Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  India up one place on Per Capita GDP terms to 126, Qatar No 1: IMF report
BackBack

India up one place on Per Capita GDP terms to 126, Qatar No 1: IMF report

India's per capita GDP rises to $7,170 in 2017 from $6,690 last yearlowest among BRICS peers, shows IMF's World Economic Outlook report

India has moved up one position to 126th in terms of per capita GDP of countries while Qatar remains the world’s richest on this parameter, as per IMF data. Photo: BloombergPremium
India has moved up one position to 126th in terms of per capita GDP of countries while Qatar remains the world’s richest on this parameter, as per IMF data. Photo: Bloomberg

New Delhi: India has moved up one position to 126th in terms of per capita GDP of countries while Qatar remains the world’s richest on this parameter, as per IMF data.

The data, which forms part of the latest World Economic Outlook report of the International Monetary Fund (IMF), ranks over 200 countries in terms of per capita GDP 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.

India has seen its per capita GDP rise to $7,170 in 2017, from $6,690 last year, helping improve its rank by a position to 126th. Qatar remains top ranked with per capita GDP of $124,930, followed by Macao at the second position with $114,430 and Luxembourg third with $109,190.

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

A recent Credit Suisse report said India is home to 245,000 millionaires with a total household wealth of $5 trillion. As per the IMF data, the richest 10 countries in the world in per capita GDP 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 US has failed to make it to the top 10 and is ranked 13th with a per capita GDP of $59,500 while the UK is ranked even lower.

According to a Fortune magazine report based on the IMF data, several top-ranking countries such as Qatar 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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 19 Nov 2017, 07:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App