What is richest country in the world

When your credit score is low due to unpaid credit card balances, things like leasing a car, purchasing a home, or renting an apartment are difficult or impossible. Your monetary affairs can severely impact the ability to provide for yourself on a luxurious level or buy the bare necessities human beings need to get by.

Everything in the world costs money, and there really is no exception to such a bold claim. People are quick to retort with the notion that you cannot buy experiences or memories, but the truth of the matter is that you need to have a source of finances in order to go anywhere and experience new cultures, places, or any other travel-related endeavor whatsoever. You can create memories doing things that don't require money. Still, the options are painfully limited, and you can only make the same memory of hanging out in your backyard before it becomes dull and not worth storing in your long-term memory.

While it is not necessarily true that wealthier people are happier, they are far more capable of paying for anything they need and preventing any stress, anxiety, or depressive symptoms resulting from an inability to afford something you need.

By looking at the GDP per capita , or gross domestic product per capita, of each country around the globe, it is possible to rank countries based on wealth and then compare them to each other. From there, you can determine which states are wealthiest and then list the countries in descending order, from richest to poorest. Here is the definitive ranking of countries of the world , in order from most to least wealthy. Location is a major player in the overall wealth of a country.

For example, developing countries do not rank very well when GDP is the variable in consideration. If access to certain items and necessities is restricted, people are already working with a substantial disadvantage.

Places that are not war-stricken or already burdened with a less-than-ideal economy are not set up to do well in the competition of gross domestic products between countries. Global news and insight for corporate financial professionals. While supplychain issues and inflation keep driving global energy and commodity prices upward, Latin America's devaluating currencies are making their exports far more competitive.

The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID pandemic on sub-custodians; the effect What do people think when they think about the richest countries in the world?

And what comes to mind when they think about the smallest nations in the world? Some would be surprised to find out that many of the wealthiest nations are also amongst the tiniest. Some very small and very rich countries—like Luxembourg, Singapore and Hong Kong—benefit from having sophisticated financial sectors and tax regimes that help attract foreign investments and professional talent.

Others like Qatar and Brunei have large reserves of hydrocarbons or other lucrative natural resources. While gross domestic product GDP measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country's population is relative to another's.

Should we automatically assume that in nations where this figure is particularly high the overall population is visibly better off than in most other places in the world? Not quite. We are dealing with averages and in any given country, structural inequality can tip the balance in favor of the already privileged. While there is no doubt that the wealthiest nations—often more vulnerable to the coronavirus due to their older population and other risk factors—had the resources to take better care of those in need, not everyone had equal access to them.

Not only that, the economic downturn hit low-paid workers harder than those with high-paying occupations. A new kind of inequality emerged too: some people have been able to work from home, some others lost their livelihood and found themselves without much of a safety net—large holes in the most celebrated welfare systems in the world were exposed.

To be sure, when a crisis of such unprecedented magnitude takes place, you'd rather be where welfare and social services can offer a degree of assistance and hospitals have reliable electricity access. However, there is one more reason to be wary of accepting such economic prosperity at face value. The IMF has warned repeatedly that certain numbers should be taken with a grain of salt.

For example, many nations in our ranking are tax havens, which means wealth originally generated in other countries ends up inflating their GDP because of sophisticated accounting and legal practices. Add to that the unequal distribution of resources, and it becomes easy to understand why even in very rich countries live very poor people. It emphasizes the wellbeing of the society over individuality and personal ambition, making equality a central component of interpersonal relations and policy decisions.

The Kingdom of Denmark has a modern and internationally competitive service-based economy, which also means that during the pandemic both household and public finances were less impacted in comparison to nations relying heavily on manufacturing activities, tourism or petroleum products exports. Its 5. The economy of Hong Kong is characterized by low taxation and no capital gains or inheritance levies, no tariffs on the import or export of goods and full ownership of their business for foreigners with no citizenship, residency or nationality requirements.

As a result, this tiny island of just 1, square kilometers square miles is extremely rich as a whole. This is not to say that all of its 7. Remarkably, the widening income inequality has also been a contributing factor to the political unrest that roiled Hong Kong since , disrupting businesses and spooking foreign investors. Thanks to the pandemic, the economy contracted last year by 6. Luckily, the country was spared the worst of the COVID pandemic with only a few hundred recorded cases.

What it was not spared from was the pandemic-related plunge in oil prices: after registering a year high of 3. Did we say that the richest countries are also the smallest? That is not the case, of course, of the United States, which during a very difficult still managed to climb to the top 10 of the list after teetering on its edges for the best part of the last two decades. But did Americans truly get richer during the pandemic?

It depends on whom you ask. Certainly, not those who lost their jobs and businesses, who found themselves with astronomical medical bills and other expenses to pay, lined up at food banks. Yet another story is how the super-rich fared during the health crisis. Qatar and the Arab Emirates sit on huge oil reserves. In Europe, Luxembourg and Ireland are known for providing a safe and tax-efficient home for global players such as Amazon, Apple, Google and many others.

Many of the countries ranked highly here are also considered tax havens. At the same time, many small states are much less expensive to supply to the population because transport routes or cables are quickly laid. Providing a country like Luxembourg with nationwide high-speed Internet is a completely different undertaking than in the US or Australia.

From this point of view, the good rating of the USA 7th place is surprising, but Germany 15th place and Australia 16 are also well placed. Macau, Las Vegas of the East Macau, however, is an exception. There is no oil and financial products are not a focus of the economy.

The country consists of two small islands that together are just half the size of Manhattan. Instead, dozens of casinos are spread out here, making many times the revenue of Las Vegas.