A country’s wealth is measured by its GDP or Gross Domestic Product. This is the sum of the monetary values of all services and goods in the country. The GDP per capita describes the country’s economic growth and is an excellent way to measure a country’s standard of living. The higher the GDP per capita, the higher standard of living. There are 195 countries, and some of them have grown, in terms of revenue, over the years. What are the richest countries in the world?
1. Qatar ($124,930)
Petroleum and gas account for 70% of Qatar’s revenue, 85 percent of earnings and 60 percent of GDP. Although the GDP belongs to the top 50, GDP per capita is still higher due to the country’s small population of 2.2 million. Qatar is expected to grow in the next year despite lower prices of hydrocarbon, a major revenue source used for fuel. This Middle Eastern country may be one of the smallest due to population size, yet they are the richest country in the world and still growing.