'World's Richest Countries Ranking 2023' will be announced, how rich is Japan?
The British political economy magazine ``The Economist'' has announced a ranking of wealthy countries based on three income indicators.
The world's richest countries in 2023
Comparing the wealth of countries is a difficult task; for example, countries with large populations tend to have large economies, but this does not necessarily mean that individual incomes are high. Therefore, 'per capita income converted to dollars' is used as a general indicator to estimate the gap between rich and poor, but this alone does not allow us to understand the difference in international prices or how much one has to work to earn that income. is not reflected.
Therefore, The Economist has compiled three indicators based on 2022 data from the Penn World Table, published by researchers from the Organization for Economic Co-operation and Development (OECD), the World Bank, the University of California, Davis, and the University of Groningen. We created a list of rich countries using converted per capita income, price-adjusted income ( purchasing power parity ), and income per working hour.
First, let's look at the results for each indicator. The following three are, from top to bottom, ``GDP per capita at market exchange rate'', adjusted by ``cost difference'', and adjusted by ``cost difference and working hours'', and the size of the yen is the population is. Luxembourg came first in two indicators, and in the indicator that takes working hours into account, Luxembourg came in second place behind the leader Norway.
This is the position of the United States, which has the highest GDP in the world.
Japan was
In addition to Japan and the United States, we mark China and India, both of which are driving the growth of the Asian economy, as shown below. China leads in terms of per capita income, but when adjusting for prices and working hours, the gap between China and India has narrowed significantly.
The Economist says, ``The results show how volatile economies are. For example, the United States has an overwhelming GDP, but its per capita income ranks seventh in the world, and when adjusted for prices, it ranks eighth. When long working hours and few days off are taken into account, this drops to 11th place. China, the world's second largest economy based on nominal GDP, ranks 65th in GDP per capita and 96th when working hours are included. 'We also see large fluctuations in other countries with strong work cultures. For example, South Korea ranks 31st in the first index, 30th in the second, but 47th in the third.'
Below is a summary of the rankings for the three indicators. Norway leads in terms of adjusted wealth, followed by Luxembourg and Qatar. Unfortunately, Japan is not included in the ranking of the top 20 countries.
When I sorted the raw data
According to The Economist, the reason why countries such as Belgium, Germany, and Sweden are doing well in the adjusted index is because of their low prices and good work-life balance. Additionally, Luxembourg ranks first in the world for wages, and Norway ranks first in the world for average income per hour worked.
However, this ranking only focuses on income, or earnings, and does not take into account the assets you already have. Therefore, The Economist pointed out that it is important to note that the savings rate does not necessarily reflect the standard of living, especially given that the savings rate is extremely high in countries such as China.
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