The secret to total happiness, according to many who say they have found it, has nothing to do with money. You have probably heard the adage “Money cannot buy happiness” at least once.
Unquestionably, this is true, but there is also a compelling argument that, on occasion, money can offer financial security that makes you feel happy overall.
It is feasible to rank countries according to their level of wealth and then compare them to one another by looking at the gross domestic product (GDP) per capita of each nation on the planet. But keep in mind that a country’s GDP per capita may not correspond to the typical income of its citizens.
For instance, the United States had a GDP per capita of $65,279.50 in 2019, yet its median wage was just $34,248.45 and its average yearly wage was only $51,916.27. Even the richest nations have some citizens who live in poverty, and even the poorest nations have many people who are quite wealthy, yet it is a reliable indication of a nation’s overall financial health.
The International Monetary Fund releases a definitive ranking of 236 countries and territories of the world. Here’s a sneak peek at the top 10 as of October 2021 (scroll down for the full list):
What is The Richest Country in the world?
Luxembourg is the richest nation in the world, distinguished by high-income levels and a low unemployment rate. While its wealth remains constant, its inflation rate increased to 6.8% in August 2022. The World Economic Forum attributes Luxembourg’s high GDP primarily to the enormous number of people who work in this small, landlocked country while living in its bordering western European neighbors. The developed infrastructure and high labor market values draw investment and clones of the major outside companies.
The country made an excellent adjustment after being heavily dependent on the steel and iron industry until it stopped producing profits in the 1970s. Today, as one of the most educated labor forces in the world, Luxembourg prospers from a mix of industries, predominantly an import-export economy based on financial services. Small to medium-sized companies expanded, while multinational corporations highly demand a highly-skilled labor force with the ability to speak multiple languages. There is also a small but prosperous agricultural sector in the country.