While talking about the richest nations on the planet, we tend to look at the GDP or Gross Domestic Product of the respective countries. This will help us to get a clear picture of the richest nations in the world. Here, we have talked about the top 10 richest country right now.
This happens to be the third-biggest country in the world when it comes to population and area and is situated in North America. It is a fact that 10% of the families in this country own over 70% of the income, and their share is increasing rapidly.
This particular country is also regarded as one of the richest countries thanks to its huge natural resources like natural gas and petroleum. Moreover, it is among the least corrupt nations out there as per the Corruption Perceptions Index. In Canada, there is a low level of economic inequality, unlike in the US.
This is the third-biggest economy in Europe at present. The economy of this country is free-market-oriented and diverse in nature. Tourism and agriculture along with the chemical industry are considered to be vital sectors of the economy of this country.
This country has a new record when it comes to the longest span of unbroken GDP expansion right now. In fact, as many as 26 years have passed since there had been a technical recession in Australia. This country is hugely dependent on service industries.
Germany happens to be the second most populated nation in Europe and the seventh biggest as well. The official name is the Federal Republic of Germany and it is ranked fifth in the overall list of the top 10 richest country on earth.
The UK situated in Europe comprises England, Scotland, Wales, and Northern Ireland. This particular nation is ranked sixth in the world in terms of the richest countries.
This one is yet another amazingly rich European nation. We all know this country for its inventions. In fact, the list is quite long including white chocolate, the Swiss Army knife, the bobsleigh, etc. The population in this country is not very big and it has also got well-established industries. Switzerland can boast of having the highest density of rich people on the planet.
There is no doubt that Norway is among the richest nations right now. The main reason is the availability of oil in this country. However, the country’s economy contracted somewhat during the last few years.
The GDP per capita of this country is quite high and it is one of those economies which was not affected much by the recent pandemic situation. The population of this country is approximately 6 million and the primary sources of income happen to be tourism, manufacturing activities, and the export of petroleum products.
Finally, we will talk about Qatar whose oil, petrochemical, and gas reserves are enormous. The population of this country is also quite small. It is among the richest countries in the world for the last two decades. Here, you will come across some wonderful architecture, infrastructure, luxury shopping outlets, plus fine beaches.