What makes the richest countries in the world, rich?

Question

Richest Countries in the World:

Rank, Country, GDP - per capita

1. Luxembourg - $68,800

2. Equatorial Guinea - $50,200

3. United Arab Emirates - $49,700

4. Norway - $47,800

5. Ireland - $43,600

6. United States - $43,500

7. Andorra - $38,800

8. Iceland - $38,100

9. Denmark - $37,000

10. Austria - $35,500

what makes Luxembourg the richest country in the world? or countries Equatorial Guinea, or Andorra, so rich?

Answer 1

For the most part, rich countries have a higher level of economic freedom.

In other words, they protect private property rights, have low trade barriers, and enforce contract laws.

Answer 2

you have GDP 'per capita', that means the amount of money the country has in relation to the population of the country.....

I mean obviously the USA has more money than Ireland, but it also has a larger population, so when you divide its money by the amount of people you get a smaller amount of money for each person!

Hope it helps!