The Richest Countries in the World There are two standard methods of defining the richest countries in the world. One takes into account the economies that are the largest, as measured by total gross domestic product (GDP). However, the most commonly accepted definition of the wealthiest countries is to determine how rich the average resident of a country is. For this reason, the best method is to use GDP data per capita. Moreover, using a PPP (purchasing power parity) basis is arguably more useful when comparing generalized differences in living standards on the whole between nations. This is because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using just exchange rates, which may distort the real differences in income. This is the measure most economists prefer when looking at per-capita wealth and when comparing economic strength between countries and living conditions or use of resources across countries. The figures below include data and forecasts for the wealth of countries and regions from 2009 to 2013. Source: the IMF (unless otherwise specified). The Richest and Poorest Countries in the World, 2013 (Estimates - Data in Current International Dollar)
Posted on: Sun, 07 Dec 2014 09:09:16 +0000
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