TAIPEI (Taiwan News) -- Taiwan was ranked as the 14th richest country in the world by Global Finance Magazine based on gross domestic product (GDP) per capita and adjusted for purchasing power.

In its latest report on relative levels of wealth and poverty released on Dec. 21 titled "Richest Countries in the World 2023," Global Finance listed Taiwan in 14th place out of 193 countries and territories.

The top spot on the list was taken by Ireland, followed by Luxembourg, Singapore, Qatar, Macau, United Arab Emirates, Switzerland, Norway, the U.S., and San Marino, rounding out the top ten. Also finishing ahead of Taiwan were Brunei Darussalam (11th), Hong Kong (12th), and Denmark (13th).

As for Asia, Taiwan ranked in 7th place, and in East Asia, Taiwan came in 3rd place, trailing only Macau and Hong Kong. The bottom 11 countries were all from Africa, with South Sudan in last place at 193.

China came in at 77th place, just ahead of Thailand (78th) and behind Belarus (76th). Among other major economies, Germany placed 19th, Canada 28th, France 29th, the U.K. 31st, Japan 38th, Russia 60th, and India 130th.

To generate the list, Global Finance took into account per capita GDP and adjusted it for purchasing power parity (PPP), which factors in inflation rates and the price of goods and services in a given locale. Global Finance gathered the data used in the report from the International Monetary Fund's World Economic Outlook, April 2023.