Precipitation is a key component of the hydrological cycle and one of the most important variables in weather and climate studies. Accurate and reliable precipitation data are crucial for determining climate trends and variability. In this study, eleven different precipitation datasets are compared, six reanalysis and five observational datasets, including the reanalysis datasets ERA5 and WFDE5 from the ECMWF family, to quantify the differences between the widely used precipitation datasets and to identify their particular strengths and shortcomings. The comparisons are focused on the common time period 1983 through 2016 and on monthly, seasonal, and inter-annual times scales in regions representing different precipitation regimes, i.e., the Tropics, the Pacific Inter Tropical Convergence Zone (ITCZ), Central Europe, and the South Asian Monsoon region. For the analysis, satellite-gauge precipitation data from the Global Precipitation Climatology Project (GPCP-SG) are used as a reference. The comparison shows that ERA5 and ERA5-Land are a clear improvement over ERA-Interim and show in most cases smaller biases than the other reanalysis datasets (e.g., around 13% high bias in the Tropics compared to 17% for MERRA-2 and 36% for JRA-55). ERA5 agrees well with observations for Central Europe and the South Asian Monsoon region but underestimates very low precipitation rates in the Tropics. In particular, the tropical ocean remains challenging for reanalyses with three out of four products overestimating precipitation rates over the Atlantic and Indian Ocean.