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Want to know which is the richest country in the world? Here’s a list of the 10 Richest countries in the world 2019. Wealth can be in differents ways and doesn’t always have to include how much money a country has. It can also be welfare, health or happiness.
It is quite complex to measure how rich a country is. It depends on how rich countries are defined. If we consider a country’s gross domestic product (GDP) which is a sum total of all goods and services produced by a country during one year. The IMF (International Monetary Fund) ranks countries according to their GDP based on Purchasing Power Parity (PPP). The Purchasing Power Parity takes into account the relative cost of living and the inflation rates of the countries to compare living standards among the different nations. The problem with GDP is that it does not measure money distribution. However, using GDP per person causes a problem. To understand how rich the citizens of a country are, they need to understand how much they are able to buy. That is why, when compared to GDP per capita in the entire country, GDP should be adjusted to purchasing power parity, which helps us keep inflation rates and value of goods and services in every given place. Should we automatically assume that in nations where this figure is particularly high the overall population is visibly better from than in most other places in the word? Not really. We are dealing with averages and in any given country, structural inequality can tip the balance in favor of the already privileged. Another indicator of a country’s economic output is its Gross National Income, or GNI (World Bank).