Top 10 Richest Countries In The World In 2022
6. United Arab Emirates
- Population: 9,926,221
- GDP per capita (PPP): $69,957.6
Agriculture, fishing, and trading pearls used to be the economic mainstays of this Persian Gulf nation. The pearl industry prevailed in this country from the 1770s until the late 1930s. Pearl-diving was a hobby that turned into a significant source of income for the people living in the small villages.
Dubai, along with the rest of the country, has moved on to tourism. The UAE has established some of the most luxurious resorts in the world and keeps investingareinve sting in itself through ongoing growth and popularity.
The Game Changer- Oil
The discovery of oil in the late 1950s caused a clash between Dubai and Abu Dhabi citizens. The latter got the upper hand over the oil boundaries and became richer while the former struggled. While Abu Dhabi thrived, the ruler of Dubai, Sheikh Rashid bin Saeed Al Maktoum, did not lose hope in his state’s potential. He loaned tens of billions of dollars to invest in the state’s infrastructure in 1958, completing its first airport by 1960
Today, the UAE’s cosmopolitan population enjoys considerable wealth. Traditional Islamic architecture mixes with glitzy shopping centers, and workers coming from all over the world are lured by tax-free salaries and year-round sunshine. Only about 20% of the people living in the country are locally-born there.
The United Arab Emirates’ economy is also becoming increasingly diversified. Outside the traditionally dominant hydrocarbon sector, tourism and construction, as well as trade and finance, are major industries. This is not to say that the Emirates were not impacted by the pandemic. The country, in fact, briefly slipped out of the IMF ranking of the richest countries globally for the first time in decades. Its comeback is due in large part to the recovery in prices of crude oil.
5. Switzerland
- Population: 8,675,923
- GDP per capita (PPP): $70,276.6
Switzerland kicks off the countdown of the five wealthiest countries in the world. This is one of the happiest and healthiest countries on the planet. It is home to German-, French-, and Italian-speaking citizens who have coexisted peacefully and successfully for over 800 years.
Despite its high cost of living, expensive goods and services, and the Swiss Frank’s extremely high value with a high conversion rate to other currencies, people flock to this country for business or tourism. Switzerland, a stable economy with a fixed currency value, is highly regarded by investors looking for a haven for highly profitable feats. Attractive tax rates attract investment, and international companies seek to expand their operations in Switzerland.
Swiss Wealth
Today, this country of about 8.6 million owes much of its wealth to banking and insurance services and tourism. As well as to exports such as pharmaceuticals products, gems, precious metals, precision instruments, machinery, watches, medical apparatuses, and computers.
Is it a surprise that Switzerland has the highest density of millionaires in the world? According to the latest Global Wealth Report by Credit Suisse, 14.9% of the adult population owns assets worth more than one million U.S. dollars.
All this money, however, could not shield the Swiss economy from the effects of Covid-19. In 2020 production declined by 2.5%. Yet, things could also have been worse, especially when we consider that in neighboring Italy, Spain, France, and Germany the contraction amounted respectively to 8.8%, 10.8%, 7.9%, and 4.5%.
The difference in contraction from its neighbors can be attributed to a swift and sustained policy response through emergency spending and containment measures. Also to the make-up of the Swiss economy itself, with its solid public and household finances, competitive export industries, and low dependency on contact-intensive sectors.
