To obtain a relatively realistic standard of living in a nation, the GDP is measured by Purchasing Power Parity per capita; and this shows you the worth and household consumption rate of the average resident. The GDP data per capita, is nothing short of the country’s economy as it reflects in the living condition of the people. GDP in itself is the worth of a nation’s economy – periodic evaluation and worth of the domestic goods and services of a nation. GDP is the flexible measure of the national economic activity within a period of time.
The richest countries in the world are those countries with a sound and healthy economy. The wealth of nations, measured by The Gross Domestic Products(GDP) might give huge results, but with respect to the living conditions of the people, one might be stunned at the disparity between the two. In that case, the richest of all countries is calculated either by nominal GDP or by Purchasing Power Parity(PPP). Nominal GDP is the measure of the economic worth of a nation disregarding effects of inflation while the GDP by PPP puts into consideration the possibility of inflation.
It is somewhat expected that the citizens of a nation would benefit from the progress of the nation’s economy, but that is not often the case. Some countries by mere GDP rationale are tremendously affluent that it beats imagination why it has not in a convincing way reflected in the lives of the people. There still appears to be a sort of imbalance in wealth distribution, for instance, China with a mind spinning GDP of $18.976 trillion is the world’s leading economy but by per capita GDP(in terms of population), ranks the 87th in the world’s richest list. While the richest country in the world by nominal GDP per capita is Luxembourg, Qatar is the richest Purchasing Power Parity, per capita.
According to IMF, these are the top richest countries by GDP (PPP) per capita:
4. Brunei Darussalam
Total GDP: $412.300 Billion
GDP Per Capita: $56, 428
Hong Kong is one of the business-friendly destinations in the international community, and as such, has encouraged a serious capitalist economy. Hong Kong is the 10th richest nation in the world by GDP (ppp) per capita; and it is also known for its low tax rates. This is most probably the direct reason why the country has a high life expectancy (84 years); in other words, the wealth distribution is a near perfect one and the economic success of the country is evident in the lives of the people. From the 1980’s till now, Hong Kong’s economy has been depicting signs of speedy and positive growth against all odds.
Total GDP: $480.938 Billion
GDP Per Capita: $58, 731
Switzerland is one of the most stable economies in the world, having a terrific low unemployment rate (3.2% as at 2013). With a vibrant labor force, the nation benefits from their manufacturing and investment oriented economy in a healthy combination with exports and the service sector. As a member of the European Free Trade Association (EFTA), there is a very liberal trading attitude in Switzerland, thereby empowering the private sector to a large extent. The nation’s industrial treasures are centered in Zurich, harboring about 150,000 companies. Switzerland has one of the lowest rates of home ownership in Europe, commendable living condition and has one of the highest life expectancy in the world with an overall 83 years.
8. San Marino
Total GDP: $2.040 Billion
GDP Per Capita: $61, 836
San Marino is an economic paradise with zero national debt, an 83 years life expectancy, an estimated 33, 000 population, and a 7% unemployment rate. San Marino’s economy is pivoted by the banking sector, tourism, industries and exports which in 2013, generated a $3.827 billion revenue. This is one of the wealthiest nations with an excellent living condition and a stable economy.
7. United Arab Emirates(UAE)
Total GDP: $643.846 Billion
GDP Per Capita: $65, 037
A league of 7 Arabic States with Dubai as the most populous city. UAE’s economy before now was solely on oil and gas exports but currently non-oil sectors like tourism and services sector have improved, generating 71% of the country’s GDP. In Tourism particularly, Dubai raises over 60% while Abu Dhabi, originally known for her oil & gas exports, holds 16%. Though the UAE does not permit the existence of trade unions, it is definitely considered a free trading zone, ranking 25th in the Index of Economic Freedom and 26th in the Ease-of-Doing Business Rank. With a 2013 population of 9.2 million(a 9:1 ratio of expatriates to natives), UAE has enough to go round with a 76 years overall life expectancy.