What Is The Richest Country In The World?

What comes into your mind when you think about the richest country in the world and what do you also have to say about the poorest countries in the world? What separates a rich country from a poor country?

A rich country does not necessarily mean that the country is bigger in geographical size.

Taking a look at wealthy countries like Luxembourg, Singapore, Switzerland, and Ireland show that their financial system is lucrative enough to attract foreign investors.

Other countries like Qatar, Brunei, and Kuwait are wholly dependent on their reserves like oil, hydrocarbons, and very precious natural resources.

What Does It Mean To Classify a Country As “Rich”?

The wealthiest countries have sophisticated economies and these countries tend to be major exporters of particular goods such as biotechnical products, pharmaceutical products, aerospace gadgets among others.

In other words, we can say that these countries can be called industrialized nations.

There is an exception though, for smaller countries who have a limited amount of resources but yet, they can be found in the list of wealthiest countries in the world.

Such smaller countries have major control of oil in the world. They have massive oil reservations.

Wealthy Means Healthy

Most of the wealthy nations rank higher among countries with healthier people.

The normal life expectancy is at 72.2 years but most people living in wealthy nations live at least a decade longer or several years longer as compared to non-wealthy nations.

Which Country Is No.1 As Richest Country In The World?

By far, Qatar is the richest country in the world. Qatar has the largest oil reserves in the world with the exception of two other countries.

Blessed with oil, Qatar receives tens of billions of dollars every year to a population of fewer than 3 million residents.

They export 87% of the petroleum products to the world.

Thanks to their vibrant economy, the unemployment rate in Qatar stands at 0.2%, the lowest in the world!

Qatar’s GDP per capita as of 2019 stands around $60,000.