How to get into the list of the richest countries in the world

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:55

It's very easy to do, you only need to have two things: a small population and a decent supply of energy resource, preferably in the form of oil or gas. And if you are unlucky and your country is without natural resources or you have a huge population, you will have to work hard.

Dealing with GDP

Gross domestic product is the value of all services and goods produced in a year on the territory of the state. GDP per capita is one of the most important economic indicators. It is simple and understandable to everyone, it is used throughout the world to determine the material well-being of countries and, most importantly, an objective comparison of them with each other. According to this indicator, the richest country in the world is annually determined.

GDP can be calculated in three ways: by revenue, by expenditure, or by value added. In recent years, a third method has been used.

It is impossible not to mention the criticism of the GDP. Even the indicator's author, Simon Kuznets, warned against the shortsightedness of using GDP growth as a measure of a country's overall welfare.

The biggest critique is accusing GDP of strategic shortsightedness: being at the top of the list of countries that create their we alth through the extraction of irreplaceable resources, speaks to the encouragement of mindless spending of natural capital.

When the US and China go together

Annual GDP is a figure in absolute terms, it shows leaders in absolute we alth. The United States has been in the lead here for a long time. In 2017, US GDP reached $19.3 trillion. This fantastic amount is quite comparable to their legendary US government debt of 20.3 trillion. The level of absolute GDP in this case is important, because it speaks about the solvency of the United States and makes this country the most desirable debtor in the world: everyone wants to lend to America - that's what the TOP of the richest countries in the world means.

China is second in terms of GDP, keeping a decent neighborhood next to the US with an annual GDP of 12.2 trillion US dollars. The next three countries are at a respectful distance from the two first world giants: Japan, Germany, Great Britain. The list goes on, Russia ranks 13th in it.

US or Qatar?

More objective is the indicator that indicates the level of we alth of each citizen within the country: GDP per capita at PPP (purchasing power parity). According to these calculations, Qatar is the richest country in the world. It beats the US in the most convincing way: $146,176 vs. $58,952. That's howlooks like a list of the 10 richest countries in the world:

1. Qatar.
2. Luxembourg.
3. Singapore.
4. Brunei.
5. Kuwait.
6. Norway.
7. UAE.
8. Hong Kong.
9. USA.
10. Switzerland.

It is interesting that five countries have a place in the list of the richest countries due to one capacious word - OIL. Qatar, Brunei, Kuwait, Norway, UAE: rich oil resources and a compact territory with a small population - this is it, the cherished deuce of the conditions for the we alth and prosperity of the country. Not everyone regards the list of the richest countries in the world as fair. It is one thing when we alth in the form of oil is obtained according to the “God sent” principle, and quite another when the well-being of citizens individually and the country as a whole is achieved through technology, skill, authority and everything that is earned by hard work.

However, there are other examples in the world: Venezuela, having vast oil deposits, managed to bring its citizens to poverty and social unrest. So the ability to effectively convert fossil resources into the real we alth of the country can also be attributed to the "skill" of states.

Do you want to live in the richest country in the world?

In Qatar - a country of deserts with rare oases, huge reserves of gas and oil.

Absolute monarchy with sharia law, including stoning and the death pen alty if anyone wants to leave Islam. Only 20% of the population are citizens of Qatar, who are en titled to huge social benefits from oil revenues. No one can get citizenship, for this you need to be a native of Qatar, there are no other ways.

"Fair" we alth

Bronze medalist Singapore has earned its place under the sun with perseverance, hard work and courage in modernizing almost all economic and political processes.

The silver medalist is Europe's richest miniature state of Luxembourg, with a population of just over half a million. Thousands of banks and investment funds are located here thanks to significant benefits, an offshore zone and a developed system of services.

Last on the list, Switzerland is characterized by extremely skilled professionals in the labor market and services of the highest quality. The Swiss are the largest importers and exporters of gold in the world, have the highest reputation in the financial world and trust in Swiss business law, which is formed by decades of excellent work.

Qatar or Denmark?

In addition to the traditional ranking of "The richest country in the world" there are many other indicators. For example, the Governance Quality Index or the Social Progress Index from the World Bank. For several years, Denmark has been the happiest country in the world, with Denmark far ahead of its closest neighbors in the Basic Human Needs rankings.

It should be noted that the oil countries from the richest ten cannot boast of high places in such ratings.

We alth is different for we alth. It is not always associated with human happiness. So it is with countries. Therefore, the question "What is the richest country in the world?" can be answered in different ways. It depends on what to take as a criterion and method of calculation.