A country’s wealth is measured by it’s GDP, or Gross Domestic Product, which is essentially the size of a country’s economy. GDP is measured per capita, meaning that the total output of a country is divided by the number of people living in the country, which is a reliable indicator of how economically successful or “rich” that country is. Here is a list of the top ten richest countries in the world in 2014, based on their GDP per capita in U.S. Dollars. All GDP figures are expected estimates for 2014 from the International Monetary Funds World Economic Outlook database.
With an expected per capita GDP of $53,118 for 2014, Canada holds 10th place as one of the richest countries in the world. Canada’s main exports and main sources of income are crude oil and petroleum products, vehicles/components, and gold. Together, these products total $178.7 billion in value, greatly contributing to making Canada among the richest countries in the world.
Located in South-East Asia, the country of Singapore is expected to have a GDP per capita of $53,671 in 2014, putting it only slightly ahead of Canada. Singapore’s wealth stems from it’s manufacturing and exportation of electronics and fuel, as well as other chemicals. With a population of about 5.5 million, Singapore comes in 9th in the top ten richest countries in the world.
8) United States
The United States, widely recognized as one of the wealthiest and most powerful countries in the world, has an expected per capita GDP of $54,609 for 2014. One of the largest manufacturers in the world, the U.S.’s main exports include machinery of all kinds, weaponry, oil, and electronics. Exports rake in an average of $1.2 trillion per year for the United States, greatly helping this country to earn the spot of the 8th richest country in the world for 2014.
Located in North-Eastern Europe, Sweden’s expected GDP per capita in 2014 is projected to be $59,595, making this country the 7th richest country in the world. Some of Sweden’s main industries include motor vehicles, pharmaceuticals, and telecommunications. Because Sweden did not actively participate in WWII, it did not have to rebuild it’s economy foundation or banking system after the war, as many other European countries did. This allowed Sweden to get a leg up in the economic race, and increasingly accelerate it’s growth and standard of living to where it is now; the 7th richest country in the world.
Denmark is a medium-sized country of about 5.5 million residents, located in Northern Europe. Denmark’s expected per capita GDP is about $60,256 for the year 2014. With a very small amount of mineral resources, Denmark relies heavily on human resources for it’s wealth. This country’s main exports are machinery, chemicals, and agricultural products. Having virtually no foreign debt, the lowest income inequality in the world, and the highest minimum wage in the world, Denmark’s economy is one of the most stable and financially forgiving, making this country a very attractive place to live, and placing it as the 6th richest country in the world in 2014.
With an estimated per capita GDP of $62,127 for the year 2014, Australia is the 5th richest country in the world. Australia is among the largest capitalist economies in the world, and retains a total wealth of $6.4 trillion. Australia’s most prominent exports are minerals (such as gold, coal, and iron ore), and agricultural products, most of which are exported to East Asia.
Located in Eastern Europe, Switzerland boasts a per capita GDP of $82,971. Switzerland’s primary exports(accounting for 50% of GDP) include medicinal and pharmaceutical supplies, clocks and watches, machinery, and tools. A large portion of Switzerland’s wealth also comes from farming, banking, and tourism, all of which contribute to making Switzerland the 4th richest country in the world in 2014.
Located in Northern Europe,Norway’s expected GDP per capita for 2014 is $102,331. Norway’s wealth comes from the country’s plethora of natural resources. Norway’s largest exports include petroleum, metals, machinery, and fish. With such a heavy concentration of highly demanded resources in this country, it is no mystery why Norway is expected to be the 3rd richest country in 2014.
Qatar is a peninsula located on the persian gulf, in Middle-East Asia. This country’s projected per capita GDP for 2014 is $105,637, only slightly above that of Norway. Qatar earns most of it’s wealth from natural resources, particularly petroleum, which makes up 85% of the country’s exports. Qatar also produces a large amount of natural gas and steel. These lucrative resources bring in a huge profit for Qatar, and in 2014 this country is expected to be the 2nd richest Country in the world.
And finally, the country expected to be the number one richest country in the world in 2014: Luxembourg. With a staggering per capita GDP of $115,542 for the year of 2014,Luxembourg relies heavily on profits from banking, as well as steel,industrial sectors, and telecommunications. Luxembourg also has some of the lowest taxes in the world, which attracts very wealthy residents and further contributes to the country’s wealth, and ultimately to making it the richest country in the world in 2014