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UID: EC-20240819-WORLD-02, EC-20240819-WORLD-01
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Gross domestic product (GDP) per capita is a crucial economic indicator that represents the average economic output per person in a given country or region. It is calculated by dividing the total GDP by the population size. This metric is often used to compare the economic performance of different countries and assess the relative prosperity of their citizens. Two commonly used versions of this indicator are GDP per capita at current prices and GDP per capita adjusted for purchasing power parity (PPP). GDP per capita at current prices reflects the total economic output of a country divided by its population, using the market prices of goods and services at the time of measurement. This metric provides a snapshot of the economic activity within a country without adjusting for inflation or differences in the cost of living across regions. Global GDP per capita at current prices (PPP) provides a measure of the average economic output per person, adjusted for the differences in the cost of living between countries. This adjustment allows for a more accurate comparison of living standards and economic productivity across different nations.
The 2024 GDP per capita figures reveal fascinating patterns in global wealth distribution and economic prosperity among nations. Luxembourg leads globally with an exceptional GDP per capita of $131,380, significantly ahead of other nations, reflecting its status as a major financial hub, its strategic location in Europe, and its small population combined with robust financial services sector and high-value industries.
Ireland and Switzerland follow closely with GDP per capita of $106,060 and $105,670 respectively. Ireland’s high ranking can be attributed to its successful attraction of multinational corporations, favorable corporate tax policies, and strong technology sector. Switzerland’s position reflects its long-standing reputation for financial services, high-value manufacturing, and political stability.
The Nordic countries show strong representation with Norway ($94,660) and Denmark ($68,900) in the top ranks, demonstrating the success of the Nordic economic model that combines free-market capitalism with strong social welfare systems. Norway’s particularly high position is bolstered by its well-managed oil wealth and sovereign wealth fund.
Asian economic powerhouses are represented by Singapore ($88,450), Qatar ($81,400), and Macao SAR ($78,960). Singapore’s high ranking reflects its success as a global financial center and trading hub, while Qatar’s position is supported by its vast natural gas wealth and small population. Macao’s presence is largely due to its gaming industry and tourism sector, though this figure may reflect some recovery from previous COVID-19 impacts.
The United States ranks sixth with $85,370 per capita, showing strong economic performance for a large, diverse economy. Iceland’s presence ($84,590) demonstrates how smaller populations with well-managed resources and diverse economies can achieve high living standards. Australia rounds out the list at $66,590, reflecting its robust resource-based economy and strong services sector.
Notably, this list is dominated by smaller nations with populations under 10 million (except for the US), suggesting that smaller countries with specialized economies, strong financial sectors, or valuable natural resources can achieve higher per capita wealth levels than larger, more diverse economies. The presence of multiple European nations also indicates the continued economic strength of the European region in terms of individual prosperity.
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