This map shows the top ten richest countries in the world calculated as per their Gross Domestic Product (GDP) divided by the mid-year or average population of each country in that year, to arrive at the GDP at Purchasing Power Parity per capita (PPP) for the year.
Qatar tops the list, with an adjusted annual income of $146,011.85 (£102,174.78) per person. This is far higher than second-placed Luxembourg, with $94,167.01 (£65,965.46) per person. Britain is in 27th place, with an average annual income of £27,478.05. At the other end of the scale, the world's 10 poorest countries are all in Africa. The average annual income in the Central African Republic is just $639.937 (£448.22).
1.Qatar
Qatar tops the list of the 10 richest countries in the world because of its record-breaking GDP per capita, which is $146,011.85 (£102,174.78) The country has a well-evolved oil exploration industry and is considered the mainstay of Qatar's economy. It is striking to note that the petroleum industry contributes over 62% towards the government revenue, approximately 92% towards export earnings, and over 60% towards GDP. Qatar is also one of the nations that have invested hugely in British property and firms.
2.Luxembourg
Luxembourg with just half a million population ranks number second in the list and has per capita GDP of $94,167.01 (£65,965.46), which is multiple times of the world average. The cornerstone of this powerful economy is its exuberant financial sector (with bank holdings almost 20 times of its GDP size), ever increasing and diversified industries to include – steel, rubber, chemicals, etc. and its judicious fiscal policies. Its proximity to Belgium, France, and Germany is also a crucial factor for the prosperity and economic growth of the nation.
3.Singapore
Singapore, officially known as the Republic of Singapore, is the tiny and self-governing city-state of Southeast Asia. Ranked as the third richest country in the world, it has per capita GDP of $84,821.40 (£59,418.71) and is one of the world's leading centers for commerce. The foundation of Singapore's wealth is its service sector for finance (the fourth largest financial center), its liberal economic ground that promotes innovation and growth, and its export industry for chemicals. Moreover, the country has the world's second busiest port that exported $414 billion of commodities in the year 2011. In 2014, it handled 33.9 million 20-foot containers.
4.Brunei Darussalam
The world's fourth richest country, Brunei, has extraordinary wealth owing to its extensive natural gas and oil reserves. The per capita GDP is $80,335.27 (£56,276.11) and the data indicates that both oil and gas reserves contribute more than 70% towards the nation's economy and around 90% of exports in terms of revenue. Moreover, the country seeks to encourage more and more investment, becoming self-sufficient in the food sector, and observing high standards of administration in both the private and public sectors.
5.Kuwait
Kuwait - Fifth Richest Country in the World is a small but wealthy economy. The country's crude oil reserves, which are about 102 billion barrels, form more than 6% of the world reserves. The per capita GDP is$71,600.96 (£50,157.59).Oil sector dominates the economy. Petroleum accounts for over half of the GDP of the country, 89% of the government income and 94% of export revenues. The Kuwait oil exports are oil products, chemical fertilizers, crude oil, liquefied petroleum gas, salt, and chlorine.
6.Norway
Norway or the Kingdom of Norway has the world's sixth highest per capita GDP $67,619.10 (£47,368.23) allowing its five million population to reap the profit of its strong economy. Having large-scale reserves of natural gas, petroleum, minerals, seafood, and fresh water, Norway is the third biggest exporter of natural gas and seventh largest oil exporter.
7.United Arab Emirates
U.A.E(United Arab Emirates) is a prosperous nation. It is an open economy and has a high per capita income. The per capita GDP of U.A.E(United Arab Emirates) is $67,201.88 (£47,075.96). The small nation has 10% of the world's total supply of oil reserves and the world's fifth largest natural gas reserves. Oil, which is the mainstay of the U.A.E(United Arab Emirates) economy, accounts for around 30% of the country's GDP.
8.Hong Kong
A free market economy and one of the world's leading financial centers, the per capita GDP of Hong Kong is $57,676.79 (£40,403.49). As per the Index of Economic Freedom, Hong Kong has had the highest degree of economic freedom in the world. Close ties to mainland China, virtually no public debt, a sound banking system and a huge amount of foreign exchange reserves are some of the positive points of the economy of Hong Kong.
Gross Domestic Product (GDP) is the total market value of all goods and services produced in a country in a given time period. In the rankings of the World's Top 10 Richest Countries based on GDP (PPP) per capita for the year, Qatar is placed first, with Luxembourg placed second. Qatar is an oil-rich country in the Middle East with an abundance of natural resources, such as natural gas.
9.United States Of America
The United States of America is the richest in terms of holding financial control over the economy of the entire world.
Its GDP is$57,045.46 (£39,961.23) and has a population of 313.9 million. The capital of the United States of America in Washington D.C. and is the center of attraction for people from the entire world.
10.Switzerland
Switzerland is among those nations that have the world's most stable economy with per capita GDP of $58,730.92. The keys to the nation's economic livelihood include Swiss banking and financial institutions, highly evolved service sectors, dexterous labor force, and manufacturing industries based on high technology. Moreover, Switzerland has access to extraordinary capital to use for investment motives as the world's wealthiest people and companies hold Swiss Bank accounts. Also, the nation's most popular cities – Geneva and Zurich – have repeatedly appeared in the top ten list of highest living standard cities in the world.
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