Kroner, Euros and Swiss Francs are top of the food-chain today.
If you think you had even a vague idea about the richest countries in the world? Think twice.
The Prestige brings you a list of three countries with the highest G.D.P per capita in the world right now.
If you’re wondering what G.D.P per capita is, let’s just say it’s a measure of the amount of money an average citizen of the following countries make.
* All figures are provided in years and dollars
1) Luxembourg (G.D.P per capita in 2019: $119, 719): Last year, this little country with a population of approximately 617,356 people garnered around $119,719 dollars. Now, how did they manage to do it?
They invested in their teachers: Luxembourg has the highest-paid and the youngest teachers in the world.
Their education system is trilingual: Students in Luxembourg learn Luxembourgish, German and French which gives them access to values, norms, and habits from different cultures. One of the strongest teaching forces in the world coupled with the virtues of multiculturalism produces a work-force of problem solvers well-versed in three different cultures.
They keep their country accessible: Having a meager population helps them save a lot of budget on infrastructure which they opt to invest in keeping the economy friendly to foreign investors. Telenor and Skype currently have their regional headquarters in Luxembourg. Why?
Luxembourg has extremely favorable tax laws for companies who move there.
2) Norway: G.D.P per capita in 2019 – $86, 362
Petroleum did for Norway what tax laws did for Luxembourg. The Ekofisk oilfield was one of the largest in the world, which was situated in Norway. Along with Ekofisk, Oseberg and Gullfaks are also oilfields that played a major role in making Norway rich from all the petroleum export.
Also, Norway has always had an upper hand on account of having one of the largest reserves of seafood, hydro-power, lumber, minerals, natural gas, and freshwater.
3) Switzerland: G.D.P per capita in 2019 – $83,832
With Luxembourg managing to stay on top of the food-chain with the help of their education system and tax laws, and Norway being favored by nature, how did Switzerland manage to land third place on our list?
The answer is – no wars.
Switzerland cannot enter military alliances unless it is attacked, by law. Its forces can only be used for self-defense and internal security. It cannot take sides in international conflicts and cannot give right of transit to foreign forces.
This Swiss act which is part of its foreign policy has helped keep the Swiss infrastructure intact since 1516.
The emergence of the Swiss Franc and the currency being overvalued for over 40 years has led only the most successful companies to survive in Switzerland.
