“Norway”, the young man replied to his parents when they were deciding their destination for immigration. They decided to leave their beloved home nation. But Why? The desire to have a better life has forced the family to immigrate to Norway, their dream destination. They want to live in a peaceful environment, in a country where they will not face discrimination, unemployment and extremism. This is the story of a huge number of families. Every year, huge number of people apply for immigration. Embassies have to check thousands of applications. Gross Domestic Product (GDP) and Purchasing Power Parity per capita (PPP) determines the living standards in a country. Countries with less population and more resources are in the ranks. Here is the list of the Top 10 Countries with Highest Standard of Living (Highest Quality of Life).
Top 10 Countries with Highest Standard of Living
10- Hong Kong
The Asian country having close ties with China, Hong Kong, the most developed parts of the world with well-built infrastructure and a GDP of 56, 428 US Dollars. The free market economy gives Hong Kong the economic freedom, every country dreams of. No debt on Hong Kong and it is world’s top ranked financial center. It has huge amount of foreign exchange reserves, which stabilizes its economy.
The European country with a GDP of 58,730 US Dollars, is the world’s leading center for financial services. Its technology, manufacturing and services sectors also plays an important role in making the economy stable. World’s richest people and companies have their bank accounts in Switzerland, which means that it has a huge amount of investments. The capital city, Zurich and Geneva are among the world’s leading cities in terms of living standards.
8- San Marino
The micro nation, present in Europe, with GDP of 61,836 US Dollars, is at number eight in our list. Its leading industries include financial services, ceramics, furniture and paints. Its electronics industry is also among the ranks. Sheep farming and food crops also provide stability to its economy.
7- United Arab Emirates
Back in 1960s, when oil was not discovered, it was not even a thought that one day United Arab Emirates will be among the top countries of the world. UAE has a GDP of 65,149 US Dollars, which ranks seven among the prosperous nations of the world. Like Hong Kong, it has an open market economy with huge oil resources, which accounts for one tenth of the world’s total oil resources Thirty percent of United Arab Emirates economy depends on oil resources. The success of UAE lies in the fact that it has invested heavily in industries other than petroleum and natural gas, as it wants to make its economy independent of petroleum industry.
Norway, with a Gross Domestic Product of 67,445 US Dollars, is ranked sixth in the world. It has large-scale petroleum and mineral reserves. Natural gas is abundant, which makes it the third largest exporter of natural gas. Seafood industry is also flourishing. It is also ranked among the leading oil exporters. It is one of the most peaceful and tolerant nations in the world and offers a well-recognized education system and a well maintained health system to immigrants. Its tourism industry is among world’s best.
A small but rich nation, Kuwait with a GDP of 70, 913 US Dollars is the fifth wealthiest country in the World. The Kuwait’s crude oil reserves, estimated about 102 billion barrels, accounts for six percent of the world’s total oil reserves. Fifty percent of the country’s GDP comes from petroleum. Petroleum industry is the main source of government income which accounts for 89 %. Furthermore 94% of country’s total exports are petroleum products. Other exports of Kuwait include chemical fertilizers, liquefied petroleum gas and chlorine.
4- Brunei Darussalam
Owing to its petroleum and natural gas resources, with a GDP of 72,370 US Dollars, its ranked fourth among richest nations of the world. Like Kuwait, the natural gas and petroleum resources accounts for seventy percent of the economy and ninety percent of total exports. The Muslim nation of Brunei ruled by the Sultan. Furthermore, the country is becoming self-sufficient in food industry. The laws are strict and depict high levels of morality.
Located in the Southeast Asia and neighbored by Indonesia and Malaysia, with a GDP of 85,198 US Dollars, Singapore is ranked as the third wealthiest country in the world. It’s the fourth largest international center of commerce. The leading industries of Singapore include service sector and chemicals industry. Furthermore, the world’s second busiest port that exports products of around 400 billion US Dollars a year, is present in Singapore.
Located in central Europe, with a population of just 0.5 million, Luxemburg has a GDP of 93,173 US Dollars, which is many times higher than the world average. The leading industries of Luxemburg include financial services, steel industry, rubber industry and chemicals industry. It is the hub of European politics as it present in the center of the continent. Its iron industry is also playing its part in the economy of the nation.
Its not surprising that the Arabian countries are ranked among this list, thanks to their natural resources, they are now working to develop industries other than petroleum. With a GDP of 143,532 US Dollars, Qatar topped of list of the top ten richest nations with best life standards. It is the venue for the 2022 FIFA football world cup. Oil and gas based economy, with sixty two percent of the government revenue coming from petroleum and natural gas industry. High proportion of its total exports also comes from natural gas and petroleum industry. But now it is building its tourism industry and investing heavily in sports industry, as Qatar got the football world and also bided for the Pakistan Super League. So, in future Qatar will be working on UAE model of development and its economy will not remain petroleum dependent.
Top 10 Countries with Highest Standard of Living
- Brunei Darussalam
- United Arab Emirates
- San Marino
- Hong Kong