What is the richest and poorest country in the world

The wealth of a country is defined as the abundance of valuable resources and the control of them, such as the oil relevance, the quality of the infrastructures and the access to services by the population. The level of wealth can also be measured through a macro magnitude called GDP (gross domestic product), which studies the monetary value of the production of goods and services of a country during a certain period of time. On the other hand, we have the opposite of abundance: poverty, which is defined as the lack of goods and services to live a decent life and, which is also measured by calculating the GDP of a given country.

 List of the richest countries in the world

Here we present the 10 richest countries in the world sorted by GDP and per capita income:

San Marino (GDP per capita 64,443 $): it is the fifth smallest country in the world. It is in the last position of this ranking because income tax rates stand out because they are very low and have a good economy thanks to financial services, tourism and the level of export of various products.

United Arab Emirates (GDP per capita $ 67,696): this country, apart from its wealth and control of hydrocarbons, is also characterized by its infrastructural development. In addition, the government of this area is working on a law that attracts investments to industry such as mining.

Norway (GDP per capita $ 69,031): it is the main producer of oil and natural gas in the Western part of Europe, which gives it a place in this list.

Ireland (GDP per capita $ 69,374) : Although this country was affected by the financial crisis of 2008, it is currently one of the richest countries due to the rapid growth of its economy, its low rate of unemployment and its reduction of corporate taxes.

Kuwait (GDP per capita $ 70,587): it is another country that stands out for its oil industry. In addition, the government launched a development plan to encourage the growth of other industrial products in this country.

Brunei (GDP per capita $ 72,662): it is another major oil and gas exporter in the world, having as its main “clients” neighboring countries such as India and Japan.

Singapore (GDP per capita $ 86,854): Although the economy was affected in 2016, this place is still one of the richest since it is one of the commercial and financial centers around the world. In addition, the construction of its Changi international airport, considered one of the best in the world, has considerably encouraged tourism in this place.

Macao (GDP per capita 87,845 $) : this small place located on the south coast of the People’s Republic of China stands out as one of the most densely populated regions of the world. It also highlights its excellent economy sustained mainly by leisure and fun.

Luxembourg (GDP per capita $ 100,991): it is the place of the Eurozone with the best levels of quality of life, and in addition, it also has one of the lowest public debts in this region. Its excellent economy is due to its growth and export of financial services.

Qatar (GDP per capita $ 129,512) : it is the richest country in the world . Although the fiscal surpluses and their economy are expected to decrease due to the price drop in the oil sector, Qatar will continue to hold the first position on this list.

The 5 poorest countries worldwide

According to the report published by the United Nations, these would be the 5 places with the most poverty in the world:

  1. Swaziland: the poverty rate stands at 69.2% of the population. It is a country whose main source of finance is subsistence agriculture, which absorbs almost all available resources and labor.
  2. The Congo: its poverty rate amounts to 71.3% of the population. It stands out for being a country seriously injured by its strong corruption and by a shortage of basic services such as health and education.
  3. Zimbabwe: the poverty rate is around 72% of the population. It is another underdeveloped place in Africa whose main source of economy and employment is agriculture.
  4. Equatorial Guinea: the poverty rate stands at 76.8% of the population. Despite being an oil-rich country, it is in this ranking due to poor management of energy resources and its serious health problems, which puts the average life expectancy at just 50 years.
  5. Haiti: is the poorest country in the world with a poverty rate that revolves around 77% of the population. The natural disaster that took place in 2010 caused serious damage costing approximately 120% of GDP. Currently the population lives on less than a dollar a day and the unemployment rate stands at 40%.

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Article Source: Tape Daily

Joanna S. Tyler

Joanna S. Tyler has designed Peacepark.us to allow guest bloggers to post their unique, interesting and informative content for peace park readers. He does blogging himself and contributes to several blogs including peacepark.us

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