empty planet the shock of global population decline

The COVID-19 pandemic lifted the veil on these disparities in ways few could have predicted.

We are dealing with averages and within each country structural inequalities can easily swing the balance in favor of those who are already advantaged. Should we then automatically assume that in nations where PPP is particularly high that the overall population is visibly better off than in most other places in the world? Not quite. However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), often expressed international dollars to allow comparisons between different countries. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their small number of inhabitants. Shimmering casinos and hordes of tourists are good for business too: Asia's gambling haven Macao remains one of the most affluent states in the world despite almost three years of intermittent lockdowns and pandemic-related travel restrictions.īut what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the super-rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing this output by the number of full-time residents is a better way of determining how rich or poor one country's population is relative to another's. Others like Qatar and the United Arab Emirates have large reserves of hydrocarbons or other lucrative natural resources.

Some very small and very rich countries-like San Marino, Luxembourg, Switzerland and Singapore-benefit from having sophisticated financial sectors and tax regimes that attract foreign investment, professional talent and large bank deposits.

What do people think when they think about the world's richest countries? And what comes to mind when they think about the world's smallest countries? Many people would probably be surprised to find that many of the planet's wealthiest nations are also among the tiniest.

Empty planet the shock of global population decline