Top 10 Richest Countries Ranking In The World

welcome to the world on real let's explore together what do you think about the world's richest [Music] countries and what comes to mind when you think about the world's smallest [Music] countries many people would probably be surprised to find that many of the world's wealthiest nations are also among the [Music] tiniest the measure of a nation's wealth and stand standard of living goes beyond just its gross domestic product GDP while GDP indicates the overall economic output of a country it fails to consider factors like income inequality and purchasing power parody PPP per capita GDP calculated by dividing the GDP by the population provides a more accurate representation of indiv ual wealth potential however even this metric has limitations as it doesn't account for cost of living differences between countries but a balance between economic wealth and social equality is essential for a truly prosperous Society here are top 10 richest countries in the world in terms of GDP and [Music] PPP 10 United [Music] States GDP PPP per capita current International dollars 8,412 in 2020 the United States made it into the top 10 list of richest countries after being close to the 10th spot for almost 20 [Music] years America's rise in the rankings was influenced by a few factors First Energy prices dropped affecting countries like Qatar Norway and the United Arab Emirates which rely heavily on [Music] petroleum this caused them to fall in the rankings at the same time the US government increased spending on social programs which boosted overall demand for goods and services this helped the US economy bounc back quickly from a short recession in early 2020 which lasted only 2 months despite this recovery inflation has been high which has affected workers [Music] wages nine Norway G gpp PPP per capita current International dollars 82,2 36 Norway's economy has long relied on oil making it a key player in Western Europe's oil industry for many years the country benefited from increasing oil prices however things took a turn at the start of 2020 when oil prices plummeted due to various reasons including the global pandemic this led to a sharp decline in the value of the Norwegian currency the Kona in the second quarter of the same year Norway's gross domestic product GDP dropped by 6.3% marking the largest decline in 50 years and possibly since World War II despite this setback it doesn't mean Norwegians suddenly became much poorer after the initial shock the economy began to recover gradually making up for the losses moreover Norway has a safety net in the form of its $1.3 trillion Sovereign wealth fund which is the largest in the world unlike many other wealthy Nations Norway's High per capita GDP reflects the economic well-being of the average person quite accurately the country also boasts one of the smallest gaps in income inequality global [Music] eight San Marino current International dollars 84,3 San Marino the oldest Republic in Europe and the fifth smallest country globally boasts a population of just 34,000 citizens despite its small size its citizens are among the wealthiest in the world this is partly due to its lowincome tax rates which are roughly onethird of the average in the European Union EU despite this San Marino is actively working to align its fiscal laws and regulations with those of the EU and international standards during the pandemic and subsequent economic challenges San Marino displayed remarkable resilience despite tight monetary conditions and an energy crisis the nation's tourism industry and Manufacturing sector performed exceptionally well showcasing its ability to adapt and thrive in challenging circumstances seven United Arab Emirates current International dollars 88,9 62 the United Arab Emirates UAE boasts a highly diverse population and significant wealth in this Cosmopolitan Society traditional Islamic architecture coexists with modern shopping centers attracting people from all over the world with the promise of tax-free salaries and year-round Sunshine interestingly only about 20% of the country's residents are actually born locally the uae's economy the industries such as tourism construction trade and finance are becoming increasingly prominent however like many nations the UAE faced challenges during the pandemic and the subsequent decline in oil prices remarkably it briefly slipped out of the international monetary funds IMF ranking of the world's richest countries for the first time in decades nonetheless with the recovery of energy prices the UAE swiftly regained its position among the top 10 wealthiest Nations globally again six Switzerland GDP PPP per capita current International do 89537 Switzerland has contributed new numerous notable inventions to the world including white chocolate the Bob SLE the Swiss army knife the computer mouse the immersion blender velcro and LSD with a population of about 8.8 million people owes much of its wealth in banking and insurance services tourism and the export of pharmaceuticals gems precious metals Precision Instruments such as watches and Machinery including medical apparatuses and computers according to the 20123 global wealth report by credit SS Switzerland once again came out on top when it comes to the mean average wealth per adult furthermore roughly one adult in six owns assets worth more than 1 million us is it really a surprise that Switzerland has the highest density of mill millionaires in the world despite its economic successes Switzerland faces challenges the covid-19 pandemic significantly impacted the economy and the war in Ukraine caused a surge in Energy prices and disruptions in the supply chain due to Switzerland's heavy Reliance on Imports of oil and gas from [Music] Russia five m how current International dollars 8,157 just a few years ago many thought that maau known as the Las Vegas of Asia would become the richest nation in the world formerly it was a colony of the Portuguese Empire maau opened up its gambling industry in 2001 and quickly became very wealthy with a population of about 7 00,000 and over 40 casinos in a small area it was like a money-making machine but then things changed when covid-19 hit people stopped traveling and maau lost a lot of money it even dropped out of the top 10 richest Nations for a while today maau is slowly returning to business as usual still its per capita purchasing power remains considerably lower than before the global Health [Music] Emergency four Qatar current International dollars $4,210 in 2014 each person in Qatar had more than $143,200 to spend [Music] [Music] [Music] [Music] [Music] Singapore current International dollars [Music] 133,134 despite its success Singapore faced challenges when it became independent in 1965 half of its population was illiterate and it had few natural resources through hard work and smart policies Singapore transformed into a business-friendly hub with a literacy rate of 98% however the pandemic caused economic problems [Music] in 2020 Singapore's economy shrank by 3.9% leading to its first recession in over a decade although it bounced back in 2021 with an 8.8% growth a Slowdown in China affected its manufacturing sector as a result the economy is expected to grow by only around 2% in 2024 and 2025 two Ireland current International dollars 43,372 financial crisis the Republic of Ireland regained its fiscal Health through tough reforms boosting employment rates and per capita GDP key growth however Ireland's status as a corporate tax Haven benefits multinational companies more than its citizens many large US firms like apple Google Microsoft meta and fizer to name a few move to Ireland to take advantage of its low corporate tax rate 12.5% one of the most attractive in the developed World in 2022 two these firms accounted for over 60% of Ireland's economy if Ireland adopts the oecd's proposed minimum corporate tax rate of 15% it could lose its Competitive Edge while Irish families are better off than before their per capita disposable income remains slightly below the EU average additionally there's a significant income gap between the richest and poorest challenging the notion that all Irish citizens are the richest in the [Music] world one Luxembourg current International dollars [Music] $137,600 side cultural festivals and gastronomic delights despite being at the heart of Europe and having a small population of around 650,000 Luxembourg prioritizes its citizens well-being by investing its wealth in housing health care and education while the global financial crisis and pressure to reduce banking secrecy had little effect on its economy the covid-19 pandemic caused some economic challenges however Luxembourg managed to rebound from the pandemic better than many European countries with its economy growing over 7% in 2021 yet due to various factors like high interest rates and the war in Ukraine economic growth slowed in subsequent years nonetheless Luxembourg has consistently maintained a high standard of living with its per capita GDP surpassing $100,000 in 2014 hope you enjoyed this video thanks for watching please like subscribe and [Music] share

Channel: The World On Reel

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Id: tsE58L0PDVw

Length: 16min 19sec (979 seconds)

Published: Sat Mar 30 2024