We are presenting a list of top 10 most richest countries in the world measured by GDP (Gross Domestic Product), according to the world bank rankings in 2009. GDP per Capita means the value produced by average citizens. For people who don’t know what GDP is – GDP (Grass Domestic Product) is the value of all the products or goods which a country produces. By looking around us, we can see people who are lucky enough to be rich with high living standards & also those who are not fortunate enough and work really hard to meet their needs. Below you can see a list of 10 most richest countries measured by GDP according to the world bank rankings in 2009.
NOTE: All figures are in current international dollars per capita.
Gross domestic product (GDP): $39,231
Australia has a market economy with high GDP per capita and low rate of poverty. The Australian dollar is the currency for the nation, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru, and Tuvalu. After the 2006 merger of the Australian Stock Exchange and the Sydney Futures Exchange, the Australian Securities Exchange is now the tenth largest in the world.
Gross domestic product (GDP): $40,715
The Netherlands has a very strong economy and has been playing a special role in the European economy for many centuries. Since the 16th century, shipping, fishing, trade, and banking have been leading sectors of the Dutch economy. The Netherlands is one of the world’s 10 leading exporting countries. Foodstuffs form the largest industrial sector. Other major industries include chemicals, metallurgy, machinery, electrical, goods and tourism. Examples include Unilever, Heineken, financial services (ING), chemicals (DSM), petroleum refining (Shell), electronical machinery (Philips, ASML) and car navigation TomTom.
Gross domestic product (GDP): $41,278
The Irish economy has transformed since the 1980s from being predominantly agricultural to a modern knowledge economy focused on high technology industries and services. Ireland adopted the euro currency in 2002 along with eleven other EU member states. The country is heavily reliant on Foreign Direct Investment and has attracted several multinational corporations due to a highly educated workforce and a low corporation tax rate. Companies such as Intel invested in Ireland during the late 1980s, later followed by Microsoft and Google. Ireland is ranked as the world’s seventh most economically free economy in the world according to the Index of Economic Freedom. In terms of GDP per capita, Ireland is one of the wealthiest countries in the OECD and EU. However, the country ranks below the OECD average in terms of GNP per capita. GDP is significantly greater than GNP due to the large amount of multinational corporations based in Ireland.
Gross domestic product (GDP): $45,117
Switzerland is one of the richest countries in the world by per capita gross domestic product, with a nominal per capita GDP of $45,117 In 2009 according to the World bank GDP rankings, Switzerland had the highest wealth per adult of any country in the world (with $372,692 for each person). Switzerland also has one of the world’s largest account balances as a percentage of GDP, only placing behind a few oil producing countries. Zurich and Geneva have respectively been ranked as the cities with the second and third highest quality of life in the world. In 2010 the World Economic Forum ranked Switzerland as the most competitive country in the world, while ranked by the European Union as Europe’s most innovative country by far.
6. United States of America
Gross domestic product (GDP): $45,989
The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. According to the International Monetary Fund, the U.S. GDP of $14.780 trillion constitutes 23% of the gross world product at market exchange rates and over 20% of the gross world product at purchasing power parity (PPP). It has the largest national GDP in the world, though it is about 5% less than the GDP of the European Union at PPP in 2008. The country ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP.
Gross domestic product (GDP): $50633
Singapore has a highly developed market-based economy, based historically on extended entrepot trade. Along with Hong Kong, South Korea and Republic of China (Taiwan), Singapore is one of the Four Asian Tigers. The economy depends heavily on exports and refining imported goods, especially in manufacturing, which constituted 27.2% of Singapore’s GDP in 2010 and includes significant electronics, petroleum refining, chemicals, mechanical engineering and biomedical sciences sectors. In 2006 Singapore produced about 10% of the world’s foundry wafer output. The country is the world’s fourth leading financial centre. Singapore has one of the busiest ports in the world and is the world’s fourth largest foreign-exchange trading centre after London, New York and Tokyo. The World Bank ranks Singapore as the world’s top logistics hub.
Gross domestic product (GDP): $55,672
Norwegians enjoy the second highest GDP per-capita (after Luxembourg) and fourth highest GDP (PPP) per-capita in the world. Today, Norway ranks as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation. According to the CIA World Factbook, Norway is a net external creditor of debt. Norway maintained first place in the world in the UNDP Human Development Index (HDI) for six consecutive years (2001–2006), and then reclaimed this position in 2009 and 2010. Cost of living is about 30% higher in Norway than in the United States and 50% higher than the United Kingdom. The standard of living in Norway is among the highest in the world. Foreign Policy Magazine ranks Norway last in its Failed States Index for 2009, judging Norway to be the world’s most well-functioning and stable country. Continued oil and gas exports coupled with a healthy economy and substantial accumulated wealth lead to a conclusion that Norway will remain among the richest countries in the world in the foreseeable future.
3. United Arab Emirates
Gross domestic product (GDP): $57,744
The UAE has an open economy with one of the highest per capita incomes in the world and a sizable annual trade surplus. In 2009, its GDP, as measured by purchasing power parity, stood at US$400.4 billion. The GDP per capita is currently the third in the world and second in the Middle East, after Qatar and Kuwait as measured by the CIA World Factbook, or the 17th in the world as measured by the International Monetary Fund.
With almost $1 trillion in foreign invested assets, some argue the UAE to be the richest, with the highest average income in the world. Over half of this money is generated by the nation’s capital; Abu Dhabi. With a population of just under 900,000 Abu Dhabi was labeled “The richest city in the world” by a CNN article.
Gross domestic product (GDP): $83,759
Luxembourg’s stable, high-income economy features moderate growth, low inflation, and low unemployment. The industrial sector, which was dominated until the 1960s by steel, has diversified to include chemicals, rubber, and other products. During the past decades, growth in the financial sector has more than compensated for the decline in steel. Services, especially banking and other financial exports, account for the majority of economic output. In March 2010, the Sunday Telegraph reported that most of Kim Jong-Il’s $4bn in secret accounts is in Luxembourg banks. Luxembourg is the world’s second largest investment fund center (after the United States), the most important private banking center in the Eurozone and Europe’s leading center for reinsurance companies. Moreover, the Luxembourgish government has tried to attract internet start-ups. Skype and eBay are two of the many internet companies that have shifted their regional headquarters to Luxembourg. Concern about Luxembourg’s banking secrecy laws, and its reputation as a tax haven, led in April 2009 to it being added to a “grey list” of nations with questionable banking arrangements by the G20. Luxemburg adapted some months later the OECD standards on exchange of information and moved into the category of ‘Jurisdictions that have substantially implemented the internationally agreed tax standard.
Gross domestic product (GDP): $91,379
Qatar has the world’s largest per capita production and proven reserves of both oil and natural gas. In 2010, Qatar had the world’s highest GDP per capita, while the economy grew by 19.40%, the fastest in the world. The main drivers for this rapid growth are attributed to ongoing increases in production and exports of liquefied natural gas, oil, petrochemicals and related industries. Qatar has the highest human development in the Arab World after the United Arab Emirates. In 2009, Qatar was the United States’ fifth largest export market in the Middle East, trailing behind the U.A.E., Israel, Saudi Arabia and Egypt. With a small citizen population of less than 300,000 people, Qatar relies heavily on foreign citizens, both for its protection and generating labor demand. Qatar has attracted an estimated $100 billion in investment, with approximately $60–70 billion coming from the U.S in the energy sector. It is estimated that Qatar will invest over $120 billion in the energy sector in the next ten years.