Qatar the richest country in the world per capita
What's the story
Based on the per capita income of its people, Qatar has been named the world's richest country. Thanks to its rich hydrocarbon reserves and a per capita GDP (gross domestic product) of over Rs. 81 lakh, this small middle-eastern nation features on the top of a recent International Monetary Fund (IMF) report. Read on to know more about the standings of other countries.
Rankings
Luxembourg at No. 2; India not even in top 100
Due to its small population and an efficient workforce, the European nation of Luxembourg grabs the second spot with a GDP of Rs. 70 lakh per person. With per capita GDP of over Rs. 38 lakh, the United States is at No. 12. India, with a GDP of over Rs. 4 lakh per person, is not even in the top 100.
Rich economies
Singapore at No. 3, Brunei, Ireland follow close
At No. 3 is Singapore, with a per capita GDP touching Rs. 60 lakh. Because of its tiny population (just over 4 lakh), and rich reserves of oil and gas (contributing about 90% in total revenue), Brunei is at No. 4. With a GDP of over Rs. 47 lakh, Ireland is at No. 5, thanks to its robust spending, investment and construction sectors.
Others
Norway, UAE, Switzerland, Kuwait also in top 15
6. Norway | Rs. 45.8 lakh 7. Kuwait | Rs. 45.2 lakh 8. UAE | Rs. 44.3 lakh 9. Switzerland | Rs. 39.8 lakh 10. Hong Kong Rs. 39.2 lakh 11. San Marino | Rs. 39.2 lakh 12. United States | Rs. 38.6 lakh 13. Saudi Arabia | Rs. 35.8 lakh 14. Netherlands | Rs. 34.8 lakh 15. Iceland | Rs. 33.8 lakh
Details
Oil, investments, strong banking systems propel top economies: IMF
According to the report, most highest-ranking countries have either fuel and oil or investment and strong banking systems supporting their claim. The IMF has based the rankings on its October 2017 data. The report looks at GDP per capita and purchasing power parity. It also compares currencies with the cost of goods to weigh a country's economy in relation to others.