The 5 Richest Countries in the World
When you hear the phrase “Richest Country in the World”, the first name that comes to your mind is sure of the US, or a famous country in the UK. Because the general perception is the most the GDP of a country, the richer it is. To your surprise, GDP alone does not reflect the richness of a country in its’ true color. The most suitable measure in this regard is Purchase Power Parity (PPP) which depicts the actual purchasing power of people residing in any country.
You might be wondering why we are so interested in finding a measure to know about the richest countries with the most luxurious lifestyle. Well, it is because we want to share this information with offshore entrepreneurs. After all, we often forego these small yet richest and most luxurious countries while devising the offshore Strategy. You can set up your business or apply for a job in these countries to earn and be a part of the world’s richest economies while enjoying the luxurious lifestyle. You will be surprised to know about these countries as they are too small that you don’t generally consider them rich but they had a massive impact on the global economy.
- Qatar: It is labeled as the world’s richest country by IMF which is an esteemed institution. Like other Arab countries, Qatar is known for being rich due to its vastly spread oil reserves. In 2016 its GDP (PPP) was more than USD 140,000. This seemingly small island is home to people belonging to more than 180 nationalities. It welcomes expats from all around the globe with open arms which makes it a multicultural country.
- Luxembourg: It is the second richest country with a GDP (PPP) of more than USD 97,000. This high PPP comes from the steel industry, banking, tourism, and telecommunication sector. It was considered a tax haven for investors who wanted to do business at a lower tax rate. Luxembourg is home to 9,000 holding companies and European investment banks even though its population is just a bit high than 500,000.
- Singapore: With a GDP (PPP) of more than USD 82,000, Singapore holds 3rd position among the 5 richest countries. With an appealing taxation system, a gold storage facility offshore, the least corruption, and a trade center, Singapore has much to offer its’ residents and visitors. Although, you might be surprised that this is quite an expensive city to live in.
- Kuwait: With a GDP (PPP) of more than USD 73,246, Kuwait is the 4th richest country owing to its; oil reserves. Though the economic prospects might be appealing the political tension makes this country a bit out of perspective when considered from Nomad viewpoint.
- Brunei: Having a GDP (PPP) of more than USD 71,000 Brunei is not only attractive because of being 5th on the richest countries' chart but also because of house subsidies, free education, zero sales, and income tax. Brunei is extending economic ties with China while working hard in the energy sector to attract foreign investors which makes it quite a cherry for global entrepreneurs.
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