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2022-02-12 14:21:37

TOP richest countries in the world 2021 Rankings

TOP richest countries in the world 2021 Rankings

At the moment, 196 states are officially recognized by experts. Many believe that the richest of them can be identified with the help of gross domestic product (GDP). However, it is erroneous to build this rating based only on the final cost of goods and services produced by the country for the year. 

Unfortunately, a high volume of GDP is not a guarantee of a high standard of living for every citizen. For example, the population of China exceeds 1.4 billion citizens, but even with a very high macroeconomic indicator, there is no mass well-being in the country.

For an objective assessment in this case, it is worth relying on GDP per capita. Small countries with huge reserves of natural resources and a developed technological economy immediately become leaders. In 2022, the International Monetary Fund singled out the top ten richest countries. 

Luxembourg

It was this Western European country with a population of almost 650 thousand people that became the leader of this rating. The economic growth of the state is due to well-established trade relations with Germany, France, Belgium and foreign investments, also received thanks to large neighbors. Luxembourg has a well-developed industrial sector and financial system. 

Ireland

A territory close to the United Kingdom, consisting of Northern Ireland and the Republic of Ireland. A developed economy based on the mining industry and the banking sector fuels the well-being of every Irishman. In each field of activity, changes are constantly taking place with the introduction of the most modern technologies and innovations. Trade is the foundation of a country of about 5 million people. 

Singapore

The third place went to the southeastern state of Asia with a stable political situation and a favorable investment climate. The population of the country slightly does not reach 6 million people. At the same time, the country has a minimum level of unemployment and practically no corruption. An open and free economy attracts foreign businessmen and contributes to the active development of high technologies, medicine, tourism and the banking sector. 

Qatar

The fourth in the ranking was the neighbor of Saudi Arabia, Bahrain and the UAE - Qatar. A favorable life for 3 million people is provided by high economic growth based on the export of oil and natural gas. The ideal infrastructure in the country is provided largely due to the wealth of natural resources. Also in 2022, Qatar will become the first country in the region to host the World Cup, which will contribute to a huge influx of tourists and attract foreign investment. 

Switzerland

The most beautiful mountainous country in Europe with a high standard of living. Everyone has heard about Switzerland's military neutrality. Thanks to excellent political lines and a developed banking system, the country conducts successful trade with various countries of the world. More than 8.5 million people live in a small area. The key to the constant growth of the country's wealth was the banking sector, high-quality products and respect for every Swiss for the culture and traditions of his country. 

UAE

The United Arab Emirates is a beautiful, luxurious country with the largest economy in the Middle East and a population of 10 million people. The UAE has huge oil reserves, the sale of which accounts for 30% of the country's total GDP. The financial sector is supported by a stable tourist flow, and foreign investment is attracted due to the absence of taxes. 

Norway

The northern country has a large reserve of energy resources, but unlike the Arab countries, it maintains a high standard of living of citizens not only through the sale of oil. Norway actively exports seafood and applies new technologies for the development of industry. All 5.5 million Norwegians are not part of the European Union, but maintain excellent trade ties with other European countries. 

UNITED STATES

The United States of America ranked only eighth. A rich country with a large economy and a population of 333 million people is striking in its heterogeneity – each state has its own legislation, taxes, prices and climate. But immigrants in the United States will always find a place to start a new life quietly. 

Brunei

A miniature country of Southeast Asia with a population of about 444,000 people. The main sources supporting the economy are oil and gas.Brunei Darussalam has a comfortable climate and is located on the shores of the South China Sea. Local residents receive a good education and speak English, which is very important with a large tourist flow. Also, the country has free medicine, and the state does not levy taxes on personal income. 

Denmark

The Scandinavian European country is inhabited by 5.8 million inhabitants. In addition to the fact that it closes the top ten richest countries in the world, the state is the third in the ranking of the happiest countries in the world. A well-developed infrastructure, a strong economy, the introduction of high technologies make it possible to create favorable conditions for the life of citizens and doing business. 

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Egor Eremeev
Current material has been prepared by Egor Eremeev
Education: Westminster University (Business & Management), London.
Egor studied and lived in the UK for 8 years and graduated from the university of Westminster. He is currently the co-founder and the director of business development at Smapse Education and personally visits foreign schools and universities, interviews students studying in those institutions.
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