The wealthiest nations in the world are predominantly found in Europe, with Luxembourg being the smallest country that tops the list. This is due to strong economic policies that encourage business growth and foreign capital investment. Luxembourg offers tax breaks to international businesses and simplified immigration processes for their employees....CONTINUE READING
The World Bank uses a ranking methodology based on gross national income (GNI) per capita to identify the wealthiest and poorest countries in the world. GNI per capita is calculated by dividing a country’s total income by its population.
In the case of Nigeria, the petroleum industry has been a significant driver of the country’s economy since the late 1960s. Increasing global oil prices since 1973 have led to substantial economic growth in sectors such as construction, manufacturing, transportation, and government services.
Nigeria is also rich in various minerals, including coal, limestone, zinc, lead, tin, natural gas, niobium, iron ore, and more.
