5 Richest Countries in the World
Qatar enjoys the economic benefits of a small nation blessed with vast oil reserves. The country, in recent years, has enjoyed surplus revenues from the oil sector. Aside from this, the tourist trade has also been contributing to the national coffers, along with its steel and fertilizer exports. The government does not levy any taxes on Qataris, making them enjoy their earnings in full, along with the national health insurance that the government sponsors.
Macau is a former Portuguese colony that has established itself as the second wealthiest nation in the world. Its strong economy is driven primarily by tourism and gambling, earning the title “largest gambling center in the world.” Compared to other gambling economies, Macau has reaped the most benefit from the sector, continuously posting the highest gambling revenue in the world since the year 2006.
Luxembourg is a small European nation known for its majestic castles, delectable cuisines and being the last Grand Duchy in the world. But the country more than makes up for its size with its strong economy. Its diverse natural resources are seen as the main driver of Luxembourg’s economic growth with the steel, industrial and banking segments as its leading revenue generators. It has also been attracting banks from around the globe owing to its low taxes, proof of which is the fact that the country has over 150 banks.
Singapore is known as the wealthiest nation in Asia. Despite its minuscule size, lack of natural resources and agricultural land, it has managed to amass wealth that other countries only dream of. Today, Singapore’s economy continues to grow, driven primarily by foreign investments and trade. Although the financial services sector remains as the backbone of the country’s economy, its services and manufacturing industries have consistently contributed to its economic standing.
Brunei has consistently made it to the top 10 richest countries in the world in recent years. This robust Southeast Asian economy is heavily dependent on its oil and natural gas production, which supports more than half of its GDP. This is further reinforced with income from its investments overseas and local production. Brunei, however, is starting to diversify its economy by investing in other sectors. The strong economy is reflected in the government’s subsidy of food and housing and provision of free healthcare to its people.