the top ten richest countries in the world 2018

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the top ten richest countries in the world 2018

These 10 wealthy countries use the Purchasing Power Parity (PPP) value of all final goods to show the true value of the dollar within the country in the per capita total domestic product (on purchasing power parity). Oil companies have dominated the list in 2017.The developed countries are comparatively greater GDP, per capita income than the developing ones that make the economies strong. Here is a list of the richest countries of the world 2017. The list has been made on GDP per capita in the U.S. Dollar

10.Saudi Arabia

The oil-based economy with strong government control over major economic activities in Saudi Arabia The Saudi economy is the largest in the Arab world. [16] 18% of world’s proven petroleum subsidies in Saudi Arabia are Petroleum’s largest exporter and have played a major role in OPEC for many years. The petroleum sector is responsible for almost all the Saudi government’s revenues and export earnings. Many workers, especially the private sector, are non-citizens

Saudi oil is second largest in the world, and Saudi Arabia is the world’s leading oil exporter and the second largest producer. According to the figures provided by the Saudi government, according to the figures provided by the Saudi government, 260 billion barrels (41 km3) are estimated, almost a quarter of world oil reserves. In Saudi Arabia, petroleum is not only abundant but is under pressure and is close to Earth’s surface. It makes a lot cheaper and makes petroleum costlier than many other places in Saudi Arabia. Petroleum sector accounts for about 92.5% of Saudi budget revenues, accounting for 97% of export earnings and 55% of GDP.

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9.Switzerland

Switzerland’s economy is one of the world’s most stable economies. Its policy of long-term financial security and political stability has made Switzerland a safe haven for investors, which creates an economy that is more dependent on the continuous recruitment of foreign investment.For Switzerland’s economic livelihood, the country has a small size and high labor specialty, industry, and trade keys. Switzerland has achieved one of the world’s highest per capita income with a lower rate of interest and a balanced budget. The service sector also comes to play a significant economic role. In 2015, the Global Innovation Index, Switzerland’s economy is the first place in the world.

Switzerland is one of the watches in the clock of high-end watches, as well as clocks, Swiss watchmakers produce the world’s highest watch, in 2011, Switzerland’s exports are approximately 19.3 billion SHF. Swiss watch makers increased their previous annual results to 19.2%. Those watches are mainly exported to Asia (55%), Europe (29%), United States (14%), Africa and Oceania (both 1%). In the US, Switzerland has more than $ 20 billion in exports in 2011, making it the country with the highest export value of the watch, followed by Hong Kong below $ 10 billion.

8.United States of America

The United States economy is the world’s largest national economy and the second largest according to purchasing power parity (PPP), representing 22% of the nominal global GDP and 17% of the total global production (GWP). The United States GDP in 2016 was estimated at $ 18.46 trillion. US Dollar is the currency used in most international transactions and it is the world’s leading reserve currency, supported by its science and technology, its military, the full faith of the US government.

To compensate for its debts, its main role in the range of international organizations from World War II and the Petrodolier system. Some countries use it as its official currency, and many others are the real currency. The United States has a mixed economy and has maintained an overall stable GDP growth rate, a moderate unemployment rate and a high level of research and capital investment.

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7.United Arab Emirates

In 2014, the United Arab Emirates economy is second largest in the Arab world (after Saudi Arabia’s economy) with a gross domestic product (GDP) of $ 570 billion (AED2.1 trillion). United Arab Emirates has been successful. Diversify its economy

UAE has a very diversified economy in GCC, the UAE economy remains highly dependent on petroleum (oil). Due to the exception of Dubai, most of UAE’s people are dependent on oil revenues. Petroleum and natural gas play a major role in the economy, especially in Abu Dhabi. In 2009, over 85 percent of the oil export was based on oil exports. While Abu Dhabi and other UAE’s Arigaiya have been relatively conservative in their approach to diversification, Dubai, which has so far held small oil reserves, had a bolder in its diversification policy. In 2011, 77% of UAE’s state’s budget was responsible for oil exports.



6.Norway

Norway’s economy is a developed mixed economy with state-owned enterprises in strategic areas. Despite the global business cycle being sensitive, Norway’s economy has shown strong growth since the beginning of the industrial era. Shipping is no longer supported by the Norwegian export sector, but most of the natural resources in Norway’s economic growth, including Petroleum Research and Manufacturing, Hydroelectric Power and Fisheries.

Agricultural and conventional heavy manufacturing have suffered relatively comparisons compared to services and oil related industries, and the public sector is the world’s largest sector as a percentage of the gross domestic product of the entire sector. The standard of living of the country is very high compared to other European countries, and there is a strong integrated welfare system. Norway’s modern production and welfare management depends on the financial reserves produced by the exploitation of natural resources, especially North Sea oils.

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5.Kuwait

Kuwait is a small, petroleum-based economy. Kuwaiti Dinar is the world’s most valuable unit of currency. Non-petroleum industries include financial services. According to the World Bank, Kuwait is the fourth richest country in the world. Kuwait is the second richest GCC country on the horizon.

Kuwait has the leading position in the financial industry in GCC; In terms of tourism, transportation and other measures of dispute, Kuwait is absent from the underground financial sector that isolate its Gulf neighbors. Emir has promoted the idea that in the context of the financial industry, Kuwait should focus on its energy, on the financial industry.

4.Brunei

Brunei is a country which is a small and prosperous economy that is a mix of foreign and domestic entrepreneurship, government regulation and welfare measures and village traditions. It is almost fully supported by crude oil and natural gas exports, in which more than half of GDP is part of the petroleum sector. Per capita GDP is high, and significant revenue from foreign investment is income from domestic production. The government provides all medical services and supports food and housing. The government has shown progress in the basic policy of removing the economy from oil and gas.

Brunei leaders are worried that the integration of the world economy will spoil the inner social turmoil, although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) Forum. Growth was 2.5% in 1999 due to higher oil prices in the second half. Brunei is the third largest oil producer in Southeast Asia, which is about 180,000 barrels per day. It is the fourth largest producer of liquefied natural gas in the world.

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3.Singapore

Singapore has a highly developed trade-oriented market economy Singapore’s economy has been ranked as the most open place in the world, the least corrupt in the world, [18] most of the pro-business, low tax rates (14.2% of gross domestic product, GDP) and the third highest Per capita GDP World in terms of Purchasing Power Periti (PPP) APEC headquarters are in Singapore.

Government-related companies play a significant role in the Singaporean economy, which is owned by Sampoorn’s wealth fund, Temasek Holdings, which owns a majority stake in companies like Singapore Airlines, Singla, ST Engineering and MediaCorp. Singapore has one of the leading foreign direct investment (FDI) inflows in the world. Due to its attractive investment climate and a stable political environment in global investors and organizations, Singapore has also benefited from FDI inflows. Brunei is the third largest oil producer in Southeast Asia, which is about 180,000 barrels per day. It is the fourth largest producer of liquefied natural gas in the world.

2.Luxembourg

Luxembourg’s economy is largely based on banking, steel and industrial sectors. Luxembourg’s world’s second largest domestic production per capita (CIA 2007 est.), Later won after Qatar. Luxembourg is viewed as a diversified industrial nation, which is contradictory to the oil boom in Qatar, which is the largest financial source of Southwestern Asian state. Although Luxembourg is known as “green heart of Europe” in tourist literature, its herbaceous land coexist with a very industrial and export-intensive area. Luxembourg’s economy is like Germany’s. In Luxembourg there is a very rare economic prosperity degree in industrialization democracy.

In 2009, as a result of the world’s economic crisis, budget deficit of 5% to promote the economy, especially in the banking sector, led to government action. However, this decrease was 1.4 percent in 2010. For the year 2017 (expected) statistics are as follows: Development 4.6%; Inflation is 1.0%; In 2020, the budget deficit will decrease by 1.7% to 0.8%; Debt: 20.4%, there is no new loan to take in the financial year.

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1.Qatar

Petroleum and liquefied natural gas are the cornerstones of Qatar’s economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m3) should ensure continued output at current levels for 23 years. Gas has given Qatar a per capita GDP that ranks among the highest in the world. Qatar’s proved reserves of natural gas exceed 7000 km3, more than 5% of the world total and the third-largest reserves of any country in the world. Production and export of natural gas are becoming increasingly important. Long-term goals include the development of off-shore petroleum and the diversification of the economy.

Qatar is now the richest country in the world. Per capita current GDP registered 1,156% growth in breaking the world record in the 70’s. This quickly became unsustainable and in the 80’s, Qatar’s current GDP fell by 53 percent. But the demand for global oil increased, in the 90’s, the headline helped increase the current GDP to 94%. Diversification for this over-exposure economy is still a long-term issue.

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Referenced by : – Wikipedia