The unstoppable growth in the past decade has allowed various countries to develop and progress. Usually, GDP is used to measure the size of any country’s economy. GDP is the aggregate of all the economic activity within a country. This means that only the economic events happening within a country’s borders are counted in the GDP. To get a quick view of the economic health of any country, Gross Domestic Product (GDP) is a good option.
However, when it comes to judging individual economic prosperity, the GDP per capita is a better tool. ‘Per capita’ simply means ‘for each person’. Those countries with a lower GDP per capita have poorer citizens. We have compiled a list of ten countries with the highest GDP per capita in the world.
Australia is one of the members of Commonwealth and has close trade relationships with United Kingdom. This country has recently improved its economic relationship with China and other developing Asian economies. With a GDP per capita of $43,073, Australia had developed majorly due to the export of commodities.
United States has always been regarded as a close competitor of Canada and is ranked higher. However, in the past two decades, Canada has developed a booming economy. Canada stands strong at number 9 with a GDP per capita of $43,427.
8. San Marino
San Marino is located near Italy in a landlocked geographic region. Being a country with no national debt, San Marino stands proud with a GDP per capita of $44,480.
Switzerland is now an economic hub in the world. Thanks to the strong performance of all of its sectors like science and IT, manufacturing and financial industry. It ranks 7th in our list with a GDP per capita of $46,430
6. United States
United States has a resilient economy with a GDP per capita of $53,101. However, there are various problems that it has to face. Some of them include a widening wealth gap between the rich and poor. Nonetheless, the middle class is still better in comparison to various other economies.
Located on the island of Borneo, Brunei is a microstate that has an impressive GDP per capita of $53,431. All of this is attributed to the large petroleum reserves that help the country maintain its 0% public debt.
Unlike Brunei which relies heavily on petroleum for its GDP growth, Norway has diversified and became a mixed economy despite being rich with oil reserves. Norway has a GDP per capita of $54,947 and uses the money from petroleum sales to fuel exploration into other sectors.
Singapore is a highly urbanised state that has transformed into a country hustling with economic activity. The reason it stands at the third position in our countdown is a massive $64,584 of GDP per capita.
Luxembourg is the haven for banking and financial services. It has attractive tax rates to offer which makes it an optimum choice for headquarters of various multinational firms. With a GDP per capita of $78,670, Luxembourg is set to become even richer in the upcoming years.
1. Qatar – GDP Per Capita: $98,814
Qatar makes it to number one in our list with a jaw-dropping GDP per capita of $98,814. Most of this GDP is attributed majorly to its oil reserves. Qatar has the third largest oil deposits in the world and despite controversies over the working conditions prevalent there, it is one of the wealthiest nations in the world.