What is it that makes a city poor or rich? The culture? The buildings? The people? Well, your are at the right place if these questions continue puzzling you.
A city’s wealth is a multifaceted concept whose understanding cannot be constrained to a single element such as the people, infrastructure or culture. The globe’s wealthiest cities are mostly rated using their GDP, otherwise termed as Gross Domestic product. The implication in this place is that experts use the accumulative market value of all market offerings (all forms of services and goods) to separate cities by wealth. Even so, the question of which between city’s GDP and income per capita (PPP) is a true reflection of the standard of life that a city offers average residents is at the heart of underway discussions. Interested in knowing the world’s richest cities? Try Quatar, Brunei, Luxembourg, Kuwait, and Singapore. They are the best of what you are looking for. World’s Richest City Number 1: Qatar
Regardless of its general reputation as a small city, Qatar stands out as the world’s richest city, and this is no wonder. It is well-founded that Qatar houses the world’s richest population and companies. Worth noting is that Qatar has maintained its position as the world’ richest city for more than five year. What is more, experts believe that the city will continue flying the flag for at least the foreseeable future bearing in mind its anticipation to host the 2020 FIFA Soccer World Cup. Qatar continues turning up the the world’s richest city with a PPP of a bout US$146,000 (according to World’s Richest City Ranking 2015). World’s Richest City Number 2: Luxembourg It is not surprise that Luxembourg continues being mentioned as Qatar’s principle rival when it come to the World’s Richest City’s Ranking. The status of the scenario is well exemplified when one compare the PPP of the tow cities. In addition to a strong PPP of about US$94,000, the city dominates the world’s richest city category because of its stable economy. Luxembourg tends to attribute its leadership position to its robust institutions and low public debt.
World’s Richest City Number 3: Singapore
Singapore takes the third position as the world’s richest city, a position that it gladly retains as a results of its strong fundamentals and expansive current account surplus. The idea that Singapore has the greatest potential to grow into the world’s richest city is seated in its sustained economic growth since 2012 and a PPP of about US$85,000.
World’s Richest City Number 4: Brunei
Brunei’s PPP is just US$5,000 shy from taking over Singapore’s position as the third in the world’s richest city ranking. Like Qatar, Brunei acquires its position from its gas and oil resources.
World’s Richest City Number 5: Kuwait
Kuwait’s PPP of about US$72,600 places it at the fifth position in the world’s richest city category. Regardless of its rich gas and oil endorsements, factors such as low oil prices challenge its potential to dominate the world’ richest city category. Even so, Kuwait is optimistic that its recently launched five-year development plan will complement its competitiveness as the globe’s richest city.