Richest Countries in the World 2019 by GDP (PPP)

What do we mean when we say that this or that country is the richest in the world, especially in an era of growing income inequality between the rich and everyone else? It usually refers to its gross domestic product (GDP), which measures the value of all goods and services produced in a country. It is on GDP that rating of world economies.

Dividing a country's GDP by the number of permanent residents is the best way to determine how rich or poor a country's population is in relation to another.

The reason why “rich” countries often equate “small” ones becomes clear: the economies of these countries are disproportionately large compared to their relatively small population. However, only taking into account the level of inflation and the cost of local goods and services can we get an accurate picture of the average living standard in the country. The resulting figure is called purchasing power parity (PPP).

The source of this rating was the data of the International Monetary Fund and the World Economic Outlook database.

10 richest countries in the world in 2019

10. Hong Kong

GDP-PPP - $ 66,517

The former British colony and current Special Administrative Region of China is the gateway to the mainland and the main financial center of Asia.

With good infrastructure and numerous tax incentives, Hong Kong is ranked 4th among 190 countries in the World Bank's Ease of Doing Business Index. And also included in the top 5 countries with the lowest crime rates.

Hong Kong is an incredibly popular startup location as foreigners are allowed to own 100% of their business without obtaining citizenship or residency. As a result, the island as a whole is extremely wealthy, although government statistics show that one in five Hong Kong residents lives below the poverty line.

9. Kuwait

GDP-PPP - $ 67,969

This small state on the northern edge of the Persian Gulf is one of the most advanced and democratic in the Middle East.

In 1938, oil was discovered under the Arabian sands that cover most of Kuwait. A lot of oil: about 8% of the world's reserves.

Today, Kuwait's oil industry accounts for nearly half of the country's GDP and over 90% of its exports. However, falling oil prices in recent years have become a concern for wealthy Kuwaitis: in 2015, the government announced its first budget deficit in a decade.

Since then, the country has taken steps to diversify its economy by allowing 100% foreign ownership in a number of sectors and offering investors various tax breaks. However, such changes take time to bear fruit. In the meantime, the Kuwaiti parliament has passed another budget forecasting a revenue deficit for the current fiscal year.

8. United Arab Emirates

GDP-PPP - $ 70,474

Once the backbone of the economy of this country was agriculture, fishing and the pearl trade.But that all changed in the 1950s, when rich oil reserves were discovered in the UAE.

Since then, the UAE has ranked among the top 10 richest countries in the world, and workers from all over the world come to this Islamic country, tempted by tax-free wages and year-round sunshine. According to statistics, about 20% of people living in the country are actually local residents.

The economy of the United Arab Emirates is also becoming more diversified. Outside of the traditionally dominant hydrocarbon sector, tourism and construction, as well as the trade and financial sectors, are booming.

7. Norway

GDP-PPP - $ 76,738

One of the happiest countries in the world is the largest oil producer in Western Europe.

At the same time, Norwegian politicians know that large GDP growth comes with a great responsibility: in spite of many other rich countries, high GDP per capita in Norway does reflect the financial well-being of local residents.

6. Ireland

GDP-PPP - $ 82,439

The economy of the European Union is going through a difficult period. Amid uncertainties surrounding Brexit, sanctions against Russia and Italy's economic woes, Eurozone officials were forced to cut their growth forecast for 19 member countries to 1.1%.

However, the Irish economy continues to grow. It is expected to grow by more than 4% by the end of 2019, strengthening its role as the fastest growing economy in the Eurozone since the 2008 financial crisis.

5. Brunei

GDP-PPP - $ 83,777

The top 5 richest countries in the world are opened by a country rich in oil and natural gas. The fortune of Brunei Sultan Hassanal Bolkiah is estimated at $ 20 billion, which is 40 times more than that of the British Queen Elizabeth.

Despite Bolkiah's wealth and GDP per capita, malnutrition is common in Brunei. Some 440,000 people - 40% of the country's population - earn less than $ 1,000 a year.

4. Singapore

GDP-PPP - $ 103,717

How did such a small city-state become so rich? After all, when Singapore became independent from Malaysia in 1965, half of its population was illiterate.

With virtually no natural resources, Singapore came out on top in the world thanks to the hard work of its residents and the smart policy of the authorities. Great efforts were focused on the development of the industrial sector.

With tough measures, Lee Kuan Yew achieved the rule of law, regardless of rank and wealth. As a result, there is practically no corruption and arbitrariness in Singapore. And the Singaporean economy grew at an average rate of 9% per year.

Foreign corporations have been given incredible preferences and tax breaks. Currently, Singapore has become one of the business centers in Asia.

3. Luxembourg

GDP-PPP - $ 108,813

You can visit Luxembourg with its ancient castles and beautiful countryside, cultural festivals or gastronomic delicacies. Or you can simply open an offshore account through one of his banks, as many do, and never visit Luxembourg in person.

It would be a shame, though, because this country of about 600,000 people, located in the heart of Europe, has a lot to offer both tourists and its citizens.

Luxembourg uses most of its wealth to improve housing, health care and education for its citizens, who today have the highest living standards in the Eurozone.

2. Macau

GDP-PPP - $ 122,201

The gaming industry is the main source of income for this special administrative region of the People's Republic of China.

More than 40 casinos have been built on a narrow peninsula south of Hong Kong with a population of just over 600,000. As a result, Macau is almost literally a money-making machine.

According to statistics, the gambling business accounts for about 40% of Macau's GDP, and up to 70% of government revenue.

1. Qatar

GDP-PPP - $ 134,623

About $ 15,000 on average is how much each Qatari citizen has lost each year since the fall in hydrocarbon prices in 2014. However, the country's total GDP per capita in 2019 is still projected at over $ 134,000, slightly higher than last year.

Qatar's oil, gas and oil reserves are so large and its population is so small (just over 2.6 million people) that it has topped the list of the richest countries in the world for 20 years. This feat is even more remarkable considering that Saudi Arabia and its allies began the blockade of Qatar in 2017.

Russia's place in the ranking of the richest countries

As for Russia, it is ranked 55th with a GDP-PPP of $ 30,284.

The closest neighbors Belarus and Ukraine are in 69 and 115 places, respectively. Burundi closes the list (191 place).

List of countries by GDP (PPP) for 2019

The value of GDP, calculated at PPP, is indicated in international dollars, pegged to the exchange rate of US dollars at the end of last year.