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Taiwan Machine Tools | July 21, 2017

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Taiwan is 17th richest country: Global Finance

Taiwan is 17th richest country: Global Finance

Taipei, (CNA) Taiwan was the 17th richest country among 184 countries and territories in the world from 2009 to 2013, according to an analysis by Global Finance Magazine based on per capita income adjusted for purchasing power.

According to the rankings released by the magazine on Monday, Qatar was listed as the world’s richest country in the world, ahead of Luxembourg (2), Singapore (3), Norway (4), Brunei (4), Hong Kong (6), the United States (7), the United Arab Emirates (8), Switzerland (9), and Australia (10), the magazine said.

Also finishing ahead of Taiwan were Canada (11), Austria (12), Ireland (13), the Netherlands (14), Sweden (15), and Iceland (16).

Right behind Taiwan were Germany (18), Kuwait (19), Denmark (20), Belgium (21), Japan (22) and the United Kingdom (23), according to the magazine’s rankings. South Korea was 26th.

China ranked 90th, edging out the Dominican Republic (91), Maldives (92), Turkmenistan (93), Jamaica (94), and Belize (95).

The above rankings were based on the countries’ performance in 2013. Taiwan’s ranking was much improved from its 25th position in 2009, when it still lagged behind Japan, Germany and the U.K.

According to the report, the magazine ranked countries based on gross domestic product per capita data from the International Monetary Fund (IMF) because it is the most commonly accepted definition of the wealthiest countries.

The analysis also used a purchasing power parity (PPP) basis, which takes into account the cost of living and inflation rates, in order to compare living standards between the different countries in the rankings.

The magazine said the PPP basis is arguably more useful when comparing generalized differences in living standards on the whole between countries.

Global Finance said the IMF was not the only source of the PPP data. Some data also came from the Organization for Economic Cooperation and Development, the World Bank and Eurostat.

Some small-sized territories, such as Liechtenstein, Nauru, Vatican City, Monaco, San Marino and Andorra, were not included in the survey.

(By Frances Huang)
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Sourcing:http://focustaiwan.tw/news/aeco/201507140005.aspx

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