Taiwan was ranked as the world’s 22nd wealthiest country in 2016 by U.S. monthly magazine Global Finance, highlighting the nation’s high standard of living.
The survey of 189 countries and territories seeks to capture an accurate picture of living conditions worldwide by using gross domestic product per capita figures adjusted for purchasing power parity, which takes into account factors such as consumer prices, exchange rates and inflation. According to the rankings, Taiwan possesses a higher GDP (PPP) per capita, at 47,790 international dollars, than major economies such as Canada, France, Italy, Japan, South Korea and the U.K.
The international dollar is a hypothetical currency that could buy in the cited country a comparable amount of goods as a U.S. dollar could purchase in the U.S. at a specific point in time. It is often used by economists when measuring wealth and earnings between countries.
Qatar topped the list as the world’s wealthiest nation with a GDP (PPP) per capita of 129,726 international dollars, followed by Luxembourg, Macau, Singapore, Brunei, Kuwait, Ireland, Norway, the United Arab Emirates and San Marino, in that order. Global Finance, a New York-headquartered financial publication distributed in 158 countries, compiles its annual World’s Richest and Poorest Countries ranking using International Monetary Fund data.
Taiwan’s high levels of wealth and prosperity were also recognized in the 2017 Index of Economic Freedom released in February by Washington-based think tank The Heritage Foundation. The nation climbed three spots to 11th in the listing of 180 countries, marking its best-ever position in the annual survey.
Describing Taiwan as one of the richest countries in Asia, The Heritage Foundation report credited the nation’s robust economy to the strength and resilience of its small and medium enterprises, adding that the private sector benefits from a well-developed commercial code and open-market policies facilitating the free flow of goods and capital. (KH-E)
Taiwan is the 22nd richest nation in the world, according to the latest rankings by U.S. magazine Global Finance. (CNA)