Economic boom? India's GDP per capita rank at 127!

Do the world's richest nations also have the best living standards? Surprising as it may sound, the answer actually is an emphatic 'NO'.

A look at the countries sorted on the basis of their gross domestic product (GDP) at purchasing power parity (PPP) per capita will drive home the point. PPP takes into account the relative cost of living and the inflation rates of the countries.

The study is based on the value of all final goods and services produced within a nation in a given year divided by the average (or mid-year) population for the same year.

Interestingly, results produced by different organisations for the same country tend to differ, sometimes substantially.

While the rankings mentioned here are based on a report published by the International Monetary Fund, the rankings and GDP figures published by the World Bank are also mentioned for all nations.

First let us find out how the world's fastest growing economies -- India and China -- fare in the list.

Note: The data is for the year 2009, and the figures are NOT the absolute GDP, but PPP per capita GDP.

Click NEXT to know about India's rank and GDP...

India (Rank 127)

India with a per capita GDP of $3,015 has one of the lowest ranks at 127, according to the IMF.

As per the World Bank list, India is ranked 117, with per capita GDP of $3,275.

India occupies only 2.4 per cent of the world's land while it has over 15 per cent of the world's population.

The Indian economy grew by 8.9 per cent in the second quarter of the current fiscal, up from 8.7 per cent in the corresponding period a year ago, backed by a robust agriculture and manufacturing sector.

Inflation stands at 9.82 per cent.

Around 70 crore (700 million) Indians live on $2 per day or less, but there is a growing middle class population of about 300 50 million with a rising disposable income.

Click on NEXT to read about China...

China (Rank 97)

With a GDP (PPP) per capita of $6,778, China is ranked at 97.

As per the World Bank ranking, it stands at 83 with GDP (PPP) per capita of $6,838.

China, the most populous nations in the world with over 1.3 billion people had an average economic growth of over 9.5 per cent for the past 26 years.

In 2009, its $4.814 trillion economy was about one-third the size of the US economy.

Today, about 10 per cent of the Chinese population (down from 64 per cent in 1978) live below the poverty line of $1 per day (PPP). Inflation stands at 4.40 per cent.

Meanwhile, Hong Kong has a GDP (PPP) per capita of $ 42,653.

Click on NEXT to know about the nations with highest GDP...

Luxembourg (Rank 1)

The GDP (PPP) per capita is $78,409, according to the International Monetary Fund (IMF).

Luxembourg also tops the World Bank rankings with a GDP (PPP) per capita of $84,003.

The country is known for a stable, high-income economy with moderate growth, low inflation and unemployment.

Inflation rate stands at 2.47 per cent.

. . .

Qatar (Rank 2)

With a GDP (PPP) per capita of $78,260, the oil-rich nation Qatar has seen a rapid economic growth over the last several years.

The country has a low inflation rate of 1.03 per cent.

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Norway (Rank 3)

Norwegians with a GDP (PPP) per capita of $51,985 enjoy the third highest GDP-per capita in the world.

According to the World Bank, Norway is ranked at third position with a GDP (PPP) of $55,672.

Norway has retained its position maintained first place in the world in the UNDP Human Development Index (HDI) for six consecutive years from 2001-2006 and in 2009 and 2010.

Inflation rate stands at a low of 1.90 per cent.

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Singapore (Rank 4)

Singapore's GDP (PPP) stands at $50,180, according to the IMF.

As per the World Bank rankings, Singapore GDP (PPP) per capita is at $50,705 (Rank 4).

Singapore is ranked as the country with the best quality of life in Asia Economist Intelligence Unit.

After slipping into a recession, Singapore has bounced back to become fastest-growing economy in the world, with GDP growth of 17.9 per cent in the first half of 2010.

The inflation rate stands at 3.10 per cent.

  . . .

Brunei (Rank 5)

With a GDP-per capita of $47,930, Brunei has consistently maintained its ranks among the toppers.

A developed country, Brunei has the second highest Human Development Index among the South East Asia nations after Singapore.

Crude oil and natural gas production account for nearly half of its GDP.

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United States (Rank 6)

America ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP at $45,934.

As per the World Bank rankings, the United States' GDP (PPP) per capita is at $46,436 (Rank 5).

Among developed nations, United States is one of the countries with the greatest income inequality.

It has a low inflation rate of 1.10 per cent.

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Switzerland (Rank 7)

Switzerland is one of the richest countries in the world by per capita gross domestic product of $40,484.

Cities like Zurich and Geneva have been ranked with the second and third highest quality of life in the world.

In 2010, the World Economic Forum ranked Switzerland as the world's most competitive country.

Inflation is at a low of 0.20 per cent.

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The Netherlands (Rank 8)

The 16th largest economy in the world, the Netherlands ranks 8th in GDP per capita.

As per the World Bank rankings, the Netherlands' GDP (PPP) per capita is at $40,715 (Rank 7).

Netherlands has a low inflation rate of 1.60 per cent.

  . . .

Ireland (Rank 9)

With a GDP per capita of $38,685, Ireland is ranked 9th by the IMF.

As per the World Bank rankings, the Ireland's GDP (PPP) per capita is at $ 41,278 (Rank 6).

Ireland is facing one of the worst economic crises following the recession in 2008.

The inflation rate in Ireland in October 2010 was 0.7 per cent.

  . . .

Australia (Rank 10)

Australia has a free-market economy with high GDP per capita of $38,663 and low rate of poverty.

As per the World Bank rankings, the Australia's GDP (PPP) per capita is at $ 39,231 (Rank 8).

The world's thirteenth largest economy and ranks high in human development, quality of life, health care, life expectancy, public education and economic freedom.

Inflation rate stands at 2.80 per cent.

  . . .

Austria (Rank 11)

Austria is the 11th richest country in the world in terms of GDP (Gross domestic product) per capita of $38,567.

As per the World Bank rankings, the Austria's GDP (PPP) per capita is at $38,748 (Rank 9).

It has a well-developed social market economy, and a high standard of living.

  . . .

Canada (Rank 12)

Canada is one of the world's wealthiest nations, with a high per-capita income of $37,947.

As per the World Bank rankings, Canada's GDP (PPP) per capita is at $ 37,946 (Rank 10).

It is one of the world's top ten trading nations.  Canada has an inflation rate of 1.9 per cent.

  . . .

Iceland (Rank 13)

One of the wealthiest and most developed nations in the world, Iceland has a free market economy.

As per the World Bank rankings, Iceland's GDP (PPP) per capita is at $37,595 (Rank 12).

The 14th most developed country in the world by the United Nations' Human Development Index has a GDP (PPP) per capita of $37,853.

Iceland has an inflation rate of 4.80 per cent.

  . . .

Kuwait (Rank 14)

The country with the world's fifth largest oil reserves and petroleum products has a GDP per capita of $37,849.

Kuwait is the 14th richest country in the world per capita and has the highest human development index (HDI) among the Arab nations.

It has a high inflation rate of 4.46 per cent.

  . . .

The United Arab Emirates (Rank 15)

One of the most developed economies in West Asia, the UAE has a GDP (PPP) per capita of $36,843.

As per the World Bank rankings, the UAE's GDP (PPP) per capita is ranked at a high of $57,827 (Rank 2).

The United Arab Emirates has the world's seventh largest oil reserves. The country is fourteenth largest in purchasing power per capita and has a relatively high Human Development Index.

It has a high inflation rate of 11.09 per cent.

  . . .

Sweden (Rank 16)

Sweden has a GDP (PPP) per capita of $35,951.

As per the World Bank rankings, Sweden's GDP (PPP) per capita is ranked at a high of $ 37,905 (Rank 11).

Sweden is ranked ninth in the United Nations' Human Development Index.

The country's inflation rate stands at 0.90 per cent.

  . . .

Denmark (Rank 17)

Denmark ranks 17th in the world in terms of GDP (PPP) per capita.

As per the World Bank rankings, Denmark's GDP per capita is ranked at a high of $36,762 (Rank 11).

Demark has the world's highest level of income equality.

It has an inflation rate of 2.30 per cent.

  . . .

Belgium (Rank 18)

One of the world's largest trading nations, Denmark ranks 18th in terms of GDP (PPP) per capita at $35,534.

As per the World Bank rankings, Denmark's GDP (PPP) per capita is ranked at a high of $36,048 (Rank 16).

Belgium has an inflation rate of 2.57 per cent.

  . . .

United Kingdom (Rank 19)

The United Kingdom is the world's sixth largest economy by nominal GDP and has a GDP (PPP) per capita at $34,388.

As per the World Bank rankings, Denmark's GDP (PPP) per capita is ranked at a high of $36,496 (Rank 14).

The economy entered a recession in the final quarter of 2008, accompanied by rising unemployment.

The UK has an inflation rate of 3.10 per cent.

  . . .

Germany (Rank 20)

The world's fourth largest economy by nominal GDP, Germany is ranked at 20 in terms of GDP (PPP) per capita at $34,388.

As per the World Bank rankings, Denmark's GDP (PPP) per capita is ranked at a high of $36,496 (Rank 14).

It is the second largest exporter and third largest importer of goods.

Germany has an inflation rate of 1.30 per cent.