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Personal finance and features website GOBankingRates released its list of the 50 richest countries in the world today. The finance portal used data from the International Monetary Fund and the Central Intelligence Agency to rank each country based on their gross domestic products or GDP per capita.
While the US and China are considered the two most powerful economies in the world, it doesn’t seem to reflect on the GOBankingRates’ study. In fact, China’s dwindling GDP per capita isn’t even enough to help the Asian giant gain a place in the top 50 list.
The US, meanwhile, is still part of the top 10 but sits at the 8th spot with a GDP of $59,895.
With one of the two powerhouse economies out of the game and one failing to snatch the top spot, here are the top seven economies in the world.
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Its GDP per capita of $59,990.06 proves that the city-state’s location (at the center of a major shipping route) is truly beneficial to its economy. Singapore is among the smallest countries in GOBankingRates’ study, but it is known for a variety of industries, such as electronics, financial services, oil drilling equipment, and chemicals. The country’s ship repair services, offshore platform construction, and entrepôt trade also helped boost its economy.
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The finance website noted Qatar’s “surprisingly” high ranking on the list. Its GDP per capita of $62,826.06 places the absolute monarchy at the sixth spot, and it is the highest-ranking Asian country on the list. Aside from oil and natural gas, Qatar’s cement, commercial ship repair, ammonia, and fertilizer industries have also contributed to the country’s high GDP.
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The country’s high GDP of $68,722.58 is due to Ireland’s export of beef, potatoes, dairy products, and beer. Other industries, such as pharmaceuticals, chemicals, medical tools, computer hardware, and software also made major contributions to making the nation fifth in the list of the richest countries in the world today.
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Since 2010, Ireland has seen a boost in its tourism. The growing number of annual visitors that flock the Nordic island nation has helped the country gain a GDP of $72,389.87. Traditional industries like fish processing and aluminum smelting also contribute to making Iceland the fourth richest economy in the world.
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In 2017, Norway proved that it is among the wealthiest nations in the world as it surpassed the $1 trillion mark in its sovereign fund. Now, it’s GDP per capita of $75,513.64 has placed the Scandinavian country at the third spot among the 50 richest countries on Earth. Yahoo Finance says Norway’s economic output comes from a variety of industries, such as shipping, fishing, aquaculture, and shipbuilding, as well as petroleum and gas.
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The country is more than just banks and watches although those industries indeed helped the mountainous Central European country gain a GDP of $80,642.58, which is good enough to make it the second richest in the world. Other major contributors are Switzerland’s production of grains, fruits, vegetables, meat, eggs, dairy products, and, most importantly, chocolates.
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GOBankingRates names Luxembourg as the country with the largest GDP per capita in the world, standing at $105,712.98, which is a staggering 31 percent more than second-placed Switzerland’s. Banking and financial services are the major contributors to the small European country’s economy. But its diversity is what secured Luxembourg’s spot at the top of the list, with industries like construction, real-estate services, metals, and information technology all making key contributions to its economy.