Country of many billionaires, India fails to enter in top 100 of Fortune’s list of richest countries in world per capita

 

On the same day when India was when the sovereign rating upgrade by global agency Moody’s put India alongside Italy, Spain, Bulgaria and the Philippines in terms of the investment climate, the nation has failed to break into top 100 in Fortune’s list of richest countries in the world per capita.

The ranking was based on the International Monetary Fund’s October 2017 data on GDP per capita based on purchasing power parity, which compares the currencies of countries in relation to the cost of goods and is used to weigh a country’s economy in relation to others, according to the IMF.

Gulf country Qatar which is set to host the 2022 FIFA World Cup topped the list with a GDP of over Rs 81 lakh per person. It was followed by Luxembourg which has a GDP of nearly Rs 71 lakh per person. Singapore grabbed the third spot with a GDP of Rs 58 lakh per person. India, however, failed to break in top 100 with a GDP of over Rs 4 lakh per person. This development comes on the same day when Moody’s had upgraded India’s sovereign credit rating by a notch to ‘Baa2’ with a stable outlook after a gap of 13 years, saying reforms will foster sustainable growth.

According to Fortune, some of the highest-ranking countries, like Brunei and Qatar, were boosted by the presence of fuel and oil which propelled their economies. However, GDP growth for what is often the richest countries have changed as the price of oil dropped in 2014. Investment and strong banking systems have also helped propel economic growth in other countries like Iceland and Ireland.

Interestingly, the United States also failed to make it to top 10. According to the IMF, the US, which is home to more than 325 million people, is in the middle of its longest economic expansion since 1850. The 2016 IMF report also states that unemployment rates have remained low in the US while growth driven by spending and investment have the country’s economy. It is placed on the 12th spot in the list of richest countries in world per capita.

On the other hand, a relatively smaller country like Brunei which has a population of little over 400,000 people did incredibly well to grab the 4th spot. It has seen success in adjusting to downturns in the oil market, despite it being a main export of Brunei. Nearly 90% of Brunei’s revenue came from oil and gas, in 2014 the latest figure from the IMF.