Gross National Income (GNI), an alternative to GDP as a way to measure and track a nation's wealth, is the total amount of money earned by a nation's people and businesses. Steve Jobs had an annual salary of only $1 for a long time. The United States of America is the country that buys the most weed in the world. Some former high-income countries, such as Russia and Venezuela, slipped to a lower bracket in past years and have yet to regain the high-income classification. Ratio to World's average GDP per capita at PPP . Key sectors in the U.S. include financial services, professional and business services, manufacturing and health care. The U.S. has the highest disposable income per capita at $62,334.17 with a total population of 331.8 million. Here is the full ranking of the richest countries in 2023, according to their per capita GDP. Once a country's GNI has been calculated, it is divided by that country's population to determine its GNI per capita. But GDP per capita does not take into account income inequality. Disposable income refers to the income an individual has left from gross income after subtracting payments for income taxes. In the ppp per capita, Luxembourg is ahead of 2nd ranked occupier . . GDP per capita, by country 2022 | Statista The countries with the highest disposable income per capita don't all have the largest population or GDP. These 15 countries have the biggest gaps between rich and poor - USA TODAY Both metrics show a continuation of historical trends of regional wealth in the world. Top 25 Developed and Developing Countries, Countries With the Highest Government Spending to GDP Ratio. For calculating 2019 data, the total GDP estimate by IMF, List of countries by GDP (nominal) per capita, Corporate haven GDP-per-capita tax haven proxy, List of countries by past and projected GDP (PPP) per capita, List of countries by GDP (PPP) per capita growth rate, United Nations Department of Economic and Social Affairs, "Sarkozy attacks focus on economic growth (French president urges more emphasis on quality of life)", "Alternative progress indicators to Gross Domestic Product (GDP) as a means towards sustainable development", "World Economic Outlook Database, April 2023", "WEO Database, April 2023. How Long it Took for Popular Apps to Reach 100 Million Users, Charted: Changing Sentiments Towards AI in the Workplace, Visualizing $156 Trillion in U.S. Assets, by Generation, Visualizing the $105 Trillion World Economy in One Chart, Ranked: The 15 Richest Multi-Generational Families in Asia, Animated: Global Debt Projections (2005-2027P), Ranked: The Best U.S. States for Retirement. Accessed August 22, 2023. https://www.statista.com/statistics/270180/countries-with-the-largest-gross-domestic-product-gdp-per-capita/, IMF. Timing the Market: Why Its So Hard, in One Chart, The Most-Viewed YouTube Videos of All Time. International Monetary Fund World Economic Outlook (October - 2021). However, it is increasingly being recognized that tax havens, or corporate tax havens, have distorted economic data which produces artificially high, or inflated, GDP-per-capita figures. Life Cycle Emissions: EVs vs. By financing the creation or expansion of carbon projects, Carbon Streaming Corporation secures the rights to future carbon credits generated by these sustainable projects. Switzerland GDP per capita: $94,696.13 GDP: $824.74 billion Switzerland has the second highest GDP per capita and the. The average income of a country is calculated from the gross national product and the number of inhabitants. Much of the economic success of the Netherlands has come about due to natural gas discoveries. All data is in U.S. dollars. "Belgium - Trade Products. Most of the richest countries are found in Europe and North America (the top two richest continents), with a per capita GDP of $34,500 and $59,000, respectively. A person's income is therefore the sum of all money earned. Real U.S. per capita income in 2020 was $53,504, representing a 12.8% increase since 2015, when it stood at $47,414. In fact, the richest country today (in terms of nominal GDP per capita), Luxembourg, is over 471x more wealthy than the poorest, Burundi. Updated country income classifications are available here. The Gross National Income (GNI) is the sum of the value added by all the goods and services produced within a determined country, including foreign investment, to which are added any product taxes (excluding subsidies), and the value earned by the nation through overseas ventures. Investopedia requires writers to use primary sources to support their work. Per capita simply means "average per person." (See Standard of living and GDP.). statistic alerts) please log in with your personal account. Apart from a few unrepresentative survey results, there are often no reliable figures. In, IMF. See a ranking of the poorest countries in the world. All amounts are in U.S. dollars. More populous countries with some of the highest per capita emissions - and therefore high total emissions - are the United States, Australia, and Canada. "Switzerland - Product Exports. In the particularly poor countries, there is also the fact that they cannot afford the luxury of a governmental and thus taxpayer-funded statistical authority. Country Comparisons Real GDP per capita. We face big challenges to help the world's poorest people and ensure that everyone sees benefits from economic growth. For this purpose it uses gross national income (GNI) per capita data in U.S. dollars, converted from local currency using the World Bank Atlas method, which is applied to smooth exchange rate fluctuations. Countries with the lowest estimated GDP per capita 2023, Countries with the largest gross domestic product (GDP) 2022, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Groupings are primarily based on the regions used for administrative purposes by the World Bank. This compensation may impact how and where listings appear. And, more employees going from part-time to full-time employment means more income per person. The U.S., with a population of over 330 million and GDP of more than $25 trillion, may top the list of countries with the highest incomes. In South Dakota, for example, the difference between the two is only $867. These contrasts can stimulate debate . Dividing all earnings and profits of all inhabitants (= gross national income) by the number of inhabitants gives the average income per person. Comparisons of national wealth are frequently made on the basis of nominal GDP and savings (not just income), which do not reflect differences in the cost of living in different countries (see List of countries by GDP (nominal) per capita); hence, using a PPP basis is arguably more useful when comparing generalized differences in living standards between economies because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using only exchange rates, which may distort the real differences in income. gender pay gap. In the major industrialized nations, social security contributions (e.g. From Wikipedia, the free encyclopedia Not to be confused with List of countries by GDP (PPP) per capita. Thus, real personal income per capita is a more accurate measure than using just personal income per capita, which is nominal and doesnt account for inflation or cost of living differences in each state. New Zealand Gini coefficient: 0.35 (pretax + transfers: 0.46) Unemployment rate: 4.7% GDP per capita: $35,777 Poverty rate: 10.9% Population: 4.8 million Higher labor force . While carbon credits offer a potential solution for individuals to help reduce global emissions, public awareness remains a significant challenge. Figures for, There have been no exclusive estimates for world average by the IMF. Lists by income. The country spends 9% of its GDP for health, ensures that all of the population has access to one of the greatest healthcare systems in the world. Population figures were obtained from the World Bank. U.S. Per Capita Income By State In 2021 - Forbes Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 39,000+ online stores and marketplaces. Countries are classified each year on July 1, based on the estimate of their GNI per capita for the previous calendar year. For the 2023 financial year, the WBC Lending Group boundaries are as follows: For the 2023 financial year, the World Bank placed 81 countries in the high-income category. As of 2021, Luxembourg would remain at the top spot in gdp per capita ranking in nominal and PPP terms. Jobs, events, procurement, training, and more, "Sustainable Finance for Sustainable Development, classifying economies for analytical purposes, current classification by income in XLS format, historical classification by income in XLS format, Monitoring the Sustainable Development Goals. facts. Please create an employee account to be able to mark statistics as favorites. United States Justyna Galicka / Getty Images Disposable income per capita: $62,334.17 Population: 331.8 million Gross domestic product: $25.46 trillion (estimate) The United States tops. A persons carbon footprint is substantial, with activities such as food consumption creating as much as 4,500 g of CO emissions daily. 4: Singapore: $106,000: 2021 est. Switzerland has longtime been a symbol of the rich free market. Disposable income differs from purchasing power parity (PPP), which is another measure of a countrys wealth. ", The Economist. 35 Cities with the Highest Weed Consumption per Capita - Yahoo Finance . It should be reflecting the average before tax income of a country's citizens. Much of Luxembourgs economic success stems from banking, by which the country has grown into a global financial center. Among the top 50, Oman's rank would move up by six positions and enter the top 50 lists. overtake Denmark and Singapore. The country is rich with natural resources, which is reflected in one of the primary engines of its economymining. Using the two metrics, Switzerland was the richest country in the world with the highest average per-capita wealth of around US$674,000 per adult. 14. Top Statistics. asking how two countries with the same level of GNI per capita can end up with different human development outcomes. As of 2021, Luxembourg would remain at the top spot in gdp per capita ranking in It is simply the total value of goods and services generated per year in a country, divided by the total population. Click here to access the complete list of countries by region. By opting for more sustainable modes of transport, such as cycling, walking, or public transportation, you can significantly reduce your carbon footprint. Are these really the world's happiest countries? - Al Jazeera Those able to do more complex tasks, or to implement more productive ways of doing tasks, can improve pay rates by streamlining efficiency. Thus, disposable income per capita for a country is calculated by adding all the gross income for the country, subtracting a figure for taxes, and dividing the sum by the country's population. Mapped: Visualizing GDP per Capita Worldwide in 2021 - Visual Capitalist Luxembourg, one of the smallest countries in the EU has a population of 634,000 and is the richest country in this ranking with a per capita GDP of nearly $130,000. GDP per capita in Africa, by country 2022 | Statista You may opt-out by. Greenwich is a town in Fairfield County, Connecticut, United States. The countrys GDP was the largest GDP on our list, making the U.S. the world's largest economy. Estimates of GNI are obtained from economists in World Bank country units who rely primarily on official data published by the countries; the size of the population is estimated by World Bank demographers from a variety of sources, including the UNs biennial World Population Prospects. Among the top 50 economies having the highest gdp per capita, Macao SAR is the fastest growing economy All figures are in current international dollars, and rounded to the nearest whole number. Norway has a prosperous economy, well-developed in both state and private sectors. Germany was the fourth largest world economy in 2021. As of March 2021, the 10 countries with the highest median incomes ranked are below. Human Development Index | Human Development Reports He has 10+ years of experience in investing strategies and 7+ years writing about financial topics. GDP per capita by country. In the ppp per capita, Luxembourg is ahead of 2nd ranked occupier How Old Are the Worlds Nuclear Reactors? Countries use various measures to gauge their wealth. Income per capita can refer to discretionary income per capita or disposable income per capita. [a] For rankings regarding wealth, see list of countries by wealth per adult. Visualized: U.S. Corporate Bankruptcies On the Rise, The 50 Most Valuable Companies in the World in 2023. Many countries, such as the United States, have consistently ranked as high income since the 1980s, but others have moved in or out. Click here to access the complete list of countries by income group. GNI per capita represents the total GNI divided by all mid-year residents of the country, and is generally represented in US dollars. Then you can access your favorite statistics via the star in the header. The United States tops the list for 2021. Aaron O'Neill , Jul 4, 2023 The statistic shows the 20 countries with the largest gross domestic product (GDP) per capita in 2022. Human Development Index (HDI) - Our World in Data GDP - per capita (PPP) compares GDP on a purchasing power parity basis divided by population as of 1 July for the same year. "National Accounts at a Glance," Select Indicator, Part I: Gross Domestic Product (GDP), current PPPs, billions US dollars. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. ", Observatory of Economic Complexity. 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