Economy

The 10 Richest Countries in the World | NewsRozana

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Most of the countries at the top of a new list of the wealthiest in the world are not among the biggest or the mightiest. Many are among the smallest: Consider Luxembourg, which tops the list published by Global Finance.

Singapore, Ireland, Qatar, Macao and Switzerland follow the world’s only grand duchy.

The indicators of a nation’s wealth can vary from one ranking to another — thus the differences among them — but often include a country’s Gross Domestic Product, or GDP (goods and services produced by a country during one year), the GDP per capita (the average amount of money that each person in a country earns in a year) or the gross national income, or GNI.

Here, for example, are the 10 richest countries in the world based on the International Monetary Fund’s data:

  1. United States ($18.6 trillion)
  2. China ($11.2 trillion)
  3. Japan ($4.9 trillion)
  4. Germany ($3.4 trillion)
  5. United Kingdom ($2.6 trillion)
  6. France ($2.5 trillion)
  7. India ($2.2 trillion)
  8. Italy ($1.8 trillion)
  9. Brazil ($1.8 trillion)
  10. Canada ($1.5 trillion)

The “pandemic effect.”

In any case, for 2022, all indices had to be adjusted due to the effects of the global Covid-19 pandemic that forced many businesses to close or reduce their activities and exponentially expanded the possibilities of remote working, among other changes.

The Grand Duchy of Luxembourg weathered the pandemic much better than its European neighbours.

In 2014 “the country topped the $100,000 mark in per capita GDP,” Global Finance notes. “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.”

Luxembourg is a small, landlocked country in western Europe bordered by Belgium, France, and Germany. With a population of 642,371, Luxembourg is the only Grand Duchy in the world.

Its GDP per capita of $140,694 makes it the world’s most prosperous. The unemployment rate is just over 5%, and the average life expectancy is 82 years. Healthcare, education and public transportation are free for all citizens.

The government of Luxembourg is stable and efficient, and the country enjoys political and economic stability and a high standard of living.

Luxembourg hosts significant multinationals, including Skype and Amazon.

Along with Luxembourg, 10 European countries appear among the 20 wealthiest. Here is the list:

  1. Luxembourg, GDP: $140,694
  2. Singapore: $131,580
  3. Ireland: $124,596
  4. Qatar: $112,789
  5. Macao, SAR (Special Administrative Region): $85,611
  6. Switzerland: $84,658
  7. United Arab Emirates: $78,255
  8. Norway: $77,808
  9. United States: $76,027
  10. Brunei Darussalam: $74,953
  11. Hong Kong, SAR: $70,448
  12. San Marino: $70,139
  13. Denmark: $69,273
  14. Taiwan: $68,730
  15. Netherlands: $68,572
  16. Austria: $64,571
  17. Iceland: $64,621
  18. Andorra: $63,600
  19. Germany: $63,271
  20. Sweden: $62,926

Whether these list weather the current global turmoil unaffected remains to be seen. The most recent World Economic Outlook Update from July 2022 by the International Monetary Fund offers a “Gloomy and More Uncertain” view of the world’s economic situation:

“Increasingly gloomy developments followed a tentative recovery in 2021 in 2022 as risks began to materialize.

Global output contracted in the year’s second quarter, owing to downturns in China and Russia, while US consumer spending exceeded expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide––especially in the United States and major European economies––triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.”

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