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Top 10 Richest Countries In The World 2022 - Business - Nairaland

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Top 10 Richest Countries In The World 2022 by Geraldsergio95(m): 2:32pm On Aug 10, 2022
The GDP and purchasing power parity is an objective metric used to measure the world's wealthiest nations. Here is a list of the top 10 richest countries in the world for 2022.

Since time immemorial, countries around the globe have been engaged in an economic and militaristic competition.

The technological advancement in these countries has brought about wealth and prosperity to their citizens, thereby making it crucial to grade the positions of different countries based on their economic prosperity and even maybe overall happiness of their inhabitants.

The top 10 wealthiest countries in the world will include a list of countries selected based on their current Gross domestic product (GDP) per capita and the Purchasing Power Parity per capita.

The GDP is a monetary representation that shows the market value of the goods and services produced in a country over a specific period, usually one year. GDP per capita represents a country's GDP divided by the population at the time.

The GDP is not a perfect metric in comparing the living standards across different countries or how rich a country is because it does not reflect the cost of living and inflation rates in countries.

The GDP is measured by taking notes of total exports, imports, investments, government spending, etc. However, labour, which contributes to differences in standard of living and the final cost of goods, is not moveable and may not accurately represent the GDP.
For instance, a Big Mac (beverage) might cost 10 USD in the United States but sell at 2000 NGN in Nigeria. Approximate calculations using the FOREX rate (I USD = N560) at the time of this writing shows that with the same 10 USD, a Nigerian can get at least 4 Big Macs in Nigeria; the reason could be as a result of the difference in the cost of labour between Nigeria and the United States.

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