While the African continent remains the home of the world’s poorest countries, the majority of the richest countries are located in Europe. According to the International Monetary Fund (IMF) recent statistics, 6 out of 10 wealthiest countries are European countries, and among these 10 is an Arab country.
Here are the world’s richest countries by nominal GDP per capita:
Luxembourg - GDP per capita: $131.3 thousandThe small European country ranks first in this list with a GDP per capita of over $131,000. The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors.
Ireland - GDP per capita: $ 102.39 thousand
The Republic of Ireland ranks second on this list with a GDP per capita of over $102,000. The economy of Ireland can be described as a knowledge economy (application of knowledge to generate tangible and intangible value) which mainly focuses on financial service, high tech, and life science.
Switzerland - GDP per capita: $93.52 thousand
It’s no surprise to Switzerland among the top 3 richest countries since its GDP per capita exceeds $93,000. The economy of Switzerland is mainly dependent on banking and financial services, and the agriculture sector.
Norway - GDP per capita: $82.24 thousand
This Scandinavian country ranks fourth on among the richest countries with a GDP per capita of over $82,000. The main industries on which Norway’s economy rely on are oil and gas, hydropower, and seafood.
United States - GDP per capita: $69.38 thousand
The United States ranks fifth on this list with a GDP per capita of over $69,000. The country’s economy is mainly dependent on the following industries: real estate, healthcare, and technology.
Iceland - GDP per capita: $68.84 thousand
Europe’s second-largest island ranks sixth among the richest countries with GDP per capita exceeding $68,000. Iceland's economy has been diversifying into manufacturing and service industries in the last decade, particularly within the fields of tourism, software production, and biotechnology.
Denmark - GDP per capita: $67.92 thousand
Being among the world’s wealthiest countries is not something new for Denmark which ranked seventh on this list with a GDP per capita of over $67,000. Denmark’s economy is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture.
Singapore - GDP per capita: $66.26 thousand
Singapore ranks eighth on this list with a GDP per capita of over $66,000. The country’s economy is mainly dependent on the following industries: financial services, manufacturing, oil and gas.
Australia - GDP per capita: $62.62 thousand
Australia remains one of the wealthiest countries in the world with a GDP per capita of over $62,000. The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force.
Qatar - GDP per capita: $61.79 thousand
Qatar is the only Arab country that made to this list with a GDP per capita of over $61,000. Qatar’s economic prosperity is derived from the extraction and export of petroleum, and natural gas.
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