This paper compares achievements and inequalities in standards of living across countries. Achievement is measured by an index constructed to reflect greater achievement for an increase in the standard of living of a country already at a high level of development compared to an equal increase in a country starting from a lower base. The paper tests for the statistical relationship between indicators of standards of living and per capita income using data from 177 countries covering 2000–2007. It analyzes disparities between countries of achievement in standards of living and explains inequality in achievement in standards of living both within and between regions. Furthermore, the paper estimates the number of years it will take for different regions and selected Asian countries to catch up with the average standard of living of the industrialized countries.