International Monetary Fund and World Bank rankings put Brunei, Macau, the United States, and Norway in their top ten wealthiest countries. In 2021, a minor European country took the top spot on the list.
Please take a look at rich countries' primary sources of revenue and the employment possibilities they provide to people from other countries.
The International Monetary Fund and the World Bank compute the global gross domestic product or GDP every year.
An international ranking of the wealthiest countries is created using this indicator. Their country's GDP per capita can gauge people's well-being.
In 2021, the top ten wealthiest countries included locales like Macau that foreigners had never heard of.
10. Brunei: $64,410 of GDP Per Capita
Brunei Darussalam is the wealthiest country in Southeast Asia. Oil and gas are the country's primary sources of wealth.
The International Monetary Fund (IMF) estimates that hydrocarbon exports account for more than 70% of the country's gross domestic product. As a point of reference, agriculture's GDP proportion is less than 1%.
It is the Sultan of Brunei who holds all of these positions in addition to his role as head of state. Bandar Seri Begawan, the nation's capital, is home to more than 200,000 people, or around half the country's total population.
Citizens of the sultanate are entitled to free higher education across the sultanate, not just in Brunei. This includes tuition at overseas universities. Free medical care and interest-free bank loans are also available to the people of Brunei.
Brunei's tourism industry is a top priority. To construct The Empire Brunei Hotel, the Sultan of Brunei donated $2.7 billion and 180 hectares of rainforest in 2003.
Despite the country's investment in tourism, the country's GDP is just 0.5 percent tourism-related. Foreigners are deterred by strict rules, such as the prohibition of alcohol.
9. Macau: $67,470 of GDP Per Capita
Macau, an autonomous region of China, occupies ninth place on the list of the world's wealthiest countries.
Macau is known as the “Second Las Vegas” because of its 33 casinos and the fact that one in every five people living there is working in the gaming industry.
Macau's residents are wealthier than Brunei's because they rely on tourism and casinos. 72 percent of GDP is accounted for by tourism. More than 3 million tourists visited Macau every month in 2019, according to the NextVacay ticket search website.
In 2020, when the pandemic was at its worst, 491 thousand tourists visited monthly.
8. US: $69,380 of GDP Per Capita
The United States has the world's second-largest economy, accounting for around 20% of global GDP. Pharmaceuticals, oil and gas, and other service industries account for more than 75 percent of the US GDP per capita. The automobile and airplane industries account for 20% of the total.
The United States, according to 24/7 Wall St., is the world's second-largest country in terms of total land area and natural resource reserves.
The rating's compilers gathered data on the value of discovered reserves and calculated their market value. More than $45 trillion is worth of natural resources in the United States.
According to Forbes, the United States has the most billionaires. According to Forbes, the United States is home to 724 of the world's 2,755 billionaires.
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$7.25 an hour is the minimum wage in the United States. According to several estimates, doctors, cardiologists, anesthesiologists, surgeons, and psychiatrists make the maximum money in the country: between $217,000 and $350,000 per year.
7. Norway: $69,170 of GDP Per Capita
The oil and gas industry contributes around a third of Norway's total GDP. Iron, magnesium, titanium, and aluminum are some of Norway's main exports. The country's fishery and woodworking industries are well-developed.
For men, the life expectancy in Norway is 80 years, while for women, it is 84 years, as US news organization US News & World Report reported.
Mining specialists are among those who earn the most money. In Norway, the average monthly wage is $4,880, according to the country's Central Bureau of Statistics.
Men make an average of NOK 51,630 (about €5,000) every month, while women earn an average of NOK 45,190 (approximately €4,438).
According to Transparency International, Norway was the second-least corrupt country in the world in 2021.
Gender equality is a top priority for the Norwegian government. According to Norwegian law, at least 40% of public and private company boards and directors must be women.
6. UAE: $74,240 of GDP Per Capita
Direct investment in the United Arab Emirates will total $19 billion in 2020. It has been estimated by the Financial Times that Dubai is the third most popular destination for overseas investors.
The United Arab Emirates' economic success can be attributed to the country's free economic zones, which allow foreign-owned businesses to be registered.
In some situations, foreigners can create a business in the United Arab Emirates only with the participation of a UAE national and the issue of 51 percent of the company's shares. A significant drawback of FEZs is that they can only conduct business within or outside their borders.
Agribusiness, finance, and tourism are all flourishing in the Emirate. The country's GDP is made up of 11 percent of tourism profits. With Turkey, Cyprus, and Egypt, the Association of Tour Operators of Russia has ranked the United Arab Emirates as one of the most popular holiday destinations for Russian travelers.
5. Switzerland: $78,110 of GDP Per Capita
Services account for more than 70% of Switzerland's gross domestic product (GDP). Industry accounts for 25 percent of the population, while agriculture accounts for less than 1 percent.
In the United States, the financial sector employs less than 6% of the workforce. Tourism, restaurant, and hotel businesses employ almost 75% of Swiss citizens.
There are several advantages to living in Switzerland, including high wages, stability in government, and a clean environment.
It costs €6,000 per month to live in Switzerland on an average salary of 6,538. A kindergarten teacher and a cashier at a convenience store make a monthly salary of 4,900.
A quarter of the country's 8.5 million residents are foreign-born, making Switzerland a melting pot. The HSBC bank believes that foreign employees in Swiss companies earn an average of $203,000 a year.
4. Qatar: $100,040 of GDP Per Capita
Because Qatar lacks any other natural resources, its economy is based solely on liquefied natural gas and oil exports. Half of the country's GDP comes from hydrocarbons. In the desert, there is no rain or fresh water for most of the land.
Qatar comes in fifth place in the IMD Economic Competitiveness Index. Qatar's Sheik is actively developing non-primary economic sectors.
Logistics is a sector in which the government has made investments. In the Middle East, Qatari deep water ports handle a quarter of the region's total cargo volume.
Approximately 50 million people travel through Doha Airport each year. Qatar Airways only had four planes in 1997, yet it has been at the top of the Skytrax list of the world's best airlines since 2011.
The government relies heavily on high-tech companies, including telecom and IT. Ooredoo, a Qatari telecom company, was one of the first to deploy a 5G network around the globe.
Financial aid for small and medium-sized firms like Qatar Airways is part of Qatar's growth strategy. Small business owners can borrow at a rate of 2.55 to 7% per annum.
To secure finance, most of the company's stock must be owned by a Qatari national.
3. Singapore: $107,680 of GDP Per Capita
Along with Hong Kong, Taiwan, and South Korea, Singapore is also known as one of the “Asian tigers” in Asia. In effect, it closes the world's three most prosperous countries.
The export of electronics and pharmaceutical items is a significant source of Singapore's income, but about 70% of Singapore's GDP comes from the service industry. 30 percent of the company's income comes from financial services. In terms of Asian stock markets, Singapore's SGX is one of the top ten.
According to the country's statistical agency, the average pay in Singapore is SGD 6,159, or $4,600 a month. Doctors, IT specialists, teachers, engineers, and architects are among the most in-demand occupations.
Good business and investment environment are at the heart of Singapore's prosperity. In terms of economic independence, competitiveness, and the income level of the inhabitants, the city ranks first.
2. Ireland: $111,360 of GDP Per Capita
According to the IMF, Ireland is the second-richest country in the world. The Irish economy has overtaken Singapore, Qatar, and even the United States thanks to its agricultural, food, textile, IT, and mechanical engineering sectors.
Pharmaceuticals and medical equipment are manufactured in the country.
Ireland's primary trading partner is the United Kingdom, with the United States accounting for 17% of trade and Germany accounting for 11%.
A report by Credit Suisse ranks Ireland as one of the top 10 wealthiest countries in the world, with an average worth of between $286,000 and $337,000.
There are currently 16 registered billionaires in the United States.
1. Luxembourg: $126,570 of GDP Per Capita
In addition to being the world's wealthiest country, Luxembourg is also the world's largest financial hub. The capital has more than 200 banks and more than 1,000 investment funds.
Since Luxembourg employs people from nearby nations, France, Germany, and Belgium, the country's performance is excellent. Although they contribute to GDP growth, foreign workers are not considered when calculating GDP per capita.
The minimum salary in Luxembourg is €2,257 per month, according to the National Institute of Statistics and Economic Research. Unskilled adults of working age can rely on such a salary.
It takes €5,000 a month to live comfortably. Insurance, banking, IT, and the power industries all employ some of the highest-paid specialists in the country.