What is the most common attribute amongst the world's wealthiest countries as measured by GDP per capita (adjusted for purchasing power parity) in 2016?

Author: Jonathan Gregson
Project Coordinator: Edith Updike

10. San Marino

Current International Dollars:  64,465

Tiny San Marino is the oldest republic in Europe and the fifth smallest country in the world. It may have only 32,000 citizens, but they are among the wealthiest in the world. This is helped by the fact that income tax rates are very low, at about one-third of the EU average. San Marino is, however, working towards harmonising its fiscal laws with EU and international standards. The economy, which relies to a large extent on financial services as well as tourism, has in recent years suffered from difficulties in the banking sector following the economic downturn and there has been a sizeable decline in tax returns – all of which has contributed to negative GDP growth. The economy has also been hit by weakening demand from Italy, which accounts for nearly 90% of its export market for such products as ceramics, clothing, furniture and fabrics. The standard of living of the people of San Marino is seen as comparable to that of the most prosperous regions of surrounding Italy.

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