Qatar has been ranked as the world’s richest country per capita in a new list compiled by US-based Forbes magazine. Blessed with the third-largest natural gas reserves in the world, the Arab Gulf emirate of 1.7 million people is benefitting from a rebound in oil prices. Adjusted for purchasing power (PPP), Qatar has an estimated gross domestic product per capita of $88,222.
In second place on the list is Luxembourg, with a per capita GDP on a purchasing-power parity (PPP) basis of $81,466.
Technology, manufacturing and finance hub Singapore is ranked third on the list. The country’s GDP (PPP) per capita is $56,694 (estimated from 2009).
At No.4, with a GDP (PPP) per capita of $51,959 (estimated from 2009) is Norway.
Oil-rich Brunei (ranked at No.5) has a GDP (PPP) per capita of $48,333.
Forbes used International Monetary Fund data from 2010, the most recent available, while GDP figures for some countries were projections.
UAE oil reserves are ranked as the world’s sixth-largest[ and it possesses one of the most developed economies in West Asia. The country’s GDP (PPP) per capita is $47,439 (estimated from 2009).
With a GDP (PPP) per capita of $46,860, US is ranked at No.7 on the Forbes list.
According to Forbes, the PPP-adjusted GDP—preferred by economists when making international comparisons—takes into account the relative cost of living and inflation rates, rather than just exchange rates, which may distort real differences in worth.
Hong Kong is renowned for its expansive skyline and deep natural harbour. As one of the world’s leading international financial centres, Hong Kong has a major capitalist service economy characterised by low taxation and free trade, and the currency, Hong Kong dollar, is the eighth most traded currency in the world. Hong Kong has a GDP (PPP) per capita of $45,944.
Switzerland is one of the richest countries in the world by per capita gross domestic product [GDP (PPP) per capita: $41,950]. It also has one of the world’s largest account balances as a percentage of GDP.
A highly developed country, Australia is one of the world’s largest economies. Australia ranks highly in many international comparisons of national performance, such as quality of life, health, education, economic freedom, and the protection of civil liberties and political rights. [GDP (PPP) per capita: $39,764]
Also known for its high standard of living, Austria is ranked at No 12 with GDP (PPP) per capita of $39,761.
Ireland: GDP (PPP) per capita: $39,492
Canada has a diversified economy that is reliant upon its abundant natural resources and upon trade. The country’s GDP (PPP) per capita is $39,171
Kuwait (No.15) has the world’s fifth largest oil reserves and its petroleum products now account for around 95% of
export revenues, and approximately 80% of government income. Ranked at
No.15, the country’s GDP (PPP) per capita is $38,775 (estimated from 2009).
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