{"id":2440,"date":"2024-05-09T20:56:52","date_gmt":"2024-05-09T20:56:52","guid":{"rendered":"https:\/\/sdgnews.com\/?p=2440"},"modified":"2024-05-09T20:56:54","modified_gmt":"2024-05-09T20:56:54","slug":"the-worlds-richest-countries-across-3-metrics","status":"publish","type":"post","link":"https:\/\/sdgnews.com\/es\/the-worlds-richest-countries-across-3-metrics\/","title":{"rendered":"The World\u2019s Richest Countries Across 3 Metrics"},"content":{"rendered":"\n

By\u00a0Niccolo Conte<\/a> | Article\/Editing: Dorothy Neufeld<\/a><\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The World\u2019s Richest Countries Across 3 Metrics<\/h3>\n\n\n\n

This was originally posted on our Voronoi app<\/a>. Download the app for free on iOS<\/a> or Android<\/a> and discover incredible data-driven charts from a variety of trusted sources.<\/em><\/p>\n\n\n\n

How do you measure the economic success of a country<\/strong>?<\/p>\n\n\n\n

By one classic measure, GDP per capita shows individual economic prosperity. But comparing countries simply by this metric doesn\u2019t tell the whole story. To get a better idea of living standards, it helps to look at how far your money will go along with adjusting for labor productivity.<\/p>\n\n\n\n

This graphic shows the world\u2019s richest countries by three different measures, based on data<\/a> from The Economist and Sondre Solstad. All figures are in U.S. dollars.<\/p>\n\n\n\n

World\u2019s Richest Countries, by GDP per Capita<\/h3>\n\n\n\n

As the table below shows, smaller countries fare much better\u2014of the top 10 richest countries, eight of them have populations under 10 million people.<\/p>\n\n\n\n

Rank<\/th>Country<\/th>GDP per Capita 2022<\/th><\/tr><\/thead>
1<\/td>\ud83c\uddf1\ud83c\uddfa Luxembourg<\/td>$126,426<\/td><\/tr>
2<\/td>\ud83c\udde7\ud83c\uddf2 Bermuda<\/td>$118,846<\/td><\/tr>
3<\/td>\ud83c\uddf3\ud83c\uddf4 Norway<\/td>$106,149<\/td><\/tr>
4<\/td>\ud83c\udde8\ud83c\udded Switzerland<\/td>$92,101<\/td><\/tr>
5<\/td>\ud83c\uddf6\ud83c\udde6 Qatar<\/td>$88,046<\/td><\/tr>
6<\/td>\ud83c\uddf8\ud83c\uddec Singapore<\/td>$82,808<\/td><\/tr>
7<\/td>\ud83c\uddfa\ud83c\uddf8 United States<\/td>$76,399<\/td><\/tr>
8<\/td>\ud83c\uddee\ud83c\uddf8 Iceland<\/td>$72,903<\/td><\/tr>
9<\/td>\ud83c\udde9\ud83c\uddf0 Denmark<\/td>$66,983<\/td><\/tr>
10<\/td>\ud83c\udde6\ud83c\uddfa Australia<\/td>$64,491<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Luxembourg<\/strong>, whose financial sector makes up 25% of its GDP, is the world\u2019s richest country by GDP per capita.<\/p>\n\n\n\n

With a population of just 660,000, the country is also considered a tax haven, incentivizing foreign investment due to its favorable tax policies. Due to the small nation\u2019s considerable wealth, its citizens enjoy free education, healthcare, and transportation.<\/p>\n\n\n\n

Bermuda<\/strong>, like Luxembourg, is known as a tax haven. Several multinationals shelter billions in the island nation\u2014including Google, which moved $23 billion in a shell company in 2017 to lower foreign tax costs.<\/p>\n\n\n\n

With a GDP per capita of $82,808, Singapore<\/strong> is the richest country in Asia thanks to its role as a global hub for finance<\/a>, trade, and tourism.<\/p>\n\n\n\n

A New Lens: Purchasing Power Parity (PPP)<\/h3>\n\n\n\n

Another way to compare countries adjusts GDP per capita based on the relative price of goods and services in order to account for differences in the cost of living and local currency strength.<\/p>\n\n\n\n

This provides a clearer comparison of living standards across countries since the value of a dollar can buy more goods in different countries. Below, we show how countries perform differently based on this measure, known as GDP per capita adjusted by purchasing power parity (PPP):<\/p>\n\n\n\n

Rank<\/th>Country<\/th>GDP per Capita 2022, PPP<\/th><\/tr><\/thead>
1<\/td>\ud83c\uddf1\ud83c\uddfa Luxembourg<\/td>$142,214<\/td><\/tr>
2<\/td>\ud83c\uddf8\ud83c\uddec Singapore<\/td>$127,565<\/td><\/tr>
3<\/td>\ud83c\uddf3\ud83c\uddf4 Norway<\/td>$114,899<\/td><\/tr>
4<\/td>\ud83c\uddf6\ud83c\udde6 Qatar<\/td>$114,648<\/td><\/tr>
5<\/td>\ud83c\udde7\ud83c\uddf2 Bermuda<\/td>$95,837<\/td><\/tr>
6<\/td>\ud83c\udde6\ud83c\uddea UAE<\/td>$87,729<\/td><\/tr>
7<\/td>\ud83c\udde8\ud83c\udded Switzerland<\/td>$83,598<\/td><\/tr>
8<\/td>\ud83c\uddfa\ud83c\uddf8 United States<\/td>$76,399<\/td><\/tr>
9<\/td>\ud83c\udde9\ud83c\uddf0 Denmark<\/td>$74,005<\/td><\/tr>
10<\/td>\ud83c\uddf3\ud83c\uddf1 Netherlands<\/td>$69,577<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

As we can see, Singapore<\/strong> significantly jumps up the ranking, when adjusting for PPP.<\/p>\n\n\n\n

Looking at the world\u2019s richest countries this way shows that living standards are high in Singapore since their currency can go further than in other countries. Often, richer countries will have higher prices as a result of higher labor productivity, advanced technology, and other factors.<\/p>\n\n\n\n

Similarly, the\u00a0UAE<\/strong>\u00a0rises into the top 10, outpacing both Switzerland and America. As one of the top\u00a0oil-producing countries<\/a>\u00a0worldwide, it made $100 billion in oil revenues in 2022, equal to about $100,000 per citizen.<\/p>\n\n\n\t\t

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