Taipei, Taiwan's gross domestic product (GDP) per capita based on purchasing power parity (PPP) ranks 19th in the world, higher than Japan and South Korea's, according to recent data from the International Monetary Fund (IMF).
According to the IMF's data, Taiwan's purchasing power parity-based GDP is US$52,304, higher than the US$44,430 in Japan and US$41,390 in South Korean, which rank 31st and 32nd in the world, respectively.
Twice a year, the IMF releases a huge dump of data about the economic power of the world's nations, with GDP per capita a key statistic. The IMF also ranks the world's countries according to their GDP per capita based on PPP.
PPP compares living standards among the different nations, taking into account their relative cost of living and the inflation rates.
Taiwan's Directorate General of Budget, Accounting and Statistics (DGBAS) said recently that the country's relative low living cost, stable price levels, and low inflation rate were the main reasons why it was so high on the PPP index.
Meanwhile, the IMF data, which was published in April, showed Qatar in the No. 1 spot in the world in terms of GDP per capita based on PPP, with US$128,702 per annum, followed by Macau with US$122,489, and Luxembourg with US$110,870.
In Asia, Singapore ranks fourth with US$98,014, and Hong Kong 10th with US$64,533, the data shows.
According to Business Insider, small countries are dominating the list because they have small populations compared to countries such as the United States, China and Germany that lead the world purely in terms of GDP.
Most of the small nations depend heavily on migrant workers, who often do not reside in the country where they are working or are not granted resident status and therefore are not included in the GDP per capita calculations, Business Insider said.
Source: Focus Taiwan News Channel