What Are the Richest Places in the World? | NowThis World
- Published on: 11/11/2018
- In this episode we've compiled a list of the five richest places in the world. The richest places might surprise you.
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The world has in excess of 80 trillion dollars, according to estimates.There is no surprise that much of those funds are possessed by the highly populated, global powers like The United States and China. But when you look at how much money a place has per person, you might be surprised about which ones come out in the top five.
First, we have to get a little technical. We will be using the latest data made publicly available by the International Monetary Fund in April of this year.
There are a number of different ways to calculate a country's wealth. But based on advice from experts and agencies like the United Nations Development Programme, our ranking will be based off of a place's GDP per capita, adjusted by Purchasing Power Parity, or PPP as is commonly called. PPP is essentially when money from different places are converted to a common currency to better reflect things like, the standard of living in a country.
To break that down, the conversion rate, in theory, would give one PPP international dollar , the same purchasing power that one U.S. dollar has in the United State's economy.
So, what are the richest places in the world today?
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NowThis World is dedicated to bringing you topical explainers about the world around you. Each week we’ll be exploring current stories in international news, by examining the facts, providing historical context, and outlining the key players involved. We’ll also highlight powerful countries, ideologies, influential leaders, and ongoing global conflicts that are shaping the current landscape of the international community across the globe today.