The Richest Countries in the World 2022

As it does every year, Global Finance has released its list of the 10 richest countries in the world. We might have expected to see some of the “most powerful” countries on the list, but in reality, the top is dominated by small countries with strong financial sectors and other things that bring in a lot of money.

Here is where we can ask ourselves what makes a country “rich”. Global Finance answers the question: “Gross domestic product (GDP) measures the value of all goods and services produced in a country. However, dividing this value by the number of full-time residents is a better way to compare how rich or poor the population of one country is to that of another.” In the case of this year’s list, they say, the link between wealth and a small area is that the economies of these small countries are bigger than their populations.

When inflation is taken into account, the study looks at purchasing power parity (PPP). But this doesn’t necessarily mean that everyone in the countries at the top of the list has a lot of money. It’s also possible that a lot of the money belongs to the wealthy elites and that some people are struggling to keep their finances stable.

In fact, the study shows that many of the countries on the list mostly in Europe and Asia are tax havens. This means that their wealth comes from other countries, but the implications and legal practices end up making their GDP go up.

For example, Luxembourg is at the top of the list. It is known as a tax haven, and accounts can be opened in its banks from outside the country. Even so, it is a popular tourist destination because of its castles and high quality of life for its citizens. It was also one of the countries that weren’t as badly affected by the Covid pandemic.

Singapore is also a tax haven because capital gains and dividends are not taxed there. This is one reason why Eduardo Saverin, co-founder of Facebook, moved his money there and is now the second richest man in the world. The city is growing a lot and is becoming a major financial hub.

The rest of the list has countries with similar situations: there are financial opportunities that allow entrepreneurs and multinational companies to take advantage of how they see taxes and end up making investments. Most of the time, this helps local business owners more than regular people.

Here is a list of the 10 richest countries in the world 2022:

Luxembourg

GDP-PPP per capita: $140,694

Singapore

GDP-PPP per capita: $131,580

Ireland

GDP-PPP per capita: $124,596

Qatar

GDP-PPP per capita: $112,789

Macao SAR

GDP-PPP per capita: $85,611

Switzerland

GDP-PPP per capita: $84,658

United Arab Emirates 

GDP-PPP per capita: $78,255

Norway

GDP-PPP per capita: $77,808

United States

GDP-PPP per capita: $76,027

Brunei Darussalam

GDP-PPP per capita: $74,953 

The table of the World’s Richest Countries 2022 below: 

Source: International Monetary Fund, World Economic Outlook April 2022

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