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India Rank 129 from 200 Countries on GDP Per Capita income: List Of The World's 20 Richest Countries Of 2023 Featured

  20 November 2023
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What comes to your mind when there's mention of the wealthiest country in the world? Perhaps the US, China or the UK? Well, surprisingly, none of them are even among the world's five richest nations

Then which country is the world's richest? Read on as we talk about the list of the world's 20 wealthiest nations (based on IMF data).

When you go by GDP per capita PPP, these 10 countries come up as the richest as of October 2023:

Country

 GDP-PPP per capita (in USD)

1 Luxembourg

135,610

2 Ireland

112,250

3 Switzerland

102,875

4 Norway

99,273

5 Singapore

87,885

6 Qatar

81,971

7 USA 

80,413

8 Iceland

78,845

9 Denmark

71,405

10 Australia

63,490

11 Netherlands

61,772

12 San Marino

58,542

13 Austria

58,014

14 Sweden

55,220

15 Finland

54.51

16 Macao SAR

54,381

17 Belgium

53,661

18 Canada

53,251

19 Israel

53,224

20 Germany

52,811

Methodology For Ranking Richest Countries

 
worldatlas
 

These rankings are based on GDP per capita, as estimated by the International Monetary Fund (IMF).

GDP, or the gross domestic product, is a parameter for the value of all goods and services produced in a country. Now, once you divide this number by the number of full-time residents in a country, you get an idea of how rich or poor a country’s general populace is. However, what gives a much more precise idea of the wealth held by a nation is when you also take into account the inflation rates and costs of local products and services, as per Forbes report.

Considering both factors, we get a figure called the PPP or the purchasing power parity. While this may still not be absolute statistics to accurately rank the richest and poorest countries in the world (for instance, some of the wealthiest countries can be tax havens, which artificially increases their GDPs with wealth generated outside of these countries), the GDP per capita ranking 2023 (accounting for PPP) still gets us close to understanding the wealth held by various nations.

What About India?

 
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shutterstock© Provided by Indiatimes

When it comes to countries by GDP per capita PPP, the GDP per capita of India stands at $9,073 as of June 2023. As per GDP per capita ranking 2023, this makes India stand at the 129th position out of about 200 countries.

Also Read: 10 Countries That Are Serving The Biggest Loans From World Bank

Which Are The World's 10 Largest Economies?

Let’s take a look at the top 10 largest economies in the world in 2023, sourced from IMF data (as of October 2023):

 
forbes
forbes© Provided by Indiatimes

Rank & Country

GDP (USD billion)

1 United States Of America 

26,954

2 China

17,786

3 Germany

4,430

4 Japan

4,231

5 India

3,730

6 United Kingdom

3,332

7 France

3,052

8 Italy

2,190

9 Brazil

2,132

10 Canada

2,122