Is Japan Richer Than America?
The United States of America is the largest economy in the world. It is richer than Japan in terms of the total individual wealth held in the country and ranks higher than Japan in terms of its per capita GDP (PPP) estimate as well.
According to a report published by New World Wealth in 2016, the United States of America is the wealthiest nation in the world with individuals in the country holding wealth worth US$48,900 billion. Japan comes third in terms of its individual wealth, with a total holding of US$15,100 billion.
According to the World Bank Group’s 2015 estimates, the US is the largest economy in the world with a GDP of US$18.03 trillion. The US is spread over an area of 3.8 million square miles and is home to a population of 320 million people. Japan is a small nation – spread over 145,883 square miles and with a population of 126.5 million people. It is, however, the third largest economy in the world with a GDP of US$4.38 trillion.
Given the disparity in the size of populations and economies, a look at the per capita GDP (PPP) may be a good basis for comparing these two nations. Central Intelligence Agency’s (CIA) estimates for 2016 reveal that the US ranks 18th in the world with a per capita GDP (PPP) of US$57,300, while Japan ranks 41st in the world with a per capita GDP (PPP) of US$38,900.
There are a number of other parameters, though, by which Japan is ahead of the US. The crime rate in Japanese society is far less than that in the US. While literacy rates in both the countries are about the same, most Japanese people tend to receive higher education due to the social emphasis on lifelong learning. The Japanese society has lower levels of inequality than the US. The country is a technologically advanced one with industrious, hardworking people.
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