World’s richest and poorest countries revealed

THE HAVES AND HAVE-NOTS

Where do people take home the highest salaries each month? And where is poverty rife? Based on data from Global Finance magazine, here are the top 30 richest countries and the bottom 20 poorest.

QATAR – THE RICHEST COUNTRY IN THE WORLD

Average annual income per person: $146,011 Thanks to its solid and rapidly-growing economy, Qatar takes the top spot as 2015’s richest country. And it’s likely to stay there with an infrastructure push for the 2022 soccer World Cup further lifting its strong economy. Now here are the poorest countries.

LUXEMBOURG – 2ND RICHEST

Average annual income per person: $94,167 Due to a strong financial services sector, Luxembourg is home to a wealthy and stable population, low public debt, and robust institutions.

SINGAPORE – 3RD RICHEST

Average annual income per person: $84,821 Despite high household debt and a fragile global economy, Singapore’s solid economic framework and large current account surplus continue to sustain the economy.

BRUNEI – 4TH RICHEST

Average annual income per person: $80,335 Oil and gas resources make this tiny nation one of the world’s richest. Recent declines in energy prices rattled the economy, but the government plans to diversify the economy and launch a new stock exchange by 2017.

KUWAIT – 5TH RICHEST

Average annual income per person: $71,600 Receding oil prices are a threat to Kuwait’s economy but thanks to the government’s five-year development plan, which will focus on pushing growth in the non-oil sectors, the country maintains a high average income.

NORWAY – 6TH RICHEST

Average annual income per person: $67,619 In the last two decades, Norway’s oil sector has boosted its people’s standard of living. Despite the recent fall in oil prices, with an independent monetary policy and strong macroeconomic framework, Norway remains financially sound.

UNITED ARAB EMIRATES – 7TH RICHEST

Average annual income per person: $67,201 The UAE government has worked hard to improve the country’s ability to attract foreign investment, particularly within the technology sectors.

HONG KONG – 8TH RICHEST

Average annual income per person: $57,676 Known as the gateway to China’s booming economy, Hong Kong’s strong rules, regulations and first class financial services secure the country’s place within the top 10.

UNITED STATES – 9TH RICHEST

Average annual income per person: $57,045 The US has seen strong growth this year with consumer spending boosted by lower fuel prices.

SWITZERLAND – 10TH RICHEST

Average annual income per person: $56,815 Despite an economic readjustment due to the Swiss Central Bank’s decision to let the Swiss Franc appreciate against the Euro, the country remains economically robust.

SAUDI ARABIA – 11TH RICHEST

Average annual income per person: $56,253 This oil-based economy is the largest exporter of petroleum. Despite this, experts have predicted that tourism is likely to be become a cornerstone of Saudi Arabia’s future economy thanks to a growing influx of visitors.

BAHRAIN – 12TH RICHEST

Average annual income per person: $52,830 Bahrain was one of the first states in the Persian Gulf to discover oil and build a refinery, boosting the country’s economy. These days the nation relies more on its banking and financial sectors.

NETHERLANDS – 13TH RICHEST

Average annual income per person: $48,797 Thanks to a sizable trade surplus, strong government, moderate unemployment rate and stable industrial relations, the Netherlands ranks just outside the top 10 economies.

IRELAND – 14TH RICHEST

Average annual income per person: $46,906 According to the Central Statistics Office, Ireland’s economy grew by more than 6% in the first three months of the year compared with the same period in 2014, due to the weak euro stimulating exports.

AUSTRALIA – 15TH RICHEST

Average annual income per person: $48,288 While the mining boom glory days are well and truly over and the jobless rate is up 6%, a new government means the economy looks set remain stable.

AUSTRIA – 16TH RICHEST

Average annual income per person: $46,906 Despite experts describing Austria’s economy at the start of the year as “sluggish”, new government policies and lower taxes are expected to bolster spending and give the economy a boost.

SWEDEN – 17TH RICHEST

Average annual income per person: $46,386 A weak Swedish currency has made it easier for the country to export to other countries. Sweden has recently begun expanding its markets in Asia and is targeting North America in an effort to increase trade revenue.

GERMANY – 18TH RICHEST

Average annual income per person: $46,165 Despite the recent Volkswagen scandal and a massive influx of refugees, experts say the German economy remains very robust thanks to a boost in exports.

TAIWAN – 19TH RICHEST

Average annual income per person: $45,996 Exports led by electronics, machinery and petrochemicals have provided the primary stimulus for economic development in Taiwan. However, this heavy dependence on sending goods elsewhere exposes the economy to fluctuations in world demand, and it’s currently experiencing one of those periods.

CANADA – 20TH RICHEST

Average annual income per person: $45,981 Canada’s economy took a sharp turn skyward in the second half of 2015, posting consecutive months of growth due to strengthening exports and increased consumer spending.

DENMARK – 21ST RICHEST

Average annual income per person: $45,800 Denmark has a healthy economy stemming from a high-tech agricultural sector, maritime shipping and foreign trade.

OMAN – 22ND RICHEST

Average annual income per person: $44,903 Located on the Arabian Peninsula, Oman’s economy is largely dependent on oil. It also benefits from a free trade agreement with the US.

ICELAND – 23RD RICHEST

Average annual income per person: $44,575 Five years after an out-of-control banking system found the country in financial meltdown, Iceland’s economy is once again on the rise. The country’s economy is largely export-driven, with fishing, energy and aluminum its most stable industries.

BELGIUM – 24TH RICHEST

Average annual income per person: $42,923 For the second year in a row, Belgium’s economy has experienced a healthy growth due to a revival in domestic demand and increased exports.

FRANCE – 25TH RICHEST

Average annual income per person: $41,396 With reduced household spending and a decline in business investments, the French economy has been pushed outside the top 20.