The rich countries are the ones that first developed in the modern era, and they were the countries that experienced the most industrialization. The rich countries are those that first developed in the modern era, and they were the countries that experienced the most industrialization. One of these is Australia. This country is very rich because it has a lot of natural resources like coal, gold, copper, nickel, and uranium.
Ten of the richest economies in the world are:-
- Brunei Darussalam
- United Arab Emirates
- Saudi Arabia
Qatar is a middle-income country and the wealthiest country in the world per capita. It has one of the highest incomes in the world and a substantial growth rate for 2019. Qatar is also known to be an open economy that relies on foreign trade, and it has fully opened its economy to foreign investment. Qatar’s oil reserves are set to run out by 2030, which is why Qatar has been investing heavily in other industries like finance, natural gas, education, construction, and retailing.
Luxembourg is one of the most prosperous economies in Europe. Its small size and lack of natural resources provide it with a unique competitive advantage. In addition to being a hub for financial services, Luxembourg is home to cutting-edge industries such as pharmaceuticals, automotive, and steel. Its low personal income tax rate has attracted many companies from outside of Europe and the country has developed into one of the most multicultural places in the world.
With such a small country size, Singapore is still able to be an economic powerhouse. It is ranked as the most competitive economy in the world. Singapore has been ranked as the most competitive economy in the world by the World Economic Forum for four consecutive years.
The country has a very open and free-market economy that allows it to be a hub for many multinational corporations.
The global supply chain industry can be found in Singapore due to its strategic location, transportation networks, and free trade agreements.
4. Brunei Darussalam:-
With a population of around 473,000, Brunei is a small country with a big history. It was the first Southeast Asian country to fully embrace Islam as its official religion. In the 1960s, Brunei experienced an oil boom and became one of the richest countries in the world. Oil and gas have been major sources of income for Brunei ever since that time. However, in 2016, the price of oil dropped dramatically and this has lowered Brunei’s GDP significantly.
In 2019, LNG production was at its lowest level in 20 years but is expected to rise again after 2020 when Malaysia Liquefied National Gas (MLNG) will be processing more natural gas from new fields in Labuan during their commissioning phase.
Norway is a country in Northern Europe. It is bordered by Sweden and Finland to the north, the North Atlantic Ocean to the west, and Russia to the east. The Kingdom of Norway originated in the Viking Age when Harald Fairhair unified its territory. In recent times, Norway has developed into a modern industrial economy with oil as its major export.
The country has a very high standard of living with prosperous Scandinavian welfare state policies. Norway has been an active member of NATO since World War II when it was one of the founding members of NATO’s mutual defense organization and hosts American military bases within Norwegian territory.
6. United Arab Emirates:-
The United Arab Emirates is a country located in the Middle East. It is bordered by Saudi Arabia to the south and Oman to the east, Kuwait to the northeast, Qatar and Bahrain to the north, and Iran to the west. The UAE is home to one of the 7 Wonders of The World- The Hanging Gardens of Babylon. The population of the UAE is 8 million people.
Switzerland is a nation that has an excellent reputation for the quality of life. It’s one of the richest countries in the world and also one of the most expensive countries in Europe. Switzerland is a nation that has an excellent reputation for the quality of life. It’s one of the richest countries in the world and also one of the most expensive countries in Europe.
The cost of living and property prices are high, but Switzerland does offer significant benefits to its residents including free health care, nurseries, public transportation, affordable education, and a low crime rate. The Swiss have a strong work ethic with employees typically working up to six days per week though they have several weeks of each year for vacation as well as paid maternity leave and parental leave.
9. Saudi Arabia:-
Saudi Arabia is an Arab country on the Arabian Peninsula in Western Asia. It is bordered by Jordan, Iraq, and Kuwait.
Saudi Arabia is the world’s second-largest producer of petroleum products, with about 12% of global production. Saudi Arabia will be one of the fastest-growing economies in the world through 2020 with a projected growth rate higher than 6%. The country has a well-developed infrastructure and a high degree of diversification to ensure economic stability.
Denmark is a Scandinavian country in Northern Europe. It borders both the Baltic and North Seas to the east and the North Sea to the west. The Kingdom of Denmark also includes two autonomous constituent countries in the North Atlantic Ocean: the Faroe Islands and Greenland.
Denmark has been an industrial society since 1945 because it began to export agricultural products like milk, butter, meat, eggs, and bacon as well as coal. They are now one of the world’s leading producers of many industrialized livestock products including pork, bacon, beef, and poultry. Denmark has become an exporter of industrial goods such as machinery for dairy farming (especially cows), animal feed machinery (largely for pigs), sugar-beet processing machinery (mainly for sugar production), heavy trucks (mainly to Scandinavian