What Are the Richest Countries in the World 2016?

Richest CountriesWhich is the richest country in the world 2016?

The 2015 list of the top 10 richest countries in the world includes two tiny countries and four oil-producing states overlooking the Persian Gulf. None of the emerging economies of the BRICS grouping (Brazil, Russia, India, China, and South Africa) was among the wealthiest countries.

Check out our list of the top 10 richest countries in the world 2016. This list has been organized by gross domestic product per capita in U.S. dollars.

10. Saudi Arabia

Per capita income: $56,000

Saudi Arabia has an oil-based economy with solid government control over major economic activities. Oil represents almost all of Saudi revenue and export earnings. Saudi Arabia is the world’s leading oil exporter and second-largest producer. Out of a population of 28 million, eight million are foreign expatriates.

Saudis may lose their place among the top 10 wealthiest countries soon, as the International Monetary Fund (IMF) predicted in October that the kingdom may run out of the financial assets needed to support spending within five years, if the oil price stays at its current weak levels.

9. Switzerland

Per capita income: $56,000

The producer of chocolate bars and luxury watches is one of the world’s richest economies. Its policy of long-term monetary security and political stability has helped it remain the biggest center for global offshore wealth.

Over a year ago, Switzerland’s central bank shocked financial markets by abandoning the cap of 1.20 francs per euro it had defended for three years to shield its economy from the pain of an overvalued currency. In December 2014, the Swiss central bank introduced sub-zero interest rates in an effort to make the safe haven franc less attractive.

8. United States of America

Per capita income: $57,000

The United States is the world’s largest economy with gross domestic product (GDP) estimated at $17.914 trillion as of mid-2015.

The U.S. is currently the world’s largest producer of oil and natural gas. It is one of the largest trading nations in the world, as well as the world’s second-largest manufacturer. It hosts the New York Stock Exchange, the world’s largest stock exchange by market capitalization.

The United States has a total population of 322 million, making it the third most populous country in the world after China and India.

7. United Arab Emirates

Per capita income: $68,000

The United Arab Emirates (U.A.E.) economy is the second-largest in the Arab world after Saudi Arabia, with a GDP of $570 billion in 2014. It is extremely reliant on oil, with more than 85% of its economy based on the oil exports.

6. Norway

Per capita income: $68,000

Norway has the world’s largest sovereign wealth fund.

Much of Norway’s economic growth has been fueled by an abundance of natural resources, including petroleum exploration and production, hydroelectric power, and fisheries.

With a population of more than five million, the country has a very high standard of living, compared with other European countries, and a strongly integrated welfare system.

5. Kuwait

Per capita income: $72,000

Kuwait has nearly 10% of the world’s oil reserves and it is the fourth-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC). Oil accounts for nearly half of GDP and 95% of export revenues and government income.

The Kuwaiti currency is the highest-valued currency unit in the world. One Kuwaiti dinar buys US$3.28.

This Persian Gulf state has a population of 3.3 million, with Kuwaitis accounting for only 30% and the rest being expatriates.

4. Brunei

Per capita income: $80,000

Oil revenue accounts for more than half of the GDP of this tiny, wealthy country. Substantial income from overseas investment, as well as income from domestic production, help boost the economy.

Brunei is the third-largest oil producer in Southeast Asia. It is also the fourth-largest producer of liquefied natural gas (LNG) in the world.

Brunei’s population is estimated at 418,000.

3. Singapore

Per capita income: $85,000

The world’s only sovereign island city-state is noted for its pragmatic and incorrupt governance, which together with its rapid development policies, is widely cited as the “Singapore model.”

The nation’s highly developed trade-oriented market economy has been ranked as the most open in the world and the most pro-business with low tax rates.

Singapore is also a major Foreign Direct Investment (FDI) outflow financier in the world.

With a population estimated at 5.3 million, Singapore is the second-densest sovereign state in the world, after the microstate Monaco.

2. Luxembourg

Per capita income: $94,000

Luxembourg, which is the second-smallest state in the European Union, enjoys a degree of economic prosperity very rare among industrialized democracies. It is seen as a diversified industrialized nation, largely depending on the banking, steel, and industrial sectors.

With a population of a little more than 500,000, Luxembourg is ranked the eighth least-populous country in Europe.

1. Qatar

Per capita income: $146,000

When it comes to the 2015 richest country, Qatar wins by a landslide.

The oil boom was the major monetary source of this southwest Asian state, which is ranked as the world’s largest exporter of LNG. Petroleum and liquefied natural gas are the cornerstones of the nation’s economy and represent more than 70% of its total revenue, more than 60% of GDP.

Qatari nationals account for a mere 12% of the total population of 2.2 million.

Before the emergence of its petrol-based industry, Qatar was a poor pearl fishing country. Today, Qatar is a significant power in the Arab world.

Rank Country Per Capita Income
1 Qatar 146,000
2 Luxembourg 94,000
3 Singapore 85,000
4 Brunei 80,000
5 Kuwait 72,000
6 Norway 68,000
7 United Arab Emirates 68,000
8 United States of America 57,000
9 Switzerland 56,000
10 Saudi Arabia 56,000