The world boasts of almost 200 countries in together which generates revenue in billions and trillions each year. Fortune has come up with the rankings of 10 richest country in the world based on the International Monetary Fund’s October 2017 data on GDP per capita based on purchasing power parity, which compares the currencies of countries in relation to the cost of goods and is used to weigh a country’s economy in relation to others, according to the IMF. This may also come as a shocker that the country which claims to be one of the super power, US is nowhere in the list. Check out the top 10 million dollar countries which has taken their spot on this coveted list:
On the tenth spot is Hong Kong with total GDP of $61,020 per person. Though Hong Kong's growth rate slowed in 2016, according to IMF, but it still stands as one of the richest countries in the world. The territory has population of 7 million. (Reuters)
Switzerland is on the ninth position with total GDP $61,360 per person. The country with a total population of 8 million is recovering from a major setback of 2015 when its central bank lost $52 billion. The IMF reported that Switzerland growth reached 1 1/2% in 2016. (Reuters)
United Arab Emirates on spot eight with total GDP $68,250 per person. An economy pushed by the oil market, the total population of the country is a little over 10 million.Lower oil prices and output led to a lack of growth for the country in 2016, but it is expected to grow in 2017 according to IMF. (Reuters)
Kuwait is on seventh position with total GDP of $69,670 per person. The country has a population of 4 million people. Kuwait saw growth in non-oil areas. (Reuters)
Norway is on sixth with total GDP of $70,590 per person. The Scandinavian nation has a population of 5 million residents. According to the IMF, the country was negatively affected by the the lower oil price over the last couple of years. (Reuters)
Ireland is the fifth richest country in the world with GDP of $72,630 per person. Spending, investment and construction drove GDP growth in Ireland in 2016, the IMF reports. (Website)
Beunei is on fourth with GDP $76,740 per person. The wealthy country, which is made up of just over 400,000 people, has seen success in adjusting to downturns in the oil market, despite it being a main export of Brunei. According to IMF, nearly 90% of the country's revenue came from oil and gas in 2014. (Website)
Singapore is among the top 3 ruchest countries in the world. Its GDP has seen a growth of 2.7 % year-on-year in the first quarter of 2017, the IMF reported. Singapore has a GDP of $90,530 per person. (Reuters)
Luxembourg is on the second position with $109,190 per person. The country has a total population of 600,00. The IMF notes that changing a changing landscape from Brexit and policy changes coming for the U.S. can create market instability. (AP)