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Taiwan the 14th richest country in the world: Global Finance
 

12/25/2023 05:09 PMListen

Taipei, Dec. 25 (CNA) Taiwan was the 14th richest country among 193 countries and territories in the world in 2023, according to an analysis by Global Finance magazine based on gross domestic product (GDP) per capita adjusted for purchasing power.

According to the world rankings released by the magazine last week, Ireland was listed as the richest country in the world, ahead of Luxembourg (2), Singapore (3), Qatar (4), Macao (5), United Arab Emirates (6), Switzerland (7), Norway (8), the United States (9) and San Marino (10).

Also finishing ahead of Taiwan were Brunei Darussalam (11), Hong Kong (12) and Denmark (13).

Among other prominent economies, Germany ranked 19th, South Korea 30th, the United Kingdom 31st, Japan 38th, Russia 60th and China 77th, according to the report.

The magazine said its rankings are based on GDP per capita data from the International Monetary Fund (IMF), which is 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.

The report noted that the top of the rankings included many small countries that hit above their weight economically, often owing to their sophisticated financial systems, tax regimes to attract foreign investment, large stores of hydrocarbons or other natural resources.

Citing the IMF, the magazine also warned that some of the numbers should be taken with a grain of salt, as many countries in the rankings, including No. 1 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.

(By Matthew Mazzetta)

 

Source, https://focustaiwan.tw/business/202312250013  

 

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