Around the world, each country has a different financial situation. The wealth of a country depends on many factors, including their import and export industries, their debt to other countries, their infrastructure, the availability of the country's natural resources and population.
Asia is one of the richest and poorest countries in the world. A country's wealth is determined based on a person's gross domestic product, which is a measure of a country's economy relative to its people. Here are the 20 richest countries in Asia based on per capita GDP, taken from the 2019 data listed by the richest countries in the world. Taken from International Monetary Fund statistics.
20. China - $ 19,520
Considering the figures, the population makes a huge difference in how a country is classified for its wealth. If only gross domestic product (GDP) were included, China would be the richest country in Asia and the world. However, when it comes to GDP per capita, China ranks 20th among the richest countries in Asia and only 74th in the world. This is because this country has a large population. According to The Balance, China has the world's largest economy in terms of power purchases. China has many strong sectors that contribute to the country's economy. These products include minerals, textiles, clothing, chemicals, food processing, transportation equipment, electronics and telecommunications products.
19. Turkmenistan - $ 20, $ 409
Although Turkmenistan is predominantly a desert-oriented country with an agricultural focus, it is a country with a good supply of oil and gas, Theodora said. There are also good crops of cotton and wheat. While the former is predominantly exported, the latter is for domestic consumption. Although agriculture accounts for only 8 percent of the country's GDP, half of the country's labor force is employed in the sector. China is a major recipient of natural gas exports from Turkmenistan.
18. Thailand - $ 20,474
The World Bank says Thailand has made significant progress in social and economic development over the last four decades. Now the country has moved from being a low-income country to a high-income country. The country has experienced an increase in employment rates, especially in the agricultural sector. Thailand has set out a strategy and set targets for sustainable economic growth over the next 20 years. Some of Thailand's strongest industries include automobiles, financial services, tourism, textiles, beverages, tobacco, electrical equipment, cement, computers, plastics and agricultural processing.
17. Turkey - $ 27,391
Heritage says business and investment in Turkey remain stable due to political unrest. However, Turkey has strong public finances, a strong banking sector and a diversified private sector. Imports and exports accounted for 54.2 percent of GDP. White. The country is subsidized for both agriculture and education.
16. Kazakhstan - $ 28,515
Kazakhstan is the largest economy in Central Asia. However, the economy has been in a slump since the 1990s due to the breakup of the Soviet Union and a lack of demand for Kazakhstan's traditional heavy industrial products. The most important industries in the country today are oil, coal, manganese, iron ore, copper, zinc, lead, precious metals, agricultural machinery, construction materials and electric motors.
15. Russia - $ 30,284
Between 2018 and 2019, Russia saw a 3.5 percent growth rate per capita GDP. Not only is it the 15th richest country in Asia, but it is also the 55th richest country in the world. However, Bloomberg says it does not expect Russia to see another growth in the coming year. Last year, oil and gas exports were one of the factors contributing to economic growth and another was construction growth.
14 - Malaysia - $ 32,455
Malaysia has seen economic growth of 5.2 percent of GDP since 2018, ranking 14th on the list of the richest countries in Asia and the 50th richest country in the world. Focus Economics says this is partly due to foreign demand for oil products and rising retail sales. However, exports of palm oil and palm oil products have peaked recently. Despite the slowdown, financial experts predict the Malaysian economy will continue to grow in the coming years.
13. Israel - $ 39,160
Israel is the 13th richest country in Asia and the 39th richest country in the world, as it has experienced a per capita GDP growth of 3.1 percent since 2019. Is high, the Israeli Foreign Ministry said. Israel lacks natural resources but is strong in the manufacturing industry. It also has a skilled workforce and is known for its scientific institutes. One of the areas of development in recent years has been the tourism industry, with the country focusing on promoting the reasons why people should visit Israel.
12. South Korea - $ 42,985
Tutor2u notes that although South Korea's economy suffered a severe setback in the late 1990s, it still has a stable record of micro-economy. The country has a strong export and manufacturing industry, but the service sector remains weak. Income levels in South Korea are gradually catching up with the average household income in Japan. South Korea is the 32nd richest country in the world.
11. Japan - $ 45,565
The 11th richest country in Asia and the 31st richest country in the world is Japan. The Balance report notes that Japan relies on its central bank to boost its economy. Also, in terms of purchasing power, it is the world's fifth largest economy. Japan has a population of 12 million and this is a drop in GDP per capita, but it still has a higher standard of living than South Korea and China.
10. Oman - $ 46,978
Oxford Group says Oman's economy has strengthened from 2018 to 2019 due to higher energy prices and a sharp rise in gas production. This means that experts are predicting Oman's economy will strengthen further next year. The diversification plan means that there will also be an increase in production that contributes to the country’s GDP.
9. Bahrain - $ 48,464
In recent years, Bahrain's economy has been in turmoil and needs the help of neighboring countries in the Middle East. However, it is currently enjoying economic growth, making it the ninth richest country in Asia with a per capita GDP. This is due in part to moderate growth in mining and mining and modest growth in the manufacturing industry. However, falling oil prices put Bahrain at risk of a re-registration downfall in 2020, according to the economic focus.
8. Taiwan - $ 55,244
Taiwan has many emerging industries that have contributed to Taiwan being the eighth richest country in Asia. According to Wikipedia, some of the country's major industries are electronics, communications and information technology, chemicals, textiles, textiles, oil refining, machinery, iron and steel, food processing and consumer products. It is also a country that can supply itself a lot because it is rich in food and natural resources. In terms of agriculture, the country produces rice, vegetables, beef, poultry, corn, pigs, fish, milk, fruits and tea. Natural resources include natural gas, asbestos, marble, limestone and coal.
7. Saudi Arabia - $ 56,817
Britannica says Saudi Arabia's economy is driven by huge revenue from oil reserves. There is an increase in mining for mineral resources, including precious metals, and this is also contributing to the country's economy. Production plays an important role in the Saudi economy, with a number of key industries including petrochemicals, fertilizers, steel products, cement and trucks. Not only is Saudi Arabia the seventh richest country in Asia, but it is also the 15th richest country in the world.
6. Hong Kong - $ 66,517
Located in southeastern China, Hong Kong is one of the six richest autonomous regions in Asia. Hong Kong Economy Describes Hong Kong as an international trade, trade and financial hub, thanks to the opportunities brought by the mainland Chinese economy. It is also growing in popularity as a tourist destination that is giving the country and economic boost.
5. Kuwait - $ 67,969
Theodora says one of the reasons the country's economy is strong is because it has about 6 percent of the world's crude oil reserves. Half of the country’s GDP is accounted for by fuel. Other industries that could make a significant contribution to Kuwait's economy include cement, shipbuilding, food processing, irrigation and construction materials.
4- United Arab Emirates - $ 70,474
The economy of the United Arab Emirates is the second highest in the Middle East, the fourth highest in Asia and the eighth highest in the world. According to UAE Heritage, the UAE has one of the most liberal economies in the Middle East, and oil and gas remain the two most important sectors. Other industries that play an important role in the country's economy are real estate and exports. The government is currently promoting entrepreneurship. The country has a very low unemployment rate of 1.7 percent.
3. Brunei Darussalam - $ 83,777
Brunei Darussalam, often referred to as Brunei, is the third richest country in Asia and the fifth richest country in the world based on per capita GDP. The country is located on the island of Borneo in the Indonesian archipelago. According to The Commonwealth, the oil and gas sector dominates the economy in this country and it ranks very high because of its small population. Industry accounts for 71.7 percent of the country's gross domestic product.
2- Singapore - $ 103,717
In the second position is Singapore, a small island country located in the southern part of the Malay Peninsula. Zenith-spot says Singapore is the world's third leading financial center and plays an important role in international finance and trade. It has been the fastest growing economy in the world since 2010, largely due to exports and processing of imported goods. Major industries in the country include manufacturing, mechanical engineering, electronics, biological sciences and petroleum processing.
1. Qatar - $ 134,623
Based on per capita GDP, Qatar is the richest country in Asia and the world. The country is located in the Middle East in the Arabian Peninsula and its capital is Doha. The Zenith-spot explains that the country has the world's third-largest supply of gas and oil, one of the reasons for Qatar's high economic income. It also has a high Human Development Index rating. In addition to gas and oil, some of the most important industries for Qatar's economy include ammonia, chemical fertilizers, petrochemicals, cement, ship repairs and steel.
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