The best way to understand how wealthy the citizens of a country really are is to determine their purchasing power. What a person can buy with the money he earns is important. However, the price of any product of one country will not match with another country. This is why the size of GDP is calculated on the basis of PPP to compare the economies of different countries. Nominal GDP is converted to GDP in PPP dollars to compare the living standards of the people of a country.
10. Switzerland - GDP per capita is USD 67k in PPP
Switzerland is not just about watches, white chocolate, Swiss knives or natural beauty. There is tourism, the country is also famous for heavy industry. The reputation or notoriety of financial services in Switzerland is world class. The country is also above all in terms of density of millionaires. 9,426 out of every one lakh people are millionaires. Despite being one of the richest countries in the world, the outbreak of covid-19 could not be skipped. Switzerland's production fell into 6 percent.
9.Kuwait- GDP per capita is USD 67k in PPP
In 1934, mineral oil was first discovered in this desert country.That was the beginning of the rise of Kuwait.Kuwait accounts for 6 percent of the world's oil.Oil accounts for 40 percent of Kuwait's GDP and 90 percent of its exports.Kuwait has a population of only 4.1 million.3 million of them are immigrants.Kuwait, however, has been in danger since 2015 due to falling oil prices.
8. United Arab Emirates - GDP per capita is USD 70k in PPP
In the beginning, the country was dependent on agriculture, fishing and pearls. The whole country has changed since the discovery of oil in 1950. Now, of course, the country is not solely dependent on oil. The country also has income from trade, construction and tourism. Due to Covid-19, Dubai is not able to hold the World Expo this time, it is a big shock. 25 million people from different countries of the world took part in this expo.
7. Norway- GDP per capita is USD 79k in PPP
Oil was discovered here in 1970. As long as fuel oil prices were rising, the country's prosperity would only increase. Not that it is in danger now. Norway is in the best position in terms of income inequality.
6. Brunei Darussalam- GDP per capita is USD 85k in PPP
1,007 rooms, 256 bathrooms, a hall with a capacity of 5,000 guests, an air-conditioned 200-horse polo — these are just a few details of the palace of Sultan Hassan-al-Balkhiyah in the country. The country has huge natural resources including oil. Income inequality and malnutrition are also evident. In this country of four and a half million inhabitants, more than 40 percent of the people earn less than one thousand dollars a year. Covid-19 was initially attacked but is now almost free.
5. Ireland- GDP per capita is USD 87k in PPP
Before Covid-19, when Europe was plagued by problems including Brexit, trade wars, refugees, Ireland was still above everything. Growth in Europe as a whole was 1.2 percent, and in Ireland 5.5 percent. The country of only 5 million people was initially in danger because of Corona. But with pay cuts, banking sector reform and some financial decisions, the problem is largely overcome.
4. Singapore- GDP per capita is USD 105k in PPP
One of the tax havens in Asia. The source of the money is not questioned, but the tax is very low. For this reason, many people are interested in living permanently in this small country like Singapore. For example, Facebook co-founder Eduardo Saverin. He left the United States in 2011 with 53 million shares of the company and moved to Singapore permanently. When the country became independent in 1975, it did not have anything. But thanks to hard work, smart policies and proper leadership, Singapore is now one of the richest countries.
3. Luxembourg- GDP per capita is USD 112k in PPP
Another tax haven in Europe. There are many who go to the country, open a bank account, then there is no need to go. Luxembourg is the country with the highest standard of living. A large part of the budget is spent on housing, healthcare and education. In 2015, the country's per capita income exceeded one million dollars. Then they did not look back. Even if the economy is affected by the epidemic, their income will not decrease much.
2. Macau- GDP per capita is USD 114k in PPP
Macau is the gambling capital of Asia. Perhaps the country will soon become the richest country in the world. Once a Portuguese colony, Macau is now an administrative region of China. There are more than 40 casinos in this region with a population of only 600k. The casino was closed due to Corona, has been reopened since last July.
1. Qatar- GDP per capita is USD 136k in PPP
The world's richest country. They have held the position of top rich country for 20 years. Its population is only 280k. Again, 12 percent of it is local. However, there is some danger in falling oil prices. Since 2014, the per capita income of Qataris has been declining by 15,000 per year.
Reference: The list was compiled by Global Finance Magazine and howmuch.net with data from the International Monetary Fund (IMF).