Determining which country gets the right to claim that it is the richest country in the world isn’t the easiest thing to do. There are various factors to be taken into consideration when deciding which country is the richest.
According to rankings by the International Monetary Fund, the most commonly accepted definition of the wealthiest countries is to determine how rich the average resident of a country is.
The 2015 rankings were based on the Gross Domestic Product (GDP) Purchasing Power Parity (PPP) of a country, which compares the generalised differences in the cost of living and standards between countries. The PPP takes into account the living cost and inflation rates.
According to the rankings, the richest country in the world for 2015 was Qatar. The ranking found that the average resident of the country makes an estimated $146 011.85.
The Arab country is located in Southwest Asia. A strait in the Persian Gulf separates Qatar from the nearby island of Bahrain, as well as sharing sea borders with the United Arab Emirates and Iran.
The country is a high income economy and it is regarded as a developed country. The country’s media group, Al Jazeera Media Network continues to expand globally while it will also host the 2022 FIFA World Cup – making it the first Arab country to do so.
Approximately 14% of households in Qatar are dollar millionaires.
Other countries that made the top ten list include:
- Brunei Darussalam
- United Arab Emirates
- Hong Kong
- United States
Top African countries in the list include:
Gabon (#55) – $22 878.98
Botswana (#73) – $16 758.31
Algeria (#81) – $14 802.35
South Africa (#87) – $13 078.00
Tunisia (#93) – $11 896.99
Egypt (#96) – $11 443.89
Namibia (#99) – $11 361.12