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November 30, 2019

Methodology: The 50 Wealthiest Countries in the World

by M J Farah

By Justin Cupler on September 13, 20190 SlidesNext

Finding the wealthiest nations in most peoples’ eyes involves either gross domestic product – the dollar amount of finished products a country creates – and average income. While these are great metrics, there is one other newer metric that looks at the overall well-being of a country, and that it the Social Progress Index, which uses 0 to 100 scores to rank the overall quality of life in each country to create a complementary metric to place alongside GDP and average income.

To rank the 50 wealthiest nations in the world, we looked at average income from World Data, OECD and Numbeo, 2018 GDP from the World Bank and SPI. We ranked the countries in each metric and gave each country a final ranking based on the unweighted average of the ranking of the three metrics. Income and GDP figures are in U.S. dollars. 

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