Qatar ranked as Richest Nation

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Qatar tops as the richest nation on Earth. The massive gas wealth aided Qatar to reach the position. Luxembourg was the second richest followed by Kuwait and the UAE. Qatar?s GDP per capita stands at $ 90,149 in 2010.

Qatar is now the largest gas exporter in the world and has natural gas resources of 25 trillion cubic metres. It is world?s third largest after Russia and Iran. Qatar has completed several mammoth gas projects that allowed its LNG output to 77 million tonnes per year. It is more than a fifth of the total global LNG supplies. Apart from LNG exports, Qatar also has crude oil sales and has highest growth rates.

Other countries in the 10 richest nations by order of their wealth include Luxembourg, Norway, Singapore, Brunei, the United States, Hong Kong, Switzerland, the Netherlands, and Australia. While, the 10 rich countries that followed those nations include Austria, Canada, Ireland, Kuwait, Iceland, Sweden, Denmark, UAE, Belgium, and Britain. Republic of Congo, with a per capita of only $ 342 is ranked as the poorest country.

Global Finance, a leading US business magazine, which released the richest country ranked the three Arab countries from Middle East region ranked among the 20 richest countries in the world according to a 2010 list. Surprisingly, Bahrain is in the list despite not exporting oil.

Although Iraq tops with world?s third largest oil deposits of around 115 billion barrels, conflict-battered Iraq lagged behind most of the Arab countries and was ranked 124 in the list.

Global Finance covered 182 countries in its wealth classification. The ranking is based on comparing the living standards of the overall population of one country by using gross domestic product (GDP) per capita based on purchasing power parity. This method uses indicators of the relative cost of living, inflation, and exchange rate of a country.

Source :Emirates 24/7

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