List_of_countries_by_GDP_per_capita_(nominal)

List of countries by GDP (nominal) per capita

List of countries by GDP (nominal) per capita

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The figures presented here do not take into account differences in the cost of living in different countries, and the results vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Such fluctuations change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.

Not to be confused with List of countries by GDP (PPP) per capita.
Countries or territories by GDP (nominal) per capita in 2023
  >$60,000
  $50,000 - $60,000
  $40,000 - $50,000
  $30,000 - $40,000
  $20,000 - $30,000
  $10,000 - $20,000
  $5,000 - $10,000
  $2,500 - $5,000
  $1,000 - $2,500
  $500 - $1,000
  <$500
  No data

GDP per capita is often considered an indicator of a country's standard of living;[1][2] however, this is inaccurate because GDP per capita is not a measure of personal income.

Comparisons of national income are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. (see List of countries by GDP (PPP) per capita). PPP largely removes the exchange rate problem but not others; it does not reflect the value of economic output in international trade, and it also requires more estimation than GDP per capita. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.

Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition are included in the list in cases in which they appear in the sources. These economies are not ranked in the charts here (except Kosovo and Taiwan), but are listed in sequence by GDP for comparison. In addition, non-sovereign entities are marked in italics.

Four UN members (Cuba, Liechtenstein, Monaco and North Korea) do not belong to the IMF hence their economies are not ranked below. Kosovo, despite not being a member of the United Nations, is a member of IMF. Taiwan is not a IMF member but it is still listed in the official IMF indices.

Note that several leading GDP-per-capita (nominal) jurisdictions may be considered tax havens, and their GDP data subject to material distortion by tax-planning activities. Examples include Bermuda, the Cayman Islands, Ireland and Luxembourg.[3]

All data are in current United States dollars. Historical data can be found here.

Table

The table initially ranks each country or territory by its IMF estimate, and can be reranked by any of the sources.

More information Country/Territory, UN Region ...

Notes:

Distorted GDP-per-capita for tax havens

Main articles: Corporate haven § GDP-per-capita tax haven proxy, and Corporate haven § Distorted GDP/GNP

Many of the leading GDP-per-capita (nominal) jurisdictions are tax havens whose economic data is artificially inflated by tax-driven corporate accounting entries.

For instance, the Irish GDP data above is subject to material distortion by the tax planning activities of foreign multinationals in Ireland. To address this, in 2017 the Central Bank of Ireland created "modified GNI" (or GNI*) as a more appropriate statistic, and the OECD and IMF have adopted it for Ireland. 2015 Irish GDP is 143% of 2015 Irish GNI*.

A stunning $12 trillion—almost 40 percent of all foreign direct investment positions globally—is completely artificial: it consists of financial investment passing through empty corporate shells with no real activity. These investments in empty corporate shells almost always pass through well-known tax havens. The eight major pass-through economies—the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore—host more than 85 percent of the world’s investment in special purpose entities, which are often set up for tax reasons.

— "Piercing the Veil", International Monetary Fund, June 2018[9]

Further discussion on this topic can be found in the List of countries by GDP (PPP) per capita article.

See also

Notes

  1. [n 1]
    The European Union is included because it is far more than a free trade association such as ASEAN, NAFTA, or Mercosur. It has certain attributes associated with independent countries: its own flag, anthem, currency (for some members), parliament and other law-making abilities, as well as diplomatic representation and a common foreign and security policy when dealing with external partners. However, because the EU is an organization and not a sovereign state, it does not receive a ranking in this list.
  2. [n 2]
    Data are for the area controlled by the Government of the Republic of Cyprus.
  3. [n 3]
    The name used by the IMF is the "Taiwan Province of China".
  4. [n 4]
    Figures for China exclude Taiwan, and the special administrative regions of Hong Kong and Macau.
  5. [n 5]
    Figures exclude special administrative regions of Hong Kong and Macau.
  6. [n 6]
    Excludes Abkhazia and South Ossetia.
  7. [n 7]
    Excludes data for Transnistria.
  8. [n 8]
    Figures exclude the Republic of Crimea and Sevastopol.
  9. [n 9]
    The name used by the IMF and World Bank is the "West Bank and Gaza"
  10. [N 10]
    The name used by the UN is the "State of Palestine".
  11. [N 11]
    The UN figure excludes autonomous region of Zanzibar.

References

  1. [1]
    O'Sullivan, Arthur
  2. [2]
    French President seeks alternatives to GDP, The Guardian 14-09-2009.
    "European Parliament, Policy Department Economic and Scientific Policy: Beyond GDP Study" (PDF). (1.47 MB)
  3. [3]
    Richard Phillips; Matt Gardner; Alexandria Robins; Michelle Surka (2017). "Offshore Shell Games 2017" (PDF). Institute on Taxation and Economic Policy.
  4. [4]
    "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. 16 April 2024. Retrieved 16 April 2024.
  5. [5]
    "IMF DataMapper / Datasets / World Economic Outlook (October 2023) / GDP per capita, current prices / List (2024) - Analytical group: European Union, World". IMF.org. International Monetary Fund. 16 April 2024. Retrieved 16 April 2024.
  6. [6]
    "GDP per capita (current US$)". World Development Indicators. The World Bank. Retrieved 14 January 2023.
  7. [7]
    , (Select all countries, "GDP, Per Capita GDP - US Dollars", and "2021" to generate the table), United Nations Statistics Division. Access date: 12 February 2023.
  8. [8]
    United Nations Statistics Division - National Accounts - Basic Data Selection, unstats.un.org. Manually select the 27 member states, the latest available year (2020) and the parameter "GDP, Per Capita GDP - US Dollars", then press "Send request" to generate the table. Export the table as an Excel file ("Export to .xlsx" button), where you can use the Average formula to determine the GDP per capita at EU level. United Nations. Retrieved 17 November 2022.
  9. [9]
    "Piercing the Veil, FINANCE & DEVELOPMENT, JUNE 2018, VOL. 55, NO. 2". IMF Finance & Development. June 2018.
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