What is the true measure of a country's material wealth? Most rankings of the world's richest nations consider gross domestic product (GDP) -- basically the size of a nation's economy. But the problem with such a basis for a "wealthiest countries" ranking is that GDP doesn't take into consideration a very important factor: the size of a country's population. Obviously, the more dependents a nation has, the smaller the piece of the pie that, on average, belongs to each citizen.
China, for example, usually ranks very high in most richest countries lists. However, with its current population of more than 1.3 billion people, the Asian giant isn't even close to having the most impressive GDP-to-population ratio among countries despite its enormous GDP. Meanwhile, other countries with much smaller GDPs but have much higher GDP-to-population ratios are not recognized often enough.
Fortunately, Global Finance has had the insight and the initiative to create a list of The Richest Countries in the World that uses a purchasing power parity (PPP), thereby taking into account not only each country's GDP and population (based on 2013 figures), but also each nation's relative cost of living and inflation rates. Thus, GDP per capita being considered, here are the ten countries in the world with the richest average residents:
10 Australia / GDP Per Capita: $44,073.81
9 Switzerland / GDP Per Capita: $46,474.95
8 United Arab Emirates / GDP Per Capita: $49,883.58
7 United States of America / GDP Per Capita: $51,248.21
6 Hong Kong / GDP Per Capita: $53,432.23
5 Brunei Darussalam / GDP Per Capita: $55,111.20
4 Norway / GDP Per Capita: $56,663.47
3 Singapore / GDP Per Capita: $61,567.28
2 Luxembourg / GDP Per Capita: $79,593.91
1 Qatar / GDP Per Capita: $105,091.42
As if it weren't already the richest country in the world with its $210 billion GDP and population of only over 2.3 million, Qatar is still doing an outstanding job of diversifying its petroleum and liquefied natural gas-dependent economy. In fact, despite a slowdown in the nation's hydrocarbon sector, Qatar's economy still managed to grow 4.1% year on year during the first quarter of 2015. The expansion was mainly due to an impressive 11.4% growth in construction, fueled by massive projects like the Msheireb Downtown Doha development and the Doha Metro, as well as a series of other substantial infrastructure projects. Furthermore, Qatar's transportation sector registered an impressive 19.21% cumulative net profit from January to June of this year. Simply put, all indicators seem to point to the richest citizens in the world growing even richer in the years to come.
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