08 Mar 2017

Where the Richest People Live?

The residents of Monaco are the richest in the world, according to the latest statistic from New World Wealth (NWW). The average wealth of a citizen living in one of Europe’s smallest countries, is $1.7 million. The result is no surprise because the country is popular as a “tax haven” and geographically very close to the French Riviera, a favourite spot for the richest and most famous.

The second most prosperous country in the world is Liechtenstein, followed by Luxemb0urg. Still, both countries are far behind Monaco with an average capital per person $646600 (Liechtenstein) and $309 000 (Luxembourg). Down on the table they aren’t much of surprises. Switzerland, Norway, Singapore for a long time are amongst the richest nations in the world. Australia climbed to 5th position mainly because for the last 2 years is the country which has been most attractive to worlds’ millionaires. Every eight of the 82,000 millionaires who migrated last year went to Australia, says New World Wealth

According to the company, the picture is slightly different when it comes to the country’s wealth in general. The USA tops the chart with $51.3 trillion in private capital, followed by China with $19.1 trillion and Japan with $16 trillion. UK proudly takes the 4th place with total wealth estimated at $8.7 trillion. Still NWW points out that for the UK, Germany and Italy 2016 hasn’t been very good – the three countries have lost part of their total wealth with 5% and 6% for the UK and Germany, respectively,  and almost 12% or appoximately $1.1 trillion for Italy. The situation is similar in France, where the decrease from 2015 is 10% (or $600 million).  According to experts, the downfall is due to a lack of new businesses and many millionaires leaving the country.

On the other side of the scale, are countries like Canada and India which moved up 15% (Canada) up to $5.4 trillion and 12% (India) up to $6.2 trillion. NWW also predicts that in the next ten years the world capital will rise by 35% and soon the top performing wealth markets will be Vietnam, China, Mauritius, India and Shri Lanka.

In another study by Global Finance Magazine based on data from the International Monetary Fund the richest country ranked by gross domestic product (GDP) based on purchasing power parity (PPP) is Qatar with Intl.$ 129,726,787 for 2016. The top of the list of GFM is dominated by small countries – Luxembourg, Macao SAR, Brunei and Singapore. Excellent financial services, petrol and gas exports, tourism, manufacturing electronics, and exceptional service are the main factors that have build these countries wealth.

  • The PPP is calculated based on the relative cost of living and the inflation rates of the countries.
  • The Geary–Khamis dollar, more commonly known as the international dollar ( Intl.$), is a hypothetical unit of currency that has the same purchasing power parity that the U.S. dollar had in the United States at a given point in time. It is widely used in economics.
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