Top 10 Richest Country in the world in Tamil |UOA

உலகின் சிறந்த பணக்கார நாடுகள் || Top 10 Richest Country in the world in Tamil |UOA

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What do people think when they think about the richest countries in the world? And what comes to mind when they think about the smallest nations in the world? Some would be surprised to find out that many of the wealthiest nations are also amongst the tiniest.

Some very small and very rich countries—like Luxembourg, Singapore and Hong Kong—benefit from having sophisticated financial sectors and tax regimes that help attract foreign investments and professional talent. Others like Qatar and Brunei have large reserves of hydrocarbons or other lucrative natural resources.

But what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country's population is relative to another's. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their small populations.

However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), which is often expressed international dollars to allow comparisons between different countries.

Should we automatically assume that in nations where this figure is particularly high the overall population is visibly better off than in most other places in the world? Not quite. We are dealing with averages and in any given country, structural inequality can tip the balance in favor of the already privileged.

The COVID-19 pandemic lifted the veil on these disparities in ways few could have ever predicted. While there is no doubt that the wealthiest nations—often more vulnerable to the coronavirus due to their older population and other risk factors—had the resources to take better care of those in need, not everyone had equal access to them. Not only that, the economic downturn hit low-paid workers harder than those with high-paying occupations. A new kind of inequality emerged too: some people have been able to work from home, some others lost their livelihood and found themselves without much of a safety net—large holes in the most celebrated welfare systems in the world were exposed.

To be sure, when a crisis of such unprecedented magnitude takes place, you'd rather be where welfare and social services can offer a degree of assistance and hospitals have reliable electricity access. In the 10 world's poorest countries, according to data from the International Monetary Fund, the average per-capita purchasing power is less than $1,200, in the 10 richest is close to $80,000.

However, there is one more reason to be wary of accepting such economic prosperity at face value. The IMF has warned repeatedly that certain numbers should be taken with a grain of salt. For example, many nations in our ranking are tax havens, which means wealth originally generated in other countries ends up inflating their GDP because of sophisticated accounting and legal practices. More broadly, it is estimated that over 15% of global jurisdictions are tax havens and that about 40% of global foreign direct investment flows are so-called “phantom” transactions, financial investments passing through empty corporate shells with no real influence on a country’s economy and people’s financial wellbeing. Add to that the unequal distribution of resources, and it becomes easy to understand why even in very rich countries live very poor people.