.
In Qatar, the religion of 65.5% of people is Islam, 15.1% are Hindu, and 14.2% are Christian. Accordingly, the official religion of this nation is Islam. The nominal GDP of this nation is $206.220 billion, while GDP in PPP terms is $273.040 billion. Therefore, its GDP rank in nominal terms is 54th, and PPP GDP rank is 60th. GDP per capita rank of this country in nominal terms is 10th and in PPP terms is 4th. 50.3% of Qatar’s GDP comes from the industry sector, and 49.5% from the service sector. The country ranks very high on Human Development Index, and 0% population is below the poverty line.
The government has a Labour force of 2,129,330, and 0.6% of them are Unemployed. The major import partners of the nation are European Union, the United States, the United Kingdom, China, and India. Liquefied natural gas, crude oil, ammonia, fertilizer, and petrochemicals are the primary industries of this country. As a result, the nation’s reputation in ease-of-doing-business is also outstanding. Over 80% of the nation’s population lives in the capital city Doha. The country owns the third-largest proven natural gas reserve globally; therefore, it is the second-largest exporter of natural gas.
Switzerland (No 5th most prosperous country):
Officially the Swiss Confederation, Switzerland is a landlocked and mountainous nation in Western, Central, and Southern Europe. In addition, Switzerland is one of the world’s wealthiest and most advanced, and highly-developed free-market countries. Besides, Austria and Liechtenstein border Switzerland to the east, France to the west, Germany to the north, and Italy to the south. The population of this country is approximately 8.5 million, and it covers a total area of 41,285 square kilometers. The nation’s service sectors, such as the Swiss banking industry and tourism, play a significant role.
Switzerland is a developed and advanced country with a high-income economy. While, According to the 2015 Global Innovation Index, The economy of Switzerland ranks first, and according to the 2020 Global Competitiveness Report, it ranks third. The capital of Switzerland is Bern, while the largest city in the country is Zürich. Therefore, the city of Zurich is the significant economical center of the nation; accordingly, it is home to 434,335 inhabitants. In 2021, the country’s nominal GDP was $824 billion, and PPP GDP was $660 billion.
The country’s GDP per capita rank in nominal terms is 2nd, and in PPP terms is 5th. However, the country’s total GDP rank in the nominal terms is 18th, and the rank of the country’s real GDP in the PPP terms is 35th. Switzerland’s GDP per capita in nominal terms is $94,696, and in PPP terms, $75,880. 73.7% of the country’s GDP comes from the service sector, 25.6% from the industry sector, and 0.7% from the agriculture sector. Switzerland’s performance on Human Development Index is very high, with 2nd rank. Furthermore, Its ease-of-doing-business rank is also very high. In addition, Switzerland is the 3rd happiest country in the world.
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