Migration company International Business has published the top 10 richest countries in the world. The ranking was based on GDP, which is the most important marker of a country’s economic development. In addition to gross domestic product, other indicators, including:
- international trade;
- quantity of minerals;
- export diversification;
- cost of living and purchasing power of the population;
- unemployment rate;
- inflation.
The wealth of the state is determined by the totality of accumulated and created resources expressed in monetary terms. It is necessary to take into account social security, the state of the education and health care system, the inflow of investments, as life expectancy and literacy of citizens indirectly affect the economic development of the state.
Top 5 richest countries in the world:
State
GDP, USD
- Ireland
145,2
- Luxembourg
142,5
- Singapore
133,9
- Qatar
124,8
- Macao SAR
89,5
The rating of the world’s richest countries includesincludes those that are actively developing international trade relations, information technology, agriculture, and the industrial sector. GDP growth and social support contribute to the well-being of citizens, while economic freedom and favorable tax conditions contribute to the inflow of investments. Some states build strong economies through the extraction and export of natural resources, others through the development of the financial sector and IT-technology.
The richest country in terms of GDP per capita, Ireland, is an agrarian-industrial state that is progressively developing. Strong economic growth has been achieved through agriculture, food and textile industry, mechanical engineering, and IT-technology.
The country has a developed pharmaceutical industry and production of medical equipment, which is associated with the attraction of foreign investment. Ireland has a high standard of living of its citizens, the average salary reaches 4000 EUR. The country has high quality medical services and decent pension payments. Ireland has a high human development index, which makes it attractive for immigrants. In the UN ranking of countries by standard of living, Ireland ranks 2nd, behind Norway.
The poorest country is Burundi. The state appeared in the International Monetary Fund ranking in the last place, 190th, due to the low level of GDP per capita. Despite the fact that Burundi is an agricultural country, the production is not for export, but for domestic consumption.
Top 5 poorest countries in the world in 2023:
State
GDP, USD
- Burundi
249,2
- Sierra Leone
415,1
- South Sudan
467,1
- Malawi
496,1
- Central African Republic (CAR)
534,5
The peculiarities of poor countries are low living standards and social insecurity of the population, corruption, poor health care system, weak economy due to unstable exports of goods and services, underdeveloped industry and lack of economically significant activities for international trade.
