TOP richest countries in the world

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Rich people with a ten-digit fortune can afford to live almost anywhere on the planet. But as it turned out, many of them like the same places. 551 participants from the 2,153 Forbes billionaires list prefer to live in just 10 of the world’s 1,860 cities. The total capital of all billionaires is$ 2.3 trillion, this figure exceeds the GDP of all countries.

According to the latest report from the Wealth-X research company, there are 120,605 people living in New York with a minimum capital of $ 5 million or more. This is where most of the super-rich people live. In addition, 6 of the 10 richest cities in the world ranking are located in the United States. These include Los Angeles, Chicago, San Francisco, Washington, DC, and Dallas.

New York is followed by Tokyo, where 81,645 residents have a net worth of at least $ 5 million. In third place is Hong Kong with 73,430 rich citizens.

As a rule, the cost of living in these cities is much more expensive for ordinary people.

Interesting fact: the richest cities in the world are not always located in the same level of countries. Many of the richest countries in the world are small in terms of territory covered, so where does the source of their abundance come from?

Factors that vary, such as Luxembourg, Singapore, and Hong Kong, benefit from complex financial sectors and tax regimes that help attract foreign investment and professional talent. Other countries, such as Qatar and Brunei, have large reserves of hydrocarbons and other valuable natural resources.

But what do we mean when we say a country is “rich,” especially in an era of rising income inequality? Although gross domestic product (GDP) measures the value of all goods and services produced in a country, dividing this indicator by the number of permanent residents is the best way to determine how rich or poor the population of one country is compared to another. The reason why the “rich” often equate with the “small” is obvious: the economies of these countries are disproportionately large compared to their small populations.

However, only by taking into account the rate of inflation and the cost of local goods and services can we get a more accurate picture of the average standard of living in a country: the final figure is the so — called purchasing power parity (PPP), which is often measured in dollars so that comparisons can be made between different countries.

Should we automatically assume that in countries where this indicator is particularly high, the overall health of the population is noticeably better 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 scales in favor of those already in a privileged position.

Which country is the richest in the world: rating

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10. Denmark

The Kingdom of Denmark has a modern and internationally competitive service-based economy. During the pandemic, the Danish economy suffered less than in those countries that rely heavily on manufacturing, tourism or the export of petroleum products. Its 5.8 million citizens enjoy high levels of employment, wages, and an efficient social security system.

9. Hong Kong

This special administrative region of China is the gateway to the mainland and the main financial center of Asia. Hong Kong’s economy is characterized by low taxation and no capital gains or inheritance fees, no tariffs on the import or export of goods, and full ownership of its business for foreigners without citizenship, residency, or nationality.

As a result, this tiny island of just 1,104 square kilometers (427 square miles) is overall extremely rich. This is not to say that all of its 7.5 million inhabitants are well-off: according to state statistics, one in five of them live below the poverty line. At the same time, Hong Kong is competing with New York for the title of the city with the world’s largest number of people with ultra-high incomes, with about 9,000 people with a fortune of $ 30 million or more.

Notably, rising income inequality has also been a contributing factor to the political turmoil that has plagued Hong Kong since 2019, undermining business development and scaring foreign investors. In addition, due to the pandemic, the country’s economy contracted by 6.1% last year, which is the sharpest decline on record.

8. Brunei Darussalam

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1,788 rooms, including 257 bathrooms, a banquet hall that can accommodate up to 5,000 guests, a mosque for 1,500 people, an air-conditioned stable for 200 polo ponies, 5 swimming pools and 18 elevators: Hassanal Bolkiah, the Sultan of Brunei, lives in such a palace and gets a regular haircut for $ 20,000. His fortune, derived from the country’s vast oil and natural gas reserves, is estimated at about $ 28 billion, 50 times that of Britain’s Queen Elizabeth.

However, Bolkiah is no longer the richest monarch in the world, being overtaken by Thailand’s King Maha Vajiralongkorn, who is richer by about $ 15 billion. Despite the monarch’s wealth and per capita purchasing power exceeding $ 60,000, malnutrition is common in Brunei. Although there is little open data, it is estimated that 40% of its 450,000-strong population earns less than $ 1,000 a year. Fortunately, the country avoided the COVID-19 pandemic — there were only a few hundred reported cases. But it was not spared by the pandemic-related drop in oil prices: after reaching a 13-year high of 3.9% economic growth in 2019, GDP growth fell to 1.2% in 2020.

7. United States

the richest country in the world

Did we say that the richest countries are the smallest? This, of course, does not apply to the United States, which, in a very difficult 2020, still managed to climb into the top 10 of the list after teetering on its edges for most of the last two decades.

But have Americans really gotten richer in the past year? The answer depends on who you ask this question to. Of course, those who lost their jobs and businesses, who had to pay astronomical medical bills and other expenses during the pandemic, approached the poverty line. However, those who earned more than $ 60,000 a year were able to continue working from home in many cases, and their stock investments grew in value.

Another story about how the super-rich fared during the health crisis. Between March 2020 and April 2021, according to the Institute for Policy Research, the combined wealth of America’s 719 billionaires jumped by $ 1.62 trillion, or 55%, from $ 2.95 trillion to $ 4.56 trillion. They now own four times as much wealth as the estimated 165 million average Americans.

6. Norway

the most affluent countries in the world

Since the discovery of large offshore reserves in the late 1960s, the engine of Norway’s economy has been oil. As the largest oil producer in Western Europe, the country has benefited from rising prices for decades, but not now. At the beginning of 2020, prices for it fell, then a global pandemic followed, and the crown went into free fall. Norway’s economy shrank by 2.5% last year, the biggest annual contraction in half a century and possibly since World War II.

Does this mean that Norwegians are significantly less affluent today than they were just a couple of years ago? Probably not, and GDP growth is already projected to recover to 3.9% in 2021.

Moreover, when it comes to any economic challenge that fate may throw at them, Norwegians can always count on their $ 1.3 trillion national wealth fund, the world’s largest. However, Norwegians know that wealth entails a lot of responsibility: unlike many other rich countries, high GDP per capita figures are really a reflection of people’s financial well-being, as Norway has one of the lowest levels of income inequality in the world.

5. Switzerland

the richest countries in the world rating

White chocolate, bobsleigh, Swiss army knife, computer mouse, immersion blender and Velcro — the list goes on and on: these are just some of the inventions that Switzerland has brought to the world. Today, however, this country of about 8.6 million people owes its wealth to its banking, insurance, and tourism services, as well as its exports of goods such as pharmaceuticals, precious stones, precious metals, and precision tools and equipment.

Switzerland has the highest density of millionaires in the world. According to the most recent estimates, for every 100,000 inhabitants, there are 9,428 of them (including billionaires) — 11.8% of the total number, including only adults.

However, all this money could not protect the Swiss economy from the impact of Covid-19: in 2020, production decreased by 2.9%. It could have been worse, especially when you consider that in Italy, Spain, France and Germany, the reduction was 8.8%, 10.9%, 8.2% and 4.9%, respectively.

4. Qatar

ВВП на душу населения Катара в 2014 году составлял более 143 222 доллара США, год спустя он был «всего лишь» 97 846 долларов, а в настоящее время он даже ниже.

Yet the country’s oil, gas, and petrochemicals reserves are so large and its population so small — just 2.8 million people-that this marvel of cutting-edge architecture, luxury shopping malls, and fine dining has managed to top the list of the world’s richest countries.

3. Ireland

rich countries of the world list

Until recently, Ireland seemed unstoppable. While the rest of Europe faced all sorts of uncertainties (Brexit, trade tensions with the US, refugee and migrant crises, and more), the Irish economy continued to thrive: in 2019, when the euro zone grew by just 1.2%, it expanded by more than 5.9%, cementing its role as the fastest-growing country. on the continent. That all changed in 2020, with economic growth more than halving from previous levels, although it is expected to recover well this year.

Ireland, a country of less than 5 million people, was the hardest hit by the 2008 financial crisis. After some politically difficult reforms, such as a sharp reduction in public sector wages and a restructuring of the banking sector, the island Nation has restored financial well-being, increased employment rates and in a short time almost doubled GDP per capita.

Do people in Ireland feel twice as rich as they did 10 years ago? Probably not: Ireland is one of the world’s largest corporate tax havens, where ordinary people earn much less income than multinational corporations. And while they are undoubtedly better off than before, according to the OECD, disposable income per capita in national households is actually lower than the average for member countries.

2. Singapore

the richest countries in the world list

Restaurant owner Zhang Yong, whose net worth is estimated at $ 23 billion, is the richest person in Singapore; 93-year-old Guo Cheng Liang, founder of one of the world’s largest paint manufacturers, is second with a net worth of $ 21.7 billion. In third place with assets of about $ 15 billion (to the surprise of some) is Eduardo Saverin, the co-founder of Facebook, who in 2011 left the US with 53 million shares of the company and became a permanent resident of the island nation. Saverin chose it not only for its city attractions or natural gateway: Singapore is a rich financial paradise where capital gains and dividends are tax-free.

But how did Singapore become so prosperous? When the city-state became independent in 1965, half of its population was illiterate. With virtually no natural resources, Singapore has risen to become one of the most business-friendly places in the world thanks to hard work and sound policies. Today, Singapore is a thriving commercial, manufacturing, and financial center (most importantly, 98% of the adult population is now literate). This does not mean that the country was immune from the effects of the global downturn: in 2020, the economy fell by a record 5.4%, plunging the country into recession for the first time in more than a decade.

1. Luxembourg

list of the richest countries in the world

You can visit Luxembourg to admire its castles and beautiful countryside, its cultural festivals and gastronomic delicacies. Or you could just open an offshore account with one of its banks and never come here again, as many people do. Although it would be a pity: located in the heart of Europe, this country of about 625,000 people has a lot to offer both its tourists and its citizens. Luxembourg uses a significant portion of its wealth to improve housing, health and education. Luxembourg’s standard of living is currently the highest in the euro area.

Luxembourg has survived the pandemic better than most of its European neighbors. As a result, the Grand Duchy’s GDP will grow by 4% in 2021 from -1.3% in 2020. In 2014, the country surpassed the $ 100,000 mark in GDP per capita and has never looked back since. Even a pandemic couldn’t change that.

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