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The UAE ranked sixth in the world among the top 10 economies according to the 2024 GDP per capita ranking, surpassing Switzerland in seventh place and the United States in ninth place, and coming behind Luxembourg, which ranked first, and Singapore in fourth place, according to the Forbes India website.
When you think of the richest countries in the world, you probably think of their per capita GDP, according to estimates from the International Monetary Fund. However, if you’re looking at per capita GDP in China or the United States, this list might surprise you.
The countries shown at the top are among the smallest on the map. GDP measures the total value of goods and services produced in a country, by dividing that figure by the number of full-time residents, to give an idea of the wealth of the general population. However, a more accurate measure of the wealth of nations takes into account inflation rates and the costs of domestic products and services.
The site continued: By looking at both factors, we deduce purchasing power parity. While these statistics may not be absolute enough to accurately classify the richest and poorest countries in the world (as some rich countries are tax havens),
As they artificially inflate their GDP with external wealth, the GDP per capita classification (taking into account purchasing power parity) still brings us closer to understanding the wealth possessed by different countries.
He added: When we look at per capita GDP according to purchasing power parity, these ten richest countries as of September 2024 are: Luxembourg, Macau, Ireland, Singapore, Qatar, the UAE, Switzerland, San Marino, the United States of America and Norway.
The site added that while smaller countries such as Luxembourg and Singapore benefit from well-regulated financial sectors and tax regimes that are ideal for foreign investment in their economies, larger and more powerful countries such as the United States and China rank lower on the list of richest economies. (Dubai – Mustafa Darwish)
