The Top 10 Richest Countries in the World

This is a list of the top 10 richest countries in the world by GDP per capita.

10 – Saudi Arabia – $51,924 GDP per capita

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Saudi Arabia has an oil-based economy. The country also possesses 18% of the world’s petroleum reserves and ranks as the largest exporter of petroleum.

 

9 – The United States – $54,630 GDP per capita

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While having the world’s largest economy and the third highest population with 325,735,473, it is surprising that the country can maintain a per capita GDP of $54,630. The reasons why are because of their automotive industry and their technological sector.

 

8 – Switzerland – $57,235 GDP per capita

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The reason that Switzerland is eighth on the list is because of the Swiss banking and financial institutions. Some of the wealthiest people and companies in the world own Swiss bank accounts. Switzerland’s most well-known cities (Zurich and Geneva) is ranked among the top ten highest living standard cities in the world and Swiss is also ranked first in best country.

 

7 – Norway – $64,856 GDP per capita

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With an economy driven by fishing and major oil and petroleum exploration, Norway is seventh on this list. Norway is also the eighth largest exporter of crude oil, 9th largest exporter of refined oil, and 3rd largest exporter of natural gas in the world.

 

6 – The United Arab Emirates – $67,674 GDP per capita

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With a population of about 9.4 million people and land area of about 32,278 sq. miles (which means it can easily fit inside New York State, which is 54,556 sq. miles). A third of the economy comes from oil revenues, while the other two-thirds are from the service sector and telecommunications.

 

5 – Brunei – $71,185 GDP per capita

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Located in Southeast Asia, Brunei is a small country with a wealthy economy. It is supported by exports of crude oil and natural gas. They also have a population of 434,448 people.

 

4 – Kuwait – $73,246 GDP per capita

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Kuwait is a small country. There population as of 2016 is 4.2 million, but only 1.3 million are Kuwaitis the other 2.9 million are expatriates. The highest-valued currency in the world is the Kuwaiti dinar. Kuwait also as 10% of the world’s oil reserves and the petroleum accounts for nearly half of the GDP and 95% of government income.

 

3 – Singapore – $82,763 GDP per capita

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Singapore is a tiny city-state with a population of 5,784,538. The reason Singapore is third on this list is because of it financial services sector and a chemical export industry. Singapore also has the second busiest port in the world, exporting $414 billion of goods in 2011 alone.

 

2 – Luxembourg – $97,662 GDP per capita

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Luxembourg is a small country in western Europe with a strong economy, held up by its financial sector, fiscal policies, and industrial and steel sector. Banking in Luxembourg is the largest sector of its economy with an asset base of over $1.24 trillion.

 

1 – Qatar – $140,649 GDP per capita

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Qatar is a small country located western Asia with a small population of 2,338,085. Qatar has an oil exploration industry where the petroleum industry accounts for 70% of its government revenue, 60% of its GDP and 85% of its export earnings. Because of the country’s wealth and economy, it has been chosen to host the 2022 FIFA World Cup, the first Arab nation to do so.

I hope you liked this list. Some of you may have been surprised by this list and in the next post will be about how the countries got this way.

-BigHomie  age 12

 

The Top 5 Poorest Countries in the World

In 2016, all five of the world’s poorest countries are in Africa. These countries are mostly ruled by authoritarian regimes, and corruption is widespread. These countries are compared by their Gross Domestic Product (GDP) per capita, which is one of the primary indicators used to figure out the health of a country’s economy. In this article, GDP is measured in International Dollars.

  1. Central African Republic (CAR)

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This country became independent from France in 1960 and has had a democratically elected president since then. The current president of CAR is Faustin-Archange Touadéra, who has been president since March 30, 2016. The Central African Republic has a GDP per capita of $639.

2. Democratic Republic of the Congo (DRC)

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Although the DRC contains a large amount of natural resources, it is still the second poorest country in the world. Right now the country is experiencing severe political unrest. President Joseph Kabila has been in office since the death of his father in 2001. The Democratic Republic of the Congo’s GDP per capita is $753.

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3. Burundi

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Burundi is a small country that has been dealing with civil war, and Hutu-Tutsi ethnic conflict. The president of Burundi is Pierre Nkurunziza who won a third term last year. Burundi’s GDP per capita is $951.

4. Liberia

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Africa’s oldest republic is focusing their attention on next year’s presidential election, until then President Ellen Johnson Sirleaf will remain in office. Since their civil war in 2003, the country has had peace and stability. Despite the recent stability, its economy is struggling to find its feet after the ebola crisis. Liberia’s GDP per capita is $934

5. Niger

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80% of Niger is covered by the Sahara desert and is a rapidly growing population. The main drivers of their economy are gold and uranium, so the economy is at risk because of price shocks as well as droughts and floods. The president of Niger is Mahamadou Issoufou who has been president since April 2011. Niger’s GDP per capita is $1,069.

It seems that Africa is still struggling with poverty. Two of the countries, Niger, and the Central African Republic have persistent droughts. Reading this does not mean there aren’t any wealthy parts of Africa like Nigeria, South Africa, and Egypt. But we need to know what is wrong with Africa as much as we know what is great about the United States. In my next post, I will explain how these countries became the way they are today.

-Lexi