The richest countries in the world can be measured by GDP per capita. According to a report by World Atlas, Qatar is the richest country in the world. Luxembourg, Singapore, Brunei and Ireland secure the second, third, fourth and fifth spot respectively in the list of the world’s wealthiest places.
The following are the world’s 5 wealthiest countries by gross domestic product per capita.
Qatar – $124,930 GDP (PPP) per capita
Qatar is the richest country in the world with a per capita income of $124,930. Qatar has a massive oil exploration industry. The petroleum industry accounts for 70% of its government revenue, 60% of its GDP and 85% of its export earnings. Moreover, the country’s relatively low population of two million results in a large GDP per capita, where most residents of the country have a very high standard of living.
Luxembourg – 109,190 GDP (PPP) per capita
Luxembourg takes second place with a per capita GDP (PPP) of $109,190. This is nine times the world average. The backbone of this strong economy is its vibrant financial sector, efficient fiscal policies, and advanced industrial and steel sectors. Banking in Luxembourg is the largest sector of its economy with a worth of over $1.24 trillion alone.
Singapore – $90,530 GDP (PPP) per capita
This small city-state has 3rd spot per capita income (PPP) of $90,530, which is five times the average per capita income for an ordinary individual in the world. The basis of Singapore’s wealth is its financial services sector, a chemical export industry, and its liberal economic policies that encourage growth and innovation.
Brunei – $76,740 GDP (PPP) per capita
Brunei ranks as the fourth richest county in the world. It has a total area of 2,226 sq mi and a population of 417,200 as of July 2015. The county’s wealthy economy is largely dependent on the petroleum sector. Brunei is the ninth-largest producer of liquified natural gas in the world as well as the third-largest oil producer in Southeast Asia.
Ireland – $72,630 GDP (PPP) per capita
Ireland has a per capita income of about $72,630 with a population of about 4.8 million people. The main industries that drive its economy are textiles, mining, and food production.