Top 10 Richest Countries in Asia

Asia continent is the largest continent in terms of size and population. It is located in the northern hemisphere. After Europe, Asia is the second-largest economy in terms of purchasing power parity (PPP). Asia is the fastest-growing economy in the world and rich in diversity. The different countries of Asia have diversity in business and trade. The GDP and economy of a country are directly related to the trades carried out by the people of the country. According to many forecasts, Asia will be the largest economy in the world in the upcoming few years. 

The top five largest economies in Asia are China, Japan, South Korea, India, Singapore and Indonesia. Asia is surrounded by the Arctic Ocean,  the Dark Sea, the Mediterranean Sea, the Pacific Ocean and the Indian Ocean. The wealth of a country is decided based on the gross domestic product (GDP) per capita. Gross Domestic Product is a measure of the economy of a country in relation to the population.

List of the Top 10 Richest Countries in Asia

The list of the top 10 richest countries in Asia is given below as per the latest report of the International Monetary Fund or International Monetary Fund.

Top 10 Richest Countries in Asia

The details about the richest countries in Asia are given below.

1. Qatar

Qatar is the richest country in the Asian continent. It is also called the state of Qatar. Almost every citizen of this country is a millionaire and doing multiple businesses. The economic growth of this country is because of natural resources (gas and oil) available in the county. The majority of the workers of the country are foreigners who came here in search of a job. Doha is the capital of Qatar.

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2. Macau

Macau is a special administrative region of China. Macau has a separate government and economic system from China. Macau follows the principle of "one country, two systems".Most of the population of Macau are professionals and entrepreneurs. Macau has witnessed economic growth due to gambling-related tourism, energy imports and foreign investments etc. Gaming and tourism are highly responsible for the economic growth of Macau, which also gives a risk to Macau's economy. During COVID- 19 pandemic, Macau faced an economic crisis because tourism was affected badly.

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3. Singapore

Singapore is also called the Lion city, the garden city and the republic of Singapore. People are well paid here for their service. The economic growth of Singapore is directly proportional to banking, electronics export, chemical services, biotechnology, energy and the tourism of the country. Singapore is worldwide famous for its business-friendly environment and latest Hi-tech technology.

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4. Brunei Darussalam

Brunei Darussalam is also known as Brunei. Brunei is a democratic country. The country has zero percentage public debts. This is a small country located in the southeast region of Asia. The country is dominated by the Muslim population. The economy of the country is growing because of natural gas products and petroleum products. It makes most of its wealth by exporting natural gas and petroleum. The GDP of this country is continuously increasing.

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5. Kuwait

Kuwait is present in the western part of Asia. It is an Arabic country. It is surrounded by Iraq and Saudi Arabia. After the discovery of oil reserves in 1938 in Kuwait, this country has progressed a lot. It is leading in oil production. It has 10% of the oil reserves of the world.

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6. United Arab Emirates

The United Arab Emirates (UAE) has the most developed economy in the Middle East. Commonly it's called Emirates. It is the sixth-largest country of oil reserves. The Culture of the UAE is based on Arabic culture, and it is influenced by the cultures of Persia, India, and East Africa. The famous cities of the United Arab Emirates are Dubai, Abu Dhabi, Sharjah, Al Ain etc. Abu Dhabi is the capital of the Emirates. The country is also growing in tourism because of the cities of Dubai and Abu Dhabi.

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7. Hong Kong

Hong Kong is the most luxurious place in the world. It is also known as the Hong Kong special administrative region of the People's Republic of China. It is one of the most densely populated areas of the world. It has an approximately seven million population. The infrastructure of Hong Kong is highly developed. The stock exchange of Hong Kong is the seventh-largest in the world with 2.3 trillion dollars.

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8. Japan

Japan is located in the Pacific Ocean. It is a self-governing country. The economy of this country depends on industrialisation, the manufacturer of goods, imports and exports. Japan is very advanced in the field of the latest technology. It has a higher standard of living. It has a highly advanced facility of transportation. It has a free market economy. It is the second-largest developed economy in the world. The GDP per capita of Japan is 38,894.5 in USD.

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9. Israel

Israel is located on the southeast shore of the Mediterranean sea. Israel has achieved high economic growth. The major economic sector of Israel is industrial and technology manufacturing. The diamond industry of Israel is one of the centres of the world for cutting and polishing diamonds. This amounts to 23.2% of all exports. The economic dynamism of this country has gained the attention of international business persons such as Bill Gates (Microsoft founder), investor Warren Buffett, former U.S. President and real estate developer Donald Trump, telecommunications giant Carlos Slim. These entrepreneurs have invested across many Israeli industries beyond their traditional business activities.

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10. South Korea

The Republic of Korea or South Korea is a country situated in East Asia. The country surrounds the southern half of the Korean Peninsula. The capital of South Korea is Seoul. Seoul is the second largest major global metropolitan city in the world. Its economy is ranked 5th largest in terms of purchasing power and the 4th largest in terms of cognitive ability in the world. This country is in the gift position in producing nuclear power and second in Asia. The country has a high technology transportation system.

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Effect of COVID-19 on the Economy of Countries

The COVID- 19 pandemics affected the economy of all countries. The wealthiest nations were more vulnerable to the coronavirus due to their older population and other risk factors. The richest countries had the resources to take better care of patients, but not everyone had equal access to them. The economic downfall hit low-paid workers harder than those with high-paying occupations. Everyone was not able to work from home, so inequality developed in the economic system. Many people were struggling for basic medical facilities and livelihood during the pandemic. The countries whose economic system was dependent on tourism faced a major financial crisis.

Each country of the world has a different financial situation. The economic situation and growth of a country depend on several factors. These factors include the import and export industry, the debts of the country to other countries, infrastructure, the availability of natural resources, and the population of the country.

Did You Know?

Most of the richest countries of the world are the smallest in area and population. They gain a lot of benefits from a low population for economic development. Some of these types of countries are Singapore, Hong Kong, Macau, Luxembourg etc.