Here are the Top 6 Richest Countries in the World to Visit.
The World Richest Countries: A stable and prosperous economy is the base on which a country frames its policies and keeps its citizens happy. There are two methods for determining how rich a country is.
To determine how rich a country is, the income of the average resident of that country, i.e the per capita income will be put into consideration.
Also, findings are based on a comparative study in between nations, using a Power Purchasing Parity (PPP) basis which is highly accurate as it takes into account not only the exchange rates between currencies, but also the relative cost of living and inflation rates.
These countries listed below have been able to endure the toughest of weathers and managed to keep their economy afloat and make their citizens rich.
Qatar
Having a whopping $104,750 per capita income, Qatar is currently the richest country in the world. 85% of the country’s income is from petroleum and associated products. The government has initiated projects to turn Qatar into a leading global tourist destination in the world.
As far as statistics are concerned, Qatar manages to make eyeballs bulge- it has an unemployment rate of less than 0.5%! Qatar’s growth percentage has been in double-digits in the past 5 years. Severe penalties are in place for tackling corruption and other illegitimate practices.
Foreign companies operating in Qatar are subjected to a flat tax rate of 10%. Being the FIFA World Cup hosts for 2024, Qatar has exploded into the perfect host nation that the participating nations can look forward to.
Luxembourg
With a high degree of economic resilience, competitiveness, excellent protection of property and intellectual rights are what characterize Luxembourg. Luxembourg was one of the founding members of the European Union, 1957.
From an industrial economy to a mixture of manufacturing and services economy, Luxembourg made the transition quite smoothly. In the recent past, efforts have constantly aimed at turning Luxembourg into an e-commerce hub as well.
Singapore
Singapore is one of the most financially stable countries in the world and is the gem of South East Asia. The per capita income of $61,560 has given the country a spot in the list of richest countries for Singapore.
Be it living standards, technological advancements or even opportunities, Singapore has taken surging leaps in every field.
An efficient macroeconomic policy coupled with favourable legal, political environment have contributed to Singapore’s success.
Its openness to global investment has made the financial sector a highly competitive one. With a top income tax rate of just 20%, the tax burden in Singapore is quite bearable.
Norway
With a meagre population of 4.9 million and boasting of per capita income of $56,670, the Norwegian government has effectively accumulated assets resulting from hydrocarbon production.
Transparency and open economy are two key factors that have contributed to the growth of the nation. The legal framework is of the highest order providing excellent protection of rights and containing corruption.
Its major trade components are fisheries, metal and oil; although it sailed through the economic crisis smoothly, its exposure to economic problems is still a concern considering more than 80% of its trade is with EU members. Norway’s effective economy is reflected in the fact that it takes a mere week to start a business.
Brunei Darussalam
You have probably never heard of a country like this but this is one of the Richest Arab countries. Brunei is the perfect example of foreign and domestic entrepreneurship, progressive government regulation and welfare measures concoction.
Half of the GDP is made up of crude oil exports, natural gas and revenues from the petroleum sector. The per capita income of Brunei is $54,000 and ample amount of money from overseas investments supports that generated through domestic production.
The government provides medical services; food and housing is highly subsidized. Brunei is the third largest producer of oil in South-East Asia. Owing to the low population of Brunei, the standard of living is very high.
Hong Kong
A small nation having an extremely efficient and transparent legal framework Hong Kong, with a per capita income of $52,220, is a hub of global investment and trade. Hong Kong has an extremely sound work culture and a highly motivated workforce.
Hong Kong’s Low corruption, developmental trade relations with China have all contributed to the her growth. One of the most competitive and resilient economies in the world, Hong Kong, however, has been threatened by populist policies of the government that favours the bureaucracies.
Owing to the independence of the judiciary from legislative and executive branches of the government the corruption has been contained to a minimum. Tolerance for offenders is low and this promotes the integrity of the government. Hong Kong also has the sixth-largest stock exchange in the world.
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Source: CSN Team.