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The richest countries in the world
India’s exponential growth in the last decade has made it the 10th largest economy in the world. But it lacks far behind (ranks 163) when you look at the richest economies in the world. China, on the other hand, comes at 89th position.
A country’s wealth is the GDP per person. This means, if the population is large the chances of developing nation to be wealthy are low. India's GDP per capita is $1498.87 (Rs 90,606.69) and China's $6807.43 (Rs 411,509.14).
Recently, The World Bank has come up with the latest figures on the wealthiest countries in the world. Let’s take a look at the top 20.
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The richest countries in the world
New Zealand
GDP per capita: $40,842
GDP: $181.1 billion
Population: 44.01 lakh (4.40 million)
The country’s economy is mainly focussed on tourism and agriculture. Industries and services sector are small. it's main trading partners include Australia, Japan, China and the US.
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The richest countries in the world
France
GDP per capita: $41,421
GDP: $2.739 trillion
Population: 6.63 crore (66.26 million)
France is the fifth-largest economy in the world. The country was affected severely with the global economic meltdown and European crisis but has managed to turnaround faster.
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The richest countries in the world
Germany
GDP per capita: $45,085
GDP: $3.593 trillion
Population: 8.1 crore (81 million)
Germany has the fourth largest economy globally and biggest in Europe. The country strikes a balance between capitalism and social policies making it a social market economy. Germany is also the founding member of European Union.
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The richest countries in the world
Iceland
GDP per capita: $45,263
GDP: $14.59 billion
Population: 317,351
The economy of Iceland is small and it can get really volatile. This was seen in the global financial crisis. That’s why government has retained control in some industries despite being the market economy.
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The richest countries in the world
Belgium
GDP per capita: $45,387
GDP: $507.4 billion
Population: 1.04 crore (10.45 million)
Belgium economy relies heavily on exports as the country has little natural resources. Exports form about two-third of the country’s GNP.
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The richest countries in the world
Finland
GDP per capita: $47,219
GDP: $259.6 billion
Population: 52.68 lakh (5.27 million)
Finland’s economy is dominated by the services sector. It ranks second, after Ireland, in high-technology manufacturing.
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The richest countries in the world
Ireland
GDP per capita: $47,400
GDP: $220.9 billion
Population: 48.33 lakh (4.83 million)
Some of the biggest companies in the world such as Apple and Google have their offices in Ireland and they cater to the entire European Union from the country. Ireland's policies help the multinationals in better tax planning. The economy of Ireland is called as knowledge economy that focuses on high-tech industries.
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The richest countries in the world
Netherlands
GDP per capita: $47,617
GDP: $722.3 billion
Population: 1.69 crore (16.88 million)
Netherlands is the 18th largest economy in the world. The country’s economy is dependant on foreign trade. Major sectors include food processing, chemicals, petroleum refining, and electrical machinery.
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The richest countries in the world
Austria
GDP per capita: $49,074
GDP: $417.9 billion (2013 est.)
Population: 82.23 lakh (8.22 milion)
Austria’s economic is similar to that of Germany’s - a social market economy. In this model the country tries to strike a balance between capitalism and social policies.
In fact, Germany has been Austria’s biggest trading partner historically and since the latter joined European Union it has increased trade with other countries.
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The richest countries in the world
Canada
GDP per capita: $51,911
GDP: $1.825 trillion (2013 est.)
Population: 3.48 crore (34.83 million)
The 14th largest economy in the world, Canada growth comes from services industries. According to Wikipedia, the sector employs three quarters of the population.
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The richest countries in the world
United States
GDP per capita: $53,143
GDP: $16.72 trillion (2013 est.)
Population: 31.89 crore (318.89 million)
The country has the largest and most technologically powerful economy in the world. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services in the private marketplace, according to CIA’s The World Factbook.
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The richest countries in the world
Singapore
GDP per capita: $55,182
GDP: $295.7 billion
Population: 55.67 lakh (5.57 million)
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment and stable prices.
The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector, according to CIA’s The World Factbook.
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The richest countries in the world
Sweden
GDP per capita: $58,164
GDP: $552 billion (2013 est.)
Population: 97.24 lakh (9.72 million)
Sweden’s economy is mainly dependant on exporting its natural resources. The main sectors include auto, telecom and pharma.
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The richest countries in the world
Denmark
GDP per capita: $58,930
GDP: $211.3 billion (2013 est.)
Population: 55.69 lakh (5.57 million)
Denmark has a diverse, mixed economy, but one that relies almost entirely on human resources, as there are few mineral resources available, except mature oil and gas wells in the North Sea, according to Wikipedia.
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The richest countries in the world
Australia
GDP per capita: $67,468
GDP: $1.488 trillion
Population: 2.25 crore (22.51 million)
The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system.
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The richest countries in the world
Switzerland
GDP per capita: $80,528
GDP: $646.2 billion (2013 est.)
Population: 80.62 lakh (8.06 million)
Switzerland has been one of the most stable economies historically. The stability of economy and it’s currency has made it one of the save haven for investors. And this means the services sector is the biggest contributor to the economy.
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The richest countries in the world
Macao SAR, China
GDP per capita: $91,376
GDP: $51.68 billion
Population: 587,914
The region, administered by China, is completely dependant on tourism and casinos are the major contributor to its economy.
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The richest countries in the world
Qatar
GDP per capita: $93,352
GDP: $213.1 billion
Population: 21.23 lakh (2.12 million)
Like most countries in the Middle East, the country’s economy is highly dependant on oil.
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The richest countries in the world
Norway
GDP per capita: $100,819
GDP: $515.8 billion
Population: 51.47 lakh (5.15 million)
The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net.
The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises, according to CIA’s The World Factbook.
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The richest countries in the world
Luxembourg
GDP per capita: $111,162
GDP: $60.54 billion
Population: 520,672
The driving force behind the country’s economy is banking and steel sector. It also benefits due to its proximity to France, Belgium and Germany.
(All GDP and Population figures are based on CIA's the World Factbook)