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Monday, 26 September 2022

The World's Richest and Poorest Countries 2022

Would you preferably be rich in a poor country or poor in a rich one? Measuring how rich a country is is not that easy (spoiler: it is not just about GDP). Measuring how rich you're depending to a large degree on how rich and poor countries are defined.



If we simply consider a nation's gross domestic product—the sum of all goods and services produced by a rustic during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: the United States, China, Japan, and Germany. But how could the economies, for instance , of Singapore or Luxembourg ever match that of such powerhouses once they are no more than small dots on the world map?

Also read ✅ તમારું લાઈટ બિલ ચેક કરી ઓનલાઈન સરળતાથી પેમેન્ટ કરી શકો છો

Another problem with GDP is that it doesn't measure wealth distribution. that's why a more accurate representation of people’s living conditions begins with dividing a nation's GDP by the number of people that live there: per capita GDP and its growth rate tell us much more about the social wealth potentially available to each person and whether this wealth is either increasing or decreasing over time.

However, using per capita GDP still poses a problem: the exact same income can buy very little in some countries and go much further in others where basic necessities—food, clothing, shelter, or healthcare—cost far less. to measure how wealthy a country’s citizens are it is necessary to understand how much they can buy. that's why, when comparing per capita GDP across countries, GDP should be adjusted for purchasing power parity, which helps us take under consideration the inflation rates and the price of goods and services in each given place.

Also read 🚗કોઈ પણ વાહન કોના નામે છે તે ચેક કરવા માટે 

When considering whether it's better to be rich in a poor country or poor in a rich one, the simplest chance of enjoying a superior standard of living is to reside in a richer nation no matter where a person falls on the income distribution scale. but , wealth for a few without a good measure of equality for everyone is problematic, to mention the least. The coronavirus pandemic proved it most strikingly. Low-income workers, often migrants, living in some very wealthy nations suddenly found themselves unemployed, homeless, and stranded without much of a security net. Many less affluent nations, within the meantime, bent over backward to require care of all those in need during the crisis.

Because energy and food are essential goods with few substitutes, higher prices are particularly painful for low-income households, the IMF writes in World Economic Outlook July 2022 update: “When the worth of other items, like electronics, furniture, or entertainment, increases, families can simply reduce or maybe eliminate spending on them. For food, heating, and transportation—often essential to earn a living—this is far harder.” As a result, IMF economists say the present situation poses a threat to both economic and social stability.

This is why, within the long run, it's better not only to be rich but to be egalitarian as well. an excessive amount of economic inequality stifles growth for all, political instability is more likely, healthcare care costs and mortality rates are higher, then are crime and corruption rates. Being rich during a poor country also has costs.



Rank

Country

GDP-PPP ($)

1Luxembourg140,694
2Singapore131,580
3Ireland124,596
4Qatar112,789
5Macao SAR85,611
6Switzerland84,658
7United Arab Emirates 78,255
8Norway77,808
9United States76,027
10Brunei Darussalam74,953
11Hong Kong SAR70,448
12San Marino70,139
13Denmark69,273
14Taiwan Province of China68,730
15Netherlands68,572
16Austria64,571
17Iceland64,621
18Andorra63,600
19Germany63,271
20Sweden62926
21Australia61,941
22Belgium61,587
23Finland58,010
24Canada57,812
25Bahrain57,424
26France56,036
27Saudi Arabia55,368
28United Kingdom55,301
29Malta54,647
30South Korea53,051
31Kuwait50,919
32New Zealand50,411
33Italy50,216
34Israel50,204
35Japan48,814
36Slovenia48,534
37Cyprus48,443
38Czech Republic47527
39Lithuania46,479
40Spain46,413
41Estonia44,778
42Puerto Rico42,759
43Poland41,685
44Hungary40,944
45Portugal40,805
46The Bahamas40,274
47Aruba39,508
48Slovak Republic38,620
49Guyana38,258
50Turkey37,488
51Latvia37,330
52Romania36,622
53Croatia36,201
54Panama36,085
55Greece35,596
56Oman35,286
57Seychelles35,272
58Malaysia32,901
59Kazakhstan30,502
60Russia30,013
61Trinidad and Tobago29,884
62Maldives29,133
63Bulgaria29,593
64Chile28,526
65St. Kitts and Nevis27,608
66Uruguay26,663
67Argentina25,882
68Mauritius25,043
69Montenegro24,878
70Costa Rica24,490
71Dominican Republic23,983
72Serbia23,904
73Mexico22,216
74Antigua and Barbuda21,890
75Belarus21,686
76China21,364
77Thailand21,057
78North Macedonia19,726
79Botswana19,287
80Equatorial Guinea19,036
81Turkmenistan18,857
82Georgia18,594
83Libya18,345
84Iran18,332
85Grenada18,293
86Colombia18,225
87Gabon17,848
88Bosnia and Herzegovina17,471
89Barbados17,408
90Albania17,383
91Suriname17,300
92Brazil17,208
93Azerbaijan17,153
94Moldova16,719
95St. Lucia16,509
96Armenia15,818
97St. Vincent and the Grenadines15,505
98Sri Lanka15,387
99South Africa15,361
100Peru15,035
101Egypt14,928
102Indonesia14,535
103Dominica14,491
104Paraguay14,430
105Kosovo13,964
106Palau13,652
107Fiji13,598
108Mongolia13,350
109Algeria13,002
110Bhutan12,967
111Vietnam12,881
112Ecuador12,664
113Tunisia12,300
114Iraq12,141
115Jordan11,861
116Jamaica11,802
117Nauru10,750
118El Salvador10,581
119Namibia10,448
120Eswatini10,411
121Philippines10,237
122Guatemala9,911
123Bolivia9,856
124Uzbekstian9,243
125Lao P.D.R.9,184
126Morocco9,041
127India8,358
128Cabo Verde7,740
129Angola7,360
130Belize7,147
131Nicaragua7,071
132Mauritania6,920
133Tonga6,783
134Ghana6,754
135Honduras6,740
136Djibouti6,667
137Bangladesh6,633
138Pakistan6,470
139Côte d'Ivoire6,345
140West Bank and Gaza6,243
141Kenya6,061
142Venezuela5,949
143Samoa5,935
144Nigeria5,853
145Tuvalu5,798
146Kyrgyz Republic5,562
147Cambodia5,493
148Myanmar4,776
149São Tomé and Príncipe4,681
150Tajikistan4,630
151Nepal4,578
152Republic of Congo4,578
153Sudan4,442
154Cameroon4,398
155Papau New Guinea4,299
156Marshall Islands4,192
157Benin4,137
158Senegal4,093
159Zambia3,776
160Micronesia3,650
161Ethiopia3,407
162Tanzania3,358
163Comoros3,555
164Timor-Leste3,339
165Haiti3,189
166Lesotho3,034
167Guinea3,029
168Uganada2,961
169Vanuatu2,851
170Rwanda2,808
171Guinea-Bissau2,784
172Burkina Faso2,663
173The Gambia2,646
174Togo2,599
175Mali2,575
176Zimbabwe2,523
177Solomon Islands2,385
178Kiribati2,148
179Eritrea2,101
180Yemen2,078
181Sierra Leone1,958
182Liberia1,779
183Madagascar1,778
184Chad1,705
185Malawi1,603
186Mozambique1,439
187Niger1,435
188Somalia1,322
189Democratic Republic of the Congo1,316
190Central African Republic1,102
191South Sudan928
192Burundi856
Afghanistan, Lebanon, Syria, UkraineN.A.
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