Top 10 Richest countries of the world in 2017. A country has to have ample resources to carry out development programs for the welfare of its people. The citizens have to enjoy high standard of living with good education, health, human development, infrastructure, economic equality. Social and Political well-being is also essential for a country to have substantial growth.
List of Top 10 Richest countries in the world in year 2017
Here is the list of Top 10 Richest countries in the world in year 2017 that are very prosperous and have recorded highest GDP as per the list by IMF:
One of the powerful economies in the world, Switzerland is a small country, mostly dependant on Manufacturing. It is the twentieth largest exporter in the world with products like chemicals, watches, health and pharmaceutical goods, musical instruments etc. It is one of the most developed richest countries in the world and has placed itself in top spots in several metrics of national performance. It has a GDP of $59,150 and is considered to be a stable, high- tech economy that is a home for companies like Novartis, Nestle, ABB, UBS AG, Tetra Pak, Swatch and many more.
9. The United States of America:
This country comprises of 50 states, the federal district of Washington, D.C, five major territories and various possessions and thus is a federal republic. It is the third most populated country in the world and has a diverse ethnicity and culture as a result of immigrations owing to the job opportunities and development. It is the world’s largest economy by nominal GDP as a result of having high productive population and abundant natural resources. It is the second largest exporter and the largest importer in the world. It is the largest military power and a frontrunner in manufacturing.
8. Hong Kong:
A country known for its skyline and deep natural harbour, Hong Kong is one of the world’s chief international financial centre. It is a capitalist service economy characterized by low taxation and free trade and ranks as 44th largest economy in the world. It has world’s seventh largest Stock Exchange market and is a spearhead in IT, financial, management, business consultation and professional services. Hong Kong Dollar is one of the most traded currencies in the world. The country is cited as one of the most popular travel destination for international tourists.
7. The United Arab Emirates:
The richest country of the world UAE Constituted by seven emirates Abu Dhabi, Ajman, Dubai, Fujairah, Ras-al-Khaimah, Sharjah and Umm al-Quwain, the UAE has the second largest economy in Gulf Cooperation Council after Saudi Arabia. It has a diversified economy but very much reliant on oil and natural gas. The country has most advanced and developed infrastructure that the world has ever witnessed. Among the emirates, Dubai has been the most popular travel destination, an international aviation hub and accounts for the major fraction of UAE’s tourism economy, others being Abu Dhabi and Sharjah.
This Richest European country ranks as the second richest country in the world in monetary value, with largest capital reserve per capita of any nation. Its sixth highest GDP in the world is the result of abundance of petroleum, natural gas, minerals, lumber, hydro-power, sea food. It has a mixed economy featuring a combination of free market activity and a large state ownership in various sectors. It is the well-functioning and stable country in the world and has a higher standard of living than any other country in the world.
Brunei is a small but richest country in South East Asia whose economy is a mixture of foreign and domestic entrepreneurship, village tradition, welfare measures and government regulations. About 90% of the country’s GDP is accounted by Crude oil and natural gas production. The country is the ninth-largest exporter of natural gas in the world. The country however depends on import of agricultural products, motorcars, electrical goods from other countries. Royal Brunei Airlines that operates from Bandar Seri Begawan, is trying to develop Brunei as a modest hub for international travel between Europe and Australian continent.
It has a petroleum-based economy as its world’s sixth largest petroleum reserve accounts for about half of GDP. Other industries include shipping, water desalination, banking and other financial services. It is the most democratic country in the Arab World and fourth richest country in the world based on per capita income. Its currency Kuwait Dinar is the highest-valued unit of currency in the world. It has one of the world’s highest Human Development Index ranking in the Arab World. Its development was hindered after Iraq invasion and in the recent times because of political instabilities. The Kuwait Investment Authority is the 5th largest sovereign wealth fund in the world and the country has always lent annual aids to nations like Egypt, Syria, Jordan and Palestine Liberation Organization as well.
This Richest Nation Popularly known as the Lion City, the Red Dot, the Garden City, Singapore is the world’s only island city-state. The country has a GDP is about $82,762 and its highly developed market economy is known as one of the freest, most innovative, most competitive and most business-friendly. It also has one of the highest per capita incomes in the world with low taxes. Singapore has been a global commerce, finance, and transport hub. The nation has taken top standings in rankings for “most technology ready”, “city with best investment potential”, “most-competitive country”, “largest oil refining and trading centre”, “largest foreign exchange centre” and many more. It is one of the least corrupt countries and their development policy is renowned as ‘Singapore Model’.
Officially called the Grand Duchy of Luxembourg, this nation is the world’s second largest investment fund centre and the most important private banking centre in the Eurozone. It has a GDP of $100,991 accounted by diversified industries including chemicals, rubber and other products. Banking and other financial services also account for major fraction of economic output and is the prominent centre for reinsurance companies. Quality of life index is high in this country and unemployment rate is very low. It has a stable and high-income market economy featured by steady growth, low inflation and a high level of novelty. Luxembourg City is the one of the three capitals of European Union and is a seat for various institutions and agencies of the European Union, including European Court of Justice. Its culture is highly influenced by its neighbours, making it a combination of French and Germanic cultures.
State of Qatar is a high income economy and has the highest per capita income in the world. The nation’s economy is backed by the world’s third largest oil and natural gas reserves, earlier being fishing and pearl hunting. It has a fame of having high standard of living with lowest tax rates in the world for its citizens. Unemployment rate in the country is as less as 0.1% and is considered to be a country with very high human development index. It has the highest GDP in the world that is $145,894. It is a developed country which also has industries like Urea and ammonia fertilizers, steel plants, petrochemical plants, besides Oil and Natural gas refineries. Although there has been a discovery of large natural gas reserves off Qatar’s North-East coast, it is estimated that the nation’s oil fields will be depleted by 2023. Thus, the country has made investments on renewable resources under National Vision 2030 mission. Qatar will be prestigiously hosting the 2022 FIFA World CUP in its land. Qatar is the most richest country in the world of 2017.
This list featured the richest countries in the world 2017 that are very prosperous with well-developed infrastructure, facilities and high standard of living. The Gross Domestic Product of these countries was considered in the list and abundant natural resources and productive manpower are found to be the keys to their richness.