Do You Know About Top 10 Richest Countries in the World 2022?
A research report from the research arm of McKinsey & Co says that China has surpassed the US as the richest country in the world.
From $156 trillion in 2000 to $514 trillion in 2020, the report says that the total wealth of the world has grown by 300 percent over the past 20 years.
During this time, China alone is responsible for 33% of the rise in the world’s wealth. In 2000, China had $7 trillion in wealth. By 2020, that will have grown to $120 trillion.
Ten countries’ national balance sheets were looked at around the world. Together, these ten countries made up more than 60% of the world’s income. China, the United States, Germany, France, the United Kingdom, Japan, Sweden, Mexico, Canada, and Australia are all in the report.
During the same time, the US’s net worth went up to almost $90 trillion. In the US and China, the two largest economies in the world, 66 percent of the wealth is held by 10 percent of the richest households. One of the most interesting things in the report is that real estate makes up about 68% of the world’s net worth.
The huge rise in these countries’ net worth has been driven by the exponential rise in real estate prices, which has caused the net worth to grow faster than the global gross domestic product (GDP).
One of the world’s richest countries, Luxembourg, has some beautiful scenery.
Luxembourg’s GDP, PPP per capita = 118,503.6 USD
Luxembourg’s Population = 632,275
Luxembourg is the richest country in the world, even though it is landlocked. Its PPP per capita value is $118,503.6. One of the biggest economies in the Eurozone is in this small country.
In 1960, when it made steel, Luxembourg was a proud industrial state. Since then, the country’s economy has become more diverse, with the banking sector doing its best.
Luxembourg is often called a “tax haven” because it is home to some of the regional headquarters of big companies like Skype and Amazon.
The economy of Luxembourg is stable, and both inflation and unemployment are low. Eurostat said in 2010 that about 2.1% of the country’s population works in the agricultural sector.
People say that Luxembourg is one of the richest countries in the world because of how much tax money it brings in. A big chunk of Luxembourg’s tax money comes from people who live in other EU countries but work in Luxembourg.
In 2022, Singapore will be one of the world’s richest places.
Singapore’s GDP, PPP per capita = 98,483.3 USD
Singapore’s Population = 5,685,807
Sir Stamford Raffles, a British man, started Singapore in 1816. The island country was once a trading post for the British Empire, which no longer exists.
Singapore has no known natural resources, but it has changed its economy to become one of the richest countries in the world.
Singapore is a very developed country, and all of the major sovereign rating agencies have given it a AAA rating. Because of trade and other changes in the economy, the Asian economy is also one of the four Asian tigers.
The developed market economy has led to new ideas, free trade, and the attention of businesses all over the world. Singapore is a wealthy country, and in 2011, it had the most millionaires of any country in the world.
Ireland’s GDP, PPP per person, is worth 95,237.2 USD
People living in Ireland since 2020 = 4,994,724
Ireland is an island in Europe. It is also known as the Republic of Ireland. Ireland has been able to open up its economy to the market.
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At least six times in a row, Ireland has been named the best country for high-value Foreign Direct Investment (FDI). Ireland’s economy is driven by foreign multinational companies because of how the government runs things.
The Republic of Ireland has made some decisions that have helped it become one of the top 10 richest countries in the world. The country cut its corporate tax from 32% to 12.5%, which made it more attractive to big tech companies like Amazon, Apple, and others.
Fora said in 2015 that foreign corporations paid about 80% of Ireland’s corporate tax. Foreign corporations also employ about 25% of the private labor market.
A view of the countryside in Qatar, which 2022 will be the fourth richest country in the world.
Qatar’s GDP, PPP per capita = 89,935.3 USD
Population of Qatar in 2060 = 2,881,060
Qatar has gone from having nothing about fifty years ago to being the fourth richest country in the world. After being ruled by the British, the country got its independence in 1971 and became a free nation.
The country in west Asia has the most developed people in the Arab world. The discovery of natural gas in Qatar is a big reason why the country is now one of the top 10 richest in the world.
Qatar’s natural gas reserves are the third largest in the world. Qatar’s leaders used the money from selling oil to give their people a high standard of living. It could explain how the government could afford for Qataris to pay $0 in income taxes. Qatar is a wealthy country with one of the lowest tax rates in the world.
GDP (PPP) per person in Switzerland is 71,760.6 USD
Switzerland’s population after 2020 = 8,636,896
The 5th richest country in the world is Switzerland. Switzerland is in Europe, but it is not a part of the EU or the EuroZone.
Zürich, Geneva, and Basel, which are all big cities in Switzerland, are among the cities with the best quality of life.
Switzerland, which is known as the birthplace of the Red Cross, has stayed out of recent wars and conflicts.
Switzerland’s economy is stable and doing well. It has one of the largest GDPs per person, which makes it one of the wealthiest countries in the world. The Global Innovation Index said that in 2020, Switzerland would be the most innovative country in the world.
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Switzerland has a strong service sector that includes banking, tourism, insurance, etc. The country also has a well-developed manufacturing sector that makes and exports chemicals, pharmaceuticals, measuring, and musical equipment.
United Arab Emirates
A city in the United Arab Emirates, which is one of the richest countries in the world. In 2022, the GDP, PPP per capita, of the United Arab Emirates was 66,746.6 USD.
People living in the United Arab Emirate since 2020 = 9,890,400
The United Arab Emirates (UAE) is a country in western Asia that is at the eastern end of the Arabian Peninsula. It is best known for its international hub, Dubai.
The UAE has one of the largest oil and natural gas reserves in the world. However, the country has made changes to its economy so that it doesn’t depend too much on oil.
With the help of oil, natural gas, and strict government policies, the UAE has more than tripled its GDP in the last 40 years.
As one of the wealthiest countries in the world, the UAE has seen a lot of people move there from Africa and other poor countries, making the people who were born there a minority.
Brunei Darussalam will be one of the world’s richest places in 2022.
Brunei’s GDP, PPP per capita = 65,588.3 USD
Brunei’s Population since 2020 = 437,483
Brunei is an Islamic country in Southeast Asia that is run by a monarchy with absolute power. When Brunei became independent from the United Kingdom, it changed the way its economy worked.
Between 1999 and 2008, after it became independent, its GDP grew by about 56%. Brunei’s success has to do with the fact that it has access to crude oil. Brunei sells more Crude oil than it imports, which is a big part of its GDP.
Brunei’s government pays for its people to go to school for free. The policy has been too obvious, as the country has a literacy rate of a whopping 97.2%. Brunei is also ranked 47th in the world on the Human Development Index report for 2020.
San Marino’s GDP, PPP per capita = 63,420.3 USD
Since 2020, 33,938 people have lived in San Marino.
San Marino is a country in southern Europe. It calls itself the oldest republic in the world. With only about 61 sq km of land, San Marino is one of the smallest countries in Europe.
Over time, San Marino’s economy has grown. Tourism, banking, manufacturing, and exporting are very important to the country’s economy.
Due to low corporate tax rates, the economy also benefits from investments from outside the country.
San Marino is a country that is only on land, but it is on the list of the richest countries in the world. It has a high standard of living and a GDP per person that is similar to most European Union (EU) states.
San Marino is not a member of the EU, but it uses the Euro as its currency because of a special deal.
People in San Marino have a high standard of living because they have a lot of money. It is the only country in the world where there are more cars than people.
The United States of America
The Statue of Liberty in the United States is one of the richest countries in the world. GDP, PPP per capita = 63,413.5 USD
People living in the US since 2020 = 329,484,123
The United States of America (USA) has the highest GDP in the world. The USA is thought to be the world’s most important superpower. The US has the biggest economy in the world, and it is also the biggest importer and second-biggest exporter of goods, after China.
After winning the Spanish-American War, World War I, and World War II, the US economy was the most powerful in the world. After the Cold War ended and the Soviet Union broke up, it became its own country.
The US economy is a free market that encourages entrepreneurs and is protected by a strong system of independent government institutions. Even though only 4.2% of the world’s people live in the United States, it has more than half of the world’s GDP and is responsible for 30% of the world’s wealth.
The United States may be the 9th wealthiest country in the world, but critics say there is a lot of inequality when it comes to race, income, universal health care, and other things.
Still, the United States has made a huge impact on technological milestones through its many successful startups and long-standing businesses.
Norway will be one of the world’s richest places in 2022.
GDP (PPP) per person in Norway is 63,287.6 USD.
People living in Norway since 2020 = 5,379,475
Norway is a small country with about 5.3 million people. It has a mixed economy and a lot of natural resources, which make it one of the richest countries in the world.
Norway is not a socialist country, but it has a very good system of social security and welfare. The country has put in place policies that help its people get more money. That’s why it came in first place on the OECD Better Life Index for 2021.
Norway also has the world’s largest Sovereign Wealth Fund (SWF), which is paid for with money from oil and gas exports. Norway is the second-largest exporter of fish and has access to other huge mineral resources inside its borders.
Norway has a good standard of living because it has one of the highest GDP (PPP) per capita in the world. On the list of the most fragile states for 2021, Norway is also in second place.
If a country has a high GDP (adjusted PPP) per person and a large population, it has a good chance of being in the top 10 richest countries in the world. Countries like the United States and China each have a real GDP of more than $15 trillion, but because they have so many people, there isn’t much wealth per person.
On the list above of the world’s wealthiest countries, you can see that 9 out of 10 have economies that are tied together by government policies.
In the United States of America, on the other hand, the government doesn’t own nearly any economic assets. The government doesn’t even have full control over the federal reserve.
All of this shows that both the government and private companies play important roles in making sure that wealth is shared fairly.