Qatar named as World’s Richest Country according to IMF’s GDP data

As per rankings released by business magazine ‘Fortune’, Qatar is World’s Richest Country in terms of Gross Domestic Product (GDP) Per Capita.

Richest Countries in the World – Overview:

GDP Per Capita is a measure of the total output of a country computed by dividing gross domestic product(GDP) by the number of people in the country. In theoretical terms, higher per capita GDP results in to a higher standard of living.

• Fortune’s rankings are based on the International Monetary Fund’s (IMF’s) October 2017 data.
• Economy of many of the richest countries (such as Brunei and Qatar) is highly dependent on oil, whereas countries like Iceland and Ireland have strong banking and investment systems.
• It is to be noted that despite low unemployment and growth in consumption and investment, US did not feature in the Top – 10 richest countries list.
• Most of the Top 10 richest countries have small populations as compared to countries that are world leader in terms of size of GDP — such as the United States, China and Germany.
• Besides, many of these Top 10 richest countries have a large number of immigrant workers who contribute significantly to the economy. These immigrant workers do not have resident status and thus are not counted in the GDP per capita calculations.

Richest Countries in the World – Top 15

Quick Facts about Fortune (Magazine):

• First Issue – 1930
• Based in – New York, US