India has moved up one position to 126, in terms of GDP per capita of countries, still ranked lower than all its BRICS peers, while Qatar remains the world's richest on this parameter, according to IMF data.
India has seen its per capita GDP rise to USD 7,170 in 2017, from USD 6,690 last year, helping improve its rank by a notch to the 126th place.
The data, which forms part of the latest World Economic Outlook report of the International Monetary Fund, ranks over 200 countries in terms of per capita GDP based on purchasing power parity (PPP).
What Is Purchasing Power Parity?
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.
Qatar remains top-ranked with per capita GDP of USD 1,24,930, followed by Macao at the second position with USD 1,14,430 and Luxembourg third with USD 1,09,190.
India Lowest Among BRICS Nations
Among BRICS countries, India has the lowest per capita GDP. Interestingly, as per a recent Credit Suisse report, India is home to 2.45 lakh millionaires with a total household wealth of USD 5 trillion.
Russia boasts of a GDP per capita of USD 27,900, while China’s GDP per capita figures stood at USD 16,620, Brazil at USD 15,500 and South Africa at USD 13,400.
US, UK Fail to Make it to Top 10
The US has failed to make it to the top 10 and is ranked 13 with a GDP per capita of USD 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.
(With PTI inputs)
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