The richest countries in the world: little Luxembourg at the top

Most of the countries that top a new list of the richest in the world are not among the largest or most powerful. Many are even among the smallest: think of Luxembourg, which tops the list published by Global Finance.

Singapore, Ireland, Qatar, Macau and Switzerland follow the only Grand Duchy in the world.

A country’s indicators of wealth can vary by ranking — so the differences between them — but often include a country’s gross domestic product, or GDP (goods and services produced by a country during a year), GDP per capita. of the population (the average amount of money each person in a country earns in a year) or gross national income, or GNI.

Examining the GDP per capita of any country around the world is a common parameter as it allows ranking of countries based on wealth and then comparing them with each other.

Are there fair indicators?
“Remember, though, that GDP per capita doesn’t necessarily correspond to the average wage a person earns in a given country,” explains the World Population Review. “For example, the GDP per capita of the United States in 2019 was $65,279.50, but the median annual wage was $51,916.27 and the median wage was $34,248.45.”

In their analysis of the world’s richest countries by GDP, the organization notes that “even the richest countries have some citizens who live in poverty, and even the poorest countries have some extremely wealthy residents – but it’s a good indicator of the overall financial health of a country.”

As explained by Global Finance, the richest countries are among the largest when a ranking is primarily based on GDP.

MORE FROM TBENWhy are Vienna and six other European cities the best in the world to live in?Through Cecilia Rodriguez

For example, here are the 10 richest countries in the world based on International Monetary Fund data:

United States ($18.6 trillion)
China ($11.2 trillion)
Japan ($4.9 trillion)
Germany ($3.4 trillion)
United Kingdom ($2.6 trillion)
France ($2.5 trillion)
India ($2.2 trillion)
Italy ($1.8 trillion)
Brazil ($1.8 trillion)
Canada ($1.5 trillion)

Source: https://www.thebharatexpressnews.com/the-richest-countries-in-the-world-little-luxembourg-at-the-top/