Taiwan was the 14th-richest among 193 countries and territories in the world this year, an analysis by Global Finance magazine based on GDP per capita adjusted for purchasing power showed last week.
The world rankings released by the magazine on Thursday last week listed Ireland as the richest country in the world, ahead of Luxembourg in second, with Singapore third, Qatar fourth, Macau fifth, the United Arab Emirates sixth, Switzerland seventh, Norway eighth, the US ninth and San Marino 10th.
Also finishing ahead of Taiwan were Brunei (11th), Hong Kong (12th) and Denmark (13th).
Photo: Sam Yeh, AFP
Among other important economies, Germany ranked 19th, South Korea 30th, the UK 31st, Japan 38th, Russia 60th and China 77th, the report said.
Global Finance said its rankings are based on GDP per capita data from the IMF, which are adjusted to take into account inflation rates, and the cost of local goods and services in each economy.
The resulting figure, known as purchasing power parity, is expressed in international dollars to allow comparisons between different countries, the report said.
Many small countries that hit above their weight economically placed near the top of the rankings, often due to to their sophisticated financial systems, tax programs to attract foreign investment, large stores of hydrocarbons or other natural resources, the report said.
Citing the IMF, the magazine said that some of those figured should be taken with a pinch of salt, as many countries in the rankings, including first-placed Ireland, are tax havens.
This means that the wealth of such countries “was originally generated elsewhere, which artificially inflates their GDP,” and often benefits multinationals far more than the average person, the report said.
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