Who are the richest countries in the world in 2016?
Where are the highest salaries earned? Based on data gathered from Global Finance magazine, here are the 30 richest countries in the world.
Where are the highest salaries earned? Based on data gathered from Global Finance magazine, here are the 30 richest countries in the world.
30. New Zealand
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Average annual income per person: £25,137
After emerging from the global financial crisis virtually unscathed, New Zealand’s interest rates have been at an all-time low for almost half a decade.
29. South Korea
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Average annual income per person: £25,874
The recent success that South Korea has had in reducing poverty while improving its economy has been fuelled by a 20% growth in exports and a 30% rise in investments.
28. Japan
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Average annual income per person: £26,832
Boasting the title of the world’s third largest economy, Japan has been teetering on the edge of recession. However the country has recently seen a jump in retail sales, offering the nation a much-needed boost.
27. United Kingdom
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Average annual income per person: £27,113
The UK’s economy grew faster than initially predicted in the beginning of 2015, albeit slower in comparison to 2014. Despite this, PriceWaterhouseCoopers predicts inflation will remain low and unemployment will continue to fall.
26. Finland
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Average annual income per person: £28,612
Due to a decline in paper demand and the lagging economy of neighbouring Russia, Finland has been revealed as the European Union’s weakest economy. In spite of this, Finland still comes in as the 26th richest nation in the world.
25. France
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Average annual income per person: £28,629
Reduced household spending and a decline in business investments are to blame for pushing France outside of the top 20.
24. Belgium
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Average annual income per person: £29,685
Belgium’s economy continues to experience a healthy growth for a second consecutive year due to a revival in domestic demand and increased exports.
23. Iceland
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Average annual income per person: £30,818
Following a financial meltdown five years ago thanks to an out-of-control banking system Iceland’s economy is once again on the rise. It’s an economy that’s largely export-driven, with fishing, energy and aluminium being its most stable industries.
22. Oman
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Average annual income per person: £31,045
With a location on the Arabian Peninsula, Oman’s economy is predominantly dependent on oil. It also benefits from a free trade agreement with the US.
21. Denmark
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Average annual income per person: £31,661
Denmark’s healthy economy stems from a high-tech agricultural sector, maritime shipping and foreign trade.
20. Canada
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Average annual income per person: £31,787
Thanks to consecutive months of growth due to strengthening exports and increased consumer spending, Canada’s economy skyrocketed in the latter half of 2015.
19. Taiwan
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Average annual income per person: £31,787
Electronic, machinery and petrochemical exports have provided the primary stimulus for Taiwan’s economic development. However, its heavy reliance on exports exposes the economy to fluctuations in world demand.
18. Germany
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Average annual income per person: £31,918
According to experts, the German economy remains sturdy due to a boost in exports despite the recent Volkswagen scandal and a massive influx of refugees.
17. Sweden
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Average annual income per person: £32,081
Sweden’s weak currency has made it easier for the country to export to other countries. It’s also recently begun expanding its markets in Asia and is beginning to target North America in an effort to increase trade revenue.
16. Austria
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Average annual income per person: £32,440
Despite an economic start to the year described by experts as ‘sluggish’, new government policies and lower taxes are expected to bolster spending and give Austria’s economy a boost.
15. Australia
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Average annual income per person: £33,395
With its unemployment rate up to 6%, a new government is going to work hard on keeping the Australian economy stable.
14. Ireland
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Average annual income per person: £33,740
The Central Statistics Office reported that Ireland’s economy grew by more than 6% in the first three months of 2015 in comparison to the same time period in 2014, due to a weak Euro stimulating exports.
13. The Netherlands
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Average annual income per person: £33,742
A sizeable trade surplus, strong government, moderate unemployment rate and stable industrial relations lands the Netherlands a ranking just outside the top 10 economies.
12. Bahrain
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Average annual income per person: £36,530
Bahrain’s economy was turbocharged by it being one of the first states in the Persian Gulf to discover oil and build a refinery. However, these days the nation relies more on its banking and financial sectors for its wealth.
11. Saudi Arabia
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Average annual income per person: £38,896
This oil-based economy is the largest exporter of petroleum. Although experts have predicted that it’s tourism that’s likely to be become the growth industry in Saudi Arabia’s future economy with an increasing number of visitors.
10. Switzerland
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Average annual income per person: £38,897
Switzerland’s economy has remained strong despite the Swiss Central Bank’s decision to let the Swiss Franc appreciate against the Euro.
9. United States of America
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Average annual income per person: £39,445
With consumer spending boosted by lower fuel prices, the United States has seen a strong growth to its economy.
8. Hong Kong
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Average annual income per person: £39,880
Hong Kong’s strong rules, regulations and first class financial services secure the country’s place within the top 10 and its title of the gateway to China’s booming economy.
7. United Arab Emirates
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Average annual income per person: £46,477
The UAE’s ability to attract foreign investment has been improved thanks to some hard work from its government, particularly within the technology sectors.
6. Norway
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Average annual income per person: £46,765
The standard of living in Norway has been vastly improved in the last 20 years thanks to the boom in its oil sector. Despite the recent fall in oil prices Norway remains financially sound due to its independent monetary policy and strong macroeconomic framework.
5. Kuwait
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Average annual income per person: £49,517
The plunge in oil prices are an ever-present threat to Kuwait’s economy, but the government’s five-year development plan, focusing on pushing growth in the non-oil sectors, allows the country to maintain a high average income.
4. Brunei Darussalam
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Average annual income per person: £55,557
This tiny nation is one of the world’s richest because of its oil and gas resources. Although recent declines in energy prices rattled the economy, the government’s plans to diversify the economy and launch a new stock exchange by 2017 should secure its financial future.
3. Singapore
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Average annual income per person: £58,661
Even considering a high average of household debt and a relatively fragile global economy, Singapore’s solid economic framework and large current account surplus continues to uphold its finances.
2. Luxembourg
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Average annual income per person: £65,125
Luxembourg’s strong financial services sector means that the nation is home to a wealthy and stable population, low public debt, and robust institutions.
1. Qatar
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Average annual income per person: £100,959
A solid and rapidly-growing economy allows Qatar to be awarded top spot as 2016’s richest country. With an infrastructure push for the 2022 football World Cup further lifting its strong economy, it’s unlikely that it will be sliding from its position anytime soon.
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