> What I meant to write is: if the PPP GDP increases in the EU faster than in the US, with all else being equal (eg. stable population) it would imply the standard of living is increasing faster in the EU than in the US.
No it doesn’t mean anything of the sort in fact high nominal GDP to GDP PPP ratio usually indicates a low standard of living and a developing economy the Eurozone is an anomaly in this regard mainly due to its developed infrastructure and social institutions.
And don’t forget that your GDP PPP can be twice that another county whilst your median income is can be 10 times lower.
Median income per capita adjusted for PPP would be a better albeit an imperfect measurement of it since the standard of living is dependent on so many other things.
In which case there are only 4 countries which have higher median income PPP than the US, UAE, Luxembourg, Switzerland and Norway.
AIC/household final consumption expenditure is another good indicator for standard of living and wealth in which case the US is #1.