World economics today is more dynamic than ever and that greatly affects the richest countries in the world by GDP per capita ranking. Every year the scenario looks different, but fluctuation may occur over a span of a month even. Some countries gain ranks while others fall from their position. But, there’s no telling that the top 20 are well among the most affluent nations in the world today.
GDP refers to the domestic product of the year, or the total prices of goods and services produced in a country. But you might notice that our list of 10 Richest Countries in the World by 2015 GDP bears a stark difference to our current list of richest countries in the world by GDP per capita. That is because GDP per capita is arrived at by dividing the GDP of the country with the mid-year population, and is much more reflective of the standard of living in a country. However economics is a wide subject and often extremely complicated, and therefore, even when considering GDP per capita there are a number of factors to be considered; for example – whether the figures are based on Purchasing Power Parity (PPP) or on nominal values. The results based on each can provide very different pictures and are considered by economists for specific purposes.
The list at hand shows the GDP per capita at nominal rates, based on the IMF World Economic Outlook (2014). This means market exchange rates have been used for conversion. When comparing with the ranking of 2013, the GDP per capita of 5 countries in the top 10 have decreased in 2014. And, Denmark has displaced Sweden at the 6th position. This goes to show how the game can change any time in the world of economics. And, while notably, most of the countries are located in Europe, almost 8 out of the top 10 countries have a population less than 10 million.
Let’s take a look at the complete list of the top 20 richest countries in the world by GDP per capita.
GDP per capita ($): 44,538
Known for its sophisticated tastes in arts and fashion and insane baking skills, France also happens to be the EU’s second largest economy by purchasing power parity. The mixed economy excels in the export of manufactured goods and is also a major recipient of foreign direct investment from the world over.