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Kuwait ranked 7th richest country in the world

GDN Online Desk

Kuwait has been ranked the 7th richest country, out of almost 200 nations in the world, Al Qabas newspaper reported.

According to the list compiled by Fortune magazine, Kuwait has a per capita of $69,670, supported by its massive oil wealth.

Qatar tops the list as the richest country in the world, with per capita of $124, 930.

The tiny Arabian oil and gas-rich state is followed, respectively, by Luxembourg ($109,190), Singapore ($90,530), Brunei ($76,740), Ireland ($72,630) and Norway ($70,590). The United Arab Emirates is ranked 8th with a GDP of ($68,250).

The list of top ten richest countries also includes Switzerland and Honk Kong, ranked 9th and 10th, with a per capita of ($61,360) and ($61,000), respectively.

Oil is a large driver for Saudi Arabia, which ranked 13th with a per capita of ($55,260).

The rankings are based on the International Monetary Fund (IMF) October 2017 data on GDP per capita, based on purchasing power parity, which compares the currencies of countries in relation to the cost of goods and is used to weigh a country’s economy in relation to others.

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