What does it mean for a nation to be rich or poor at a time of global pandemic, high inflation and geopolitical tensions? GDP per capita adjusted for relative purchasing power gives us an idea, albeit an imperfect one.
Would you rather be rich in a poor country or poor in a rich one? Measuring the wealth of nations is not that easy (spoiler: it is not just about gross domestic product, or GDP). Determining how rich you are depends to a large degree on how rich and poor countries are defined.
If we simply consider a nation’s gross domestic product—the sum of all goods and…