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Rows · · With above k USD, Luxembourg has the highest GDP (nominal) per . · Among the top 50 economies having the highest gdp per capita, Macao SAR is the fastest growing economy with a growth rate of massive %, followed by Aruba (%). Kuwait will have the lowest growth rate of %, followed by the United Arab Emirates (%). 21/06/ · With above k USD, Luxembourg has the highest GDP (nominal) per capita globally in , which is ten times the world GDP per capita and over times of lowest-ranked Burundi of US$ In World Bank data, Monaco and Liechtenstein have better per capita gdp than Luxembourg. Twelve economies have per capita income above $50, 26/07/ · In fact, the richest country today (in terms of nominal GDP per capita), Luxembourg, is over x more wealthy than the poorest, Burundi. Here’s a look at the 10 countries with the highest GDP per capita in However, not all citizens in Luxembourg are extremely wealthy. In fact: 29% of people spend over 40% of their income on housing costs.
There are two main ways in which one can determine which country has the highest income per capita. One can look at the Gross Domestic Product GDP at its Purchasing Power Parity PPP , or one can look at what is called its nominal GDP. Although different assessments and different methods reach different conclusions for every spot below the top, it is mostly undisputed that the country with the highest income per capita, by any measure, is Luxembourg.
Nominal GDP is determined by simply taking the value of all services and all goods that occur in a given year, and dividing it by the number of people living in the country. GDP at PPP is a considerably more useful marker of wealth, but is open to more estimation, and therefore rankings differ based on who prepares them. Purchasing Power Parity is based on the idea that in a healthy global economy, any given good will have roughly the same price.
That means that if the prices seem to differ, it is because the value of currency differs between the two countries. By looking at certain benchmark items, such as a loaf of bread, or a Big Mac hamburger, economies can be normalized among themselves, allowing for a better comparison between nations. Because any item can be chosen, however, and because the way of measuring costs of those items may differ, various groups come up with different scales of PPP.
There are three major groups that offer good numbers on who has the highest income per capita in GDP at PPP: the CIA, the University of Pennsylvania, and the International Monetary Fund IMF. In all three of these studies, Luxembourg comes out as having the highest income per capita, although the exact number differs between them. Different groups also may choose to include or not include dependencies and territories, such as Bermuda, as independent of their respective nations.
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GDP per capita is calculated by dividing GDP by midyear population. GDP is the total market value of all final goods and services produced in a country in a given year. In the Nominal method, market exchange rates are used for conversion. In World Bank data, Monaco and Liechtenstein have better per capita gdp than Luxembourg. Maldives, St. Sixty-two countries have per capita income higher than the global average. Eight economies are above five times richer than the world, and the 28 poorest are poorer by over ten times.
GDP per capita of 39 economies increased in Four economies in the top ten including top three have gained. Top Losers in Out of economies, gdp nominal per capita economies have decreased in compared to Lebanon , Libya , Macao SAR and Suriname are the top loser in the ranking. Home World India.
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View the high-resolution of the infographic by clicking here. GDP per capita has steadily risen globally over time, and in tandem, the standard of living worldwide has increased immensely. This map using data from the IMF shows the GDP per capita nominal of nearly every country and territory in the world. Looking at history, our standard of living has increased drastically.
According to Our World in Data, from to , the average global GDP per capita increased by almost 15x. Literacy rates, access to vaccines, and basic education have also improved our quality of life, while things like child mortality rates and poverty have all decreased. For example, in , 1. That said, economic inequality between different regions is still prevalent.
In fact, the richest country today in terms of nominal GDP per capita , Luxembourg, is over x more wealthy than the poorest, Burundi. The cost of living is expensive in Luxembourg — but the standard of living in terms of goods and services produced is the highest in the world. Although we have never lived in a more prosperous period, and poverty rates have been declining overall, this year global extreme poverty rose for the first time in over two decades.
About million additional people are living in poverty as a result of the pandemic, with the total expected to rise to about million by the end of Many of the poorest countries in the world are also considered Least Developed Countries LDCs by the UN.
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Are you interested in testing our corporate solutions? Please do not hesitate to contact me. Industry-specific and extensively researched technical data partially from exclusive partnerships. A paid subscription is required for full access. Additional Information. Show sources information Show publisher information. The G20 is an international organization whose permanent members are 19 countries and the European Union.
Data for the European Union has been excluded due to overlap with G20 members France, Germany and Italy. Countries with the largest gross domestic product GDP per capita Countries with the largest gross domestic product GDP The 20 countries with the lowest gross domestic product GDP per capita in
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The world’s largest economies The economic strength of a country is determined by its gross domestic product GDP. In other words, the amount of all income generated in the country from the sale of goods and services. With a GDP of It is followed by China in 2nd place with a GDP of still 14, Canada is also quite far ahead in the international comparison and could occupy the 9th place in this ranking.
Calculated differently: Economic strength per capita Large countries with many inhabitants naturally also have high sales and a correspondingly a high gross domestic product. A large but not populous country like Canada, with its current population of However, if you compare the economic output per capita, the picture is suddenly completely different. The USA slips from its top position to 12th place at once.
China, with 10, USD per inhabitant, only reaches 79th place.
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Are you interested in testing our corporate solutions? Please do not hesitate to contact me. Additional Information. Show sources information Show publisher information. For these figures, a value of the dollar at the level of has been considered. Thus, inflation has not been taken into account. Countries with the largest gross domestic product GDP per capita Countries with the largest gross domestic product GDP The 20 countries with the lowest gross domestic product GDP per capita in This feature is limited to our corporate solutions.
Please contact us to get started with full access to dossiers, forecasts, studies and international data.
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As of , Luxembourg would remain at the top spot in gdp per capita ranking in nominal and PPP terms. In the ppp per capita, Luxembourg is ahead of 2nd ranked occupier Singapore by a good margin of Int. Qatar might replace the Netherlands in the top 10 list. Among the top 50, Macao SAR rank would move up by 13 positions from 25th in to 12th in Croatia will move up by seven positions while Brunei Darussalam will up by six spots. Hong Kong SAR and The Bahamas will move down by five and four three positions, resp.
In the ppp ranking, Macao SAR will climb from 14th in to 5th in Among the top 50, Spain will climb three spots. Kuwait -5 will be the worst loser, followed by United Arab Emirates Among the top 10 richest economies , Luxembourg has the fastest-growing economy with 5. Among the top 50 economies having the highest gdp per capita, Macao SAR is the fastest growing economy with a growth rate of massive Kuwait will have the lowest growth rate of 0.
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26/01/ · – GDP per capita: $70, (% annual growth) – GDP: $ billion (#36 among all countries) Switzerland’s developed service sector, well-educated workforce, and high-tech manufacturing industry have helped it build the second highest GDP per capita in the world. GDP per Capita. Gross Domestic Product (GDP) per capita shows a country’s GDP divided by its total population. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita. PPP takes into account the relative cost of living, rather than using only exchange rates.
A country’s gross domestic product, or GDP, is essentially a grade on its report card. It’s a quick and easy way to get a feel for how that country’s economy is doing—by seeing how many billions or trillions of dollars it produced in a given year. It’s not a deep dive, like a parent-teacher conference, but an overall snapshot.
Of course, GDP isn’t everything. It’s just one figure that doesn’t take mitigating factors into account , like the amount of national debt a country entered into to produce those millions of dollars in goods or services, or the detriment to the environment that a hugely successful industry produced. Still, most experts agree that GDP is the most standardized, easily understandable way to measure the overall success or failure of economies with vastly different circumstances.
Using data from the World Bank that was last updated in with data from , Stacker ranked countries by their GDP per capita. GDP per capita and total GDP are defined in terms of GDP PPP purchasing power parity , or gross domestic product that is converted to international dollars according to PPP rates. The following countries weren’t included in these rankings, as the World Bank didn’t have any data available on their GDP: Eritrea, Liechtenstein, North Korea, South Sudan, Syria, and Venezuela.
Keep reading to discover the countries with the highest GDP per capita ahead of what will surely be significantly adjusted rates for amid the coronavirus pandemic. You may also like: Most common jobs in America. In the past, this island nation’s economy was extremely dependent on banana farming—though the government has also begun promoting Dominica as an ecotourism destination. Unfortunately, damage from Hurricane Maria destroyed much of Dominica’s infrastructure and set the economy back significantly.