TOP 50 RICHEST COUNTRIES IN THE WORLD 2018

TOP 50 RICHEST COUNTRIES IN THE WORLD 2018

2018 started with most individual tagging it as their year of success but what most people fail to realize is a successful nation is a product of the people in it and vice versa, hence the reason why a country with a thriving economy is most likely to produce affluent individuals. Fingers are not equal; human beings are not the same so it is normal for countries not to be on par with themselves even if they are neighboring countries. Different countries are blessed differently, some are blessed with rich mineral resources but few human resources to harness them while some are endowed with human resources that adequately and judiciously use the few mineral resources they have and some are abundantly blessed with both the former and latter. { Top 50 Richest Countries In The World 2018 }

Differences in this country have led to different numerous classification such as categorizing countries into:

  • A well-developed nation, industrialized country, more developed country, in other way “advance or more economically developed country” (MEDC), is a country that has all her needs without the help of ally country or developed country, country that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. e.g. United States of America (U.S.A), France, Germany, Japan, Canada etc.
  • Developing nation also refers to as an underdeveloped country or less developed country, is a nation with and a low Human Development Index (HDI) and a less developed industrial base relative to other countries. e.g.  India, Nigeria, Cameroon, Afghanistan, Cambodia etc.

All that has been said above and many more have inspired this article for creating a list of countries that are in the top ten richest countries all over the world in 2018 but before we delve into the list, let’s take a quick look at the different criteria that can be considered in the ranking, the criteria to be used in this ranking and the merits of the rankings over the others and other conditions to be factored in for the rankings.

Top Richest Countries In The World

Top 50 Richest Countries In The World

WHAT MAKES COUNTRY RICH?

As would be seen in the ranking below, it can be deduced that countries which are flourishing are due to a combination of economic factors, including trading in natural reserves, gas, oil or petroleum, finished industrial products, developed tourism and sophisticated and lucrative banking sectors, generating heavy revenues in the process. These countries are the world’s richest countries 2018 so far.

CRITERIA WORTH MENTIONING

Economists all over the world are a very clever bunch, they study human behavior up till the point where a very important part of a human life is how he accumulates, sustains wealth and even how he spent it judiciously. They come up with different terminologies in which wealth can be measured which include the traditional gross domestic product (G.D.P) and the total individual wealth. The two parameters have their strengths and also weaknesses.

GDP is the total monetary value of everything produced by all the people and companies in the country. It does not matter whether they are citizens or foreign-owned companies. As far as any production process is done within the country’s boundaries, the government regards such production as GDP.

Total individual wealth refers to the private wealth (assets fewer liabilities) held by all the individuals living in each nation. The type of  “wealth” is demonstrated in three kinds of asset: physical or “manufactured”); human capital (the population’s education and skills); natural capital (including land, forests, fossil fuels and minerals), and capital (machinery, buildings, infrastructure and so on.

IMPORTANT CONSIDERATION

Countries included in the ranking below are just sovereign states and not dependency state (the reason why Macau didn’t make the list)

WHY MUST IT BE GDP AGAIN?

The economy of countries is usually monitored using the gross domestic product (G.D.P). It is worth mentioning it has its weaknesses and as being criticised in some quarters recently by modern economist but its advantages far outweigh the few criticisms it has faced and it still stands as the most widely used means by which countries measure their growth and development. This may sound very petty but almost all of the traditional economist agreed upon its usefulness, they couldn’t be all wrong. Simplifying things, a little bit further, it is a better statistic for the sake of our comparison which involves ranking the richest countries and not the distribution of wealthy citizens in a country because it at least portrays how wealth is distributed in a country in the sense that the total monetary value of production processes is divided by the total population unlike total wealth. The G.D.P is also an average quantity which is usually preferable than individual quantities. For instance, two Footballers A and B can be judged on the amount of goal scored, say both players scored 5 goals in 7 and 3 matches respectively. Individually it looked as though they have achieved a similar feat but when both goals are averaged with the number of games played it will be seen that player B has definitely achieved something more remarkable than A.

TOP 50 RICHEST COUNTRIES IN WORLD 2018

Without further ado, the following is the list of the top ten richest countries in the world in 2018 based on the gross domestic product (G.D.P) as released by International Monetary Fund (I.M.F)

  1. QATAR

Holding on very comfortably to the number one spot is Qatar, so many things can be said of this wonderful nation but starting with the subject of discussion, it is undoubtedly the richest in terms of both parameters mentioned earlier (GDP and total wealth). With a population of just under three million, the country’s per capita income is a whopping $124,930.

Richest Countries In The World

Qatar – The Richest Country In The World

Not only are they the number one on the world richest list in 2018, they have held on strongly to the position for quite some times now and it doesn’t look like they will relinquish top position soon.

Most (about 70%) of their revenues are generated from oil exploration and petroleum sector and they generate a further 80% revenue on oil and petroleum.

  1. LUXEMBOURG

A small European country which shares a border with France, Belgium, and Germany. It has a population of about six hundred and fifty thousand people but that doesn’t stop it from breaking into and sitting comfortably at number two spot of the richest countries not just in Europe but all over the world with a per capita income of about $109,190.

Luxembourg flag

Luxembourg flag

Banking, steel, and industrial sectors are the dominant forces in the economy of the country. Unlike most of the names on this list, Luxembourg has a highly diversified economy and oil is not even present in commercial quantities in the country. Exports contribute massively to its economy with its primary market being neighboring countries like Belgium, France, and even Germany.


  1. SINGAPORE

Coming third on our ranking of the richest countries in the world, Singapore, has been found to also have one of the most open economy, ranked at a time to be the 7th least corrupt economy and tax rate is very low, makes one wonders what they could depend on to have an economy which is better than the likes of Saudi, UAE and even the mighty United States of America. It has a per capita income of $90,530.

Top 50 Richest Countries In The World

Singapore

Singapore generates most of its revenue from the export they make from the vast industry such as electronics, chemicals, oil drilling equipment, food and beverages, rubber and many more. With a population of about 6.5 million people, the industries shouldn’t be lacking in human resources to improve the economy further maybe to the point where it becomes number one.


  1. BRUNEI

Population definitely plays an important role in wealth. Brunei, a very tiny nation with a population slightly under six hundred thousand must have a significant part of its population contributing to a major achievement such as finding itself on the map of the richest countries and it has consistently been ever present in recent years. It’s known for its beaches and biodiverse rainforest.

Top 10 Richest Countries In The World

Brunei – Top 10 Richest Countries In The World

Crude oil and natural gas account for roughly 65% of GDP with Japan being the primary export market with 95%. The government has been putting in measures for the diversification of the economy after the consistent drop in oil price witnessed throughout 2017.

Brunei per capita income stands at $76,740 which qualifies it for the fourth richest country.


  1. IRELAND

Ireland is a European country with a population of about 6.5 million people, known for its cultural diversity. It is the fifth wealthiest nation in the world with a per capita income of $72,630.

World's Richest Countries

Ireland – Top 10 Richest Countries In The World

Majority of its GDP is accounted for by trading of various products and services of various industries of its economy such as the pharmaceutical, chemicals, computer hardware, food products and medical devices. Its main export partners are the USA, UK, and neighboring European nations.


  1. NORWAY

Coming in sixth on the list ot the top 10 richest countries in the world 2018, A Scandinavian country, with a population of just over 5 million people, mostly in known for its mountains, glaciers and deep coastal fjords is not just a financially buoyant country but the impact of the finance reflects of the individual. It consists of very lovely people. It is ranked to be one of the most peaceful countries in the world with the very low crime rate. Like most of the countries on this ranking, oil and gas production accounts for 20% of its economy. Other important sectors include hydropower, fish, forests, and minerals. State revenues generated from petroleum are usually saved in the world’s largest sovereign wealth fund. Its per capita income stands at $70,590.


  1. UNITED ARAB EMIRATES (U.A.E)

The United Arab Emirates consists of Dubai, Abu Dhabi, Shariah, Al-Ain, Aman, Ras al Khaimah, Fujairah and umm-al Quwain. Dubai is the most populous of all the listed cities. This is what is called conglomerate of wealth. This country is an example of how proper planning yields an awesome result. Years of careful planning brings a seemingly unknown state to being one of the largest economies in the Arabian Peninsula. With a population of about 11 million, its per capita income stands at an awesome figure of $68,250.

The UAE’s oil and natural gas reserves are the seventh and seventeenth largest in the world respectively. The paramount leader “Sheikh Zayed”, leader of “Abu Dhabi” and also double to be the first President of the United Arab Emirate, who pilot the economic development of the Emirates and drive crude oil incomes into education, infrastructure, and healthcare. The UAE’s economy is the most diversified in the Gulf Cooperation Council. The diversification has caused less reliance on oil and gas as compared to previous years. Recently, tourism and business have also been a major component of their economy.


  1. SWITZERLAND

One of the most beautiful European countries also happens to be on our list of richest countries. Its beauty is actually a major part of its economy as it has numerous places such as beautiful lakes, villages and the high Peak of Alps that people from all over the world want to see which serves as tourist centers. It occupies the eighth position on this list as the per capita income of the country with a population of about 10 million people is about $61, 360.

Switzerland most important sector is the manufacturing of chemicals, health and pharmaceutical goods, scientific and precision measuring instruments. They are also known for their banking, insurance and international organizations e.g. Federation of International Football Association (FIFA) in addition to tourism all of these adds to the richness of this wonderful nation.


  1. UNITED STATES OF AMERICA (U.S.A)

The United States of America ticks all the following boxes: Politically powerful, technological advancement, top-notch human resources, natural resources, it would be unthinkable to have a list of nations doing well educationally, socially, politically and even economically without the USA. Unlike most other lists, USA would have been number one but it found itself occupying the ninth position on the list of the richest countries in the World, which is partly due to its magnificent population of 325 million people. The per capita income of the country is $ 54,630 which makes the GDP stands at $19.36 trillion.

The USA doesn’t like being second place in which can be seen how they even managed to be here in the first place. Its economy is being moved by abundant natural resources, developed infrastructure, and high productivity. It has been the largest economy in the world since the 80s, The U.S. is the world’s third-largest producer of oil and natural gas. In 2016, it was the largest trading nation in the world as well as the world’s second-largest manufacturer, representing a fifth of the global manufacturing output. All of these and they still couldn’t be number one, the countries above them must have done a wonderful job with their economy.


  1. SAUDI ARABIA

The kingdom of Saudi Arabia is definitely one of the richest countries in the world but if this ranking were done sometimes last year, Saudi Arabia wouldn’t have been in it because the main product of its economy is its oil and the persistent drop in the price of oil took them out of the top ten richest countries at one point. I.M.F has also forecasted a 2.7% increase in the country’s GDP with the recent rise in oil price. The per capita income of this country is $ 51,924 with a population of about 32 million people.

In addition to revenues generated on oil, tourism is also a major part of its economy as it serves as the origin of one of the major world religion (Islam) and contains two of the most sacred mosque of the religion which is Masjid al-Haram, in Mecca, destination of the annual Hajj pilgrimage, and Medina’s Masjid an-Nabawi, burial site of the prophet Muhammad. Riyadh, the capital, is a skyscraper-filled metropolis.

Top 50 Richest Countries In The World

  • { Updated }

    S/N Country Continent GDP per capita
    1. Qatar Asia $124,930
    2. Luxembourg Europe $109,190
    3. Singapore Asia $90,530
    4. Brunei Asia $76,740
    5. Ireland Europe $72,630
    6. Norway Europe $70,590
    7. Kuwait Asia $69,670
    8. United Arab Emirates Asia $68,250
    9. Switzerland Europe $61,360
    10. Hong Kong Asia $61,020
    11. San Marino England $60,630
    12. The United States North America $59,500
    13. Saudi Arabia Asia $55,260
    14. Netherlands Europe $53,580
    15. Iceland Europe $52,150
    16. Bahrain Asia $50,302
    17. Sweden Europe $49,678
    18. Australia Australia $48,806
    19. Germany Europe $48,189
    20. Austria Europe $47,856
    21. Taiwan Asia $47,790
    22. Denmark Europe $46,602
    23. Canada North America $46,239
    24. Belgium Europe $44,881
    25. Oman Asia $43,737
    26. United Kingdom Europe $42,513
    27. France Europe $42,384
    28. Finland Europe $41,812
    29. Japan Asia $38,893
    30. Equitorial Guinea Africa $38,699
    31. Korea Asia $37,947
    32. Malta Europe $37,891
    33. Puerto Rico North America $37,722
    34. New Zealand Australia (Oceania) $37,108
    35. Spain Europe $36,451
    36. Italy Europe $36,313
    37. Israel Asia $34,833
    38. Cyprus Europe $34,386
    39. Czech Republic Europe $33,223
    40. Slovenia Europe $32,027
    41. Trinidad and Tobago South America $31,933
    42. Slovak Republic Europe $31,182
    43. Lithuania Europe $28,881
    44. Estonia Europe $29,501
    45. Portugal Europe $28,515
    46. Seychelles Africa $28,148
    47. Poland Europe $27,714
    48. Malaysia Asia $27,234
    49. Hungary Europe $27,210
    50. Greece Europe $26,809

    With the huge

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Tags: World’s richest countries, Top 100, Top 50 Richest Countries In The World

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