The wealth of a nation is determined by the purchasing power of an average person residing in that country in terms of the nation’s Gross Domestic Product (GDP) per capital. Based on this, only a few countries in the world actually make the top 10 of the world’s richest countries in 2019.
It is interesting to note that countries which made the list are some of the world’s smallest nations, even the United States falls quite below.
According to Global Finance, the yardstick of the ranking is based on the countries’ GDP with their Purchasing Power Parity (PPP) calculated in international dollars.
Below is the ranking of top 10 world’s richest countries:
1. Qatar ($134,623 GDP)
2. Macao ($122,201 GDP)
3. Luxemborg ($108,813 GDP)
4. Singapore ($103,717 GDP)
5. Brunei Darussalam ($83,777 GDP)
6. Ireland ($82,439 GDP)
7. Norway ($76,738 GDP)
8. United Arab Emirates ($70,474 GDP)
9. Kuwait ($67,969 GDP)
10. Hong Kong ($66,517 GDP)
Nigeria's position on the list is 137, just a little above war torn countries like Bangladesh, Pakistan, and Sudan.
Meanwhile, Legit.ng earlier reported that International Monetary Fund (IMF)’s statistics released in 2018 for 2017 revealed that Nigeria and South Africa are the largest economies in Africa with a combined Gross Domestic Product (GDP) which is around $750 billion.
Egypt ranked number three believed to have fallen off its earlier position due to the 2011 revolution that rocked the country as the country’s reserves fell from $36 billion in December 2010 to almost half at $16.3 billion. The GDP in 2017 was at $237.037 billion.
Morocco’s GDP stood at $109.824 billion and ranked sixth among economies.
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