Which country is the richest in the world? Global Finance magazine has ranked 185 countries according to their gross domestic product based on purchasing power parity per capita, or GDP (PPP). This takes into account the relative cost of living and inflation rates to calculate differences in living standards.

Qatar tops the list, with an adjusted annual income of $146,011.85 (£102,174.78) per person. This is far higher than second-placed Luxembourg, with $94,167.01 (£65,965.46) per person. Britain is in 27th place, with an average annual income of £27,478.05. At the other end of the scale, the world's 10 poorest countries are all in Africa. The average annual income in the Central African Republic is just $639.937 (£448.22).

In this gallery, IBTimes UK looks at the 10 richest countries in the world as published by Global Finance magazine based on data from the World Bank and the International Monetary Fund.

worlds richest countries
10 Switzerland: $56,815.63 (£39,800.23)iStock
worlds richest countries
9 USA: $57,045.46 (£39,961.23)iStock
worlds richest countries
8 Hong Kong: $57,676.79 (£40,403.49)iStock
worlds richest countries
7 United Arab Emirates: $67,201.88 (£47,075.96)iStock
worlds richest countries
6 Norway: $67,619.10 (£47,368.23)iStock
worlds richest countries
5 Kuwait: $71,600.96 (£50,157.59)iStock
worlds richest countries
4 Brunei: $80,335.27 (£56,276.11)iStock
worlds richest countries
3 Singapore: $84,821.40 (£59,418.71)iStock
worlds richest countries
2 Luxembourg: $94,167.01 (£65,965.46)iStock
worlds richest countries
1 Qatar: $146,011.85 (£102,174.78)iStock