A symbol of wealth, number two on the list has a per capita GDP (PPP) of $97,662, which is nine times the world average. The backbone of this strong economy is its vibrant financial sector, prudent fiscal policies, and dynamic industrial and steel sectors. Banking in Luxembourg is the largest sector of its economy, with an asset base of over $1.24 trillion alone.
This tiny city-state has moved up from 5th position to take 3rd with per capita income (PPP) of $82,763, which is five times the average per capita income for an ordinary individual in the world. The basis of Singapore’s wealth is its financial services sector, a chemical export industry, and its liberal economic policies that encourage growth and innovation. Singapore has the second busiest port in the world, exporting $414 billion of goods in 2011 alone.
Kuwait is a small, relatively open economy and its citizens enjoy a per capita GDP (PPP) of $73,246. The highest-valued currency unit in the world currently is the Kuwaiti dinar. With nearly 10% of the world’s oil reserves, petroleum accounts for nearly half of GDP and 95% of export revenues and government income. In recent years, Kuwait has done little to diversify its economy due to positive fiscal situation.
Brunei, a small country with a wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition has led to GDP per capita (PPP) of 71,185. It is almost completely supported by exports of crude oil and natural gas. Like other oil countries in the list the government has shown progress in diversifying the economy away from just oil and gas.
This Middle Eastern federation of emirates has a land area of about 32,278 sq. miles, which means it could easily fit within New York State (54,556 sq. miles). With a population of 9.2 million people, it’s a bit more populated than the state of New Jersey. A third of the $67,674 per capita economy comes from oil revenues, while the service sector and telecommunications also contribute significantly. The UAE is the second largest economy in the Arab world after Saudi Arabia.
This Nordic nation’s per capita GDP of $64,856 allows its 4.97 million people to reap the benefits of a small yet robust economy. Driven by fishing, natural resources, and major petroleum exploration, Norway is the eighth-largest exporter of crude oil, 9th largest exporter of refined oil, and 3rd largest exporter of natural gas in the world.
The GDP (PPP) per Swiss citizen is $57,235. Swiss banking and financial institutions keep this country and its economy afloat. It is important to note that some of the wealthiest people and companies in the world own Swiss bank accounts and therefore Switzerland has excess capital to use for investment purposes. Zurich and Geneva, Switzerland’s most well-known cities, have consistently ranked among the top ten highest-living-standard cities in the world.
While most nations on the list have small populations (relatively), it is impressive that the world’s largest economy, the United States, can maintain a per capita GDP (PPP) of $54,630, considering its population of over 310 million people. Reasons behind its success include its large domestic automotive industry, technological sector that foster innovation, and a system of democracy that protects entrepreneurial and intellectual property rights.
Saudi Arabia is one of many oil-based economies with strong government control over major economic activities that enjoy high GDP. Its GDP (PPP) per capita is $51,924 as it possesses 18% of the world’s proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, and export earnings. Despite possessing the largest petroleum reserves in the world, its per capita income dropped is much smaller than of that of smaller Persian Gulf neighbors
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