Some countries like United states and China are not just very big but are also rich and well developed but there are some countries that are not that big when it comes to size but are very rich in both human and natural resources, the following is a list of the widely known 10 small but rich countries in the world
Small But Rich Countries of the World
Brunei is a small country that is located in the continent of Asia. The Per capita income of Brunei is about $50, 0321. Brunei is well endowed with crude oil reserves that play a major role in making the country one of the richest in the world. The government of Brunei has also taken advantage of investment opportunities available overseas by owning some of the well known institutions in the United States and Western Europe. The Brunei government also offers subsidized health and education services to its citizens.
The Republic of Seychelles is regarded as the richest country in Africa and has a GDP Per Capita income of about $25,500. This small country is actually an archipelago of more than one hundred small islands located in the Indian Ocean to the East of the African continent, has a population of less than one hundred thousand people. This small population together with the various luxurious hotels with great sea beaches constructed in the islands has led to a surge in the number of tourists visiting this country. This has led to the high Per capita value of the country.
With a Per Capita income of $80,600, Luxembourg is quickly becoming a force to be reckoned with in the European economy. Surpassing some of the European economic powerhouses, this small country is quickly making a name for itself. Luxembourg is well known for the low unemployment levels and minimal market inflation that has led to solid economic growth for this European Country.
Singapore is generally referred to as the financial and technological hub of the Southeast Asia. Singapore has a Per capita income of about $60,000. Singapore boasts of the high electronic and pharmaceuticals exports to other countries as the major factor for having this great per capita income. The rising number of foreign investors willing to invest in Singapore also play a big role in making Singapore’s economy one of the largest in the World.
5. Equatorial Guinea
With a per capita income of about $19,901, Equatorial Guinea is regarded as the second wealthiest country in the vast continent of Africa. The discovery of oil in this African country played a major role in pluming the country’s economy.
Qatar is an oil-rich country situated in the continent of Asia. With a per-capita income of $98,948, Qatar is probably one of the richest countries in the world. With numerous crude oil and natural gas reserves, the Qatari economy is one of the biggest in Asia.
7. San Marino
San Marino has a per capita income of $43, 089. This country depends on tourism as the major economic booster for its citizens. It is believed that San Marino offers the lowest tax rates for financial institutions in the world. Foreign investors have also played a major role in improving the country’s GDP by setting up businesses and industries in this country because of the low tax rates.
The Kuwait’s economy depends largely on the big oil and natural gas reserves available in the country. With a per capita income of 41,401, Kuwait is concretely one of the richest small countries in the world. The country is situated in the Middle East area of Asia, and has been regarded as one of the wealthiest in Asia.
Iceland’s has a per capita income of $38,060. This countries economy mainly depends on the fishing industry. Fishing accounts for almost 15% of Iceland’s economic income. Foreign companies investing in biotechnology and software industries also play a major role in ensuring that Iceland remains one of the richest small countries.
Botswana has a GDP Per Capita of $16,578, giving it a high status as one of the wealthiest country in Africa. With a population of about 2.3 million people, Botswana’s booming economy is largely attributed to the ever busy tourism sector in this country. Cattle raising and crop farming are also other income generating sectors that have helped to improve the economy of this country. It is important to note that with the current rate of industrial and infrastructural developments in Botswana, the economy of this South African country is predicted to improve drastically.
These small but rich countries continue to amaze the world with their strong economies.