Asia is the world’s largest continent in both population and land mass. The continent is surrounded by oceans on three sides and shares its landmass with the continents of Europe and Africa. The continent is home to a large number of wealthy nations, particularly in the Middle East where there are abundant natural gas and oil reserves.
So if you are also interested in knowing about the richest countries of Asia by GDP per Capita, then continue reading the article.
1. Singapore
Singapore is an island republic and city-state in maritime Southeast Asia. It is the wealthiest country in Asia as of 2023. Singapore’s market economy is well developed and has historically been built on considerable entrepôt trading. Singapore has surpassed its contemporaries in terms of Gross Domestic Product (GDP) per capita. Singapore is one of the Four Asian Tigers, together with Hong Kong, South Korea, and Taiwan. Singapore’s economy is seen as being open, inventive, dynamic, and business-friendly.
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2. QatarÂ
The Persian (Arab) Gulf runs along the coastline of the peninsular Arab country of Qatar, which is known for its extensive beachfront and dune system. In 1940, oil was first found in Qatar’s Dukhan Field. The discovery has a profound impact on the state’s economy. The country today offers a high standard of living to its lawful citizens. Because Qatar has no income tax, it ranks alongside Bahrain as one of the countries with the lowest tax burdens worldwide. The fourth-highest GDP per person worldwide, according to the International Monetary Fund, was in Qatar as of 2016.
3. Brunei
Borneo’s tiny nation of Brunei is divided into two separate halves and is bordered by Malaysia and the South China Sea. Following Singapore among the countries of Southeast Asia, Brunei has the second-highest Human Development Index. The production of crude oil and natural gas makes up around 90% of its GDP. According to Forbes, Brunei is also the fifth-richest country out of 182 thanks to its oil and gas reserves.
4. KuwaitÂ
Kuwait is a nation in Western Asia, known officially as the State of Kuwait. The oil-based economy of Kuwait is prosperous. One of the wealthiest nations on earth is Kuwait. The world’s most valuable currency by far is the dinar from Kuwait. Kuwait is one of just five nations with a gross national income (GNI) per capita above $70,000, according to the World Bank, making it the fifth richest country in the world.
5. United Arab Emirates (UAE)
The United Arab Emirates are situated in Western Asia. In less than 50 years, the UAE has transformed from a juxtaposition of Bedouin tribes to one of the richest states in the world. It ranks as the sixth-richest nation in the Middle East. With a nominal gross domestic product (GDP) of US$414.2 billion and a real GDP of 392.8 billion USD in constant 2010 USD in 2018, it is the second largest economy in the GCC (after Saudi Arabia).
6. Hong Kong
On the eastern Pearl River Delta in South China, Hong Kong is a city and special administrative area of China. Hong Kong, one of the biggest financial centers and ports in the world, has a market economy that is centered on services, with low taxes, little government intervention in the market, and a well-established global financial industry. With a nominal GDP of roughly US$373 billion, it has the 35th-largest economy in the world.
7. China
China, the second-most populous nation in the world, is an East Asian nation. China has the world’s largest PPP economy and the second-largest nominal GDP in the world. By nominal GDP as of 2021, China represents about 18% of the global economy. Since the start of economic reforms in 1978, China’s economy has routinely grown at a rate above 6 percent, making it one of the world’s fastest-growing major economies. China’s GDP increased from $150 billion in 1978 to $17.73 trillion by 2021, according to the World Bank.
8. Japan
Japan, an island nation in East Asia, is the ninth most populous country in the world and one of the world’s most densely populated countries. Japan has the third-largest nominal GDP and the fourth-largest PPP in the world, behind only China and the United States. As of 2021, Japan had the eighth-largest labour force in the world, with roughly 68.6 million workers. As of 2021, Japan’s unemployment rate was around 2.8%. It has the second-highest percentage of the G7 countries’ populations living in poverty, at around 15.7%.
9. Indonesia
Indonesia is a country situated between the Indian and Pacific oceans in Southeast Asia and Oceania. Both the public and private sectors have important responsibilities in Indonesia’s mixed economy. As the sole G20 member state in Southeast Asia, the country is regarded as a freshly industrialized nation. Furthermore, it has the greatest economy in the region. It is the seventh-largest economy in the world by nominal GDP and ranks 16th globally by nominal GDP, according to a 2023 forecast, with nominal GDP anticipated to be US$1.392 trillion and PPP GDP predicted to be US$4.398 trillion.
10. IndiaÂ
South Asian nation India overtook China in 2023 to claim the title of the world’s most populous nation. The Indian economy was the fifth-largest by market exchange rates and around $11.6 trillion, the third-largest by purchasing power parity (PPP), in 2022, according to the International Monetary Fund (IMF). Its nominal value was set at $3.46 trillion. India is one of the fastest-growing economies in the world, with its average annual GDP growth rate over the last 20 years being 5.8% and hitting 6.1% in 2011–2012.
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The bottom line
Asia is the largest continent in the world and has several famous countries. We have shared our list of the top 10 richest countries in Asia and we hope that you found this article useful and got the valuable information.
