Last year, Global Finance Magazine ranked the world’s countries according to their gross domestic product (GDP) and purchasing power parity (PPP) per capita, based upon 2016 data from the International Monetary Fund. Of the world’s wealthiest nations, Canada ranked No. 24 with a GDP per capita of $46,239, according to Global Finance. (GDP per capita represents the amount of wealth produced while PPP takes into account the relative cost of living and the in ation rates of countries.)
However, a detailed look at the country’s finances reveals slightly more sobering statistics.