Richest Countries In The World 2020
A lot of people who swear that they have discovered the secret to overall happiness claim that it has nothing to do with money. There is an incredibly high chance that you have heard the phrase, “Money cannot buy happiness,” at some point in your life. It is one of the most common cliches to ever exist, and while there is a truth behind this blanket statement, there is also a boatload of evidence that shows money can definitely lead you to feel happier overall.
The reason behind this counterargument is that a lot of negative feelings and situations arise from a less-than-ideal fiscal standing. When your credit score is low due to unpaid credit card balances, you can be prevented from leasing a car, purchasing a home, or renting an apartment, among other things. The ability to provide for yourself on a luxurious level, or even to buy the bare necessities human beings need in order to get by, can be severely impacted by your monetary affairs.
Everything in the world costs money, and there really is no exception to such a bold claim. People are quick to retort with the notion that you cannot buy experiences or memories, but the truth of the matter is that you need to have a source of finances in order to go anywhere and experience new cultures, places, or any other travel-related endeavor whatsoever.
You can create memories doing things that don’t require money, but the options are painfully limited and you can only create the same memory of hanging out in your backyard before it becomes dull and not worth storing in your long-term memory. While it is not necessarily true that wealthier people are happier, they are far more capable of paying for anything they need and preventing any stress, anxiety, or depressive symptoms resulting from an inability to afford something you need.
By looking at the GDP per capita, or gross domestic product per capita, of each country around the globe, it is possible to rank countries based on wealth and then compare them to each other. From there, you can determine which countries are wealthiest and then list the countries in descending order, from richest to poorest. Here is the conclusive list of the top fifty-five richest countries in the world, starting with the wealthiest country…
- Luxembourg (GDP per capita: $119,719)
- Norway (GDP per capita: $86,362)
- Switzerland (GDP per capita: $83,832)
- Ireland (GDP per capita: $81,477)
- Iceland (GDP per capita: $78,181)
- Qatar (GDP per capita: $65,062)
- The United States of America (GDP per capita: $64,906)
- Denmark (GDP per capita: $63,434)
- Singapore (GDP per capita: $62,690)
- Australia (GDP per capita: $58,824)
Location is a major main player in the overall wealth of a country. Third-world countries in Asia, for example, do not rank very well when GDP is the variable in consideration. If access to certain items and necessities is restricted, then people are already working with a strong disadvantage. Places that are not war-stricken or already burdened with a less-than-ideal economy are not set up to do well in the competition of gross domestic products between countries.
This is why, when looking at the list of the wealthiest countries in the world, you’ll find that places where trade or massive production is a main source of income rank higher on the list. The poorer countries are less involved in global trading, and they are more independent in the sense that their direct involvement in international affairs is lesser than the wealthier countries. This is because money and power are so naturally interwoven, which contributes to the overall wealth and GDP of a country.
For the sake of this discussion, try to focus more on the statistics regarding wealth around the world rather than if riches are necessary in order to enjoy your life. There are five countries in particular that are regarded as the wealthiest countries in the world, and we are going to talk about each one. Let’s get started!
The European country of Luxembourg has been classified and defined as the richest country in the world. The findings are based on the gross domestic product values of the countries. The GDP is calculated by dividing the total GDP of the country by the population size, and from there, you'll end up with the GDP value per capita within a country.
The GDP value per capita of a country is an excellent way of measuring the wealth of a country because it takes into account the standard of living. By taking the GDP of a country and comparing it to the GDP of another country, you'll be able to accurately determine which country is richer than another, with a few other factors being taken into consideration as well.
Looking at Luxembourg in particular, the GDP of the country in 2017 was 107,053 USD. In 2019, the country's GDP increased to 119,719 USD.
The GDP of Norway ranks as the second largest in the world. Back in 2017, Norway’s GDP registered as 74,571 USD. Two years later, in 2019, the country experienced a heightened jump to a GDP value of 86,362 USD.
Switzerland is yet another European country that made the list of top five wealthiest countries based on GDP per capita. The GDP of Switzerland is currently 83,833 USD. This is much higher than the GDP of Switzerland in 2017, which was registered as being 80,069 USD.
The GDP of Ireland is 81,477 USD. Compared to the GDP of the country in 2017, the current Irish GDP is nearly 11,000 USD greater than it was. For reference, Ireland's GDP in 2017 was 70,220 USD.
The European country of Iceland has a current GDP of 78,181 USD. Two years prior, Iceland was documented as having a GDP of 73,529 USD.