The article will list down top countries by GDP at nominal values per Citizen. Nominal values can be defined as the value of services or goods that is generated within a nation in one given given year. The list does not take into consideration the difference in cost of living in various countries. Also, the fluctuations in the currency rates can vary the results by huge numbers.
The data is as per the stats provided by World Bank and US Central Intelligence Agency (CIA). Figures may be from different years though most of the day collected is from the year 2010. Value in curved brackets is the GDP per citizen (which can also be called as per capita).
- Monaco ($ 215,163)
- Liechtenstein ($ 134,392)
- Luxembourg ($ 105,044)
- Bermuda ($ 88,747)
- Norway ($ 79,089)
- Qatar ($ 69,754)
- Switzerland ($ 63,629)
- Denmark ($ 55,992)
- Ireland ($ 51,049)
- United Arab Emirates ($ 50,070)
- Netherlands ($ 47,917)
- United States of America ($ 45,989)
- Austria ($ 45,562)
- Faroe Islands ($ 45,188)
- Finland ($ 44,581)
- Belgium ($ 43,671)
- Sweden ($ 43,654)
- Australia ($ 42,279)
- France ($ 41,051)
- Germany ($ 40,670)
Tax Haven Countries offer amazing governance and least corruption including the fact that tax levied on citizens is least. Though there are several definitions of Tax Haven but basic characteristics that indicate a Tax Haven Country will be:
- Least taxes
- Promoting self as offshore financial center
- Lack of transparency in legal process
- No sync with foreign tax authorities
- No requirement of local presence
A nation can become a Tax Haven Country for several reasons. It totally depends on the amount that the country wants to earn from businesses. If a country is trying to grow on the international market then it will decrease its tax rates for businesses so that companies come running. This will even help the local population with ample amount of jobs though end result could be tagged as second world with weak economy due to weaker currency rates.
Some of the Tax Haven Countries are:
- Cayman Islands
Though Income Tax Rates is different for individuals and businesses in different countries yet there are countries that offer same tax rates for both the parties and that number is fairly low when compared to the rest of the countries.
As per stats of May 2009 Montenegro offered the flat tax rate of 9 percent for businesses. Countries like Cyprus, Serbia, Bulgaria offered tax rates of 10 percent for businesses. The number increased in few countries yet it was comparatively very low when compared to countries like Australia, US and UK where tax rates for businesses could easily cross 30 percent. These countries with low income taxes for businesses were Romania (16 percent), Hungary (15 percent) and Latvia (12.5 percent).
In another attractive revelation the nation of Monaco took no tax from individuals as of May 2009. The country with lowest tax rate was Bulgaria with 10 percent tax rate for individuals. Next in line were Montenegro (12 percent), Russia (13 percent) and countries of Czech Republic (15 percent).
As per the Labor Department, the jobless rate in United States of America was 9.7 percent for the month of June which is still quiet close to that of 10.1 percent for the month of October last year. Though companies in United States are coming up with jobs but it is clear that the numbers aren’t satisfactory. It is not the constant tit bits of job opportunities that will help the U.S. economy but the continuous in-flow of numerable job opportunities that will boost confidence in the market.
A major reason behind the still staggering U.S. economy is the worst oil spill in the history of U.S. around its Gulf Coast states like Florida, Alabama, Mississippi and Louisiana. The well blowout of April 20 destroyed the deep-water drilling rig and killing 11 of its crew members thus creating havoc around the area thus resulting into plenty of job less workers.
The endless job block has forced families to cut down their budgets thus bringing down the profits of companies like Best Buy which has been tagged as the largest consumer-electronics retailer of this planet.
“Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence,” Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement. “Until the pace of job growth picks up, consumer confidence is not likely to pick up.”
In terms of GDP Japan’s economy is second best in the world, right after that of United States of America. Surveys also prove the wages in Tokyo are the highest when compared with other principle cities of this planet. After the disastrous nuclear attacks faced during the World Wor Japan has worked hard so as to establish itself as the second best economy of this planet. This country experienced a growth rate of 10% during 1960s, that of 5% during 1970s, and 4% during 1980s. All this has helped Japan bounce back as a leader in the mainstream of international business.
Post war Japan smartly imported most of the minerals for its economic growth instead of utilizing its own local reserves thus making them future proof. The nation has successfully developed plenty if processing and manufacturing industries so as to convert the imported raw material to useful products. Though the Island’s 70% of the area is covered by forests and mountains yet the country has been importing most of what it requires so as to fulfill its demands.
Japan has also invested heavily in its infrastructure by constructing over 1.2 million kilometers of paved roads to guide its left hand traffic. A quarter of its electricity production in Japan is due to its nuclear power and the country is planning to double the same in next few decades.
With time the population of Japan has increased leaps and bounds thus impacting its economy. Major privatization plans were passed so has to stimulate the economy of Japan so as to suppress the effects of ever growing population of this small island. With time Japan has learned a lot and grown drastically. They have seen the ups and down of internationally growing economy and have come back well all the time.