Posted 12/15/2023, 6:20:49 PM
Alternative Metrics Reveal Different Rankings of World's Richest Countries
- Compares countries' wealth using 3 metrics GDP per capita, purchasing power adjusted GDP per capita, and GDP per hour worked
- US has high total GDP but ranks lower on income per capita and income per hour worked measures
- Countries like Belgium, Germany, Sweden rise in rankings when accounting for lower prices or better work-life balance
- Luxembourg tops ranking for wage value adjusted for local prices; Norway has highest income per hour worked
- Aims to provide more complete assessment of world's richest countries than single measure like GDP per capita