Luxembourg, richest country in the world | Daily News

Luxembourg, richest country in the world

The richest country in the world according to the International Monetary Fund latest source is Luxembourg with a GDP per capita of over$109,000. In Luxembourg one of the top industries is banking and financial services.Interestingly, a number of countries with smaller populationsizes have a high GDP per capita.

For example, Iceland makes the top 10 at$57,189, but the island’s population is only around 342,000 people. Similarly,Luxembourg’s population is just under 633,000—but it’s the richest country in the world on a per capita basis.Although number one on the global stage in terms of total GDP, the U.S. places fifth with a GDP per capita of $63,051.Looking at history, most high-income countries went through a similar linear journey. Beginning with agriculture-based economies, they went through a period of rapid industrialization, and finally became service-based economies.The world’s wealthiest economies will likely remain on top for the foreseeable future, though some may experience plateauing growth. In Japan, forexample, the domestic market is beginning to shrink due to an aging population.Regardless, the wealth of these countries today is astounding, with the richest country in the world having a GDP per capita of415x more than the poorest country in the world. (www.visualcapitalist.com)