• Gross domestic product (GDP) is the sum of all services and goods produced by a country in a given year.
• The largest GDP countries are the United States, China, Japan, and Germany. But countries like Singapore and Luxembourg would be nowhere if GDP was the only measure of wealth.

Gross domestic product (GDP) is the sum of all services and goods produced by a country in a given year. The largest GDP countries are the United States, China, Japan, and Germany. However, countries like Singapore and Luxembourg, which are tiny dots on the map, would be nowhere if GDP was the only measure of wealth.

GDP does not take into account wealth distribution. As a result, dividing the GDP by the country’s population yields a more accurate estimate, i.e. per capita GDP.

This method of measurement, however, has its own set of issues. In one country, a given income can buy much less than in another. As a result, determining how much a country’s residents can buy with their income is also important. GDP must be adjusted for the purchasing power parity of the country. In addition, inflation is considered.

Keeping these in mind the world’s top 10 richest countries are the following:

1. Luxembourg

2. Singapore

3. Ireland

4. Qatar

5. Macao SAR

6. Switzerland

7. United Arab Emirates

8. Norway

9. United States

10. Brunei Darussalam

According to the same measures, the poorest countries in the world are the following:

1. Liberia

2. Madagascar

3. Chad

4. Malawi

5. Mozambique

6. Niger

7. Somalia

8. Democratic Republic of the Congo

9. Central African Republic

10. South Sudan

11. Burundi

Afghanistan, Lebanon, Syria, and Ukraine whose data is either unstable or not available also make it to the list of poor countries.

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