In this episode we've compiled a list of the five richest places in the world — and they might surprise you.
The world has an excess of 80 trillion dollars, according to estimates, and there is no surprise that much of those funds are possessed by the highly populated, global powers like The United States and China. But when you look at how much money a place has per person, you might be surprised by which ones come out in the top five.
First, we have to get a little technical, by using the latest data made publicly available by the International Monetary Fund in April of this year.
There are a number of different ways to calculate a country's wealth. But based on advice from experts and agencies like the United Nations Development Programme, our ranking will be based off of a place's GDP per capita, adjusted by Purchasing Power Parity, or PPP as it is commonly called. PPP is essentially when money from different places is converted to a common currency to better reflect things like, the standard of living in a country.
To break that down, the conversion rate, in theory, would give one PPP international dollar, the same purchasing power that one U.S. dollar has in the United State's economy.