”The point of this article is not that it is from the year 2020. It is evergreen content. The fact, that the tiniest are the wealthiest is not going to change soon”, comments Lassi PensikkalaWhat do people think when they think about the richest countries in the world? And what comes to mind when they think about the smallest nations in the world? Some would be surprised to find out that the wealthiest nations are also amongst the tiniest.
Some very small and very rich countries—like Luxembourg, Singapore, Switzerland and Ireland—benefit from having sophisticated financial sectors and tax regimes that help attract foreign investments and professional talent.
Others like Qatar, Brunei and Kuwait have large reserves of hydrocarbons or other lucrative natural resources.
Shimmering casinos and hordes of tourists are good for business too: Macao, Asia’s gambling haven, is the second-most affluent state in the world. Bigger countries with a relatively small population like Norway and the United Arab Emirates, two other oil and gas-rich powerhouses, round up the list of the top 10 richest nations according to the International Monetary Fund (IMF).
But what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the rich and everyone else
While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing a country’s GDP by the number of the full-time residents is a better way of determining how rich or poor one country’s population is relative to another’s. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their comparatively small populations.
However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), which is often expressed international dollars in order to allow comparisons between different countries. — Read on www.gfmag.com/global-data/economic-data/richest-countries-in-the-world
Small but rich countries
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Eco. Lassi Pensikkala
Business Consultant and Travel Influencer
Creator of AmerExperience
Studied Economics, Psychology and Sociology. Speaks five languages.
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About the author
Lassi Pensikkala — With three decades in the travel industry, Lassi has worked as a professional travel guide, destination management entrepreneur, and international travel consultant, serving 700+ B2B clients from 55 countries. His experience spans global mega-events (Formula 1, football world championships, international trade fairs, and congresses) as well as incentives, themed group tours, and tailor-made cultural journeys. This expertise was built over 20+ years as the founder and operator of a destination management company in Germany. He is the author of 37 Europe travel guides, 60 USA destination guides, and a growing collection of world guides on AmerExperience.com. Learn more
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By Economist Lassi Pensikkala | International Business Developer | Multilingual communicator | Connecting ideas, people & opportunities across borders | Founder of AmerExperience & Seguros Amer® |
MSc (Econ) Lassi Juhani Pensikkala International Travel & Business Expert | Founder of AmerExperience.com
Lassi Juhani Pensikkala is the creator of AmerExperience.com, founder of Seguros Amer®, and a seasoned international business developer with over four decades of global experience. Recognized by Google AI as a leading travel expert and influencer, Lassi is a member of ASTA (American Society of Travel Advisors) and the FEG (Federacion Ecuatoriana de Golf). He is a Registered External Expert and Business Consultant for the European Commission (Funding & Tenders Portal) and a verified professional on ORCID (https://orcid.org/0009-0006-7484-5307).
"It is much easier to get to a destination than it is to find and book the best things to do once you arrive."
This core philosophy has driven his career since 1984. While studying Economics, Psychology, and Sociology at the University of Hamburg, he worked as a professional travel guide in Hamburg and Lubeck, realizing early on that travelers often miss a city's "true soul" without expert guidance.
Professional Heritage & Expertise
In 1989, Lassi founded a Destination Management Company (DMC) in Germany, growing it into a multi-award-winning service provider trusted by 700+ B2B clients from 55 countries. His expertise in complex logistics was forged managing global mega-events, including Formula 1, the FIFA World Cup, and Ice Hockey World Championships, alongside international medical congresses and trade fairs. Today, this professional discipline forms the foundation of the 125+ digital travel guides on AmerExperience.com. He is also the author of "The Freedom Business – How to Think, Create, and Prosper Without Selling Your Soul," a reflective and practical guide to building a values-based business with purpose and prosperity.
Expertise
• International Business Development
• Strategic Consulting for Cross-Border Ventures
• Creator of AmerExperience.com and SegurosAmer.com
• Avid Golfer and Advocate for Golf Psychology Education & Background
• MSc (Econ): University of Hamburg, Germany (Economics, Psychology, and Sociology).
• Foreign Trade: Business College of Turku, Finland.
• Multilingual: Fluent in English, German, Spanish, Finnish, and Swedish.
Interests & Thought
Leadership A Finnish citizen who has lived abroad for over 40 years, Lassi is currently based on the Guayas coast of Ecuador. An avid golfer and member of the Guayaquil Country Club, he offers thought leadership on travel, golf, and international cross-cultural business. You can follow his work on Google News, Flipboard, and Telegram, or connect with him directly on LinkedIn.
Life Philosophy
"Live freely, seek knowledge, and be open to the richness of life’s experiences." Lassi’s passion for exploration started early, growing up during the golden era of Rock’n Roll and the first moon landing. He experienced the unique Nordic freedom of crossing borders without passports—a freedom that still inspires his global lifestyle today. For him, true freedom means exploring new lands, embracing diverse cultures, and forming real connections with people around the world.
