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Ies light blender9/1/2023 ![]() ![]() ![]() The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their small populations. Shimmering casinos and hordes of tourists are good for business too: despite the pandemic restrictions on international travels, Asia's gambling haven Macao remains one of the most affluent states in the world.īut what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country's population is relative to another's. Others like Qatar, Brunei and the United Arab Emirates have large reserves of hydrocarbons or other lucrative natural resources. Some very small and very rich countries-like Luxembourg, Switzerland and Singapore-benefit from having sophisticated financial sectors and tax regimes that help attract foreign investments and professional talent. What do people think when they think about the richest countries in the world? And what comes to mind when they think about the smallest nations in the world? Some would be surprised to find out that many of the wealthiest nations are also amongst the tiniest.
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