When we mention the richest country in the world, the first one that comes to mind is probably the United Arab Emirates, because of their major natural resource production, such as oil and potreleum. But would you be surprised if UEA was no longer the world’s richest country anymore?

To determine a country’s wealth and economic size, gross domestic product (GDP) is the only and most important way of showing how well the economy is doing in a certain country. Aside from analyzing the wealth of a country, GDP can also indicate the welfare of its citizens.

By the way, there are some countries that are newcomers to this list, and one of them is displacing Kuwait as the richest country. Click the next button down below to find out more.

You might have expected Kuwait to be on this list, but it may come as a shocker that Kuwait is ranked 10th on here. Before diving deep into Kuwait’s wealthy secrets, you must take note of where this country is located because it plays a huge role in contributing to its economy's growth.

Kuwait is a country that is located in the northwest corner of the Persian Gulf and is part of the Arab Peninsula. Compared to one of its neighboring countries, Kuwait is a much more developed country, with a GPA reportedly close to $140.6B billion in 2020. This GPA is slightly lowered compared to the country we will show you next on this list. Kuwait’s high GPA is a result of its major production of oil and natural gas industries. Reportedly, Kuwait is ranked 6th in the world’s largest oil reserves, with 101 trillion barrels of oil lying under the country.

Not just relying on its natural resources, Kuwait is also a major exporter of mineral fuels and spacecraft. But does this high GDP also reflect a high standard of living for Kuwaiti citizens? Reportedly, Kuwait is ranked number 58th, with personal freedom as the lowest aspect of its life prosperity. Nevertheless, Kuwait is still considered a happy country to live in due to its advanced public health infrastructure. It appears that Kuwait will remain on this list for many years to come because of the country's vast oil reserves.

Switzerland is a small country that is surrounded by two big mountain chains in Central Europe. Precisely, Switzerland is located between France and Italy. This country is known as a dream destination country with its distinctive chocolate taste as one of its tourist attractions, but tourism is not the main reason why Switzerland ended up on this list.

Trading Economics Global predicts that Switzerland’s GDP will reach $795.000 billion by 2020, making it one of the world’s wealthiest nations. Switzerland has come a long way to get its current position as one of the richest countries on this list. Nearly two hundred years ago, Switzerland was a poor country with no natural sources. Due to the modern political climate, Switzerland is able to get up and attract rich foreigners to invest. Financial services, metals productions, pharmaceuticals, chemicals, and electronic precision manufacturing are economic aspects that are contributing to its high GDP. It turns out that Switzerland isn't the only European country with a high GDP that we will elaborate on this list. Read along to find out more...

The United Arab Emirates is a country located in southeastern Arabia, the Middle East (West Asia). Meanwhile, geographically, it is located on the Persian Gulf coast and the Gulf of Oman, bordered by Saudi Arabia and Oman. The United Arab Emirates is a federal monarchy consisting of seven emirates that have a lot of petroleum. The seven Emirates are Abu Dhabi, Dubai , Ajman, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Qaiwain. The strategic location makes the United Arab Emirates a stopover for world oil exports and imports.

As one of the world's richest countries, the United Arab Emirates has a per capita income of USD 69,434, while its gross domestic income is USD 375 billion.

Norway is a parliamentary constitutional monarchy which ranks first as the most developed country in the world. Norway has a very high standard of education, with very low poverty and unemployment rates and a life expectancy of up to 80 years. The prosperity of the country makes it a big donor to the United Nations. Norway's main sources are petroleum, natural gas, minerals, timber, seafood, freshwater, and hydropower.

In addition, Norway's GDP per capita is USD 76,684. Norway has also known for a high productivity rate at fourth, and a good employment rate at fifth globally. Apart from that, Norway also has economic disparities and low carbon emissions.

Ireland is an island nation located in the northwestern part of the European continent. Ireland is a country that has a unique identity and historical tradition that is the country's unique attraction. The Parliamentary Republic adopts Ireland's government system. It's a system where the head of state is a President, and the head of government is a Taoiseach or equal as the Prime Minister.

In the economic sector, Ireland is one of the developed countries with a per capita income of USD 83,399. Meanwhile, its Gross Domestic Income is USD 357.2 billion. The country's income comes from the Pharmaceutical, Chemical, Computer hardware and software industries, food and beverage processing, and medical equipment.

Brunei occupies the 5th richest country in the world with a per capita income of 83,399 US dollars. Brunei is a country that has an extraordinary wealth of USD 28 billion. This value is 50 times greater than the wealth of Queen Elizabeth in England. The wealth comes from petroleum and natural gas reserves.

Meanwhile, its Prime Minister Sultan Hassanal Bolkiah lives in a palace with 1,788 rooms, including 257 bathrooms, a banquet hall that can accommodate up to 5,000 guests, a mosque for 1,500 people, air-conditioned stables for 200 polo horses, 5 swimming pools, and 18 elevators.

Singapore is one of the countries in Southeast Asia that has succeeded in becoming one of the world's richest countries. Singapore is a prosperous fiscal haven where capital gains and dividends are tax-free. The GDP per capita of Singapore is USD 103,181. When Singapore became independent in 1965, half of its population was illiterate. With almost no natural resources, Singapore managed to rise through hard work and smart state policies.

Singapore is one of the friendliest countries to do business in the world. With low taxes and good facilities, the business can grow fast. For example, if a startup company has just been established in Singapore, this company is tax-exempt up to 200%. Today, Singapore is focused on fast-growing trading, manufacturing, and financial center.

The GDP per capita of Luxembourg is USD 108,950. That's a really fantastic number for a country with an area not ​​more than 2,000 square kilometers. State income is well distributed to each resident. Apart from the high GDP level, the inflation and unemployment rates in Luxembourg are low. This means that, in general, this country can be said to have relatively small social disparities. Thanks in part to the stringent secrecy of banking laws with a reputation for being a tax haven. In particular, Luxembourg has close trade and financial relations with Belgium and the Netherlands. As a member of the European Union, it also enjoys the benefits of an open European market.

This country, known for its casino games, actually Macau ranks second as the richest country in the world. Before its current success, Macau was a Portuguese colony. Macau's economy rose when Macau liberalized the gambling industry in 2001. Thanks to that, many foreign tourists have entered the country to support tourism. With a population of more than 600,000 and more than 40 casinos spread over an area of ​​approximately 30 square kilometers, Hong Kong is becoming a money-making machine.

Macau's per capita gross domestic product touches a value of USD 114,362. Macau is a very wealthy region that pays its citizens, wherein residents receive an annual check from the government because they have a huge surplus of money from casino profits.

Qatar is a country in the Middle East, as the richest country globally with a GDP reaching USD 132,886. The source of the country's wealth is known from its enormous reserves of oil, gas, and petrochemicals. What's more, the massive architectural construction of buildings and malls has made Qatar one of the world's richest countries for 20 years.

The boycott carried out by several Arab countries since 2017 has had little effect on Qatar's economy. It is known that Qatar has a Gross Domestic Product (GDP) based on purchasing power parity (PPP) of USD 132,886. Compared to surrounding countries, Qatar's oil reserves are not as big as Saudi Arabia, the United Arab Emirates, and Kuwait. However, a much smaller population made the country richer. Qatar's oil production figure per day reaches 1.8 million barrels; meanwhile, oil consumption figures only reach 346,000 barrels per day. Apart from oil, Qatar also has the largest natural gas reserves in the world, which has natural gas of 24.7 trillion cubic meters.