World's Richest Countries 2014: What makes a country rich? Leading economists agree that a country is truly rich when its people are able to earn enough so that they can live the kind of life they wish to.This would mean that a country's GDP per capita is a good indicator of how wealthy it is. We rounded up the top 5 countryies with the highest GDP per capita, and also considered income value, output value, and expenditure value.
1. Qatar
The richest country in the world is Qatar. This small country has only 2 million in population, but it has a $182 million GDP. It also has the lowest rate of unemployment, at only 0.5 percent. The main industries of this country are in the tourism and commercial arena, with plans to eclipse neighboring Dubai in building the most lavish and luxurious hotels. In line with their tourism efforts, Qatar plans to boost visits to its shores by targeting to be the host of the 2018 Fifa World Cup.
2. Luxembourg
Coming in at the second spot, is Luxembourg, according to the World Bank. Part of the country's riches is because of its numerous cross-border workers who live in Germany, France or Belgium. They are able to contribute to the GDP, but are not actually counted as part of their population. The main industry here is the oil industry, and Luxembourg counts itself as the richest country in all of the European Union.
3. Singapore
Singapore is one of two Asian countries that have made it to this list, and it is the third richest country in the world. According to the latest report from the International Monetary Fund, Singapore's main sources of wealth are its technological, manufacturing, and finance sectors. With only a 5.5 million population and a per capita GDP of US$ 56,700, no wonder Singaporeans are quite wealthy.
4. Norway
With a relatively small population of 5 million, with a good ratio to its GDP, Norway ranks fourth as the richest country in the world. According to data, this country can boast of the best welfare systems internationally. Add to this its rich natural reserves and resources, and Norway and its population are able to thrive.
5. Hong Kong
The fifth on the list of the world's richest countries of 2014 over all is Hong Kong. It is Asia's financial hub, attracting investors and businesses from the world over. Hong Kong also gets to enjoy close proximity with China, a giant in manufacturing economy, and business. No wonder this tiny city-state is the world's 5th richest nation.
