Taken from Global Finance website, the list is made according to a country’s Gross Domestic Product (GDP) based on purchasing power parity (PPP). According to the aforementioned website, it compares generalized differences in living standards on the whole between nations because PPP takes into account the relative cost of living and the inflation rates of countries, rather than using just exchange rates, which may distort the real differences in income. The indicator measures GDP converted to a common set of prices in a common currency (international dollars, also called Geary-Khamis dollars) so that real quantity comparisons can be made both between countries and over time.
Here are the top 10 countries and their corresponding GDP (PPP).
1. QATAR: 105,091.42
2. LUXEMBOURG: 79,593.91
3. SINGAPORE: 61,567.28
4. NORWAY: 56,663.47
5. BRUNEI DARUSSALAM: 55,111.20
6. HONGKONG: 53,432.23
7. UNITED STATES OF AMERICA: 51,248.21
8. UNITED ARAB EMIRATES: 49,883.58
9. SWITZERLAND: 46,474.95
10. AUSTRALIA: 44,073.81