GNI per capita, Atlas method (current US$)
Countries By GNI per capita, Atlas method (current US$)
Key points
- GNI per capita is a vital macroeconomic indicator that signifies the average income earned by each individual in a country, after accounting for national income and population size.
- Switzerland leads the GNI per capita ranking with a high value of $81,740, indicating a strong and prosperous economy with high individual income levels.
- Burundi has the lowest GNI per capita at $220, highlighting significant economic challenges and low income levels faced by its population.
- The average GNI per capita among the listed countries is $13,607.65, reflecting the overall economic diversity and income disparities across the globe.
- GNI per capita data provides insight into the standard of living, economic development, and income distribution within a country, crucial for policymakers and analysts to assess a nation's economic health.
Official Definition of GNI per capita, Atlas method (current US$)
GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.
Importance
- GNI per capita is a crucial macroeconomic statistic for a country as it provides valuable insights into the economic well-being of its citizens.
- A low GNI per capita indicates a lower average income level among the population. This could imply lower standards of living, limited access to basic necessities, and reduced ability to afford healthcare, education, and other essential services.
- On the other hand, a high GNI per capita signifies a higher average income level, which can lead to an improved quality of life for citizens. It may indicate better access to healthcare, education, infrastructure, and overall higher standards of living.
- The GNI per capita value also impacts a country's ability to attract foreign investment, access international markets, and participate in global trade. A higher GNI per capita can enhance a country's creditworthiness and economic stability.
- Therefore, monitoring and improving GNI per capita is essential for policymakers to address income inequality, poverty, and overall economic development within a country.
Top 10 Countries by GNI per capita, Atlas method (current US$)
Bottom 10 Countries by GNI per capita, Atlas method (current US$)
Regions
Europe
The GNI per capita data for the listed countries reflects a wide range of economic development levels across Europe and Eurasia. Countries like Luxembourg, Norway, and Switzerland exhibit high GNI per capita figures, indicating affluent economies with strong financial sectors. On the other hand, countries like Ukraine and Moldova have significantly lower GNI per capita numbers, signaling economic challenges and lower standards of living. While high GNI per capita suggests better infrastructure, healthcare, and education opportunities, it could also lead to higher living costs and income inequality. Conversely, lower GNI per capita countries may face difficulties in providing social services but could have lower income disparities. This statistic plays a crucial role in each country's development trajectory, influencing public policy decisions and international competitiveness.
Far East: East Asia, SE Asia, Australia
Based on the GNI per capita data, countries like Australia and Singapore exhibit high levels of economic prosperity with GNI per capita values of $53,630 and $55,260 respectively. These nations have strong economies, offering high standards of living and advanced infrastructure. On the other hand, countries like Cambodia and Myanmar have significantly lower GNI per capita values of $1,530 and $1,310 respectively, indicating lower economic development and limited resources to support their populations. This statistic highlights disparities in income levels and economic progress among the listed countries, with implications for social welfare, access to education, healthcare, and overall quality of life.
ASEAN
When examining the GNI per capita data for the selected countries, we observe a significant disparity in wealth levels. Singapore stands out with the highest GNI per capita at $55,260, while Brunei follows with $31,210, indicating greater economic prosperity in these nations. On the other hand, countries like Cambodia, Myanmar, and Laos have considerably lower GNIs per capita at $1,530, $1,310, and $2,470 respectively, reflecting lower economic development. This statistic influences various aspects of a country's development, such as access to resources, healthcare, and education. While high GNI per capita signifies economic strength and well-being, low GNI per capita can indicate challenges in economic growth and social advancement.
Latin America
The GNI per capita data for the listed countries show a varied economic landscape in the region. Chile and Uruguay exhibit the highest GNI per capita figures, indicating stronger economic output per person, potentially reflecting more advanced economies and higher standards of living. Meanwhile, countries like Bolivia and Nicaragua have lower GNI per capita figures, suggesting economic challenges and lower average incomes. Higher GNI per capita can indicate better infrastructure, healthcare, and education opportunities, giving Chile and Uruguay an advantage. However, disparities in GNI per capita highlight the need for targeted development strategies in lower-income countries like Bolivia and Nicaragua to improve living standards and overall economic growth.
Middle East
The GNI per capita data reveals significant variations among the listed countries, ranging from $780 for Syria to $58,440 for Qatar. Israel and the United Arab Emirates stand out with notably high figures of $43,120 and $41,600, respectively. These differences reflect diverse economic conditions and development levels across the region, with Qatar notably benefitting from its vast oil reserves. While high GNI per capita signifies affluence and economic strength, it also highlights income inequality and potential dependence on finite resources like oil. Lower GNI per capita in countries like Syria and Egypt indicates economic challenges and potential barriers to sustainable development without adequate diversification. Overall, the statistic underscores the complex interplay of economic factors shaping the region's development trajectory.
Rivals
Anglosphere v BRICS
When examining the GNI per capita statistics for the listed countries, significant disparities are evident. The United States and Australia demonstrate high GNI per capita figures, indicating strong economic performance and high standards of living. Canada and New Zealand also show robust figures, pointing towards prosperous economies. In contrast, India and Brazil have much lower GNI per capita values, reflecting less developed economies and lower income levels. China, although progressing, still lags behind the more developed nations. South Africa and the Russian Federation fall in between, showcasing moderate economic development. While higher GNI per capita signifies economic strength and prosperity, it may also highlight income inequality within a country or region. Moreover, reliance on GNI per capita alone may overlook other socio-economic factors crucial for holistic development.
Russia v Ukraine
In terms of GNI per capita, the Russian Federation has a value of $10,750 while Ukraine has a value of $3,570. This indicates a significant disparity in economic prosperity between the two countries. The Russian Federation enjoys the advantage of a higher GNI per capita, suggesting a stronger overall economic performance and higher standard of living compared to Ukraine. On the other hand, Ukraine lags behind in this statistic, indicating potential challenges in economic development and income distribution. The impact of this statistic is crucial as it influences the countries' ability to invest in infrastructure, healthcare, and education, ultimately shaping their long-term development trajectories.
France v United Kingdom
France and the United Kingdom have GNI per capita values of $39,250 and $38,750 respectively. France exhibits a slightly higher GNI per capita compared to the United Kingdom, indicating a slightly higher average income per person. This suggests that France may have a marginally more prosperous economy in terms of individual wealth. However, the United Kingdom is known for its global financial hub in London, potentially indicating a strong financial sector. Higher GNI per capita generally implies greater economic stability, infrastructure development, and higher standards of living, with France possibly having a slight edge in these aspects over the United Kingdom.
Israel v Iran
Iran has a GNI per capita of $3,270, while Israel has a significantly higher GNI per capita of $43,120. This indicates a substantial economic disparity between the two countries. Iran's lower GNI per capita suggests lower average income levels and potentially limited economic development compared to Israel. However, Iran's lower cost of living may be an advantage for its citizens, offsetting some of the economic challenges. In contrast, Israel's higher GNI per capita reflects greater economic prosperity and higher living standards but may also indicate higher costs of living and potential income inequality. The GNI per capita statistic highlights the economic differences between Iran and Israel, influencing their development trajectories and providing insight into their respective economic strengths and challenges.
Saudi Arabia v Iran
Iran has a GNI per capita of $3,270, significantly lower than Saudi Arabia's $22,430. This discrepancy reflects the vast disparity in economic prosperity between the two nations. While Iran faces economic challenges due to sanctions and internal issues, Saudi Arabia benefits from its oil-rich economy. Iran's lower GNI per capita indicates lower average income levels and potential limitations in social welfare programs. In contrast, Saudi Arabia's higher GNI per capita signifies greater wealth and resources for development initiatives. This statistic underscores the importance of economic diversification for Iran and highlights Saudi Arabia's reliance on oil revenues for its economic stability.
India v Pakistan
India has a GNI per capita of $1900, whereas Pakistan has a GNI per capita of $1420. India's higher GNI per capita suggests a relatively higher economic output per person compared to Pakistan. This could indicate a higher standard of living, better infrastructure, and more economic opportunities in India. However, despite the higher GNI per capita, India also faces challenges such as economic inequality, poverty, and infrastructural disparities. On the other hand, Pakistan's lower GNI per capita may reflect lower economic development and possibly limited access to resources and opportunities for its population. This statistic highlights the need for both countries to focus on sustainable economic growth, reducing income disparities, and improving living standards for their citizens.
Turkey v Greece
In terms of GNI per capita, Greece has a higher value at $17,920 compared to Turkey's $9,160. This indicates that Greece has a stronger economic output per individual compared to Turkey. For Greece, a higher GNI per capita suggests a relatively higher standard of living and greater economic prosperity, potentially leading to better infrastructure and public services. However, this could also point to income inequality issues or a reliance on sectors that contribute significantly to the GNI. Turkey's lower GNI per capita may indicate a need for further economic development to enhance living standards and address income disparities, but it could also signify more affordability of goods and services. Overall, the GNI per capita statistic highlights the economic disparities and development priorities between Greece and Turkey.
China v Japan
China, People's Republic of, has a GNI per capita of $10,520 while Japan has a GNI per capita of $40,940. This indicates a significant disparity in economic performance between the two countries, with Japan having a much higher GNI per capita compared to China. The advantage for Japan lies in its more developed and diverse economy, leading to higher income levels for its citizens. However, this also comes with the disadvantage of higher living costs and potential wealth inequality. On the other hand, China's lower GNI per capita reflects its ongoing development and rapid economic growth, offering advantages like lower costs of living but also facing challenges such as income disparity and environmental issues. This statistic's impact on the countries' development is crucial as it influences standards of living, social welfare programs, and overall economic progress, shaping the opportunities available to their populations differently.
FAQs
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Which country has the most GNI per capita?
Answer: Switzerland has the highest GNI per capita at $81,740. -
Which country has the least GNI per capita?
Answer: Burundi has the lowest GNI per capita at $220. -
What is the average GNI per capita among the listed countries?
Answer: The average GNI per capita among the listed countries is $13,607.65.