TAIPEI (Taiwan News) — Taiwan was ranked as the 14th richest country in the world by Global Finance Magazine based on gross domestic product (GDP) per capita and adjusted for purchasing power.
In its latest report on relative levels of wealth and poverty released on May 3 titled, “Richest Countries in the World 2024,” Global Finance listed Taiwan in 14th place out of 190 countries and territories. Taiwan maintained its global ranking from last year but rose one spot in Asia.
The top spot on the list was taken by Luxembourg, followed by Macau, Ireland, Singapore, Qatar, United Arab Emirates, Switzerland, San Marino, the US, and Norway, rounding out the top 10. Also finishing ahead of Taiwan were Guyana ( 11th), Denmark (12th), and Brunei (13th).
As for Asia, Taiwan ranked in sixth place, and in East Asia, Taiwan came in second place, trailing only Macau. The bottom nine countries were all from Africa, with South Sudan in last place at 190.
China dropped one spot to 78th place, just ahead of Thailand (79th) and behind Georgia (77th). Among other major economies, Germany placed 24th, Canada 28th, France 29th, the UK 31st, Japan 36th, Russia 60th, and India 129th.
To generate the list, Global Finance took into account per capita GDP and adjusted it for purchasing power parity (PPP), which factors in inflation rates and the price of goods and services in a given locale. Global Finance gathered the data used in the report from the International Monetary Fund’s World Economic Outlook, April 2024.
