Readers Question: Is Real GDP per head a better indicator of living standards compared to growth of Real GDP? Why?
Real GDP per capita shows the average income of a country. If Liechtenstein has 0% growth of Real GDP in 2008, average incomes will reamin $118,000.
A country like India may have GDP per head of $2,800, with Real GDP Growth of 6% meaning next year GDP per capita will be around $3,000. But India’s average living standards are going to be still much lower than Liechtenstein with 0% growth. Economic growth just measures how living standards are changing.
List of Countries by GDP per Capita.
If you look at these countries, the top 30 are dominated by small countries with low tax rates. These tax havens encourage rich people to live there so they can avoid paying taxes, but, the countries produce little. Note: Iceland’s figures have taken a real battering since their crisis of 2008.
- Liechtenstein $ 118,000 2007 est.
- Qatar $ 103,500 2008 est.
- Luxembourg $ 81,100 2008 est.
- Bermuda $ 69,900 2004 est.
- Kuwait $ 57,400 2008 est.
- Jersey $ 57,000 2005 est.
- Norway $ 55,200 2008 est.
- Brunei $ 53,100 2008 est.
- Singapore $ 52,000 2008 est.
- United States $ 47,000 2008 est.
- Ireland $ 46,200 2008 est.
- Guernsey $ 44,600 2005
- Cayman Islands $ 43,800 2004 est.
- Hong Kong $ 43,800 2008 est.
- Andorra $ 42,500 2007
- San Marino $ 41,900 2007
- Switzerland $ 40,900 2008 est.
- Netherlands $ 40,300 2008 est.
- United Arab Emirates $ 40,000 2008 est.
- Iceland $ 39,900 2008 est.
- Canada $ 39,300 2008 est.
- Austria $ 39,200 2008 est.
- Sweden $ 38,500 2008 est.
- British Virgin Islands $ 38,500 2004 est.
- Gibraltar $ 38,200 2005 est.
- Australia $ 38,100 2008 est.
- Belgium $ 37,500 2008 est.
- Denmark $ 37,400 2008 est.
- Bahrain $ 37,200 2008 est.
- Finland $ 37,200 2008 est.
- United Kingdom $ 36,600 2008 est.
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