When do people think of The Richest Countries in the World 2021? This is because what comes to mind? And what comes to mind when people think of the world’s smallest countries? Many of the world’s richest countries are also among the smallest, which may surprise some. For example, Luxembourg, Singapore, and Hong Kong are small but wealthy countries with sophisticated financial sectors and tax regimes that help attract foreign investment and professional talent. Others, such as Qatar and Brunei, have significant hydrocarbon reserves or other lucrative natural resources. Richest Countries in the World 2021 is based on Global Finance Data.
Richest Countries in the World 2021
10. Denmark (GDP per capita $58,932 )
Denmark, as well as the rest of the Nordic countries. It prioritizes societal well-being over individualism and personal ambition, making equality a major component of interpersonal relationships and legislative decisions. That also explains why, in comparison to countries where few have a lot, and many have a lot less,
we can remark that the average Danish purchasing power is close to $60,000. Compared to countries that rely largely on manufacturing operations, the Kingdom of Denmark has a contemporary and internationally competitive service-based economy. Denmark GDP & Economic Data
9. Hong Kong (GDP per capita $59,519)
This Chinese special administrative zone is a gateway to the mainland and Asia’s top financial center, a former British colony. Hong Kong’s economy is distinguished by minimal taxation, no capital gains or inheritance taxes, no tariffs on goods, imports or exports, and complete firm ownership for foreigners who do not have to be citizens, residents, or nationals.
As a result, despite its small size of 1,104 square kilometres (427 square miles), this tiny island is remarkably diverse. According to government figures, this implies that the city’s 7.5 million residents are all poor: one out of every five lives in poverty. Hong Kong GDP & Economic Data
8. Brunei Darussalam (GDP per capita $62,371)
This is where Hassanal Bolkiah, Sultan of Brunei, lives and gets his $20,000 haircut. There are 1,788 rooms, including 257 bathrooms, a banquet hall that can hold up to 5,000 visitors, a mosque for 1,500 people, an air-conditioned stable for 200 polo ponies, 5 pools, and 18 elevators. His income, generated from the country’s vast oil and natural gas reserves, is estimated to be around $28 billion, more than 50 times that of Queen Elizabeth of the United Kingdom.
However, not everything in the Sultanate is roses, not just because Bolkiah is no longer the world’s wealthiest king, a designation he held for many years (Thailand’s King Maha Vajiralongkorn is roughly $15 billion wealthier). Malnutrition is endemic in Brunei, despite the monarch’s luxury and on-paper per-capita spending power of almost $60,000. Brunei Darussalam GDP & Economic Data
7. United States (GDP per capita $63,415 )
Did we mention that the wealthiest nations are also the smallest? Of course, this is not the situation for the United States, which, despite a challenging 2020, managed to climb into the top ten after teetering on the borderline for the better part of two decades. But did the pandemic make Americans wealthier? It varies depending on who you ask. The United States is The Richest country 2021 when it comes to the economy.
Certainly not those who lost their jobs and businesses and were left with massive medical bills and other expenditures to pay, who waited in line at food banks. Those in the top quintile of the population, earning more than $60,000 per year, we’re able to work from home in many situations, see their stock assets grow in value, and receive stimulus checks on top of that. USA GDP & Economic Data
6.Norway (GDP per capita $65,800 )
Norway’s economic engine has been driven by oil since discovering huge offshore deposits in the late 1960s. As the leading petroleum producer in Western Europe, the country has reaped the benefits of rising prices for decades. Not any longer: prices plummeted at the start of 2020, followed by a global pandemic—and the krone plummeted. Last year, the Norwegian economy shrank by 2.5 percent, the largest annual decline in more than a half-century and probably since World War Two.
Does this imply that Norwegians now are substantially poorer than they were a few years ago? Probably not, and GDP growth is expected to rise to 3.9 percent in 2021. Furthermore, Norwegians can always rely on their $1.3 trillion sovereign wealth fund, the world’s largest, to help them deal with any economic problems that may arise. Norway GDP & Economic Data
5.Switzerland (GDP per capita $72,873)
The bobsleigh, white chocolate, and, of course, the Swiss Army knife. However, the computer mouse, immersion blender, velcro, and LSD are also included. The list goes on and on: these are just a few of the inventions that Switzerland has made available to the rest of the globe. However, nowadays, this 8.6 million-strong country owes much of its income to banking and insurance services, tourism and exports of pharmaceuticals, gems and precious metals, precise instruments and machinery (from watches to medical apparatuses and computers).
Is it shocking that Switzerland has the world’s greatest concentration of millionaires? According to the most recent estimates, 9,428 (billionaires included) per 100,000 citizens, accounting for 11.8 percent of the total adult population. Switzerland GDP & Economic Data
4.Qatar (GDP per capita $93,508 )
Since the mid-2010s, oil prices have been steadily declining, sometimes dramatically. A Qatari citizen’s per-capita GDP was above $143,222 in 2014, but it was “only” $97,846 a year later, and it is currently considerably lower. Even though the country’s oil, gas, and petrochemical reserves are vast, and its population is small (only 2.8 million),
this marvel of ultramodern architecture, luxury shopping malls, and excellent cuisine has topped the list of the world’s richest nations for the past two decades. Despite this, Qatar is a country where only around 12% of the population is Qatari. Qatar GDP & Economic Data
3.Ireland (GDP per capita $ 94,391 )
Ireland appeared invincible until lately. While the rest of Europe was beset by uncertainty (Brexit, trade tensions with the United States, refugee and migrant crises, to name a few), the Irish economy continued to thrive: in 2019, while the Eurozone grew by only 1.2 percent, the Irish economy grew by over 5.9%, cementing its position as the continent’s fastest-growing country. All of that reversed in 2020.
When economic growth is more than half from prior levels, it is anticipated to pick again this year. With fewer than 5 million people, Ireland was one of the countries hardest hit by the 2008 financial crisis. The island nation regained fiscal health, increased employment rates, and saw its per capita GDP nearly double in a short period of time after implementing politically unpalatable reforms such as steep cutbacks to public-sector wages and reorganizing its banking industry. Ireland GDP & Economic Data
2.Singapore (GDP per capita $97,056 )
The richest person in Singapore is restaurateur Zhang Yong, worth an estimated $23 billion; Goh Cheng Liang, 93, the founder of one of the world’s largest paint manufacturers, is a close second with a fortune of $21.7 billion. Eduardo Saverin, the co-founder of Facebook, is in the third position with assets of almost $15 billion (to some people’s surprise). Singapore is the second The Richest Countries 2021
He departed the United States in 2011 with 53 million shares of the firm and became a permanent resident of the island nation. Saverin chose Singapore not simply for its metropolitan attractions or natural wonders but also because it is a wealthy fiscal haven with tax-free capital gains and dividends. But how did Singapore become so prosperous? When the city-state became independent in 1965, one-half of its population was illiterate. Singapore GDP & Economic Data
1.Luxembourg (GDP per capita $118,001 )
You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot again, as many do. It would be a pity, though: situated at the very heart of Europe, this nation of about 625,000 has plenty to offer, both to its tourists and its citizens. Luxembourg is the Richest Countries 2021
Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone. Yet, while both the global financial crisis and the pressure from the EU and OECD to reduce banking secrecy have had little impact on the economy, the coronavirus outbreak forced many businesses to close and workers to lose their jobs. Luxembourg GDP & Economic Data