Wealthiest countries on Earth
When one thinks about the richest nations in the world, the first countries to pop in mind are lard states like the United States or China. However, one would be surprised to find that, according to the International Monetary Fund (IMF), which publishes its reports on global economic powers twice a year, the richest countries are tiny nations with a small population. When calculating the Gross Domestic Product (GDP) per capita income, it does not take into account that many of the immigrant workers, on whose labor these nations’ economy depends, are not counted. Here are some of the richest nations in the globe according to the April 2018 IMF ranks:
Qatar is a small nation on the Arabian Gulf which used to be among the poorest states in the region. Today, it is the richest country in the globe with a GDP of $128,702, though it faces criticism with rights groups regarding the treatment of its migrant workers.
Macao is located on the southern coast of China and is an autonomous region which used to be a Portuguese colony until 1999. It is known as the "Las Vegas of Asia" and has a fusion of East and West architecture, lifestyle and culture. It has been ranked the second richest nation in the world by the IMF with its GDP at $122,489
This nation can be found in Europe, landlocked by Belgium, Germany, and France. The inhabitants of this country are largely trilingual with knowledge in German, French, and Luxembourg. It was formerly known for its steel manufacturing industry and now has diversified to be recognized as the continent's most powerful center for investment management. IMF ranked it as the third richest nation in the globe with a GDP of $110,870.
Singapore is an island city-state in south-east Asia, and about 75 percent of its population are Chinese, in addition to Malays and Indians. Most residents of this country lice in public housing tower blocks. Singapore's economy is mostly trade-driven and is currently the fourth richest country in the world with its GDP at $98,014.
Ireland transformed into a modern high-tech economy in 1973 when it became a part of Europe. Before that, it was tiny island nation which was plagued with religious and political conflict with its economy largely depending on agriculture until and even after it became and independent state. Due to the global financial crisis, the country's economy collapsed in 2008 and had to recover from an international bailout. Currently, this nation is the fifth richest country in the world with its GDP at $79,924.
This is a tiny nation besides Malaysia and the South China sea whose citizens pay no taxes and enjoy generous state hand-outs while being subject to one of the world's highest standards of living. The country has plenty of oil and gas reserves and is ruled by the head of state Sultan Hassanal Bolkiah. It was a British protectorate since 1888 and did not gain full independence till 1984. According to the IMF reports, it is the sixth richest country in the world with its GDP at $79,726.
Norway is the northernmost country in Europe and has one of the world's highest standards of living. It is the seventh largest oil exporter in the world since offshore oil and gas reserves were discovered in the late 1960s. The country chose to deposit its surplus wealth into oil funds, making it the world's largest sovereign wealth fund. The reports published by the International Monetary Fund in April 2018 noted that Norway's GDP is at $74,065, bringing it to the seventh rank among the world's richest nations.