1. Switzerland
Current International Dollars: 66,196 | Click To View GDP & Economic Data
White chocolate, the bobsleigh and—of course—the Swiss Army knife. But also the computer mouse, velcro and LSD. The list just goes and on: these are only some of the inventions that Switzerland has contributed to the world. Today, however, this country of 8.6 million owes much his wealth to its banking and insurance services and to tourism, as well as to exports such as pharmaceuticals products, gems and precious metals, precision instruments and machineries (from watches, to medical apparatuses and computers). Is it really a surprise that Switzerland has the highest density of millionaires in the world? For every 100,000 residents, there are 9,428 of them (billionaires included)—the 11.8% of the total considering just the adult population. All the money in the world, however, could not have shielded the Swiss economy from the effects of Covid-19: in 2020 production is expected to decline by 7%, pushing the country into what is possibly its worst recession since World War II.
2. Kuwait
Current International Dollars: 66,969 | Click To View GDP & Economic Data
The flat Arabian Desert covers most of Kuwait’s territory. It was only in 1938 that oil was discovered under its sands. A lot of oil: Kuwait makes up over 6% of the world’s total reserves. The oil industry accounts today for about 40% of the country’s GDP and over 90% of its exports. With a population of approximately 4.1 million (3 million of which are expats) almost entirely concentrated in urban areas, this small state on the northern edge of the Persian Gulf is one of the Middle East's most advanced and democratic. However, the historical declines in oil prices recorded in recent years have begun to worry the very rich Kuwaitis: in 2015, the government announced the first budget deficit in more than a decade—a few others followed after that.
The country has since then taken steps to diversify its economy by allowing 100% foreign ownership in a number of sectors and offering various tax breaks to investors. The story, however, is entirely different when it comes to foreign workers. Faced with the economic uncertainty brought by the pandemic, the National Assembly has recently passed a bill to drastically reduce their number as a consequence of the rising demand for jobs among locals. Hundreds of thousands of livelihoods—along with the crucial remittances contributing to countries such as India, Egypt and the Philippines—are at stake.
3. United Arab Emirates
Current International Dollars: 69,434 | Click To View GDP & Economic Data
Agriculture, fishing and trading pearls: these used to be the economic mainstays of this Persian Gulf nation. Then oil was discovered in the 1950s and everything changed. Today, its highly cosmopolitan population enjoy considerable wealth, traditional Islamic architecture mixes with glitzy shopping centers, and workers come from all over the world lured by tax-free salaries and year-round sunshine (to the extent that only about 20% of the people living in the country are actually locally-born). The United Arab Emirates’ economy is also becoming increasingly diversified. Outside the traditionally dominant hydrocarbon sector, trade and finance, as well as construction and tourism, are major industries. This year, however, its beaches and hotels will remain empty. The city was supposed to hold the much anticipated Dubai World Expo, the biggest event it has ever hosted with some 25 million overseas expected to visit. For obvious reasons, it had to be postponed to next year.
4. Norway
Current International Dollars: 76,684 | Click To View GDP & Economic Data
Since the discovery of large offshore reserves in the late 1960s, Norway’s economic engine has been fueled by oil. As western Europe’s top petroleum producer, the country has benefitted for decades from rising prices. Not anymore: after prices crashed, the global pandemic ensued, sending the krone in freefall. Today, this export-reliant economy faces its first recession since the global financial crisis. Does it mean that it will become significantly less wealthy? Probably not. In June, just weeks after cutting the interest rates to zero, the governor of the country’s central bank said he was surprised by the speed and strength of the rebound in productivity.
On the other hand, when it comes to any economic problem fate might throw at them, Norwegians can always count on their $1.2 trillion sovereign wealth fund, the world's largest. Not only that, they know that with great riches comes great responsibility: contrary to many other rich nations, high per capita GDP figures are truly a reflection of people’s financial wellbeing. Norway has one of the lowest income inequality gaps in the world.
5. Ireland
Current International Dollars: 83,399 | Click To View GDP & Economic Data
Until recently, Ireland seemed unstoppable. While the rest of Europe was facing all sort of uncertainties (Brexit, trade tensions with the U.S., refugee and migrant crises to name a few), the Irish economy just kept humming along: in 2019, while the Eurozone grew only 1.2%, it expanded by over 5.5%, consolidating its role as the fastest-growing country on the continent. A nation of fewer than 5 million inhabitants, Ireland was one of the hardest hit by the global downturn. Following some politically difficult reform measures, including sharp cuts in public-sector wages and restructuring its banking industry, the island nation regained its fiscal health, boosted its employment rates and saw its per capita GDP almost double to its current levels. Do citizens feel twice as rich as 10 years ago? Probably not: Ireland is one of the world's largest corporate tax havens, with ordinary people benefitting infinitely far less than companies do. And while they are undoubtedly better off than they used to, according to data from the OECD the national household per-capita disposable income is actually lower than the overall member countries' average, about $25,300 a year versus $33,600. With a considerable gap between the richest and poorest (the top 20% of the population earns almost five times as much as the bottom 20%) most families would balk at the idea that they are wealthy, especially now that the economy is projected to shrink more than 7% by year end.
5. Brunei Darussalam
Current International Dollars: 80,383 | Click To View GDP & Economic Data
1,788 rooms, including 257 bathrooms, a banquet hall that can accommodate up to 5,000 guests, a mosque for 1,500 people, an air-conditioned stable for 200 polo ponies, 5 pools and 18 elevators: this is where Hassanal Bolkiah, the Sultan of Brunei, lives. His fortune—derived from the immense reserves of oil and natural gas of the country—is estimated at about $28 billion, more than 50 times that of Britain's Queen Elizabeth. Despite Bolkiah's opulence, and an on-paper per-capita purchasing power of over $80,000, malnutrition in Brunei is commonplace. Although the data is scarce, it has been estimated that out of its 450,000 population up to the 40% earns less than $1,000 a year. Luckily, the country was spared the worst of the Coronavirus pandemic: in July, noting that no new cases of infection had been recorded in more than two months, Brunei's Ministry of Finance and Economy stated that in the first quarter of the year—as most other nations were already sliding into a recession—the economy had grown by 2.4%.
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