Business Success: Richest Countries in the World | Global Finance Magazine

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Small but rich countries

”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

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By MSc(Econ) Lassi Pensikkala - International News Curator: Travel, Golf, and Business

Lassi Pensikkala is the creator of AmerExperience.com. He writes regularly providing thought leadership on topics related to Travel, Golf, Business, Health, and Lifestyle. You can follow him on Twitter @amerexperience or connect on Linkedin. You can read his travel and golf news in Google News, and business and travel magazines on Flipboard @amerexperience Expertise: International Travel And Business Expert Creator of AmerExperience.com - Education: Studied International Business in Business School of Turku Finland, and Economy, Psychology and Sociology at the University of Hamburg graduated as MSc(Econ) - Language skills: Multilingual - English, German, Spanish, Swedish and Finnish - Life philosophy: 1959 and the 60’s were the golden times of Rock’n Roll, student movements, and first flight to moon. The nordic people were free to travel in the Scandinavian countries including Finland. No passports or travel documents were needed. The freedom still today is the most important for the Scandinavians from that epoch. Freedom is to travel, learn to know new countries and other languages, and meet different people and cultures. He wishes the new generations would have the same possibilities experiencing all that what makes you feel free, and building a strong personality. -

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