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Richest Countries in 2022 — Photo: Collected

Top 10 Richest Countries in 2023

September 24, 2022

Global Finance has announced its annual list of the world’s ten richest countries. We would have anticipated seeing some of the world’s “most powerful” countries on the list, but the top is dominated by small countries with strong finance sectors and other lucrative industries.

This is where we might consider what makes a country “wealthy.” Global Finance provides a solution to the question: “The value of all products and services generated in a country is measured by the gross domestic product (GDP). However, dividing this value by the number of full-time residents is a better way to compare the wealth or poverty of one country’s population to that of another.” They claim that in the case of this year’s list, the link between wealth and small land size is that the economies of these little countries are significantly larger than their inhabitants.

When inflation is considered, the study looks at purchasing power parity (PPP). However, this does not imply that everyone in the top-ranked countries has a lot of money. It’s also likely that the wealthy elites own much of the money and that some individuals are battling to maintain their finances stable.

According to the survey, several of the countries on the list (primarily in Europe and Asia) are tax havens. This indicates that their wealth is derived from other countries, yet the consequences and legal practices cause their GDP to rise.

Top 10 Richest Countries in 2022 — Photo: Collected

Luxembourg, for example, is at the top of the list. It is known as a tax haven, and accounts in its banks can be opened from outside the nation. Nonetheless, it is a famous tourist destination because to its castles and high standard of living for its residents. It was also one of the countries that escaped the Covid epidemic unscathed.

Singapore is also a tax haven due to the absence of capital gains and dividend taxes. This is one of the reasons Eduardo Saverin, co-founder of Facebook, relocated his money there and is now the world’s second richest man. The city is rapidly expanding and is quickly becoming a significant financial center.

The remaining countries on the list are in similar situations: there are financial opportunities that allow entrepreneurs and multinational corporations to take advantage of how they see taxes and end up investing. Most of the time, this benefits local company owners more than ordinary citizens.

Here is a list of the world’s ten richest countries in 2023:

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7 7. United Arab Emirates

8 8. Norway

9 9. USA

10 10. Brunei Darussalam