World's Smallest And Wealthiest Nations

When it comes to the richest countries in the world, people usually think of names, such as America, Germany, Australia, and the other big countries. But there are some small countries in the world that are outrageously rich.

These countries have challenged the world in almost every field and they emerged up as the pioneers. Even though being the smallest, these are called as the richest in the world.

1. Norway

Norway is a Scandinavian unitary constitutional monarchy. The country is richly endowed with natural resources, including petroleum, hydropower, fish, forests, and minerals. Large reserves of petroleum and natural gas were discovered in the 1960s which led to a boom in the economy and large accumulated wealth of the country.

Norway is expected to continue as among the richest countries in the world, in the near future. It has obtained one of the highest standards of living in the world with an estimated gross domestic product of $515.8 billion.

2. Switzerland

Switzerland is an interior country, geographically divided between the Alps, the Swiss Plateau, and the Jura. It is one of the richest nations in the European continent with abundant resources and diverse economy, having an estimated gross domestic product of $646.2 billion.

Switzerland is a serene and the cleanest country in the world with outstanding banks and exporting. Its important economic sector is manufacturing which consists largely of the production of specialist chemicals, pharmaceutical goods, and musical instruments.

3. Luxembourg

Luxembourg is an interior country in Western Europe and one of the major economical forces in European countries with huge opportunities. Luxembourg is the second richest country in the world, recognized by World Bank. Furthermore, the country is home to a high standard of living and work environment.

Most of the country's income comes from the sale of iron, steel products, and also provides international banking services to people all over the world. It has an estimated gross domestic product of $60.54 billion.

4. Qatar

Qatar is a sovereign Arab country, located in Western Asia, on the northeastern coast of the Arabian Peninsula. It is the world's richest country per capita and has the highest human population in the Arab world, having an estimated gross domestic product of $213.1 billion. Furthermore, it is recognized as a high-income economy, by the World Bank.

The country has the world's third largest natural gas reserves and oil reserves in excess of 25 billion barrels which contributes 85 percent of the actual income of the country. Before the discovery of oil, Qatar was noted mainly for fishing and pearl hunting. To enhance its citizens' living standards, the ruling royal family has set a policy on no tax from the people's income.

5. Monaco

Monaco is one of the smallest cities in the world which is located on the French Riviera coast, nestled under the foothills of the Alps. The city is tax free and home to some of the best casinos with biggest yachts and top hotels in the world.

Nightlife at Monte Carlo is extravagant and expensive. There are traditional cabarets in the Casino Gardens and the Michelin, starred Louis XV restaurant which is the world famous and one of the most expensive restaurants.

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