Countries like China, India, Indonesia, Korea are the largest economies in Asia. But if we talk about the rich, these countries have no name in the rich. So you must have thought that if such countries are not in the category of rich, then which are the countries which fall under the category of rich? Important discussions will be held today about the richest countries of the continent of Asia. You can also see this list in the following graph:
GDP Per Capita : 87,208.8 USD
Macau, also spelled Macao and officially the Macao Special Administrative Region of the People’s Republic of China, is a city and special administrative region of the People’s Republic of China in the western Pearl River Delta by the South China Sea. With a population of about 650,000 and an area of 32.9 km2 (12.7 sq mi), it is the most densely populated region in the world.
Macau is a former colony of the Portuguese Empire, after Ming China leased the territory as a trading post in 1557. Portugal paid an annual rent and administered the territory under Chinese sovereignty until 1887, when it gained perpetual colonial rights in the Sino-Portuguese Treaty of Peking. The colony remained under Portuguese rule until 1999, when it was transferred to China. Macau is a special administrative region of China, which maintains separate governing and economic systems from those of mainland China under the principle of “one country, two systems”.Originally a sparsely populated collection of coastal islands, the territory has become a major resort city and a top destination for gambling tourism, with a gambling industry seven times larger than that of Las Vegas. The city has one of the highest per capita incomes in the world, and its GDP per capita by purchasing power parity is one of the highest in the world; however, income inequality remains high. It has a very high Human Development Index, as calculated by the Macau government, and the fourth-highest life expectancy in the world. The territory is highly urbanised and most development is built on reclaimed land; two-thirds of the total land area is reclaimed from the sea.
GDP Per Capita : 68,793 USD
Qatar, or officially the State of Qatar, is a country located in Western Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula. Its sole land border is with neighbouring Gulf Cooperation Council (GCC) monarchy Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. The Gulf of Bahrain, an inlet of the Persian Gulf, separates Qatar from nearby Bahrain.
In early 2017, Qatar’s total population was 2.6 million: 313,000 Qatari citizens and 2.3 million expatriates. Islam is the official religion of Qatar. In terms of income, the country has the third-highest GDP (PPP) per capita in the world, and the sixth-highest GNI per capita (Atlas method). Qatar is classified by the UN as a country of very high human development, having the third-highest HDI in the Arab world after United Arab Emirates and Saudi Arabia. Qatar is a World Bank high-income economy, backed by the world’s third-largest natural gas reserves and oil reserves.Qatar has been ruled by the House of Thani since Mohammed bin Thani signed a treaty with the British in 1868 that recognised its separate status. Following Ottoman rule, Qatar became a British protectorate in the early 20th century until gaining independence in 1971. In 2003, the constitution was overwhelmingly approved in a referendum, with almost 98% in favour. In the 21st century, Qatar emerged as a significant power in the Arab world both through its globally expanding media group, Al Jazeera Media Network, and reportedly supporting several rebel groups financially during the Arab Spring. For its size, Qatar wields disproportionate influence in the world, and has been identified as a middle power.Qatar is currently the subject of a diplomatic and economic embargo by Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt, which began in June 2017. Saudi Arabia has proposed the construction of the Salwa Canal, which would run along the Saudi–Qatar border, effectively turning Qatar into an island.
GDP Per Capita : 64,581.9 USD
Singapore, officially the Republic of Singapore, is a sovereign island city-state in maritime Southeast Asia. It lies about one degree of latitude (137 kilometres or 85 miles) north of the equator, off the southern tip of the Malay Peninsula, bordering the Straits of Malacca to the west, the Riau Islands to the south, and the South China Sea to the east. The country’s territory is composed of one main island, 63 satellite islands and islets, and one outlying islet, the combined area of which has increased by 25% since the country’s independence as a result of extensive land reclamation projects. It has the second greatest population density in the world. The country has almost 5.7 million residents, 61% (3.4 million) of whom are Singaporean citizens. There are four official languages of Singapore: English, Malay, Chinese and Tamil, with English being the lingua franca. Multiracialism is enshrined in the constitution, and continues to shape national policies in education, housing, and politics.
Although its history stretches back millennia, modern Singapore was founded in 1819 by Sir Stamford Raffles as a trading post of the British Empire. In 1867, the colonies in East Asia were reorganised and Singapore came under the direct control of Britain as part of the Straits Settlements. During the Second World War, Singapore was occupied by Japan in 1942, but returned to British control as a separate crown colony following Japan’s surrender in 1945. Singapore gained self-governance in 1959, and in 1963 became part of the new federation of Malaysia, alongside Malaya, North Borneo, and Sarawak. Ideological differences led to Singapore being expelled from the federation two years later, thereby becoming an independent country.
After early years of turbulence and despite lacking natural resources and a hinterland, the nation rapidly developed to become one of the Four Asian Tigers based on external trade, becoming a highly developed country; it is ranked ninth on the UN Human Development Index, and has the second-highest GDP per capita (PPP) in the world. Singapore is the only country in Asia with an AAA sovereign rating from all major rating agencies. It is a major financial and shipping hub, consistently ranked the most expensive city to live in since 2013, and has been identified as a tax haven. Singapore is placed highly in key social indicators: education, healthcare, quality of life, personal safety and housing, with a home-ownership rate of 91%. Singaporeans enjoy one of the world’s longest life expectancies, fastest Internet connection speeds and one of the lowest infant mortality rates in the world.
Singapore is a unitary parliamentary republic with a Westminster system of unicameral parliamentary government. While elections are considered generally free, the government exercises significant control over politics and society, and the People’s Action Party has ruled continuously since independence. One of the five founding members of ASEAN, Singapore is also the headquarters of the Asia-Pacific Economic Cooperation (APEC) Secretariat and Pacific Economic Cooperation Council (PECC) Secretariat, as well as many international conferences and events. Singapore is also a member of the United Nations, World Trade Organization, East Asia Summit, Non-Aligned Movement and the Commonwealth of Nations.
GDP Per Capita : 33,994.4 USD
Kuwait, officially the State of Kuwait, is a country in Western Asia. Situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, it borders Iraq to the north and Saudi Arabia to the south. As of 2016, Kuwait has a population of 4.5 million people: 1.3 million are Kuwaitis and 3.2 million are expatriates. Expatriates account for approximately 70% of the population.Oil reserves were discovered in commercial quantities in 1938. In 1946, crude oil was exported for the first time. From 1946 to 1982, the country underwent large-scale modernization. In the 1980s, Kuwait experienced a period of geopolitical instability and an economic crisis following the stock market crash. In 1990, Kuwait was invaded, and later annexed, by Saddam’s Iraq. The Iraqi occupation of Kuwait came to an end in 1991 after military intervention by a military coalition led by the United States. Kuwait is a non-NATO ally of the United States. Kuwait is also a major ally of ASEAN, while maintaining a very strong relationship with China.Kuwait is a constitutional sovereign state with a semi-democratic political system. Kuwait has a World Bank high-income economy backed by the world’s sixth largest oil reserves. The Kuwaiti dinar is the highest valued currency in the world. According to the World Bank, the country has the nineteenth highest per capita income. The Constitution was promulgated in 1962. Kuwait is home to the largest opera house in the Middle East. The Kuwait National Cultural District is a member of the Global Cultural Districts Network.
GDP Per Capita : 48,675.6 USD
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.Originally a sparsely populated area of farming and fishing villages, the territory has become one of the world’s most significant financial centres and commercial ports. It is the world’s tenth-largest exporter and ninth-largest importer. Hong Kong has a major capitalist service economy characterised by low taxation and free trade, and its currency, the Hong Kong dollar, is the eighth most traded currency in the world. Hong Kong is home to the second-highest number of billionaires of any city in the world, the highest number of billionaires of any city in Asia, and the largest concentration of ultra high-net-worth individuals of any city in the world. Although the city has one of the highest per capita incomes in the world, severe income inequality exists among its residents.Hong Kong is a highly developed territory and ranks fourth on the UN Human Development Index. The city has the largest number of skyscrapers of any city in the world, and its residents have some of the highest life expectancies in the world. The dense space led to a developed transportation network with public transport rates exceeding 90 percent.
United Arab Emirates
GDP Per Capita : 43,005 USD
The United Arab Emirates, sometimes simply called the Emirates, is a sovereign state in Western Asia located at the eastern end of the Arabian Peninsula. It borders Oman and Saudi Arabia, and has maritime borders in the Persian Gulf with Qatar and Iran. It is a federal elective constitutional monarchy formed from a federation of seven emirates, consisting of Abu Dhabi (which serves as the capital), Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain. Their boundaries have numerous enclaves within each other. Each emirate is governed by a ruler, who together form the Federal Supreme Council, and one of whom serves as President of the United Arab Emirates. In 2013, the UAE’s population was 9.2 million, of which 1.4 million were Emirati citizens and 7.8 million were expatriates. The estimated population of the UAE in 2020 was 9.89 million.Islam is the official religion and Arabic is the official language. The UAE’s oil reserves are the sixth-largest in the world while its natural gas reserves are the world’s seventh-largest. Zayed bin Sultan Al Nahyan, ruler of Abu Dhabi and the first President of the UAE, oversaw the development of the Emirates and steered oil revenues into healthcare, education, and infrastructure. The UAE’s economy is the most diversified in the Gulf Cooperation Council, while its most populous city of Dubai is a global city and international aviation and maritime trade hub. The country has become less reliant on oil and gas, and is economically focusing on tourism and business. The UAE government does not levy income tax, although there is a system of corporate tax in place and value-added tax at 5% was established in 2018.The UAE’s rising international profile has led to it being recognised as a regional and a middle power. The UAE is a member of the United Nations, the Arab League, the Organisation of Islamic Cooperation, OPEC, the Non-Aligned Movement, and the Gulf Cooperation Council.
GDP Per Capita : 41,715 USD
Israel, officially known as the State of Israel, is a country in Western Asia, located on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea. It has land borders with Lebanon to the north, Syria to the northeast, Jordan on the east, the Palestinian territories of the West Bank and the Gaza Strip to the east and west, respectively, and Egypt to the southwest. Israel’s economic and technological center is Tel Aviv, while its seat of government and proclaimed capital is Jerusalem, although international recognition of the state’s sovereignty over Jerusalem is limited.Israel has evidence of the earliest migration of hominids out of Africa. Canaanite tribes are archaeologically attested since the Middle Bronze Age, while the Kingdoms of Israel and Judah emerged during the Iron Age. The Neo-Assyrian Empire destroyed Israel around 720 BCE. Judah was later conquered by the Babylonian, Persian and Hellenistic empires and had existed as Jewish autonomous provinces. The successful Maccabean Revolt led to an independent Hasmonean kingdom by 110 BCE, which in 63 BCE however became a client state of the Roman Republic that subsequently installed the Herodian dynasty in 37 BCE, and in 6 CE created the Roman province of Judea. Judea lasted as a Roman province until the failed Jewish revolts resulted in widespread destruction, the expulsion of the Jewish population and the renaming of the region from Iudaea to Syria Palaestina. Jewish presence in the region has persisted to a certain extent over the centuries. In the 7th century CE, the Levant was taken from the Byzantine Empire by the Arabs and remained in Muslim control until the First Crusade of 1099, followed by the Ayyubid conquest of 1187. The Mamluk Sultanate of Egypt extended its control over the Levant in the 13th century until its defeat by the Ottoman Empire in 1517. During the 19th century, national awakening among Jews led to the establishment of the Zionist movement followed by immigration to Palestine.
In 1947, the United Nations (UN) adopted a Partition Plan for Palestine recommending the creation of independent Arab and Jewish states and an internationalized Jerusalem. The plan was accepted by the Jewish Agency, and rejected by Arab leaders. The following year, the Jewish Agency declared the independence of the State of Israel, and the subsequent 1948 Arab–Israeli War saw Israel’s establishment over most of the former Mandate territory, while the West Bank and Gaza were held by neighboring Arab states. Israel has since fought several wars with Arab countries, and since the Six-Day War in June 1967 held occupied territories including the West Bank, Golan Heights and the Gaza Strip (still considered occupied after the 2005 disengagement, although some legal experts dispute this claim). Subsequent legislative acts have resulted in the full application of Israeli law within the Golan Heights and East Jerusalem, as well as its partial application in the West Bank via “pipelining” into Israeli settlements. Israel’s occupation of the Palestinian territories is internationally considered to be the world’s longest military occupation in modern times. Efforts to resolve the Israeli–Palestinian conflict have not resulted in a final peace agreement, while Israel has signed peace treaties with both Egypt and Jordan.
In its Basic Laws, Israel defines itself as a Jewish and democratic state and the nation state of the Jewish people. The country is a liberal democracy with a parliamentary system, proportional representation, and universal suffrage. The prime minister is head of government and the Knesset is the legislature. With a population of around 9 million as of 2019, Israel is a developed country and an OECD member. It has the world’s 31st-largest economy by nominal GDP, and is the most developed country currently in conflict. It has the highest standard of living in the Middle East, and ranks among the world’s top countries by percentage of citizens with military training, percentage of citizens holding a tertiary education degree, research and development spending by GDP percentage, women’s safety, life expectancy, innovativeness, and happiness.
GDP Per Capita : 23,339 USD
Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the vast majority of the Arabian Peninsula. With a land area of approximately 2,150,000 km2 (830,000 sq mi), Saudi Arabia is geographically the largest sovereign state in Western Asia, the second-largest in the Arab world (after Algeria), the fifth-largest in Asia, and the 12th-largest in the world. Saudi Arabia is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain, and the United Arab Emirates to the east, Oman to the southeast and Yemen to the south; it is separated from the Sinai (Egypt) in the north-west by the Gulf of Aqaba. Saudi Arabia is the only country with both a Red Sea coast and a Persian Gulf coast, and most of its terrain consists of arid desert, lowland and mountains. As of October 2018, the Saudi economy was the largest in the Middle East and the 18th largest in the world. Saudi Arabia also has one of the world’s youngest populations, with approximately 50 percent of its population of 34.2 million being under 25 years old.The territory that now constitutes Saudi Arabia was the site of several ancient cultures and civilizations. The prehistory of Saudi Arabia shows some of the earliest traces of human activity in the world. The world’s second-largest religion, Islam, emerged in modern-day Saudi Arabia. In the early 7th century, the Islamic prophet Muhammad united the population of Arabia and created a single Islamic religious polity. Following his death in 632, his followers rapidly expanded the territory under Muslim rule beyond Arabia, conquering huge and unprecedented swathes of territory (from the Iberian Peninsula in the West to modern-day Pakistan in the East) in a matter of decades. Arab dynasties originating from modern-day Saudi Arabia founded the Rashidun (632–661), Umayyad (661–750), Abbasid (750–1517) and Fatimid (909–1171) caliphates as well as numerous other dynasties in Asia, Africa and Europe.The area of modern-day Saudi Arabia formerly consisted of mainly four distinct regions: Hejaz, Najd and parts of Eastern Arabia (Al-Ahsa) and Southern Arabia (‘Asir). The Kingdom of Saudi Arabia was founded in 1932 by Ibn Saud. He united the four regions into a single state through a series of conquests beginning in 1902 with the capture of Riyadh, the ancestral home of his family, the House of Saud. Saudi Arabia has since been a totalitarian absolute monarchy, effectively a hereditary dictatorship governed along Islamist lines. The ultraconservative Wahhabi religious movement within Sunni Islam has been called “the predominant feature of Saudi culture”, with its global spread largely financed by the oil and gas trade. Saudi Arabia is sometimes called “the Land of the Two Holy Mosques” in reference to Al-Masjid al-Haram (in Mecca) and Al-Masjid an-Nabawi (in Medina), the two holiest places in Islam. The state’s official language is Arabic.
Petroleum was discovered on 3 March 1938 and followed up by several other finds in the Eastern Province. Saudi Arabia has since become the world’s second largest oil producer (behind the US) and the world’s largest oil exporter, controlling the world’s second largest oil reserves and the sixth largest gas reserves. The kingdom is categorized as a World Bank high-income economy with a very high Human Development Index and is the only Arab country to be part of the G-20 major economies.The state has attracted criticism for a variety of reasons including: its role in the Yemeni Civil War, sponsorship of Islamic terrorism, its failure to adopt adequate measures against human trafficking, and its poor human rights record, which has been characterized by the lack of women’s rights, excessive and often extrajudicial use of capital punishment, state-sponsored discrimination against religious minorities and atheists, state-sanctioned racism and antisemitism, and its strict interpretation of Shari’a law.The kingdom spends 8% of its GDP on the military (highest in the world after Oman), which places it as the world’s third biggest military spender behind the United States and China, and the world’s largest arms importer from 2015 to 2019, receiving half of all the US arms exports to the Middle East. According to the BICC, Saudi Arabia is the 28th most militarized country in the world and enjoys the region’s best military equipment qualititively, after Israel. However, in recent years, there have been continuous calls for halting of arms sales to Saudi Arabia, mainly due to alleged war crimes in Yemen and especially following the assassination of Jamal Khashoggi.Saudi Arabia is considered a regional and middle power. In addition to being a member of the Gulf Cooperation Council, it is an active and founding member of the United Nations, Organisation of Islamic Cooperation, Arab League, OPEC and is also a major non-NATO ally.
GDP Per Capita : 39,290 USD
Japan or Nihon is an island country in East Asia located in the northwest Pacific Ocean. It is bordered by the Sea of Japan to the west and extends from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. Part of the Pacific Ring of Fire, Japan comprises an archipelago of 6852 islands covering 377,975 square kilometers (145,937 sq mi); the country’s five main islands, from north to south, are Hokkaido, Honshu, Shikoku, Kyushu, and Okinawa. Tokyo is Japan’s capital and largest city; other major cities include Yokohama, Osaka, Nagoya, Sapporo, Fukuoka, Kobe, and Kyoto.
Japan is the eleventh-most populous country in the world, as well as one of the most densely populated and urbanized. About three-fourths of the country’s terrain is mountainous, concentrating its population of 126.2 million on narrow coastal plains. Japan is divided into 47 administrative prefectures and eight traditional regions. The Greater Tokyo Area is the most populous metropolitan area in the world, with more than 37.4 million residents.
Japan has been inhabited since the Upper Paleolithic period (30,000 BC), though the first mentions of the archipelago appear in Chinese chronicles from the 1st century AD. Between the 4th and 9th centuries, the kingdoms of Japan became unified under an emperor and his imperial court based in Heian-kyō. Beginning in the 12th century, however, political power was held by a series of military dictators (shōgun) and feudal lords (daimyō), and enforced by a class of warrior nobility (samurai). After a century-long period of civil war, the country was reunified in 1603 under the Tokugawa shogunate, which enacted an isolationist foreign policy. In 1854, a United States fleet forced Japan to open trade to the West, which led to the end of the shogunate and the restoration of imperial power in 1868. In the Meiji period, the Empire of Japan adopted a Western-styled constitution and pursued a program of industrialization and modernization. In 1937, Japan invaded China; in 1941, it entered World War II as an Axis power. After suffering defeat in the Pacific War and two atomic bombings, Japan surrendered in 1945 and came under a seven-year Allied occupation, during which it adopted a new constitution. Since 1947, Japan has maintained a unitary parliamentary constitutional monarchy with a bicameral legislature, the National Diet.
Japan is a great power and a member of numerous international organizations, including the United Nations (since 1956), the OECD, and the G7. Although it has renounced its right to declare war, the country maintains Self-Defense Forces that are ranked as the world’s fourth-most powerful military. After World War II, Japan experienced high economic growth, becoming the second-largest economy in the world by 1990 before being surpassed by China in 2010. Despite stagnant growth since the Lost Decade, the country’s economy remains the third-largest by nominal GDP and the fourth-largest by PPP. A leader in the automotive and electronics industries, Japan has made significant contributions to science and technology. Ranked the second-highest country on the Human Development Index in Asia after Singapore, Japan has the world’s second-highest life expectancy, though it is experiencing a decline in population. Japanese culture is well-known around the world, including its art, cuisine, music, and popular culture, which encompasses prominent animation and video game industries.
GDP Per Capita : 16,415.2 USD
Oman, officially the Sultanate of Oman, is a country on the southeastern coast of the Arabian Peninsula in Western Asia and the oldest independent state in the Arab world. Located in a strategically important position at the mouth of the Persian Gulf, the country shares land borders with the United Arab Emirates to the northwest, Saudi Arabia to the west, and Yemen to the southwest, and shares marine borders with Iran and Pakistan. The coast is formed by the Arabian Sea on the southeast and the Gulf of Oman on the northeast. The Madha and Musandam exclaves are surrounded by the UAE on their land borders, with the Strait of Hormuz (which it shares with Iran) and the Gulf of Oman forming Musandam’s coastal boundaries.
From the late 17th century, the Omani Sultanate was a powerful empire, vying with the Portuguese Empire and the British Empire for influence in the Persian Gulf and Indian Ocean. At its peak in the 19th century, Omani influence or control extended across the Strait of Hormuz to modern-day Iran and Pakistan, and as far south as Zanzibar. When its power declined in the 20th century, the sultanate came under the influence of the United Kingdom. For over 300 years, the relations built between the two empires were based on mutual benefits. The UK recognized Oman’s geographical importance as a trading hub that secured their trading lanes in the Persian Gulf and Indian Ocean and protected their empire in the Indian sub-continent. Historically, Muscat was the principal trading port of the Persian Gulf region. Muscat was also among the most important trading ports of the Indian Ocean.
Sultan Qaboos bin Said al Said was the hereditary leader of the country, which is an absolute monarchy, from 1970 until his death on 10 January 2020. His cousin, Haitham bin Tariq, was named as the country’s new ruler following his death.Oman is a member of the United Nations, the Arab League, the Gulf Cooperation Council, the Non-Aligned Movement and the Organisation of Islamic Cooperation. It has sizeable oil reserves, ranking 25th globally. In 2010, the United Nations Development Programme ranked Oman as the most improved nation in the world in terms of development during the preceding 40 years. A significant portion of its economy involves tourism and trading fish, dates and other agricultural produce. Oman is categorized as a high-income economy and ranks as the 69th most peaceful country in the world according to the Global Peace Index.