Top 10 richest countries in the world 2022
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Top 10 richest countries in the world 2022

by Iweham
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The world’s richest countries are ranked according to objective indicators like GDP buying power parity. Learn about the 10 richest nations in the world as of 2022.

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It is important to rank the positions of different countries based on their economic prosperity and perhaps even the general happiness of their residents because the technical improvement in these countries has delivered money and prosperity to their citizens.
A ranking of the top 10 richest nations in the world will be compiled using data on each nation’s current Gross Domestic Product (GDP) per capita and Purchasing Power Parity (PPP) per capita.


The gross domestic product (GDP) is a monetary indicator that displays the market value of the products and services produced in a nation over a given time frame, often one year. The GDP per capita of a nation is calculated by dividing its GDP by its current population.


Because it does not account for the cost of living and inflation rates in other nations, the GDP is not a perfect tool for comparing living standards or the level of wealth in a nation.
The entire exports, imports, investments, government spending, etc. are recorded in order to calculate the GDP. However, as labor is immovable and does not contribute to changes in living standards or the final cost of commodities, it may not correctly reflect GDP.


For instance, a Big Mac (beverage) might sell for 2000 NGN in Nigeria yet cost 10 USD in the United States. With the same 10 USD, a Nigerian can buy at least 4 Big Macs in Nigeria, according to rough estimates using the FOREX rate at the time of this writing (I USD = N560). This may be due to the differential in labor costs between Nigeria and the United States.


The GDP per capita is adjusted based on the Purchasing Power Parity (PPP) per capita, which takes into account the difference in living standards between countries, to better analyze the top 10 richest nations in the world in 2022.
Because PPP uses the varying prices of a basket of products or food in each country to compare currencies, it provides a more realistic picture of wealth distribution across nations.


With the PPP, economists may assess a nation’s wealth and gain a global perspective on living standards in various nations.

Table of Contents

The top 10 richest nations in the world as of 2022 are listed below.

1.Luxembourg

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Luxembourg’s GDP, PPP per capita = 118,503.6 USD

Luxembourg’s Population = 632,275

Despite being a landlocked nation, Luxembourg, which has a PPP per capita value of $118,503.6, has managed to become the richest nation in the world. The tiny nation has a sizable economy within the Eurozone.


With the introduction of steel manufacturing in 1960, Luxembourg was once a proud industrial state. Since then, the nation’s economy has been diversified, with the banking industry being the most thriving sector.
Luxembourg is sometimes referred to be a tax haven and is home to several of the regional headquarters of significant multinational corporations like Skype and Amazon.


The unemployment rate and inflation are both low in Luxembourg. According to a 2010 Eurostat estimate, 2.1% of the nation’s workforce is employed in the agricultural industry.


It is often believed that Luxembourg’s tax earnings make it one of the richest nations in the world. People who live in other EU nations but work in Luxembourg account for a sizeable portion of Luxembourg’s tax revenue.

2.Singapore

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Singapore’s GDP, PPP per capita = 98,483.3 USD

Singapore’s Population = 5,685,807

Sir Stamford Raffles, a British man, started Singapore in 1816. The island country was once a trading post for the British Empire, which no longer exists.
Singapore has no known natural resources, but it has changed its economy to become one of the richest countries in the world.


Singapore is a very developed country, and all of the major sovereign rating agencies have given it a AAA rating. Because of trade and other changes in the economy, the Asian economy is also one of the four Asian tigers.


The developed market economy has led to new ideas, free trade, and the attention of businesses all over the world. Singapore is a wealthy country, and in 2011, it had the most millionaires of any country in the world.

3.Ireland

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Ireland’s GDP, PPP per capita = 95,237.2 USD

Ireland’s Population since 2020 = 4,994,724

Ireland, usually referred to as the Republic of Ireland, is a small island in the European continent. Ireland has successfully transitioned to an open market economy.


At least six times in a row, Ireland has been ranked as the top destination for high-value FDI. Ireland’s economy is driven by foreign multinational corporations as a result of government policy.
The Republic of Ireland adopted various measures that allowed them to rank among the top 10 richest nations in the world at the moment. The nation’s policy of lowering its corporate tax from 32% to 12.5% attracted businesses like Amazon, Apple, and other major tech companies.


According to Fora, foreign firms contributed roughly 80% of Ireland’s corporate tax in 2015; they also employed around a quarter of the private labor market.

4.Qatar

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Qatar’s GDP, PPP per capita = 89,935.3 USD

Qatar’s Population since 2020 = 2,881,060

Over the past fifty years, Qatar has climbed from nothing to the fourth-richest nation in the world. In 1971, the nation obtained independence from British sovereignty to become an independent state.


In the Arab world, the nation in west Asia has the highest level of human development. The discovery of natural gas in Qatar has played a significant role in the country’s rise to the top ten richest nations in the world list.


The third-largest natural gas reserves are found in Qatar. The Qatari government raised the level of living for its people by using the money made from oil exports. It might explain how the government could afford for Qataris to pay no income taxes at all; the wealthy nation is also noted for having one of the lowest tax rates in the entire globe.

5.Switzerland

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Switzerland’s GDP, PPP per capita = 71,760.6 USD

Switzerland’s Population since 2020 = 8,636,896

The 5th-richest nation in the world is Switzerland. Despite being in Europe, Switzerland is not a part of either the EuroZone or the European Union.
The large Swiss cities of Basel, Geneva, and Zürich are among those with the best quality of life.


Switzerland, which is recognized as the Red Cross’s birthplace, has remained impartial in current wars and conflicts.
Switzerland is among the richest countries in the world thanks to its strong and thriving economy, which has generated one of the highest GDP per capita figures. Switzerland was named the most innovative nation in the world in 2020 according to the Global Innovation Index.


In addition to a strong service sector that includes banking, tourism, insurance, and other industries, Switzerland has a well-developed manufacturing industry that creates and exports goods including chemicals, pharmaceuticals, measuring instruments, and musical instruments.

6.United Arab Emirates

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United Arab Emirate’s GDP, PPP per capita = 66,746.6 USD

United Arab Emirate’s Population since 2020 = 9,890,400

The United Arab Emirates (UAE), a western Asian nation famous for its global hub, Dubai, is situated on the eastern tip of the Arabian Peninsula.


The UAE is home to some of the world’s largest oil and natural gas reserves, but the nation has diversified its economy to make it less dependent on oil.
In the previous 40 years, the UAE has tripled its GDP more than three times thanks to its reliance on oil, natural gas, and rigorous government regulations.


As one of the richest nations in the world, the UAE has experienced a migration wave from Africa and other developing nations, leaving the native population in the minority.

7.Brunei Darussalam

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Brunei’s GDP, PPP per capita = 65,588.3 USD

Brunei’s Population since 2020 = 437,483

Southeast Asian Islamic nation of Brunei is ruled by an absolute monarchy. Brunei’s economic trajectory has evolved since gaining independence from the UK.


Between 1999 and 2008, following its independence, its GDP increased by nearly 56%. Brunei’s economic story is inextricably linked to its availability to crude oil. Crude oil exports from Brunei are a considerable portion of its GDP.


The Bruneian government offers all of its inhabitants free schooling. The country’s staggering 97.2% literacy rate makes the policy abundantly clear. Additionally, Brunei is ranked 47th globally in the Human Development Index report for 2020.

8.San Marino

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San Marino’s GDP, PPP per capita = 63,420.3 USD

San Marino’s Population since 2020 = 33,938

Southern European nation San Marino claims to be the oldest republic in existence. San Marino has a land size of about 61 sq km, making it one of the tiniest nations in Europe.
The economy of San Marino has expanded over time. The economy of the nation is mainly reliant on exports, manufacturing, banking, and tourism.
Due to its low corporation tax rates, the economy also gains from international investments.


Despite being a landlocked nation, San Marino is among the world’s richest nations. It is a highly developed nation with a high level of living and a GDP per capita that is on par with other EU member states.


Despite not being an EU member, San Marino has a special agreement that allows it to utilize the Euro as its official currency.
San Marino is the only nation in the world where there are more vehicles than people, which is a reflection of the high economic distribution in that nation.

9.United states of America

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USA GDP, PPP per capita = 63,413.5 USD

USA Population since 2020 = 329,484,123

The United States of America (USA), perhaps the world’s top superpower, has the biggest GDP in the world. The US has the biggest economy in the world, is the biggest buyer of goods as well as the second-largest exporter of commodities behind China.


Following its successes in the Spanish-American War, World Wars I and II, the USA dominated the global economy. After the end of the Cold War and the disintegration of the Soviet Union, it later established itself.


The American economy is a free market that promotes entrepreneurship and is supported by a strong network of independent governmental agencies. Despite just making up 4.2% of the global population, the American state not only dominates the global GDP but also controls 30% of the global wealth.


The United States may be the ninth-most rich nation in the world, but detractors claim that there is significant inequality in terms of race, income, access to universal healthcare, etc.
Nevertheless, the United States has made a significant contribution to technological advancements through a number of established and prosperous businesses.

10.Norway

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Norways’ GDP, PPP per capita = 63,287.6 USD

Norways’ Population since 2020 = 5,379,475

Norway, a little nation of only 5.3 million people, is among the richest nations due to its diverse economy and wealth in natural resources.


Despite not being a socialist country, Norway still has a robust social security and welfare system in place. The nation has put in place programs to redistribute wealth among its people. It makes sense that it came in first on the OECD Better Life Index for 2021.


The world’s biggest Sovereign Wealth Fund (SWF), which is financed by oil and gas export income, is located in Norway. Norway is the second-largest fish exporter after oil and gas, and it has access to other significant mineral resources that are located inside its boundaries.


Due to its high GDP (PPP) per capita, which is among the highest in the world, Norway has a high standard of life. On the list of the most fragile states for 2021, Norway is also ranked second.

The GDP (adjusted PPP) per capita and population have a direct impact on a country’s likelihood of ranking among the top 10 richest in the world. Countries like the USA and China have real GDPs of over 15 trillion USD apiece, but due to their enormous population, there is little wealth distribution per person.
On the aforementioned list of the richest nations in the world, there is a clear pattern: nine out of ten of the countries have interventionist government policies in their economy.
In contrast, in the United States of America, where almost no economic assets are owned by government entities, including the federal reserve, the situation is reversed.
The aforementioned evidence shows that ensuring that wealth is distributed fairly requires the cooperation of both the government and private businesses.

It might interest you to Read: Top 9 highest paying jobs in Nigeria 2022

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