All of the GDP per capita PPP values were taken from the World Bank Database and refer to 2011.

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But the latest price surveys have raised the estimated price level in China (and so reduced GDP per head measured at PPP).

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Buoyed by these two forces, China will account for over 23% of world GDP by 2030, measured at PPP, Mr Subramanian calculates.

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Most economists reckon that the best way to compare living standards is to take GDP per person measured at purchasing-power parity (PPP), which adjusts for differences in the cost of living in each country.

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If GDP is instead measured at purchasing-power parity (PPP) to take account of these lower prices, Asia's share of the world economy has risen more steadily, from 18% in 1980 to 27% in 1995 and 34% in 2009.

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The results change a little whether you use nominal GDP per head (ie, just the plain numbers ) or PPP adjusted (to take account of different price levels) but the are a number of countries in Europe with higher GDP per capita than Germany.

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