In this article, we discuss who the richest country in the world is as well as some of the facts that go along with their economic success.
Being one of the richest countries in the world is a fantastic experience to be a part of, from both the governments point of view as well as the countries residents.
For the residents, if the country is incredibly wealthy and has next to no debt, then it is more than likely that the taxes there are very little (or even non-existent!). However, if the country is very poor and in a lot of debt, the country will be in a noticeably bad place and public services will begin to be cut, and eventually fade away if not dealt with.
For the government, if the country is incredibly wealthy, then they don’t have to worry about the countries debt and are able to focus on other important issues, without having to worry about their financial issues.
As you can see, it’s a fantastic thing for both the government and the residents, so let’s take a look at the richest country in the world.
How The Richest Country is Defined
Before we jump into what the richest country in the world is, it’s important that you understand how the richest country is defined. How rich a country is, is defined by their GDP (otherwise known as Gross Domestic Product). This is the total value of both the goods and the services that are provided in that country each year.
Qatar is the Richest Country in the World
That’s right, one of the most luxurious countries in the world is also the richest. If you have been to the country of Qatar, then you will most likely have noticed the level of luxury and how monumental all of their buildings look. This is due to how their government has handled their finances and they have been able to continue running their country with this level of luxury without putting themselves in debt.
It’s worth noting that the personal income tax rate in Qatar is 0%. What does that mean? That means that unless you are a corporate business, then the only tax that you’ll have to pay while you’re living in Qatar is your social security tax rate. Given that each year, in a lot of countries, tax rates are slowly creeping higher and higher, this is a truly amazing factor that can come out of having a stable economy.
In Second Place…
To put the success of Qatar’s financial status, let’s take a look at the second richest country in the world. Luxembourg. Now, as mentioned above a countries wealth is defined by GDP, although to be more specific, it is defined as GDP Per Capita (per person).
Qatar has a 140,649 GDP Per Capita.
Luxembourg has a 92,460 Per Capita.
As you can see, there is a huge difference between these numbers which really puts the financial stability of Qatar into perspective.
If you’re thinking of moving abroad for a fresh start, or maybe you just want to experience a different culture abroad and make some money while doing so, then taking into account which countries are richest is important. You will be staying in that country, and as expected you will have to learn their culture. However, if you are able to enjoy just as much luxury due to a country being one of the richest countries in the world, then not only will you be able to make more money while you’re there, but you’ll be able to have just as much fun while doing so.