Being a major world hub for global financial services firms drives the economy. The jobs in manufacturing, services, transport engineering, and logistics pay its citizens well, while electronics, biotechnology and chemicals are the main exports of the country. By erecting high-end infrastructure and significantly expanding its tourism sector, Singapore attracts millions of tourists on a yearly basis.
On top of that, the government procured a very investor-friendly economic environment of free trade, open market, and attractively-low tax rates, sought after by international firms and business travellers.
With only a small fishing industry and almost no schools just fifty years ago, the once-sleeping peninsula off Saudi Arabia's eastern coast has turned into a major oil-exporting world center in the last two decades.
Qatar first began massive exports of natural in to Japan and Spain, expanding to other countries in the early s. Having discovered oil in and natural gas 30 years later, it began producing 46, barrels per day in Although some of the revenue was used to start modernizing the country, much of it was being accumulated by the Royal Family, with shares also going to Great Britain, its ruling country. After gaining independence in , Khalifa bin Hamad deposed his father and increased spending on social programs, housing, health, education and pensions, cutting the Royal Family's allowances.
The country also receives major returns on investments in foreign brands, banks, and even the Paris Saint-Germain soccer team and real estate in London.
Low corporate taxes continuously attract numerous multi-billion dollar companies to relocate and grow their business in Ireland, contributing to the GDP, and the high standard of living for the people. Although citizens receive high wages, the income per capita has been growing at a much slower rate than the collective GDP. Nevertheless, the country's stability and ongoing wealth gain from tourism, agriculture and manufacturing, is coveted by others. Ireland is also largely dependent on its tertiary industry, including call centers, legal services, accounting, customer service, stockbroking, and catering.
Considered one of the happiest and healthiest nations on Earth, Switzerland is home to German-, French- and Italian-speaking citizens, living peacefully and thriving together for over years.
A stable economy with a fixed currency value, Switzerland is regarded highly by investors in search of a safe haven for highly profitable feats. Attractive tax rates bring in investment, while international companies seek to expand their business to Switzerland. The Swiss are an innovative bunch, craftily turning natural resources into quality goods such as their highly-demanded chocolate, cheese, jewellery, home decor and furniture.
The mountains, the charm of its cities and the luxurious lifestyle call out to millions of tourists every year, while the highly developed tourism sector does not frighten off with its high prices. With no capital gains tax, a low value-added tax on its products at 7. Back when it was known as the Trucial States, the pearl industry prevailed in this country from the s until the late s, when pearl-diving was a hobby turned into a major source of income for the people living in the small villages.
Now, having been able to establish some of the most luxurious resorts in the world, Dubai along with the rest of the country has moved on to tourism, which keeps investing in itself through ongoing growth and popularity.
The discovery of oil in the late s caused a clash between the citizens of Dubai and Abu Dhabi, with the latter getting the upper hand over the oil boundaries and becoming richer, while the former struggled. According to annual reports, he owned most of those shares through Cervinia Europe, a company registered in the tiny European country of Luxembourg.
Arnault established Cervinia Europe in and then transferred part of his Carrefour stake to the firm from another Luxembourg entity, Blue Capital S. Some notable benefits: If Arnault liquidates Cervinia Europe, he can keep the proceeds and the cash from selling the Carrefour shares tax-free.
A spokesperson for Arnault declined to comment. Luxembourg is favored by billionaires and rich investors for its lightly regulated holding companies, wealth-friendly tax regime and abundance of tax attorneys, accountants and advisors—and until two years ago, its relative secrecy. Among the previously unreported billionaire assets held through these entities are luxury hotels in the Italian Alps and the Caribbean island of St.
In , Luxembourg tried again. It pioneered the listing of eurobonds—bonds issued by a company outside of its home market—in a move that attracted major corporations and wealthy families, made holding companies more popular and set off a boom in its financial services industry. To keep up with the Agenda subscribe to our weekly newsletter. Barbara Tasch , ,. The views expressed in this article are those of the author alone and not the World Economic Forum.
US consumer prices have risen to their highest rate since , with consumer prices up 6. Economists say the inflation could be long-lasting. Six Chief Economists give their view on what's next for inflation - is it transitory? Will it endure? How should governments, central banks and policy-makers respond?
I accept. Barbara Tasch ,. Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living.
Luxembourg is a major center for large private banking, and its finance sector is the biggest contributor to its economy. This is due to many factors such as an increasing population, a lack of new housing, rising housing prices, etc.
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