Do you know the richest countries in the world in 2020?
Well, this is a very tricky question given the many parameters used to measure how wealthy a country is. Wealth can be measured in various ways and does not only focus on how much money a country has. Other parameters such as welfare, health or happiness should be considered.
The wealthiest countries in the world have very complex and diverse economies. Most of these countries export goods and services from various industries, including biotechnology, aerospace, pharmaceuticals, and so on. But, there are still some nations on the list which rely almost exclusively on one product such as oil to fuel their economies.
So, which is the richest country in the world? You can easily know the wealthiest country in the world if you look at the Human Development Index (HDI) and Gross Domestic Product (GDP) per capita. GDP per capita takes into consideration the standard of living while HDI factors the level of economic and social development into the analysis. Check out this list of the wealthiest countries in the world.
1. Norway HDI: 0.95, GDP per capita: $78,333
In terms of HDI, Norway is the wealthiest place on earth. It is famous as a country with the highest living standards, attributed to its rich economy. The economy is fueled by oil and gas exports. Norway has also received significant sums of wealth from petroleum exports since the 1970s. It also has huge reserves of seafood, hydro-power, minerals, lumber, natural gas, and freshwater.
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2. Switzerland HDI: 0.946, GDP per capita: $86,674
Switzerland has maintained its position on the list of rich countries for many years. The strength of the Swiss economy is largely due to its international outreach. It boasts of the highest export rates. The largest share of exported goods is chemical and pharmaceutical products, machinery and electronics, and watches. Highly specialized and flexible small and medium-sized companies characterize the technologically advanced industrial sector.
The Flag Of Switzerland
3. Ireland HDI: 0.942, GDP per capita: $80,265
During the 1990s, Ireland was one of the poor countries in Europe. An upsurge in foreign investment and increased consumer spending have worked wonders on the nation's economy. As a small open economy, Ireland's financial fortunes are entirely dependent on international trade and influenced by global markets. It is the 29th largest export economy in the world. The top exports include machinery and equipment, chemicals, medical devices, and pharmaceuticals.
The Flag Of Ireland
4. Germany HDI: 0.939, GDP per capita: $47,992
It is the largest economy in Europe and globally. It boasts of high standards of living. Exports play a key role in its economy as they account for more than 40 percent of its GDP. It is home to some of the top automobile manufacturers in the world. Other exports include minerals, chemical products, and mechanical equipment.
The Flag Of Germany
5. Hong Kong HDI: 0.939, GDP per capita: $42,806
The Port of Hong Kong is the fifth busiest container port in the world in terms of volume. It exports more than twice the value of its GDP. China is the primary destination for more than half of its total export value. Integrated circuits account for the largest percentage of the total exports. Other major exports include gold, office machine parts, telephones, computers, broadcasting equipment, and diamonds. Finance is also a major component of the Hong Kong economy.
The Flag Of Hong Kong
6. Australia HDI: 0.938,GDP per capita: $52,952
Australia has a highly developed, mixed economy. Its economy is dominated by the services sector, specifically financial and insurance services. Mining plays a critical role in the country's export activity. Gold, aluminium, iron ore, nickel, silver, diamonds, opal, oil, natural gas are found in huge amounts there. The country's economy also relies heavily on tourism and the export of raw materials.
The Flag Of Australia
7. Iceland HDI: 0.938, GDP per capita: $66,602
Iceland also appears on the list of the richest countries in the world. For decades the country's economy relied heavily on fisheries. In the last decade, the economy has been diversifying into manufacturing and service industries, particularly within the fields of tourism, software production, and biotechnology.
The Flag Of Iceland
8. Sweden HDI: 0.937, GDP per capita: $51,892
Sweden boasts of high quality of life, which is made possible by open-market policies that have promoted free trade, effective regulation in the banking sector, and a generous social welfare program. The biggest contributors to its economy include iron and steel, precision equipment, wood pulp and paper products, motor vehicles, and processed food.
The Flag Of Sweden
9. Singapore HDI: 0.935, GDP per capita: $64,829
Singapore is the richest country in Asia. Even though it has a land area of less than 300 square miles and almost no natural resources, it is one of the world's most competitive economies. It is strategically located at the southern tip of Malaysia and is home to the world's second-busiest shipping port. Exports account for a huge proportion of its GDP.
The Flag Of Singapore
10. Netherlands HDI: 0.933,GDP per capita: $53,873
The Netherlands boasts of the highest standards of living in the world. Exports play an important role in its economy as they account for more than 80 percent of the total economic output. Since the discovery of natural gas resources in 1959, the energy sector has grown to become a major source of national revenue. Other exports include phones, computers, agricultural products, and mechanical equipment.
The Flag Of Netherlands
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