TAIPEI (Taiwan News) -- Taiwan ranks as having the 19th highest Gross Domestic Product (GDP) per capita based on Purchasing Power Parity (PPP), according to data released by the International Monetary Fund (IMF) on in April.
In its biannual report on data about the economic status of countries in the world, the IMF ranks countries in order of GDP based on PPP.
PPP compares the living standards among different countries by assessing the relative cost of living and inflation rates of those nations.
Topping the list was Qatar at US$128,702 per annum, followed by Macao (US$122,490), Luxembourg (US$110,870), Singapore (US$98,010) and Ireland (US$79,920), to round out the top five.
With its 19th place ranking at US$52,300, Taiwan placed ahead of East Asian rivals Japan (US$44,430) and South Korea (US$44,390), which came in 31st and 32nd place, respectively. However, it placed behind Macao (US$122,490), Singapore (US$98,010), and Hong Kong (US$64,530), all of which made it to the top 10.
According to Taiwan's Directorate General of Budget, Accounting and Statistics (DGBAS), Taiwan ranked high on the PPP index because of its relative low living cost, stable price levels, and low inflation rate, reported CNA.
The Business Insider explained that the reason why countries with small populations are at the top of the list is because most of them depend a great deal on migrant laborers who are not considered residents and are therefore not accounted for in the per capita GDP calculations.
China, which has the second largest GDP in nominal terms, because of its vast population came in 79th place for GDP per capital based on PPP at US$18,070.