Rich and poor countries in the world

Most unfortunate thing in this world

The level of economy in countries around the globe is not even. It is somewhere very high and somewhere very low. GDP, literacy rate and employment rate are several parameters of a country to determine the level of its economy. According to a report of the United Nations, hunger causes the death of about 25,000 people everyday. Unfortunately, the number of children is greater than that of adults. Consider several facts of income disparity between rich and poor nations to measure the cleavage between the haves and the haves not. The combined income of the world’s richest individuals leaves far behind that of the poorest 416 million. 982 million out of 4.8 billion people in the developing world live on $1 a day. Another 2.5 billion live on below $2 a day. 40% of the poorest population made up 5% of world income while 20% of the richest population made up 75% of global income in 2005.

A country with a GDP per capita of $765 dollars or less is defined as a low-income or poor country. You may wonder why poor countries remain poor. Some interrelated factors like geography, industrialization, colonialism, education, resources, infrastructure, overpopulation, investment, government and debt make poor countries remain the heavy foot of poverty.

RICHEST COUNTRIES :

1. Luxembourg – $80,800

This tiny country with a total population of less than 500 000 is a true European miracle. By tiny we mean the 8 smallest country in the world. From top to bottom it’s only about 50 miles and at its widest about 30 miles.
Where does the money come from?
Well, there is over 250 banks crammed into the small country! It has the largest banking concentration in the European Union and probably in the world. In addition to being rich the people are smart as well. In elementary school everyone studies in French, starting from middle school they learn in German and in highschool the main language is English.

Their own language – Lëtzebuergesch. When picking up a local newspaper be prepared to find articles in all languages.
If your country is on the list and you have an interesting fact about it – let me know in the comments and I will add it to the list!

2. Qatar – $75,900

This Arabic speaking country has less than million people and gained independence from Great Britain only in 1971. Qatar used to be a poor Islamic country but since the discovery of oil and natural gas in the 1940s, it is completely transformed. With no income tax it is one of the least taxed countries in the world, while still offering most of its services to the population for free. (Who needs tax when you have all this oil and gas money coming in).
In 2009 Qatar is also expected to be the fastest growing economy in the world!

3. Norway – $55,600

Norway is one of the few highly developed countries in Europe tthat are not part of the European Union. This oil and natural gas rich country has living costs more than 30% higher than in the United States. In 2006 only Russia and Saudi Arabia exported more oil than Norway.

4. Kuwait – $55,300

In Arabic Kuwait translates to “Fortress built near water”. In addition to being on the coast of the Persian Gulf this country has well known neighbors like Saudi Arabia and Iraq. Kuwait has the worlds fifth largest proven oil reserves – about 10% of the worlds total. Being a country without taxes, about 80% of the governments revenue comes from exporting oil. Having the the second-most free economy in the Middle East, Kuwait has one of the fastest growing economies in the region. (Thanks to Alsab3a from Stumbleupon for a little tip!)

5. United Arab Emirates – $55,200

This oil and natural gas rich country has a highly developed economy which makes it one of the most developed in the world. Having more money than they know what to do with, they have built numerous artificial islands and just finished building the worlds highest structure – Burj Khalifa. It is 828 meters tall, being about 2 times as high as the Empire State Building in New York. It is estimated that about 1/4th of the total construction going on in the world is taking place in Dubai – one of the largest cities in United Arab Emirates.

6. Singapore – $48,900

 This country tiny country consist of 63 island and some mainland with a total area of only 270 square miles (704 sq km). With Hong Kong, South Korea and Taiwan it is considered one of the Four Asian Tigers. Singapore has the busiest port in the world and is the 4th largest foreign exchange trading center in the world. Singapore is widely believed to be the most business-friendly economy in the world. 

 

7. United States – $46,000

What sets the US apart from most other countries in this list is its size. While most other countries in this list are among the smallest in the world the US has a population of over 300 million and a total land area of 3,79 million square miles (9.83 million sq km). The US is also home to the largest amount of billionaires in the world. It is speculated that as many billionaires live in the US as in the rest of the world.

8. Ireland - $45,600

This member of European Union has been often admired as one of the most modern knowledge economies in the world. Ireland is the largest maker of computer software in the world. A study done by The Economist ranked the Celtic Tiger to have the best quality of life in the world.

9. Equatorial Guinea – $44,100

The Republic of Equatorial Guinea is a country in Central Africa. Most people have never heard of it. This country flew into stardom after 1996 when large oil reserves were found in the nation of only 0,5 million people. While being one of the largest producers of oil in Africa, little has been made to improve the living conditions of the people. Corruption is widespread and ordinary people are mostly living in poverty. The gap between rich and poor is probably the largest in the world.

  10. Switzerland – $39,800 (GDP per capita)

This cheese making country is considered to be one of the most neutral countries in the world. During World War 2, people from other European countries deposited their money in the banks of Switzerland, knowing that their money would be safer there than in their home countries. Some well known Swiss companies include Nestle, Logitech, Rolex and Credit Suisse.




POOR COUNTRIES :

01. Republic of the Congo (GDP – per capita: $300)

Republic of the Congo in Central Africa is the last at the bottom of the economic heaps. Depreciation of Franc Zone currencies, incredibly high levels of inflation in 1994, eruption of the civil war, and continuation of armed conflict and slumping oil price in 1998 broke down the economy of the country.

02. Republic of Liberia (GDP – per capita: $500)

Republic of Liberia on the west coast of Africa is one of the ten poorest economies across the globe. A decline in the export of commodities, the flight of many investors from the country, the unjust exploitation of the country’s diamond resource, looting and war profiteering during the civil war in 1990 brought the economy of the country to its knees. External debt of the country is more than its GDP.

03. Republic of Zimbabwe (GDP – per capita: $500)

Republic of Zimbabwe is located between the Limpopo and Zambezi rivers in the south of Africa. Its economy suffers a slowdown due to supply shortage, soaring inflation and foreign exchange shortage. Zimbabwe’s involvement in the Democratic Republic of the Congo left its economy fragile. The worst consequence of the knelt-down economy is unemployment that is as high as 80%.

04. The Solomon Islands (GDP – per capita: $600)

“Solomon Islands Tsunami — Minister whose church was washed away”

The Solomon Islands is a country in Melanesia. Fishing holds its domestic economy. Above 75% of the labor class, is involved in fishing. Timber was the main product for export until 1998. Palm oil and copra are important cash crops for export. The Solomon Islands are rich in mineral resources like zinc, lead, gold and nickel.

05. Republic of Somalia (GDP – per capita: $600)

Agriculture is the base of the economy of Republic of Somalia in the Horn of Africa. Nomads and semi-nomads comprise a major part of the population. Rearing livestock is the primary source of livelihood for them. The small agricultural industry contributes 10% to its GDP.

06. Union of the Comoros (GDP – per capita: $600)

Population growth and unemployment at a high rate are responsible for the poor economy of Union of the Comoros. Population density at a rate of 1000 per square km in agriculture zones may result in an environmental crisis. Agricultural contribution to its GDP is 40%. The low level of education has raised the level of labor force. Economy mainly depends on foreign grants.

07. Guinea-Bissau (GDP – per capita: $600)

The rank of Guinea Bissau as a poor country is 172. Farming and fishing are the only pillars of its economy. The level of income is not even in all parts of the country. About 10% of its adult population is at risk of HIV.

08. Central African Republic (GDP – per capita: $700)

“Rebel in northern Central African Republic”

The Central African Republic ranks 171 as a poor country. Agriculture is the backbone of its unstable economy. Life expectancy of its meager population 4.3 ranges from 43.46 to 43.62 years. 13.5% of its population is at risk of AIDS.

09. Niger (GDP – per capita: $700)

Niger with a population of 12.5 million is one of the ten poorest countries in the world. Drought is a common natural calamity in Niger. It often undergoes a phase of severe food crisis. 63% of its total population lives on below $1 a day. Adult literacy rate is as low as 15%. Life expectancy spans up to 46 years. A number of people die of hepatitis A, diarrhea, malaria, meningococcal meningitis and typhoid fever.

10. Ethiopia (GDP – per capita: $700)

Ethiopia ranks 170 out of 177 the poorest countries on the Human Development Index (UNDP HDI 2006). Half of its GDP depends on agricultural activity. The agricultural sector suffers lowdown because of poor cultivation techniques and frequent drought. 50% of its population 74.7 million bears the burden of poverty and 80% lives on bread line. 47% of males and 31% of females are literate. Some parts of Ethiopia run a high risk of hepatitis A, hepatitis E, typhoid fever, malaria, rabies, meningococcal meningitis and schistosomiasis.