In 2024, Luxembourg is the world's wealthiest nation by GDP per capita.
Gross Domestic Product (GDP) is used to evaluate the economic prosperity of nations and their citizens globally. However, GDP is a parameter for the value of all goods and services produced in a country within a specified timeframe, typically annually or quarterly. In contrast, GDP per capita of a country is calculated by dividing the total GDP of the country by its total population. This metric offers insight into the average wealth and income levels within a country, which gives an idea of how rich or poor a country's general populace is.
When both, population size and economic output are considered, we get a figure called the PPP or the purchasing power parity. The PPP provides valuable insights but it may not offer absolute statistics for precisely ranking the wealthiest and poorest countries. Nevertheless, the GDP per capita ranking 2023 (accounting for PPP) brings us close to understanding the wealth held by various nations.
Now, when you go by GDP per capita PPP, these are the top 10 countries that come up as the richest as of February 2024, as per the International Monetary Fund (IMF).
Notably, as per the IMF, the global growth forecast for 2024 is anticipated to maintain stability at 3.1% and rise to 3.2% in 2025. "The forecast for 2024-25 is, however, below the historical (2000-19) average of 3.8 percent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth," the IMF said.
Meanwhile, when it comes to GDP per capita, India stands at $2,673 GDP per capita (Nominal) and $9,180 GDP per capita (PPP) as of December 2023, as per Forbes. This makes India stand at the 129th position out of about 200 countries in GDP per capita ranking in 2023. But when it comes to world GDP rankings, India stands at 5 after the US, China, Japan and Germany.
The list of the top 10 most technologically advanced countries includes countries like Japan, South Korea, the United States, Germany, China, Singapore, Sweden, Switzerland, the United Kingdom, and Finland.
Sweden, Norway, and Canada are highlighted as the top three countries for quality of life, with strong social systems, economic stability, and a focus on healthcare, safety, and equality.
According to the IMF, Guyana is the world's fastest-growing economy in terms of real GDP since 2018, boasting an impressive five-year average economic growth rate of 27.14%, including an astounding 62.3% growth in 2023.
But sorting nations for their per-capita average wealth—or even for their median per-capita wealth—other countries win out. Using the first metric, Switzerland is the richest country in the world at an average per-capita wealth of around $685,000, followed by Luxembourg and the United States.
This year, excluding one-off rebounds from previous double-digit downturns (Macao or Maldives welcoming back tourists after Covid, for example), Guyana is set to maintain its status as the world's fastest-expanding economy for the fifth year in a row, with a GDP growth rate of almost 34%.
Introduction: My name is Geoffrey Lueilwitz, I am a zealous, encouraging, sparkling, enchanting, graceful, faithful, nice person who loves writing and wants to share my knowledge and understanding with you.
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