GDP per capita current US$

After rising steadily for years, government debt first ballooned to almost 100% of GDP in 2020. While this ratio has fallen amid an economic rebound and high inflation in 2021 and 2022, it is projected to regain ground and continue climbing. For one, it is a measurement of economic output per person, not individual income or household savings. That gives it clear limitations in certain cases, such as in Ireland, where the presence of multinational corporations obfuscates the general output per person. To solve this problem, economists utilize purchasing power parity (PPP) indexes.

The GDP per capita varies drastically from one country to the next. The GDP of a country is dependent upon the country’s economic standing and overall profits compared to expenses. Many of the leading GDP-per-capita (nominal) jurisdictions are tax havens whose economic data is artificially inflated by tax-driven corporate accounting entries. Traditional African economic heavyweight South Africa also features in this list of Africa’s richest. But Egypt, the region’s third largest economy, only makes the top 10 countries by GDP when adjusted for PPP, otherwise weighed down by its large population. PPPs can be expressed in the currency of either of the countries.

Comparing Trends Across Global Economies

One of its top companies is ASML, which is the only one capable of making advanced chipmaking machines. The Republic of San Marino is the fifth smallest top gdp per capita countries country in the world with a GDP of $2.7 billion. The Principality of Andorra is a landlocked European country with a relatively small $3.3 billion GDP.

The Federal Republic of Germany is Europe’s largest economy and known for big brands such as Audi and BMW. It has the fourth largest economy in the world of $4 trillion with a GDP per capita of $49,430. New Zealand is an island country in the Pacific Ocean with an advanced economy that relies significantly on agricultural products for global trade. The United Arab Emirates, or UAE, is a Western Asian Arabic country, which is known as a global hub. Brunei Darussalam is a Southeast Asian country that relies primarily on petroleum products to earn foreign exchange. Although it is expressed as a dollar amount per resident, GDP per capita is not a measure of the average or median personal income of a given country’s people.

Iceland

The State of Kuwait is an Arabic Western Asian country with a $183 billion economy with significant reliance on the petroleum industry. The Republic of Korea (ROK) is an Asian country with a large economy made up of multinationals such as Samsung and Hyundai. In the ppp ranking, Ireland will overtake Singapore and Qatar to become the 2nd richest economy in the world. Kuwait (-4) will be the worst
loser, followed by The Bahamas (-3) and Iceland (-3). In the nominal ranking, Ireland will overtake Singapore to become the 2nd richest economy in the world.

The country’s high GDP per capita can be attributed to its knowledge-based economy, innovation, and a strong focus on research and development. Sweden has thriving sectors such as manufacturing, information technology, green technology, and healthcare, contributing to its economic success. The country has a highly developed and diversified economy, with strong sectors such as technology, innovation, and defense. Israel is known for its advanced research and development, high-tech start-ups, and thriving industries in areas like cybersecurity, biotechnology, and aerospace.

The country’s high GDP per capita can be attributed to its thriving tourism industry, renewable energy sector, and robust fisheries. Additionally, Iceland benefits from a well-functioning welfare system, strong infrastructure, and a highly educated workforce. Countries with economic growth rising faster than real interest rates may be more likely to sustain high debt levels. But sticky inflation, prompting higher interest rates, will likely make these debt piles even more fragile. GDP per capita attempts to level the playing field by dividing a country’s economic output by its population, effectively giving the average GDP per person.

Singapore

The country is known for its open economy, advanced logistics, and highly developed infrastructure. The Netherlands excels in sectors such as manufacturing, services, agriculture, and international trade, making it a prominent player in global markets. The country’s strong economy benefits from its rich natural resources, including oil, gas, minerals, and forests. Canada also excels in industries such as manufacturing, finance, technology, and services.

The simplicity of this metric also makes it useful for economists and policymakers to communicate levels of economic well-being to the public. There are many ways to measure different economies against one another, but comparing countries by GDP per capita remains one of the most tried-and-true methods. This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution.

Faroe Islands

It also doesn’t account for the price differences between countries—for example, fresh vegetables in India are far cheaper than in Canada. Luxembourg, Ireland, and Norway lead the ranking with more than $100,000 in GDP per capita. Luxembourg is a key financial services center in Europe, Ireland is headquarters to many multinational corporations, and Norway is one of the largest energy exporters in the region, explaining their relative prosperity. It is the third most densely populated country in the world and has a GDP per capita of $84,500. The United Kingdom of Great Britain and Northern Ireland is a global power known for firms such as Shell and GSK.

• New Zealand is an island country in the Pacific Ocean with an advanced economy that relies significantly on agricultural products for global trade.
• The Cayman Islands has the seventh highest GDP per capita at $86,569.
• 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.
• All this led to severe losses on the stock market and caused massive losses for some hedge funds.
• It has the sixth largest economy in the world and a per capita GDP of $51,290.

It has the sixth largest economy in the world and a per capita GDP of $51,290. The Republic of Finland is a Nordic European country that relies heavily on electrical equipment and other electrical products for its exports. The Kingdom of Belgium is a prosperous European nation and one of the most developed countries in the world. The Italian Republic is a European country with a diverse history and well known companies such as Ferrari, Leonardo, and Eni. To help compensate for this distortion of GDP, many economists also view a country’s Gross National Product (GNP), or a related metric, Gross National Income (GNI).

A key element of these indexes is that they remove these price differences and convert into a common currency in order to show relative economic prosperity. Popular examples are The Economist’s Big Mac index and the Wall Street Journal’s Latte Index. The State of Israel is a Middle Eastern country that is one of the most technologically advanced countries in the world.

Finally, other metrics for a good standard of living, some of them intangible in economic terms—human rights, freedom of expression—are not accounted for at all. On the other hand, Israel and Japan drop out of the richest countries in Asia when using PPP calculations, with countries like Saudi Arabia and Bahrain edging them out. Immediately, there are a few noticeable differences in the top 10 countries by GDP per capita when adjusted for PPP. For one, most countries’ values have increased from their nominal value (except for the U.S. since it is the benchmark). In the case of GDP, PPP measurements use an “international dollar” which can buy the same amount of goods in any given country as a U.S. dollar could buy in America. The above graphic from theWORLDMAPS ranks the top 10 countries by per capita GDP in different regions, using data from the International Monetary Fund (IMF).

All this led to severe losses on the stock market and caused massive losses for some hedge funds. Congress indicated that the Fed might raise its interest rate ceiling. The ten countries with the highest GDP per capita are Monaco, Luxembourg, Bermuda, Ireland, Switzerland, Norway, Cayman Islands, Singapore, United States, and Faroe Islands. Monaco has the highest GDP per capita standing at $234,316, followed by Luxembourg at $133,590. Bermuda has the third highest GDP per capita at $114,090, while Ireland has the fourth highest GDP per capita at $100,172. Switzerland and Norway have GDP per capita figures of $91,992 and $89,154, respectively.

The country’s favorable tax regime, skilled workforce, and strong infrastructure have also played a significant role in attracting international businesses and high-income individuals. GDP per capita is an important economic indicator that provides insight into the average income and living standards of a country’s population. Monaco has the highest GDP per capita at $234,316, followed by Luxembourg at $133,590 and Bermuda at $114,090. These countries consistently rank among the top in terms of GDP per capita, reflecting their strong economies and high-income levels. It’s important to understand that GDP per capita is not the only measure of a country’s economic and societal well-being. Factors such as income inequality, wealth distribution, and quality of public services also play a significant role in determining a nation’s overall economic conditions and living standards.

The country’s stability, quality of life, and skilled workforce contribute to its high GDP per capita. Switzerland’s strong economy is characterized by a highly developed financial sector, precision manufacturing, and a thriving pharmaceutical industry. Its reputation for quality products, technological innovation, and political stability has contributed to its high GDP per capita. We have used data from the International Monetary Fund (IMF) a global body responsible for helping distressed economies to pick the countries with the highest GDP per capita. In economics, there are two kinds of GDP readings – nominal and real. Nominal GDP is simply the total output per member of the population while the real reading also accounts for differences in purchasing power.

• One of its top companies is ASML, which is the only one capable of making advanced chipmaking machines.
• In fact, in the top 10, only the U.S. and Australia have a population of more than 10 million.
• This article was published as a part of Visual Capitalist’s Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
• Monaco has the highest GDP per capita standing at $234,316, followed by Luxembourg at $133,590.
• The economy is highly diversified and characterized by its large consumer market, technological innovation, and significant contributions from sectors such as finance, healthcare, and technology.

According to the IMF, Luxembourg only has slightly more than 600,000 people which would be a small city in more populous countries. In fact, in the top 10, only the U.S. and Australia have a population of more than 10 million. Iceland relies primarily on raw materials for its exports and has a GDP per capita of $77,960. The Netherlands is a prosperous European nation that is one of the most developed countries in the world.