This is a list of 10 richest countries in the world by gross domestic product. The list demonstrates the purchasing power parity (PPP) value of final goods to demonstrate true value of dollar within a country per year. Oil nations still dominate the list as they did in previous years.
Quick look at richest countries in the world 2015 GDP:
- Hong Kong SAR
One of the world’s leading financial centers and a free market economy, Hong Kong’s per capita GDP is $56,428.07. According to the Index of Economic Freedom, Hong Kong has the highest degree of economic freedom across the globe. With a sound banking system and virtually no public debt Honk Kong has tied close to mainland China and an enormous amount of foreign exchange reserves also contributes immensely to the economy of Hong Kong.
Switzerland has the world’s most stable economy with GDP per capita of $58,730.92. The key to Switzerland’s economic livelihood include Swiss financial and banking institutions, skillful labor force, highly evolved service sectors and high technology based manufacturing industries. Furthermore, Switzerland also has access to huge capital to utilize for investment motives as some of the wealthiest companies and people in the world hold Swiss Bank accounts.
- San Marino
San Marino is on 8th position of our richest countries in the world list. With $61,836.32 per capita GDP, San Marino’s economy is largely focused around industries like electronics, banking, paints, tiles, furniture, ceramics and wines. While the conventional economic activities in San Marino include stone quarrying, food crops and sheep farming, the contemporary activities focus on grain, vines, animal husbandry and orchards. On the whole, the financial and manufacturing sectors account for over half of San Marino’s GDP.
- United Arab Emirates
UAE is an affluent nation. It has a high per capita income and is an open economy. UAE’s per capita GDP is $65,149.04. This small nation has 10% of the total supply of oil reserves in the world and the 5th largest natural gas reserves in the world. Oil, which is the foundation of UAE’s economy, accounts for about 30% of UAE’s GDP.
The richest countries in the world 2015 GDP list has Norway at 6th position having the 6th highest per capita GDP of $67,445.20 – allowing its 5 million population to get the profit of the strong economy. Norway has extensive reserves of petroleum, natural gas, seafood, minerals and fresh water. The country is the 7th largest oil exporter and 3rd biggest exporter of natural gas.
Amongst all richest countries in the world 2015 – Kuwait is the 5th Richest Country. Kuwait has a small yet wealthy economy. Their crude oil reserves are about 102 billion barrels, which form above 6% of the world reserves. Kuwait has $70,913.56 per capita GDP. The country’s economy is dominated by oil sector. Petroleum accounts for more than half of the GDP of Kuwait, 94% of export revenues and 89% of the government income.
- Brunei Darussalam
The world’s 4th richest country is Brunei having an extraordinary wealth on account of its extensive oil and natural gas reserves. With a per capita GDP of $72,370.45, both gas reserves and oil contribute above 70% towards the nation’s economy and about 90% of exports in revenue. Additionally, the country aims to encourage progressive investment, becoming autonomous in food sector.
Singapore is a small self-governing city state in Southeast Asia. Among the richest countries in the world by GDP Singapore is ranked at third position, the per capita GDP is $85,198.16. Singapore is one of the leading centers for commerce in the world. The basis of wealth in Singapore is its service sector for finance, its noninterventionist economic ground that promotes growth and innovation, and its export industry for chemicals.
Luxembourg has just half a million population and ranks on second position in the list of richest countries in the world 2015. Luxembourg’s per capita GDP is $93,173.61, which is manifolds the world average. The foundation of this powerful economy is its strong financial sector, rising and diversified industries including –rubber, steel, chemicals etc. and its astute fiscal policies..
Qatar aced the list of richest countries in the world 2015 GDP. Its top position is owed to its record breaking $143,532.45 GDP per capita. The country has a sound and evolved oil exploration industry and Qatar is the stronghold of Qatar’s economy. It is remarkable to note that the petroleum industry contributes above 62% towards government’s revenue, above 60% towards GDP and around 92% towards export earnings.