The Strength of Small Countries

Everyone has their own priorities in life. As to the quality of life, financial security, job satisfaction, interpersonal relationships and health are common factors that affect our happiness level. 

 

Wealth inequality is an old topic.The US accounts for 40% of millionaires around the world.  The richest 10% of people own 82% of global wealth. The top 1% richest people hold 45% of global wealth. 

 

Standard of Living & Quality of Life

The standard of living has something to with necessity availability. Quality of life can be measured by intangible facts, such as happiness level,  liberty, life satisfaction, freedom of religious beliefs and environmental quality.  Quality of life is the general well-being of an individual.

 

The standard of living considers factors ranging from employment, poverty rate, working hours required to secure housing affordability, gross domestic product to inflation rate. The following is a list of the Top 6 richest countries in the world in 2019 based on their GDP (gross domestic product) as well as PPP. 

 

#Singapore

Singapore has favorable investment conditions and its economy rose dramatically from 1965 to 1972 and secured annual double-digit growth.

 

Singapore has a stable economy without foreign debt and high government revenue. Singapore economies are chiefly driven by electronics manufacturing,  financial services, tourism and cargo seaport business. Being one of the most-discussed films, Crazy Rich Asians gives some insights for the audience into the life of the wealthiest people in the world.  According to the research, many Singaporeans importing products and services to resell.

People ask whether Singapore is richer than Dubai. Overall, consumer prices in Singapore are 26.65%, which is higher than Dubai, according to Numbeo.

 

GDP Per Capita: 100,345


# Luxembourg: Banking and  financial services

Being a small country,  Luxembourg is a prominent financial centre and best known for Europe’s most powerful investment management center.Also, Luxembourg has other strong industries, including steel, rubber and chemicals.

 

People ask how many tourists visit Luxembourg per year. There were around 1.2 million tourists visiting Luxembourg in 2017. Tourism generated 1.8% GDP in 2014. The direct and indirect revenue of tourism accounts for 4.5% of GDP in 2014.

Indeed, a large number of population work in Luxembourg while living in surrounding countries, such as France, Germany and Belgium.

In 2015, Luxembourg’s average GDP per capita is  $79,593,91.  What makes Luxembourg’s GDP so high? Partly due to its country’s low population. 

The crime rate is low in Luxembourg. As to tourists’ concerns, common crimes are purse snatching and pickpocketing. Keep your eyes open during crowded areas, such as transportation hubs.

Traditional meat dishes here is Judd mat Gaardebounen that people soak the pork overnight and then boil the pork with vegetables and spices. Many people considered the dish to be the national dish of Luxembourg.

GDP Per Capita: 106,705

 


# Norway: Oil, fish and gas exports 

Norwegians exports salmon for the Japanese to make fresh sushi for the foodies. Also, huge quantities of oil were found in the 60s, and oil in Norway has a capital fund worth 1092 billion USD. Evidently, Norwegians enjoy unparalleled levels of economic wealth in the world due to oil and gas exports. 

Norway’s high salary attracts import workers from neighboring countries, such as Sweden for lower-skilled jobs. The average salary in Oslo is around 3500 USD per month. The cost of living in Norway is extremely high, because labor costs are high here.

Credit: Giuseppe Milo / Flickr

 

What is the highest paying job in Norway? Financial professionals are paid around $103,000 annually. (Reference) How to get a job in Norway? Norway is a great option for migrant workers. Nevertheless, it is said that Norwegian employers have a preference for the locals, according to a study conducted by the University of Bergen. 

 

GDP Per Capita: 74,356

 


 

GDP: gross domestic product   GDP 是指一個國家或地區在一定時期內運用生產要素所生產的全部最終產品(產品和服務)的市場價值,即國內生產總值,通常被視為評估一個國家(地區)經濟狀況的一個重要指標。

PPP: purchasing power parity per capita. Capital: per person/ per unit population. 中文: 購買力平價

HDI: Human Development Index 中文:人類發展指數

#Net worth

#Value of financial assets

#real assets 

Wise Library 1985

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