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Gross Domestic Product (PPP) – $4.45 trillion (2020 est.).20 Wealthiest Nations In The World In 2020 20. According to the International Monetary Fund (IMF) economic report, here’s our list of twenty countries in the world with top economies based on GDP (PPP) per capita. Despite the preference of the purchasing power parity to nominal GDP, it shouldn’t be automatically assumed that nations with high GDP (PPP) per capita have a better standard of living than most other places in the world because we are dealing with averages here.Īlthough most of the richest countries in the world bolster their economies through the exportation of goods and services from different industries including biotechnology, pharmaceuticals, and aerospace, some other countries such as Singapore and Luxembourg are considered as tax havens as the wealth originally generated in other countries contributes to their high GDP. The figure is derived by dividing the value of all final goods and services produced within a country in a particular year by the average number of full-time residents for the same year. It takes into account the cost of local goods and services produced in a nation, as well as inflation rates. However, to accurately track a nation’s wealth, GDP based on purchasing power parity (PPP) per capita has often been used to get a clear picture of a nation’s average standard of living. The richest countries in the world can be ranked by diverse metrics but the most quantifiable way is by taking into account an estimate of the total value of goods and services produced in a country which is the gross domestic product (GDP).