The 15 richest countries in Asia by GDP per capita are an example of how Asian economies are strengthening as the countries become more developed and provide a better life to their citizens. For those of us who have never been great fans of economics, the Gross Domestic Product or the GDP of a country represents the market value of a country’s goods or products, which are produced in a specific period, generally considered to be a year.
This creates a basis on which the performance of different countries can be measured. Of course, comparing nominal GPD can be inaccurate, as it does not account for differences in the rate of inflation between countries. Hence, it is more accurate to calculate the PPP or the Purchasing Power Parity GDP, which creates a realistic comparison. Another issue in comparing the GDP of two countries is that the country with a larger population and therefore, a larger workforce will definitely create more goods and greater market value. Thus, instead of comparing the GDP of two countries outright, it is a better idea to compare the GDP per person, or the GDP per capita.
Asia is home to a large number of countries, some of which are growing at an incredible rate while others lag behind. The main reason behind this success or failure is the economic policy adopted by the government and the extent to which the policy is supported. For example, the United States was in a crisis before President Reagan took over, with debt increasing, unemployment increasing and the overall quality of life falling drastically. Reagan’s arrival heralded the coming of a new era, as unemployment fell drastically while the economy and the GDP of the country improved manifold. While his economic policies still stoke fierce debate, Reagan undoubtedly changed the entire landscape of America. If you are interested in how he set about to do that, you can learn more about it on Reaganomics facts: Good, Bad, Failed or Successful.
Despite some Asian countries performing brilliantly, Europe is still vastly ahead, and South Asia is the primary culprit responsible. For example, it is interesting to note that the richest country in the South Asian Association for Regional Cooperation, or SAARC, which is the Maldives, does not even feature on our list. Other countries such as Afghanistan, North Korea, and Nepal are some of the poorest countries in Asia, and they are hindering the growth of the continent as well.
In reality, it is the Middle East that dominates this list of richest countries in Asia by GDP per capita, mainly due to the vast oil reserves present in the countries, which has been their main, if not only source of income. We traced these figures by consulting the International Monetary Fund’s database pertaining to countries and their GDP per capita, and filtered the Asian countries from the list. So let’s learn more about the 15 richest countries in Asia by GDP per capita.