Luxembourg is the world’s richest country in terms of GDP per capita. Luxembourg’s GDP per capita was 116,921 US dollars in 2020. Switzerland, Ireland, Norway, and the United States of America round out the top five countries.
In 2019, which country has the highest per capita GDP?
In the nominal method, Luxembourg ranks first in the world gdp per capita ranking 2019, followed by Macao SAR, China. Macao SAR, China has the greatest GDP per capita in terms of purchasing power parity, followed by Luxembourg. In both ways, Switzerland (3,6), Ireland (4,5), Norway (5,8), the United States (7,9), Singapore (8,3), and Qatar (9,4) are among the top ten richest economies. The top ten nominal rankings are completed by Iceland (number six) and Denmark (number ten), while the top ten ppp rankings are completed by the United Arab Emirates (number seven) and Brunei Darussalam (number ten).
In the top ten nominal rankings, Ireland surpassed Norway, and the United States advanced two spots by swapping places with Qatar in 2019 compared to 2018. The Netherlands, Hong Kong SAR, and Canada surpassed Sweden, Finland, and Belgium in the top 11-20, respectively. In 2019, the rankings of 148 economies out of 194 changed. Ukraine is the top gainer in the ranking, up nine places, followed by Suriname (+7), Turkmenistan (+6), and Dominica (+6). Venezuela dropped 11 places, followed by Equatorial Guinea (-10) and Zambia (-10). (-8).
Brunei Darussalam has replaced Hong Kong in the top ten ppp rankings. Denmark passes the Netherlands in the top 11-20. Out of 192 economies, 126 have improved their ranking, with Turkmenistan improving by a massive 17 places, followed by Rwanda (+6). Venezuela dropped 12 spots, trailed by Iran (-9), Palau (-9), Lebanon (-8), and Bhutan (-8). (-7).
The rankings of economies on a nominal and ppp basis varies significantly. Brunei Darussalam (+22) and the United Arab Emirates (+15) are not even in the top 20 nominally, but they are in the top 10 ppp list due to their high ppp conversion rate. Singapore and Qatar are ranked five places higher in the top ten ppp list. Taiwan has also improved significantly, from 39 in nominal to 19 in ppp. Iceland has risen seven positions in the top ten nominal list, while Denmark has risen four places. Sudan (+37) is the country that has improved the most in terms of ppp rank compared to its nominal position. In the ppp ranking, nine economies have risen more than 20 places. The biggest drop in the ppp ranking is Barbados (-35), followed by Nauru (-32). Six economies have risen more than 30 places in the nominal rankings. Because ppp numbers are not available, one economy has been removed from the calculation of PPP-Nominal.
This ranking is based on data from the World Bank and the International Monetary Fund for the years 2018 and 2019. The World Bank’s data has been given priority. Data from the IMF has been listed if data from the World Bank is not available for any economy or year.
What accounts for Ireland’s high GDP?
The fundamental reason for Ireland’s high GDP growth rates is that, in recent years, a number of large multinational firms have transferred their economic activities, and more especially their underlying intellectual property, to Ireland, largely due to low corporate tax rates.
Why is Tajikistan so impoverished?
Tajikistan is located in Central Asia, between Afghanistan, China, Kyrgyzstan, and Uzbekistan, and is surrounded by a vast mountain range. Major oil and natural gas deposits have been discovered in Tajikistan in the last decade, rekindling hopes of reviving the country’s ailing economy and returning economic power to the Tajiks. Tajikistan had roughly 27.4 percent of its population living below the national poverty threshold as of 2018. The following are ten statistics about poverty in Tajikistan:
facts about poverty in Tajikistan
- Not all parts of the country are affected by poverty in the same way. In 2018, the poverty rate in Sugd’s northwest region was 17.5 percent. The Districts of Republican Subordination, just below, had a percentage of almost double that, at 33.2 percent.
- Poverty appears to be more acute in rural Tajikistan than in metropolitan areas. Cotton farming, one of Tajikistan’s principal cash crops, has been demonstrated to do little to reduce poverty levels or lift people out of poverty. Those with non-agricultural occupations in metropolitan regions like as Dushanbe, the capital, might move to Russia to find work. This happens frequently. In 2018, the poverty rate in urban Tajikistan was at 21.5 percent, while rural Tajikistan had a rate of 30.2 percent.
- In Tajikistan, the rate of poverty alleviation has slowed. Poverty rates fell from 83 percent to 31 percent between 2000 and 2015. Since 2014, the annual decrease in the national poverty rate has slowed to 1%.
- The lack of job creation and stagnant pay growth are to blame for the declining rate of poverty alleviation. Due to a lack of new and better opportunities to stimulate the economy, a large portion of the workforce seeks work in Russia, which does little to help Tajikistan’s economy.
- According to reports, 75% of households are concerned about covering their family’s basic needs in the coming year. Tajikistan is the poorest and most remote of the former Soviet Union’s sovereign states. More than 95 percent of households failed to meet the minimal level of food consumption to be considered appropriately sustained, according to the first nationally conducted study since the war ended and Tajikistan attained independence.
- Tajikistan has a high rate of stunting and malnutrition among children, which has been linked to insufficient access to clean water and food. Many families spend more money on drinking water than they can afford. For the 64 percent of Tajiks who live below the national poverty line, this means suffering additional costs on top of a daily income of less than $2.
- There are just 163 places to dwell for every 1000 people. With 1.23 million dwelling units, Tajikistan has the smallest housing stock in Europe and Central Asia. This is largely due to the government’s inability to offer public housing, while private owners lack the financial means to invest in or maintain their houses.
- Tajikistan’s population is 35 percent under the age of 15. This percentage is around 17% among the world’s wealthiest countries. A large number of young people in the population means more difficulties for the rising workforce as they try to make ends meet, especially in a place where the economy may not be able to respond. This might exacerbate Tajikistan’s economic stagnation, with disgruntled young workers fleeing to other countries, as many are already doing.
- It’s possible that up to 40% of Tajiks in Russia are working illegally. Tajikistan is reliant on Russian remittances. This is in addition to Russia’s increasingly stringent administrative procedures for foreign workers. Because of these two factors, the Russian Ministry of Internal Affairs’ estimate of one million Tajiks working in Russia per year is suspect. In Tajikistan, between 30 and 40 percent of households have at least one family member working overseas.
- As of 2015, Tajikistan had a literacy rate of 99.8%. Primary education is compulsory, and literacy is strong, albeit young people’s skill levels are declining. This is due to economic needs driving young people away from their education in pursuit of a source of income to help them meet their basic necessities.
Since attaining independence in 1991, Tajikistan has been working its way out of poverty. The country’s over-reliance on remittances, on the other hand, has caused its economy to stagnate. As a result, there is a hungry workforce and a scarcity of jobs to feed them. Gurdofarid is a non-profit organization that aims to empower Tajik women by teaching them the skills they need to find work in their own nation.
What makes Qatar so wealthy?
Qatar’s economy is one of the world’s richest in terms of GDP per capita, consistently ranked among the top ten richest countries in world rankings issued by the World Bank, the United Nations, and the International Monetary Fund for 2015 and 2016. (IMF). Despite restrictions imposed by its neighbors, Saudi Arabia and the United Arab Emirates, the country’s economy has flourished.
Petroleum and natural gas are the backbones of Qatar’s economy, accounting for more than 70% of total government revenue, 60% of GDP, and nearly 85% of export earnings. Qatar has the world’s third-largest proven natural gas reserves and is the world’s second-largest natural gas exporter.
Which country owes the most money?
Venezuela has the highest debt-to-GDP ratio in the world as of December 2020, by a wide margin. Venezuela may have the world’s greatest oil reserves, but the state-owned oil corporation is thought to be poorly managed, and the country’s GDP has fallen in recent years. Simultaneously, Venezuela has taken out large loans, increasing its debt burden, and President Nicolas Maduro has tried dubious measures to curb the country’s spiraling inflation.
What are the world’s top ten economies?
What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
Is Dubai the world’s richest country?
Dubai is one of the world’s wealthiest cities due to its varied economy. Dubai’s economy, unlike that of other countries in the region, is not based on oil. Business, transportation, tourism, and finance all contribute to the country’s economic prosperity. Dubai’s rise to affluence was aided by free commerce.
What is Europe’s wealthiest city?
Luxembourg is currently the wealthiest city in Europe in terms of GDP per capita. It is expected to remain this way until 2025, when the Dutch city of Groningen is expected to overtake it. Luxembourg will once again have the greatest total GDP per capita in 2040.