Wealth can be assessed in various ways, including GDP per capita, household income, and household wealth. The Economist evaluated 178 countries using a unique formula. Measures included GDP per person, adjusted income for local prices (PPP), and local prices with hours worked. Switzerland ranks highest in income at $100,000 per person, followed by Singapore and Norway. However, when considering productivity, Norway takes the lead, while Singapore comes out ahead when accounting for cost of living. Cultural homogeneity characterizes these nations, with significant populations of ethnic majorities.
The Economist's formula ranks countries based on various measures of wealth, concluding that there isn't a single richest nation, but several contenders including Switzerland, Singapore, and Norway.
Switzerland leads in income measured in dollar terms with $100,000 per person, while Norway excels in productivity, and Singapore shines when adjusted for price differences.
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