A new report by the International Comparison (ICP) released on April 29, 2014 has placed India ahead of Japan in terms of purchasing power parity.
As per the report that covered 199 economies, the top economies are the United States, China, India, Japan, Germany and the Russian Federation.
The data showed that the world economy produced goods and services worth over $90 trillion in 2011, and that almost half of the world’s total output came from low and middle income countries.
An official release issued by World Bank said: "Six of the world’s 12 largest economies were in the middle income category (based on the World Bank’s definition). When combined, the twelve largest economies account for two-thirds of the world economy, and 59% of the world population."
Based on actual individual consumption per capita, the five top economies are Bermuda, United States, Cayman Inslands, Hong Kong SAR, China and Luxembourg. The global average actual individual consumption per capita is approximately $86,47.