This psalm forms a chiastic structure:
1a) Psa 47:1-2, Clap your hands all you people, the Lord Most High is the great King;
1b) Psa 47:3-4, He will subdue the nations + He will choose Jacob’s inheritance for us;
central axis) Psa 47:5-7, Sing praises to God, the King of all the earth!
2b) Psa 47:8-9a, God reigns over the nations + the people of the God of Abraham;
2a) Psa 47:9b, He is greatly exalted.
The B pair is interesting! God is the great King over all the earth, so He will subdue the peoples, the nations, under us – under Jacob. Then He will choose our inheritance for us. That is paired with, God reigns over the nations, the princes of the people have gathered together, the people of the God of Abraham, for the shields of the earth belong to God.
The picture that is being painted, that I am seeing, is of God subduing the nations under Jacob, and then choosing Jacob’s inheritance from the whole earth. God gave Jacob the Holy Land, and He divided their boundaries among the twelve tribes – He chose their inheritance for them. But God is not just King over the Holy Land, He is the Great King over ALL the earth! One day, all the nations of the earth will be subdued under Him, and He will chose Jacob’s — the people of the God of Abraham’s — inheritance for them. The entire earth will be divided by their boundaries among them.
For evildoers shall be cut off;
But those who wait on the Lord,
They shall inherit the earth.
For yet a little while and the wicked shall be no more;
Indeed, you will look carefully for his place,
But it shall be no more.
But the meek shall inherit the earth,
And shall delight themselves in the abundance of peace. Psa 37:9-11