Countries are rated depending on its per capita income and on GDP. Around 200 years ago, the workers in the richest country had five times higher salary than the those in the poorest country, however, in recent studies, employees in richest country earn 30 times more than those in the poorest country.
With the GDP Per Capita income, the top 10 richest country in the world for the year 2015 had been known.
With the per capita income of $ 102,211, Qatar is on the top of the list ahead of the rest of the other countries. Being the third largest natural gas reserves in the globe, Qatar was able to have a steady economic growth and recognized by the world bank as high income economy. Around 80 percent of export revenue and 50 percent of GDP comes from the natural gas and oil. Tax is not necessary to develop the country and and it has the lowest unemployment rate.
With per capita income of $ 79,785, Luxembourg stands on Top 2 of the list. Most of the people in Luxembourg work in the oil industry. The country has a well developed industry that started in industrial sector mainly on steel, rubber, chemicals and more products. Through the years the industries had achieved maximum growth and gave way to economy of services and manufacturing. Luxembourg is also known to be free from corruption and its wealth are the skilled workers and developed infrastructures. It also has low unemployment rate.
Singapore has capita income of $ 60,410. The country highly depends on financial sector, moderate economic policies and chemical industry. The economic development was mainly of electronics and chemical industries. It also ranks highly in other rankings mainly due to its competitiveness, education and health care.
Norway has GDP per capita income of $ 55,009 which mainly depends on metal, fishing, and oil reserves. The country’s pension fund comes from the tax of gas and oil companies. For individual income, tax rate is 47.8 percent while corporate tax is 28%. The infrastructures are well developed, standards of living are high, literacy rate is high, while unemployment rate is low. Corruption is minimal and monetary resources are maximized.
5. United States
The US has per capita income of $ 49,922 with GDP of $15.7 trillion. Despite the population of 314.2 million, the country still manages to be one of the richest country. The United States was said to have achieved its success with its democratic system, automotive industries and innovative technology. Despite the economic crisis in 2007 caused by the great depression, the United States is still able to hold a place among the richest country.
6. United Arab Emirates
With GDP per capita income: $ 49,012 and GDP of $ 271 billion. Almost 89% of the country’s income comes from the gas and oil export. The unemployment rate is at 2.4% while the annual growth is 3.9%. UAE does not implement tax and it is the least corrupt country in the world. It also made name as one of the leading tourist destination.
With per capita income of $ 45,418 and GDP of $ 363 billion. Switzerland had been known as an investment friendly country with least restrictions on the investments from domestic and foreign investors. The financial sector is well developed and the banking is the main source of income. The economy also depends of pharmaceuticals, electronics, chemicals and metals.
With GDP per capita income of $ 42,194 and GDP of $707 billion, Netherlands in the center of the international commerce. Liberal is the regulatory framework and limited procedure is involved with the starting business. Other factors for its economic growth ares mining, agriculture, and manufacturing industries. It has low unemployment’s rate and high standard of living.
Australia has per capita income of $ 42,640 and GDP of $ 970.8 billion. Its main export are agriculture and mining. It is also competitive when it comes to value added manufacturing goods, service and technology. Tax for individual is 45% while 30% taxed from corporate.
It has GDP per capita income of $ 42,409 and GDP of $ 359 billion. Though crisis had slowed down the economic growth, it is still able to get into top 10. The government controls oil, gas, steel and engineering industries. It has better standard of living compared to other countries. Corruption is rare and entrepreneurs are encouraged.