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India moves up one notch to 126 in per capita GDP terms, says IMF data

Qatar ranked highest; US, UK fail to make it to the top 10 league

Press Trust of India  |  New Delhi 

GDP per capita
Representative image.

has moved up one position to 126th in terms of per capita of countries, still ranked lower than all its BRICS peers, while remains the world's richest on this parameter, as per data.

The data, which forms part of the latest report of the International Monetary Fund, ranks over 200 countries in terms of per capita based on purchasing power parity (PPP).

PPP between two countries is the rate at which the currency of one country needs to be converted into that of a second country to ensure that a given amount of the first country's currency will purchase the same volume of goods and services in the second country as it does in the first.

has seen its per capita rise to $7,170 in 2017, from $6,690 last year, helping improve its rank by a position to 126th.

remains top-ranked with per capita of $1,24,930, followed by Macao at the second position with $1,14,430 and Luxembourg third with $1,09,190.

Among BRICS countries, has the lowest per capita Russia boasts of a per capita of $27,900, while for China, it stood at $16,620, Brazil at $15,500 and South Africa at $13,400.

Interestingly, as per a recent Credit Suisse report, is home to 2.45 lakh millionaires with a total household wealth of $5 trillion.

As per the data, the richest 10 countries in the world in per capita terms also include Singapore (4th, $90,530), Brunei (5th, $76,740), Ireland (6th, $72,630), Norway (7th, $70,590), Kuwait (8th, $69,670), United Arab Emirates (9th, $68,250) and Switzerland (10th, $61,360).

The has failed to make it to the top 10 and is ranked 13th with a per capita of $59,500 while the is ranked even lower.

According to a Fortune magazine report based on the data, several top-ranking countries such as and Brunei "have fuel and oil propelling their economies", while investment and strong banking systems have helped propel economic growth in other countries like Iceland and Ireland.

First Published: Mon, November 20 2017. 00:25 IST