There are so many ways to determine the wealth of a nation. But the average income per person is often the most used barometer. The average income of a nation tells a big story of the living standard in that country. So let’s look at the top 10 richest countries in the world in terms of per capita. This list is been compiled based on the figures released by two strong financial bodies; the International Monetary Fund (IMF) and World Bank. The United States dollar is the currency used for this articulation and the figures are based on one year (annual).
This kind of list often favours countries with a small population as opposed to those with huge population like India and China. So, we are not surprised to see Luxembourg at the top of the list. The country has a population of around 605,005 people and considered to be one of the smallest countries in the world. The average income per capita in Luxembourg is $114,234.
This country has been blessed with a stable and ever-growing economy for decades. The low taxation within the country makes it an attractive destination for private business owners. The headquarters of the World Bank is located in Switzerland. With over 8.5 million people, it is impressive to know that the average income per capita is $82,950.
Hosting a population of over 5.3 million people, Norway comes up third in the 10 richest countries in the world in terms of per capita. The Nordic country is a highly prosperous nation where citizens enjoy a high standard of living, high wages, good health care and ample enjoyment and job opportunities. The average income per capita in Norway is $81,695.
The Republic of Ireland is a country in northwestern Europe with Dublin has its capital and largest city. The country has a population of over 4.8 million people. They operate a low percentage taxation policy which has proven beneficial to foreign investors. The average income per capita in Ireland is $76,099.
With just around 355,000 inhabitants, Iceland is a good example of countries that benefits from the low population. The country has social and political stability. Low tax rates are very common in Iceland with a universal health care system. In Iceland, the average income per capita is $74,278.
There is no such list as richest countries without Qatar; the richest country in Western Asia. Since the discovery of fossil fuels in the country, its economic growth has skyrocketed. The Government provides the citizens with a high standard of living, high employment rate and low tax rates. In Qatar, the average income per capita is $70, 780.
Coming up at number seven in the 10 richest countries in the World in terms of per capita is no other than Singapore. This is an island city-state in Southeastern Asia. Under the leadership of prime minister Lee Kuan Yew, the country transformed from a developing to a fully developed country. The country is one of the four countries of the originally Four Asian Tigers, alongside South Korea, Taiwan, and Hong Kong. The average income per capita in Singapore is $64,041.
United States of America
This country is truly blessed with good leadership. The USA is in the third most populous country in the world with over 327 million people but still manages to offer the best there is to its citizens. The USA comprises of 50 states and is slightly smaller than the continent of Europe. The average income per capita in the United States $62,606.
Denmark is a country in Northern Europe and home to 5.8 million people. According to the World Bank, the economy of this country is classed as a high-income economy in the world. Denmark has the tenth most competitive economy in the world and sixth in Europe. The average income per capita in Denmark is currently at $60,692.
Lastly on the list of 10 richest countries in the world in terms of per capita is Australia. The sovereign country is the largest country in Oceania and home to over 25 million people. The capital city of Australia is Canberra while Sydney is the largest city. In Australia, the average income per capita is $56,352.