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  1. Well, indeed, it is not the richest country in the world. Even GDP per capita is not a good marker of prosperity, because, in Luxembourg, this figure is misleading.

    • Luxembourg
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    • Qatar
    • Switzerland
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    • United States
    • Brunei
    • Hong Kong
    • Denmark

    It is worth a visit for its castles and gorgeous landscapes, as well as its cultural festivals and gourmet specialties. You may even open an offshore account with one of its banks and never leave, as many people do. It’s a shame because a tiny nation of around 625,000 people, located in the center of Europe, has a lot to offer both tourists and locals. Luxembourg devotes a considerable portion of its income to providing better housing, healthcare, and education to its citizens, who have by far the greatest standard of living in the Eurozone. Nonetheless, while the global financial crisis and EU and OECD pressure to decrease banking secrecy had little effect on the economy, the coronavirus pandemic prompted several firms to close and people to lose their employment. Luxembourg has fared better than most of its European neighbors due to robust testing and contact tracking mechanisms. As a result, the grand duchy’s GDP will increase by 4% in 2021, up from -1.3% in 2020. In 2014, the co...

    With a net worth of $23 billion, restaurateur Zhang Yong is the richest person in Singapore; 93-year-old Goh Cheng Liang, the founder of one of the world’s largest paint manufacturers, comes in second with a $21.7 billion fortune. Eduardo Saverin, the co-founder of Facebook, who departed the United States in 2011 with 53 million shares of the firm and became a permanent resident of the island nation, comes in third place with assets of roughly $15 billion (much to the surprise of some). Saverin chose Singapore not only for its metropolitan attractions or natural wonders but also because it is a wealthy fiscal haven where capital gains and dividends are tax-free. One-half of the city-population state was illiterate when it gained independence in 1965. With almost no natural resources, Singapore pulled itself up by the bootstraps through hard labor and clever legislation, becoming one of the world’s most business-friendly places. Singapore is currently a booming trade, manufacturing,...

    Ireland appeared to be unstoppable. While the rest of Europe was dealing with various uncertainties (Brexit, trade tensions with the United States, refugee and migrant problems, to mention a few), the Irish economy just kept humming along: in 2019, while the Eurozone grew by just 1.2 percent, Ireland expanded by more than 5.9 percent, cementing its position as the continent’s fastest-growing country. All of that changed in 2020 when economic growth was more than halved compared to prior levels. Still, it is anticipated to return well this year. Ireland, a country of fewer than 5 million people, was one of the hardest hit by the 2008 financial crisis. Following politically challenging reform measures such as severe salary cutbacks in the public sector and reforming its banking industry. The island nation regained fiscal health, increased employment rates, and saw its per capita GDP nearly double in a short period.

    Per capita GDP: $116,799
    Gross domestic product in 2017: $308.6 billion (51st out of 196 countries)
    The population is 2.6 million people.
    At birth, the average life expectancy is 78.3 years.
    Gross National Income (GNP) per capita: $58,138
    Gross domestic product in 2017: $490.2 billion (37th out of 196 countries)
    Population: 8.5 million people
    At birth, the average life expectancy is 83.6 years.
    Gross national product per capita is $67,529
    Gross domestic product (GDP) in 2017: $342.8 billion (48th out of 196 countries)
    Population: 5.3 million
    Life expectancy at birth: 82.5 years
    Gross National Income (GNP) per capita: $55,351
    Gross domestic product in 2017: $17.7 trillion (2nd out of 196 countries)
    The population is 325.1 million people.
    At birth, the average life expectancy is 78.5 years.
    Gross National Income (GNP) per capita: $76,427
    Gross domestic product in 2017: $30.8 billion (125th out of 196 countries)
    The population is 428,697 people.
    At birth, the average life expectancy is 77.4 years.
    Gross National Income (GNP) per capita: $58,420
    Gross domestic product in 2017: $414.3 billion (43rd out of 196 countries)
    The population is 7.4 million people.
    At birth, the life expectancy is 84.7 years.
    Gross National Income (GNP) per capita: $48,260
    Gross domestic product in 2017: $272.5 billion (55th out of 196 countries)
    The population is 5.8 million people.
    At birth, the life expectancy is 81.0 years.
  2. Mar 18, 2021 · Luxembourg is a major center for large private banking, and its finance sector is the biggest contributor to its economy. The country’s main trading partners are Germany, France and Belgium. Is Luxembourg the richest country in the world? Luxembourg is among the world’s richest countries. The 15 Richest Countries In The World.

  3. Oct 01, 2020 · The Grand Duchy of Luxembourg is one of the smallest (998.6 sq miles, pop. 626,108) and richest ($112,045 per capita) countries in Europe. (It is actually the third richest in the world.) Its ...

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    • Denmark
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    Jantelovenm is a Danish moral concept that has been popularized in Denmark and other Nordic countries. It means “the law Jante.” It places the wellbeing of society above individuality and personal ambition and makes equality a key component of interpersonal relations as well as policy decisions. This is why we can say that the average Danish per-capita purchase is $60,000, which is also truer than the statements made in countries with fewer people and more money. Denmark’s modern, internationally competitive service-based economy means that both public and household finances were less affected by the pandemic than countries that heavily rely on tourism, manufacturing, or oil products exports. Its 5.8 million citizens enjoy high employment rates and wages, an efficient social security system, and routinely topping the world’s happiest countries ranking

    This former British colony is now a gateway to China’s mainland. It also houses Asia’s largest financial centre. Hong Kong’s economy is low in taxes and has no capital gains, inheritance levies or taxation. There are no tariffs for the import or export of goods. Foreigners can also own their businesses without any citizenship, residency, or nationality requirements. This tiny island, measuring just 1,104 kilometres (427 miles), is therefore extremely rich. However, this does not mean that every one of the 7.5 million inhabitants is rich. According to government statistics, one-fifth of them lives below the poverty line. Hong Kong, with its roughly 9,000 ultra-high-net-worth individuals with net worths of $30 millionor greater, is battling New York for the title of the city with the most ultra-high-net-worth people in the world. Remarkably, the widening income inequality has also been a contributing factor to the political unrest that roiled Hong Kong since 2019, disrupting businesse...

    There are 1,788 rooms including 257 bathrooms. A banquet hall can hold up to 5,000 people. A mosque for 1,500, a stable for 200 ponies, 5 pools and 18 elevators. This is where Hassanal Bolkiah (the Sultan of Brunei) lives. His fortune, derived from the vast oil and natural gas reserves of the country, is estimated at $28 billion. This figure is more than 50 times greater than that of Queen Elizabeth of Great Britain. It isn’t all roses for the sultanate. Not because Bolkiah no longer holds the title of the richest monarch in the world (Thailand King Maha Vajiralongkorn, about $15 billion, is more wealthy). Brunei’s malnutrition is common despite the monarch’s wealth and a per-capita buying power of more than $60,000 on paper. It is estimated that 40% of the country’s 450,000 inhabitants earn less than $1,000 per year, although data is limited. The country was spared from the worst COVID-19 pandemic, with just a handful of cases. It was also hit hard by the oil price plunge that was...

    Did you know that the richest countries also tend to be the poorest? The United States is an exception to this rule. Despite being at the bottom of the rankings for most of the past two decades, it managed to rise to the top 10, despite having been struggling to make ends meet. Did the pandemic really make Americans richer? It all depends on who you ask. It is not the people who lost their jobs or businesses and found themselves with high-cost medical bills and other expenses. They flocked to food banks. The top earners in the top quintile, who make more than $60,000 per year, we’re able to work from home and see their stock investments increase in value. They also received stimulus checks. Another story concerns how the super-rich fared in the wake of the crisis. According to the Institute for Policy Studies’ data, between March 2020 and April 2021 the total wealth of the 719 billionaires in America jumped by $1.62 trillion or 55% from $2.95 trillion up to $4.56 trillion. The wealt...

    Oil has been the fuel for Norway’s economic engine since the discovery of large offshore oil reserves in the late 1960s. The country is the largest producer of oil in western Europe and has enjoyed rising oil prices for many decades. But not anymore. Prices crashed at the start of 2020 and then there was the global pandemic, which saw the krone plunge into freefall. Last year’s 2.5% decline in the Norwegian economy was the largest annual drop in over 50 years and possibly since World War Two. Is this a sign that Norwegians today are less financially privileged than they were a few years ago? It is unlikely, and the GDP growth rate is expected to increase by 3.9% in 2021. Norwegians have the luxury of relying on their $1.3 trillion sovereign wealth account, which is the largest in the world, for any economic problems that may arise. But Norwegians also know that wealth comes with great responsibility. High per capita GDP figures, unlike other rich countries, are a reflection of peopl...

    The bobsleigh, white chocolate and the Swiss Army knife are all available. The computer mouse, the immersion blender and velcro are just a few of the inventions that Switzerland has contributed to the world. These are just a few of the many inventions Switzerland has made to the world. This country of 8.6 million owes a lot to its banking and insurance services, tourism, and exports such as pharmaceuticals products, precious metals, tourist goods, and precision instruments and machinery (from watches to medical equipment and computers). It is not surprising that Switzerland has the highest concentration of millionaires worldwide. The latest estimates show that there are 9.428 millionaires for every 100,000 people (billionaires excluded) – 11.8% of the total population. However, all that money could not protect the Swiss economy against the effects of Covid-19. In 2020, production fell by 2.9%. It could have been worse, particularly when you consider that the contractions in Italy, S...

    It’s not just the last year’s oversupply/demand crisis and the exacerbating effects of COVID-19. Oil prices have been falling steadily and sometimes dramatically since the mid-2010s. In 2014, the per-capita GDP for a Qatari citizen was more than $143,222. It was $97,846 in 2014. Today, it is lower. Yet, the country’s oil and gas, petrochemical and petrochemical resources are so vast and its population is so small (just a 2.8million), that this wonder of ultramodern architecture and luxury shopping malls has managed to remain at the top of the list of the richest countries in the world for the past 20 years. Despite only 12% of residents being Qatari, COVID-19 spread quickly in the country, similar to other Gulf states. It was especially prevalent among low-income migrant workers who live in cramped quarters. Although curfews, lockdowns, and quarantines have been used more than once in Qatar, the country still has one of the highest numbers of positive cases within the region. The ec...

    Ireland was unstoppable until recently. While Europe was dealing with all sorts of uncertainties (Brexit and trade tensions between the U.S. and Europe to name a few), Ireland’s economy continued to thrive: while the Eurozone experienced a 1.2% growth rate in 2019, it experienced an increase of over 5.9% which consolidated its position as the fastest-growing country on the continent. This all changed in 2020. Although it is expected that economic growth will rebound nicely this year, it has more than halved since the previous levels. Ireland, a nation with fewer than 5million inhabitants, was among the most severely affected by the 2008 financial crisis. The island nation was able to recover its fiscal health and boost its employment rates by taking difficult reforms like deep cuts in public-sector salaries and restructuring its banking sector. It also saw its per capita GDP nearly double within a short time. Are citizens now twice as wealthy as they were 10 years ago? It is unlikel...

    Zhang Yong, a restaurateur, has an estimated net worth of $23 billion. Goh Cheng Liang (93), who is the founder of the largest paint manufacturer in the world, is a close second, with a $21.7 billion fortune. Eduardo Saverin (co-founder of Facebook) comes in third with assets of around $15 billion. He left the U.S. in 2011 with 53 million shares and became a permanent resident of Singapore. Saverin chose Singapore, not for its natural gateways or urban attractions. Singapore is a wealthy fiscal haven, where capital gains, as well as dividends, are exempt from tax. How did Singapore become so successful? One-half of Singapore’s population was illiterate when it became an independent city-state in 1965. Singapore, which had virtually no natural resources, managed to pull itself together through hard work and smart policies, becoming one the most business-friendly countries in the world. Singapore today is a vibrant financial, trade and manufacturing hub. 98% of Singapore’s adult popul...

    Luxembourg is known for its beautiful castles, stunning countryside, cultural festivals and gastronomic delights. You could also open an offshore account with one of the banks to avoid ever returning, which many people do. This would be a shame, as Luxembourg, a nation of 625,000, is located in the heart of Europe and has much to offer its citizens and tourists. Luxembourg spends a lot of its wealth on better housing, education, and healthcare for its citizens, who enjoy the highest standard of living in the Eurozone. Despite the fact that the global financial crisis and pressure from the EU/OECD to reduce bank secrecy had minimal impact on the economy overall, many businesses were forced to close down and employees lost their jobs due to the coronavirus epidemic. Luxembourg, however, has fared better than many of its European neighbour’s thanks to effective testing and contact traceability measures. In 2021, the GDP of the grand duchy will rise by 4%, compared to -1.3% in 2020. In...

    • Phil Freeman
  5. Apr 27, 2021 · Similarly, Luxembourg’s population is just under 633,000—but it’s the richest country in the world on a per capita basis. Building Wealth. So how did these countries become so well off? Looking at history, most high-income countries went through a similar linear journey.

  6. May 10, 2018 · As the richest country in the world by GDP per capita — around $105,000 each — you might expect Luxembourg to be a wildly expensive place, but it really isn't.

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