Top 10 Richest Countries In The World In 2022
2. Singapore
- Population: 5,866,407
- GDP per capita (PPP): $101,936.7
The hardworking and ingenious Singaporeans have transformed their country into the world’s second-richest despite the lack of natural resources. The economy is fueled by its status as a worldwide financial services hub. Manufacturing, services, transportation engineering, and logistics jobs pay highly. The country’s principal exports include electronics, biotechnology, and chemicals.
When the city-state became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its bootstraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing, and financial hub, most importantly, 98% of the adult population is now literate. However, it has not been immune from the effects of the global downturn. In 2020 the economy plummeted a record 5.4%, knocking the country into recession for the first time in more than a decade.
Tourism and Investment
Singapore attracts millions of tourists each year by building high-end facilities and greatly growing its tourism business. Furthermore, the government created a very investor-friendly economic climate characterized by free trade, open markets, and relatively low tax rates. Which are highly sought after by foreign enterprises and business travelers.
1. Luxembourg
- Population: 629,191
- GDP per capita (PPP): $120,962.2
Luxembourg is the richest country in the world. Known for high-income levels and a low unemployment rate. With its inflation rate at only 1.1%, its wealth is also extremely stable.
Why is Luxembourg So Rich? According to the World Economic Forum, the primary factor for Luxembourg’s high GDP is the large number of people working in this tiny, landlocked nation while residing in the neighboring western European countries. The advanced infrastructure and high values for the labor market attract investment and duplicates of the big outside firms.
Source of Wealth
Having depended on the steel and iron industry for a long time until it stopped bringing profit in the 1970s, the nation adapted superbly. Today, as one of the most educated labor forces in the world, Luxembourg prospers from a mix of industries, predominantly an import-export economy based on financial services. Small to medium-sized companies expanded, while multinational corporations highly demand a highly-skilled labor force with the ability to speak multiple languages. There is also a small but prosperous agricultural sector in the country.
Tourism
Luxembourg is known for its castles and picturesque scenery, as well as for its cultural festivals and gourmet specialties. Alternatively, you might just open an offshore account with one of its banks and never return, as many people do. It’s a shame, because the tiny nation of around 630,000 people, located in the center of Europe, has a lot to offer both tourists and locals. Luxembourg invests a significant portion of its riches in improving housing, healthcare, and education for its citizens, who have by far the greatest quality of living in the Eurozone.
Effects of COVID-19
Yet, while both the global financial crisis and the pressure from the EU and OECD to reduce banking secrecy have had little impact on the economy, the coronavirus outbreak forced many businesses to close and workers to lose their jobs.
Luxembourg has weathered the pandemic better than most of its European neighbors through effective testing and contact tracing measures. As a result in 2021, its GDP rebounded by 5.5% from -1.3% in 2020. The country topped the $100,000 mark in per capita GDP in 2014 and has never looked back ever since.
So now we know which is the richest country in the world in 2022.
Did you expect these countries to make the list of the top 10 richest countries in the world in 2022? Are you surprised by any exclusions or inclusions? Please comment below.
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