Wondering which are the top saving countries in the world? Even though the financial crisis that hit most countries in the past decade is presumed to be behind us, numerous nations around the world are fighting with mounting amounts of debts. This phenomenon has become so common, one may say it is the norm. However, surprisingly enough, there are some nations out there that are not only free of debt, but they actually manage to save up money each year.
We would like to present you with a list we have compiled of the top saving countries in the world. The countries were ranked according to the percentage of their GDP they managed to save, based on figures released by The International Monetary Fund (IMF) earlier this year. The gross national savings, the main indicator used in the analysis accounts for both public and private savings.
The top three countries all save more than half of their GDP. Oil-rich Qatar and Kuwait have emerged as leaders, with 59% and 55% respectively. IMF experts state that these countries’ impressive performance is linked with the high oil prices. Nonetheless, experts have also pointed out that such economies are highly dependent on fluctuant oil prices, meaning that a massive drop in costs will also affect the country’s ability to save money.
In terms of the total money saved, China leads the world with an estimated $4.6 trillion, more than 50% of the country’s GDP. As a comparison, the US, which has an economy twice the size of China’s, only saves about 17% of its GDP. While, on the surface, China displays consumerist behavior, it is clear that conservative spending tends to be the norm in the country.
Curious to see who else has made it on the list? Let’s take a look at the countdown of the top saving countries in the world.