#Richest countries socialized free

The oil and gas industry contribute to more than 95% of Brunei’s exports, which explains why the country’s GDP has contracted over the past three years. However, with oil prices at record lows, the country is not expected to stay on top.

#Richest countries socialized free

In a country where oil revenue has been used to provide free education, subsidized housing and no income or sales tax, GDP (PPP) per capita is over $71,000 USD. This small Southeast Asian country - roughly the size of Delaware - is currently the fifth richest nation in the world. So let’s take a look at the world’s five richest countries, from Europe to Asia, with a few surprises in between…īrunei’s oil wealth is one reason it is among the five richest countries in the world.

In addition, the local people living there have - for the most part - a high standard of living. These highly developed nations, although small, have made a huge impact on the global economy. How ironic that smaller countries are the ones we favor here at Nomad Capitalist. Interestingly, the five richest nations are all very small countries.

Using this measurement, we can get a better picture of the richest countries on the planet. With PPP, the actual value of income is reflected in the power that income has to purchase basic goods and services. As you know, government economists always twist the numbers to suit their own needs. However, most economists nowadays take into account the purchasing power parity (PPP) of a country. When defining the world’s richest countries, people tend to look at the strength of the respective economies in terms of Gross Domestic Product, or GDP.