The Strategist

Top eight countries that will become the richest by 2020

09/25/2018 - 15:59

The IMF experts presented an economic forecast, within the framework of which they assessed potential of different countries, and also ranked those countries that will become most rich by 2020. Below we will describe these countries in more detail.

Brenden Brain
Brenden Brain
1. Macao

GDP per capita: $ 143.12 thousand

The world center of casinos and gambling will become the richest place on the planet by 2020, IMF experts believe. This former Portuguese colony is located in the south of China. Macau has turned into a center of gambling almost a decade ago. This is the only place in China where gambling is legal, which is why Macao attracts thousands of people, not only from mainland China, but also from around the world. The GDP of Macau has more than tripled since 2001, according to the IMF.

2. Qatar

GDP per capita: $ 139.15 thousand

Qatar, according to the IMF forecasts, will lose the title of the richest country by 2020, yielding this title to Macao. Oil and gas production accounts for more than 50% of GDP of the country, 85% of the value of exports and 70% of the revenues of the state budget. Oil and gas made Qatar the first country in the world in terms of GDP per capita. The oil refining, petrochemical, chemical, and metallurgical industries are well-developed here (a large steelmaking complex in Umm Said operates on imported raw materials). The northern part of Qatar hosts a giant oil and gas condensate deposit North.

3. Luxembourg

GDP per capita: $ 118.15 thousand

Only three European countries entered the top 10 of the richest countries in 2020. Luxembourg occupies the highest place among them. It is one of the richest countries in Europe with the highest standard of living, which hosts many EU organizations. Due to favorable conditions and offshore zone, about 1 thousand investment funds and more than 200 banks placed their capitals here, and it is more than in any other city in the world.

4. Singapore

GDP per capita: $ 105.80 thousand.

Singapore is the world financial center. According to the IMF experts forecast, per capita GDP here will grow to $ 117,535 by 2023. Singapore is a highly developed country with a market economy and low taxation, in which transnational corporations play an important role. Singapore is attractive for investors because of low tax rates. In total, Singapore has 5 taxes, of which one is income tax, one is a wage tax.

5. Brunei 

GDP per capita: $ 94.37 thousand.

Thanks to rich oil and gas reserves, Brunei is one of the first places in Asia in terms of living standards. The basis of the national economy is oil production and processing (over 10 million tons per year) and gas (over 12 billion cubic meters), exports of which account for more than 90% of foreign exchange earnings (60% of GNP). Brunei takes one of the leading places in the world in the production of liquefied gas: there is a gas liquefaction plant on the territory of the country, which is transported by gas carriers to Japan and other countries.

6. Ireland

GDP per capita: $ 87.87 thousand.

While Ireland remains the main driver of Ireland's economic growth, its development is also facilitated by increased consumer spending and restoration of both construction and business investment. The unemployment rate is very low, and the population's incomes are characterized by rapid growth.

7. Norway

GDP per capita: $ 78.54 thousand.

Norway is the largest producer of oil and gas in Northern Europe. The Norwegian maritime economy embraces a well-developed network of industries related to maritime transport and aquaculture, providing an ever-increasing variety of goods and services. Hydropower covers most of the energy needs, which allows exporting most of the oil. Oil funds serve for development of future generations.

8. United Arab Emirates

GDP per capita: $ 71.61 thousand.

The basis of the UAE economy is re-export, trade, extraction and export of crude oil and gas. Oil production reaches about 2.2 million barrels per day, most of it is produced in the emirate of Abu Dhabi. Oil provided a rapid growth of the UAE economy in just a few decades, but other sectors of the economy are also developing quite quickly, especially foreign trade.