One of the key measures of a nation’s prosperity is its level of wealth. It is measured using a range of economic measures, including purchasing power parity (PPP), gross domestic product (GDP), and gross national income (GNI). These indicators calculate the monetary value of each good and service produced in a nation during a specific year. Due to their economic expansion and prosperity, several nations change positions as the richest nations in the world every year. The top 10 richest nations in the world as of 2021 are listed below.
1. Luxembourg: Luxembourg is the richest nation in the world, with a GDP per capita of $118,500. In addition, it is one of the most multicultural nations in Europe and is home to numerous global corporations. The nation has a robust banking industry and serves as a significant center for private banking and investment funds. With just 5.3%, it also boasts the lowest unemployment rate in Europe.
2. Switzerland: With a per capita GDP of $88,100, Switzerland, another significant European nation, is the second-richest nation in the world. The nation has a strong economy and a low tax structure because of its banking and tourism sectors. Switzerland, which is not a part of the EU, gains from its neutrality as well.
3. Norway: Norway is the third-richest nation in the world, with a GDP per capita of $60,400. The nation is a significant exporter of hydroelectric power and is home to one of the greatest oil deposits in the world. The economy of Norway is diverse and competitive on a worldwide scale.
4. Ireland: With a per capita GDP of $60,200, Ireland is the fourth wealthiest nation in the world. Since the middle of the 1990s, the nation has enjoyed rapid growth and significant levels of FDI. The primary industries in the nation are financial services, pharmaceuticals, software, and healthcare.
5. Qatar: With a GDP per capita of $56,700, Qatar is the fifth-richest nation in the world. The nation has extensive oil and gas reserves, which are important to its economy. The nation has also seen an increase in investment in its infrastructure and building sectors.
6. Iceland: With a $53,900 GDP per person, Iceland ranks as the sixth-richest nation in the world. The nation is well known for its great quality of life and is mostly fueled by geothermal energy. In recent years, Iceland has also grown to be a popular tourist destination.
7. United States of America: With a GDP per capita of $52,800, the US ranks as the seventh richest nation in the world. The nation is home to some of the biggest businesses in the world, like Apple, Google, Walmart, and Microsoft, and it also boasts the largest economy in the world.
8. Denmark: Denmark is the eighth-richest nation in the world, with a per capita GDP of $51,800. The nation has experienced consistent economic growth over the past few decades thanks to a robust banking industry and a cooperative tax structure. Denmark also exports a significant amount of agricultural and pharmaceutical goods.
9. Singapore: With a per capita GDP of $51,600, Singapore is the ninth-richest nation in the world. The nation has one of the most competitive economies in the world and is heavily dependent on its commerce and financial sectors. The tax rates in Singapore are renowned for being exceptionally low.
10. Netherlands: With a per capita GDP of $49,600, the Netherlands is the tenth-richest nation in the world. Its economy is diverse, its infrastructure is well-developed, and its banking and finance industry are all thriving. The nation also boasts a workforce that is highly educated and is a significant exporter of food and electronic goods.
As a result, these ten nations are the richest in the world right now. They were able to do so by combining open markets, low tax rates, and robust infrastructure. The governments of these nations have also taken action to encourage foreign investment and commerce. Many of these nations have thus been able to attain and sustain high levels of economic success.
