The richest country in the world is Luxembourg.
Luxembourg is the richest country in the world
Despite being smaller than Nigeria’s smallest state, Lagos, Luxembourg boasts an impressive GDP per capita. With a land area of just 2,590 square kilometers, the country has managed to amass extraordinary wealth.
Its urban population and unique constitutional monarchy contribute to its economic prosperity. Interestingly, it’s the only country in the world led by a billionaire Grand Archduke.
According to Forbes India, Luxembourg is the richest country in the world with a GDP of $88.56 billion and a population of 639,000. This combination of concentrated wealth and limited population results in exceptionally high per capita incomes, a feat unattainable for most countries. Even though the United States’ GDP is in its trillions of dollars, their high population density reduces the wealth of the country.
Luxembourg was one of the world’s poorest countries in the 19th century until ore was discovered during the age of industrialization; this boosted the economy by facilitating exports and causing an influx of workers.
Luxembourg is the richest country in the world because:
Luxembourg is a popular tourist destination with gorgeous castles, lush vegetation, and canals. Tourism is one of the ways to ensure a continuous influx of money into the economy.
The standards of living in Luxembourg are quite high. It is also known for wealth-driven breakthroughs in healthcare, education, and living conditions. There are literally no poor people here, as everyone lives in relative comfort.
It is the first country to provide free public transport.
The global minimum salary in Luxembourg is the highest in the world. Luxembourg has a minimum wage of 2,141 euros.
The richest country in the world
Luxembourg was one of the few countries whose economy was not affected by the global pandemic in 2020.
Luxembourg is also a tax haven for many corporations; Amazon, eBay, Skype, Facebook, Microsoft, Pepsi, Ikea, JP Morgan, PG, and FedEx all moved there. This means unemployment is a thing of the past here since the population is all highly educated and there are many job opportunities.
They don’t spend money on the military as they aren’t involved in wars, unlike other western countries that are always involved in wars and spend a lot of their money for war efforts.
