There are many factors that decide "How is the wealth of a country measured?" One factor that is used by most of Economist is GDP based on Purchasing Power Parity(PPP) per capita. GDP or Gross Domestic Product is the value "how much a country earn?". There are two types of the GDP - Nominal and PPP(Purchasing Power Parity).
GDP Nominal
The GDP Nominal is calculated by the total value of finished goods and service within that country for a calendar year, using their own currency prices without adjusting for inflation or deflation.
GDP Nominal = Total National Income + Production and Services ( without correcting with inflation/ deflation)
GDP PPP (Purchasing Power Parity)
The GDP PPP gives the more accurate picture of the relative prosperity of each country, It is the measured by calculating the values (in the US Dollar) of a "basket of consumer goods" that are present in that country. For example: If you can buy a pair of shoes in the USA for 100$. You can buy the same in India for 10$. This means that the goods are less expensive in India as compare to the USA. A person earning $1000 in India will be able to buy the same goods and services as a person earning say $10000 in the USA. Thus developing countries tend to have better PPP than nominal, while developed countries have higher nominal than PPP.
These are the richest countries in the world according to their GDP (PPP) per capita. The wealth is calculated as per their PPP model. Many of the higher rankings are acquired by fuel and oil propelling economy but there are other factors that affect the ranking.
Watch on Youtube: Top Richest Countries in the World.
15. ICELAND ($52,150)
Iceland is one the most developed countries in the world. Iceland is a land of vivid climate, geography lies across beautiful mountain ranges, hot geysers. Iceland official language is Icelandic. The unit of currency used in Iceland is Icelandic krona ISK.
Geography of Iceland
Iceland is a European Country located in the North Atlantic Ocean with an area of 39,682 sq mi. The largest city of Iceland is Reykjavik which is also the capital of the country. Natural Landscape, hot springs, geysers, and volcanoes attract a large number of visitor each year which make Iceland one of the favorite destinations among the Tourist.
Economy of Iceland
Due to abundant of hydroelectric and geothermal power, about 85% of the total primary energy supplied in Iceland is produced from renewable energy sources. Iceland is the world's largest electricity producer per capita. Other sources of income include the manufacturing, agriculture, fishing, software production, biotechnology.
Best place to Visit in Iceland
The Blue Lagoon, Gullfoss Waterfall, Grundarfjordur, Myrdalsjokull Glacier, Landmannalaugar, Reykjavik, Vatnajokull National Park, Borgarnes, Asbyrgi Canyon, Skalholt, Akureyri, The Westfjords, Lake Myvatn, Thingvellir National Park, Hofn.
14. NETHERLANDS ($53,580)
The Netherlands, informally known as "Holland" is located in western Europe bordered by the North Sea in north and west, by Germany in east and Belgium in the south. and maritime borders in the north sea with Belgium, the United Kingdom and Germany.
Geography of Netherlands
The Netherlands consists of 12 provinces, Amsterdam is the capital of Netherlands. The Netherlands is a very populated dense country with an area of 16,040 sq mi and the population density of 414.5/km2. The Netherlands means low-lying country, is a low and flat country with about 26% of its area and 21% population located below sea level.
Economy of Netherlands
The Netherlands has a developed economy. The Netherlands has discovered huge resources of natural gases that generate enormous revenue to the government. Other Income sources are Agriculture, manufacturing, automobile, Electronics banking, and media.
Saudi Arabia is sovereign Arab state located in Western Asia extended across northern and central Arabian Peninsula(cover almost 80%).The Kingdom of Saudi Arabia is founded by Ibn Saud in 1932.
Geography of Saudi Arabia
Saudi Arabia has an area of about 830,000 sq mi which make it 5th largest state in Asia and 12th in the world. The largest city is Riyadh which is also capital of the country. Most part of terrain consists of desert and mountains.
Economy of Saudi Arabia
Saudi Arabia main economy is oil based, most of the revenues and earning come form oil industries. World one-fifth of petroleum reserve is present in this country. The unit of currency of Saudi Arabia is Saudi riyal(SR) (SAR).
Best Place to visit in Saudi Arabia
Rock Carving Sites, Albatoul Marine, Dumat al Jundal, Medain Saleh, King’s Fountain- Jeddah, Al Tayebat International City, Kingdom Tower, Royal Saudi Air Force Museum, Masjid Al Nabawi - Medina, Masjid Al Haram - Mecca.
12. USA ($59,500)
The United States is a highly developed country and have world largest economy by nominal GDP. It is 3rd-4th largest country in the world by total area. The capital of USA is the Washington D.C.
Geography of USA
The United States has an area of about 3,796,742 sq mi. The largest city by population is the New York City. There is the total of 50 Federal Districts. It shares the border with Canada to north and Mexico to the south.
Economy of USA
The United States has a mixed economy. The currency unit is US dollar ($) which is most used in the international transaction. It has abundant natural sources of about second-highest total estimated value to natural resources. The US is world's second largest manufacturer. Its main industries include petroleum, steel, automobile, aerospace, machinery, telecommunications, consumer goods, mining etc.
Best Place to visit in the United States
New York City, Philadelphia, Honolulu - Oahu, Maui, San Francisco, Grand Canyon, Sonama, Washington DC, New Orleans, San Diego, Kauai, Hawaii, Breckenridge, Boston, Miami, Los Angeles, Charleston, Yosemite, Seattle, Asheville, Park City, Denver, Savnaah, Big Sur, Yellowstone.
11. SAN MARINO ($60,360)
San Marino is also known as the Most Serene Republic of San Marino. It is the third smallest state in Europe. The name of the country taken from Marinus, a stonemason.
Geography of San Marino
San Marino has a total area of 23.6 sq mi (61.2 sq km). It is in the Apennines Mountains, completely surrounded by Italy. It is the fifth-smallest county in the world.
Economy of San Marino
The main source of the country economy comes from finance, industry, services, and tourism. It is one of the wealthiest countries in term of GDP (per capita). It is the only country with more vehicle than people.
Best Place to visit in San Marino
Rocca Guaita, Torre Cesta, Torre del Montale,Mount Titano,Vampire Museum,Faetano, Montegiardino, Borgo Maggiore, Serravalle, Piazza della Liberta,
Dogana,National Museum, Righi la Taverna, Palazzo Pubblico, Basilica di.
10. HONG KONG ($61,020)
Hong Kong is a Special Administrative Region of the People's Republic of China, it is governed by the principle of "one country, two system". Hong Kong is the 4th most densely populated area in the world.
Geography of Hong Kong
Hong Kong is situated in the south-eastern part of China. It has a total area of 1064 sq mi. It is surrounded by the South China Sea.
Economy of Hong Kong
Hong Kong is world's 10th largest trading economy, it has the capitalist mixed service economy. The legal tender of Hong Kong is Hong Kong dollar (HKD). Hong Kong Stock Exchange is the seventh largest in the world. The major sector of Hong Kong economy is service sector
Best Place to visit in Hong Kong
Wong Tai Sin, Victoria Peak, Soho, Lantau Island, The Buddhas, Man Mo Temple, Stanley Bay, The Tram, The Metro, Ladies Market, Mong Kok, Causeway Bay, Avenue of Stars, Kowloon Park, Upper Lascar Road.
9. SWITZERLAND ($61,360)
Switzerland(Swiss Confederation) is a federal republic in Europe founded in 1291. Switzerland is the home of the various international organization. It is one of the most developed countries in the world, with the highest nominal wealth per adult.
Geography of Switzerland
Switzerland is located in the west-central part of Europe, shared its border with Italy to the south, France to the west, Germany to the north and Austria and Liechtenstein to the east. It is landlocked country has a total area of 15,940 sq mi. Two largest cities that are the hub of the economic center are Zurich and Geneva.
Economy of Switzerland
Switzerland has the modern market economy with low unemployment and highly skilled labor force with high GDP in the world. The major sectors of the economy are tourism, financial services, high-technology products, in manufacturing. Switzerland is home to the largest luxury watch production.
Best Place to visit in Switzerland
Zurich, Lausanne, Geneva, Interlaken, Appenzell, Zermatt, Bern, Lucerne, The Matterhorn, Rhine Falls, Engadin St Moritz, Vico Morcote, Ticino, Basel, Lugano, Jungfrau Region.
8. UAE ($68,250)
UAE - The United Arab Emirates is a federation of seven states. The capital of UAE is Abu Dhabi. Dubai is the most populous city and hub of international aviation, it has world tallest man-made structure, Burj Khalifa. The official currency of UAE is Dirham.
Geography of UAE
The United Arab Emirates is situated in the middle east, share its border with Gulf of Oman and the Persian Gulf. UAE has the total area of 32,300 sq mi.
Economy of UAE
UAE has the most diversified economy, the main source of economy is petroleum and natural gas. UAE has the 2nd largest economy in the Arab world after Saudi Arabia. Tourism is another sector that adds an additional source of income after oil sector.
Best Place to visit in UAE
Bruj Khalifa, Sheikh Zayed Mosque, Hajar Mountains, Sharjah Arts Museum, Jebel Hafeet, Bastakia, Desert Safari, Duabi Mall, Mall of Emirates, Global Village, Jumeirah Beach, Dubai Creek.
7. KUWAIT ($69,670)
Kuwait is one of the smallest countries in the world. Kuwait "The State of Kuwait" is country located in western Asia.
Geography of Kuwait
Kuwait is situated in the northeast part of Arabian Peninsula. Kuwait has an area of 6,880 sq mi. Bubiyan is the largest island in Kuwait.
Economy of Kuwait
Th main source of economy is petroleum and natural gas. Kuwait has the world's 6th largest oil reserves. Kuwait currency dinar is the highest valued currency in the world. It is also considered as "Hollywood of Gulf". Kuwait attracts lots of tourists and tourism also contribute to GDP.
Best Place to visit in Kuwait
Failaka Island, Kuwait National Museum, The Seif Palace, Green Island, Kuwait Zoo, The Liberation Tower, The Kuwait Towers, Al Kout beach.
6. NORWAY ($70,590)
Norway has the 4th highest capital income in the world bank and IMF data. Norway is the only country that has lowest crime rates in the world.
Geography of Norway
Norway is the part of northern Europe comprises the western part of Scandinavian Peninsula.Norway has the total area of 148,747 sq mi. The largest city of Norway is Oslo which is also the capital of the country.
Economy of Norway
On the basis of the per-capita, Norway is the world's largest producer of oil and gas outside the Middle East. The standard of living of Norway is highest in the world. The economy of Norway is a mixed economy, it has abundant resources of petroleum, hydropower, fish, forests, and mineral.
Best Place to visit in Norway
Alesund, Tromso, Trondheim, Jotunheimen National Park, Svalbard, Oslo, Stavanger, Lofoten Islands, Bergen, Naeroyfjord, Bodø, Fredrikstad, Helgeland.
5. Ireland ($72, 630)
Ireland is the third largest island in Europe and 2nd most populous island in Europe. Northern Ireland is part of the United Kingdom. Dublin is the capital and largest city of Ireland.
Geography of Ireland
Ireland is located in the north-west of Europe. Ireland has the total area of 32, 595 sq mi of which the Republic of Ireland occupies 83% of area.
Economy of Ireland
Ireland is an open economy and as per GDP per capita, it ranks 5th position. The main source of GDP income is beverages and brewing, IT services, pharmaceuticals, chemicals and food products.
Best Place to visit in Ireland
Cliffs of Moher, Sligo, Killarney National Park, Boyne Valley, The Rock of Cashel, Dublin, Galway City, Blarney Castle, Limerick, Cork, Glendalough, The Aran Islands, County Kerry, Burren National Park.
4. BRUNEI ($76, 740)
Brunei is a small country located on the north coast of the island of Borneo in Southeast Asia. Brunei is lead by head of state Sultan Hassanal Bolkiah.
Geography of Brunei
Brunei is consists of two unconnected part with a total area of 2,226 sq mi on the island of Borneo. The total estimated population of Brunei is about half million, on which 150,000 live in capital Bandar Seri Begawan.
Economy of Brunei
Brunei has rich natural resources of oil and gas, which account 90% of its GDP. It is 4th largest oil producer in southeast Asia. Also, it is the 9th largest exporter of the liquified natural gas. Forbes also ranks Brunei as the 5th richest nation based on its petroleum and natural gas field.
Best Place to visit in Brunei
Omar Ali Saifuddien Mosque, Ulu Temburong National Park, Kampong Ayer, Pekan Tutong, Kuala Belait, Gadong, Muara, Andulau Forest Reserve, Bangar, Labi, Seria, Labi Forest Reserve, Jerudong Park, Tasek Merimbun Heritage Park, Hutan Simpan Berakas Park.
3. SINGAPORE($90, 530)
Singapore is a city-state and island country in south-east Asia. Since independence, it has become one of the world's prosperous countries. The modern buildings, skyscraper, and subway system, and tropical climate it is one of the favorite travel destinations.
Geography of Singapore
Singapore is consists of 63 islands including the main island, Pulau Ujong. The land area of Singapore is 278.6 sq mi. Singapore has increased its area size by 23%(50 sq mi) through land reclamation.
Economy of Singapore
Singapore has highly developed market economy. Along with Hong Kong, South Korea, and Taiwan. Singapore is the one the Four Asian Tigers. The unit of currency of Singapore is Singapore dollar (SGD or S$). The major sector that contributes income to its GDP is foreign exchange center, casino gambling market, oil refining, ship repair services, electronic circuit.
Best Place to visit in Singapore
Marina Bay Sands, Singapore Flyer, Gardens by the Bay, Botanic Gardens, Chinatown, Little India and Arab Street, Raffles hotel, Changi Chapel and Museum, Singapore Zoo, Fort Canning Park, Sentosa Island, Orchard Road.
2. LUXEMBOURG ($109, 190)
Luxembourg is one of the world's smallest countries situated in northwestern Europe. Luxembourg is a democratic country with a constitutional monarch, it is headed by Grand Duke Henri and is the world only remaining Grand Duchy.
Geography of Luxembourg
Luxembourg is the landlocked country in western Europe. It has an area of 998 sq mi only. It is ranked 179th in size of all the 194 independent countries of the world.
Economy of Luxembourg
Luxembourg is the second richest country in the world, with a per capita GDP on purchasing power parity (PPP) basis. Luxembourg is the world's second largest investment fund center after the USA.
Best Place to visit in Luxembourg
Echternach, Vianden Castle, Diekirch, Château de Beaufort, Luxembourg City, Moselle Valley, Mullerthal, Ardennes, Clervaux Castle, Larochette, Bourglinster, Terres Rouges, Rumelange, Hollenfels.
1. QATAR ($124, 930)
Qatar is a small middle eastern country, ranks as one of the richest countries in the world per capita. The total population of Qatar is approx. 2.27 million, giving it a total GDP of approx $ 124,930 per person which makes it the richest country in the world as of 2017(according to IMF).
Geography of Qatar
Qatar is located in Western Asia occupying northeastern coast of the northeastern coast of Arabian Penisula. It shares its border with Saudi Arabia to south and rest of its territory surrounded by the Persian Gulf.
Economy of Qatar
Qatar is a high-income economy that has world's 3rd largest natural-gas reserves and oil reserves. The country has highest per capita income in the world. Qatar is the only Arab country in the world who will host the 2022 FIFA World Cup.
Best Place to visit in Qatar
Katara Mosque, State Grand Mosque, The Doha desert, Al-Zubarah Fortress, Al Jassasiya Carvings, Al wakra Museum, The National Museum of Qatar, Barzan Tower, Doha Fort, The Museum of Islamic Art,
