On October 7, Forbes India published an article highlighting the wealthiest countries and regions for 2024, as estimated by the International Monetary Fund (IMF) using per capita GDP data. Luxembourg leads the ranking, followed by Macau and Ireland. Taiwan holds the 14th position, just behind Brunei and slightly ahead of Hong Kong.
In the article, it is explained that GDP reflects the total value of goods and services produced within a country. When this figure is divided by the population of permanent residents, it offers insights into the general wealth of the populace. However, to provide a more accurate assessment of a nation’s wealth, one must consider inflation rates and the cost of local goods and services. This is where the concept of Purchasing Power Parity (PPP) comes into play.
The article points out that while some affluent countries serve as tax havens, inflating their GDP figures by attracting external wealth, the PPP-adjusted GDP still offers a fairly accurate perspective on the wealth distribution among nations.
As of October 2024, Luxembourg, with its strong financial sector, ranks first with a per capita GDP (PPP) of $144,740. Macau follows in second place with $134,140, and Ireland comes in third with $133,900.
Countries ranking from fourth to tenth include Singapore, Qatar, the United Arab Emirates, Switzerland, San Marino, the United States, and Norway. Interestingly, half of these nations are in Europe, with four from Asia, and the U.S. stands as the sole representative from North America.
In the 11th to 20th positions, Taiwan’s per capita GDP (PPP) of $76,860 places it at 14th, trailing Guyana, Denmark, and Brunei, yet ahead of Hong Kong, the Netherlands, Iceland, Saudi Arabia, Austria, and Sweden. Similar to those in the top ten, half of the nations in this range are European, along with four from Asia, including Saudi Arabia, while Guyana is the only South American nation represented.
Despite boasting the highest number of billionaires in Asia—814 individuals with assets of at least $1 billion—neither China, Japan, nor South Korea made it into the top 20. South Sudan ranks at the bottom this year, with a minimal per capita GDP (PPP) of just $455.16.
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