This article will discuss the easiest countries to become rich and at the same time raise per capita income.
Is it only the developing world that does not have the luxury to become wealthy? The answer is no.
There are various other ways of growing your purchasing power, and the first step is to know what the easiest countries in the world to become wealthy are.
Switzerland
Switzerland is the top country in the ranking with a higher proportion of people living in poverty. There is a growing divide between the top 10 percent of the population who have a decent income and live in prosperous towns and cities. In comparison, the bottom 40 percent of the population live in poverty in the countryside.
Zambia
Zambia has had a bit of a slow start, but with its GDP growth increasing from 1.2% in 2016 to 4.5% in 2017, there is hope for the country to make it into the top 10.
The difference between the GDP growth in Zambia and Switzerland is only 1%, so there is no reason why Zambia can’t be in the top 10.
Like many African countries, Zambia is having a difficult time with an economic crisis. This has mainly been caused by low commodity prices, such as copper, which I don’t think will ever change.
However, the good thing for Zambia is that it has diversified its economy significantly. Instead of relying on the mining sector, which tends to suffer from a weak price environment, Zambia is focused on agriculture and manufacturing.
This should help to cushion the economic blow from low commodity prices.
In fact, we could see higher GDP growth in agriculture shortly. For example, Zambia has signed a free trade agreement (FTA) with the European Union (EU), which will allow the EU to export non-agricultural goods to Zambia at lower or no import duties in the future.
This could have a big effect on GDP growth, as there is potential for trade growth to mean that agriculture is growing faster than other sectors.
Norway
Norway is also a place to be rich. However, it requires quite a lot of effort to become one.
Being so rich, the nation generates roughly 4% of the world’s GDP while having a GDP per capita of $90,039.
It is also the 5th largest exporter of oil in the world.
New Zealand
New Zealand is a top 3 country when it comes to income equality. Many families in New Zealand are quite rich, while others are struggling to make ends meet.
The country’s cost of living is moderate, and its GDP per capita is $52,894.
Canada
Canada is ranked at 4th in terms of income inequality. However, it is the second-largest oil exporter in the world.
It is also a place to live life in luxury, and the GDP per capita is $57,894.
Netherlands
The Netherlands is a place to be rich and enjoy all that life has to offer. The country’s GDP per capita is $57,953, and in comparison, the average national salary is around $35,000 a year.
Australia
Australia ranks at 6th in terms of income inequality but is quite rich in GDP per capita.
It is a country where people can experience the best of the world with the global communities’ best.
Sweden
Sweden ranks 7th in terms of income inequality but is quite rich when it comes to GDP per capita.
Being the 6th largest exporter globally, Sweden is also a place to visit, shop, and spend. The GDP per capita is $57,494.
Germany
Germany is another country to invest in. This country is rich in natural resources and spends at least 2.5% of its GDP on aid to developing countries.
It is the 5th largest importer globally, with an average GDP per capita of $52,714.
Switzerland
Switzerland is the only country on the list above average on GDP per capita and income inequality.
It is one of the leading producers of various minerals and is ranked at 8th in terms of GDP. It also ranks 5th in terms of income equality.
Chad
Chad is another country with a huge amount of potential. Despite being low in the global GDP rankings, it is one of the fastest-growing economies globally, with GDP growth at 8% in 2017.
Chad’s GDP growth has been affected by low commodity prices and drought, which has hurt the supply of commodities, including copper. However, the country is doing very well in the non-agricultural sector.
As we can see from the graph below, services are the biggest contributor to Chad’s GDP growth, followed by mining, construction, and agriculture. In particular, agriculture has been growing strongly, which is good, as it helps diversify the economy and improve employment.
Chad is also doing well in terms of reducing its debt, which is a positive. This is shown in the table below, where it had reduced its public debt from 29.3% of GDP in 2014 to 21.4% of GDP in 2017.
This is a good sign, which is evidence that the country is on the right track to becoming a prosperous nation.
I believe that Chad is a good country to invest in, especially as it is one of the world’s safest countries. The country has a low risk of terror and corruption and has a low risk of natural disasters.
I expect that the country will continue to grow in the coming years, as it has many potentials.
