Top 20 economies by GDP per capita ranking 2023
When you go by GDP per capita PPP, these 20 countries come up as the richest as of July 2023:
(in USD)
- 1 Ireland 145,196
- 2 Luxembourg 142,490
- 3 Singapore 133,895
- 4 Qatar 124,833
- 5 Macao 89,565
- 6 United Arab Emirates 88,221
- 7 Switzerland 87,963
- 8 Norway 82,655
- 9 United States 80,035
- 10 San Marino 78,932
- 11 Brunei Darussalam 75,583
- 12 Hong Kong 74,598
- 13 Denmark 73,386
- 14 Taiwan 73,344
- 15 Netherlands 72,973
- 16 Iceland 69,779
- 17 Austria 69,502
- 18 Andorra 68,998
- 19 Germany 66,132
- 20 Sweden 65,842
Note:
GDP per capita PPP (Purchasing Power Parity) is a measure of a country's economic output (Gross Domestic Product or GDP) per person, adjusted for differences in the cost of living and inflation rates between countries. It provides a more accurate and meaningful comparison of the standard of living and economic well-being of people in different countries than just using nominal GDP per capita.
Here's how it works:
- GDP: GDP represents the total economic output of a country, including the value of all goods and services produced within its borders.
- Per Capita: This means that you take the GDP of a country and divide it by its population. This gives you the GDP per person in that country.
- Purchasing Power Parity (PPP): PPP is a way of adjusting GDP to account for differences in the relative prices of goods and services in different countries. It's based on the idea that in different countries, the same basket of goods and services should cost the same when expressed in a common currency (usually the US dollar). However, in reality, prices for similar goods and services can vary significantly from one country to another.
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