Real GDP per Capita by Country 2024

GDP per capita is a key indicator that measures the average economic output per person in a country. To calculate it, the Gross Domestic Product (GDP) is divided by the population, giving a sense of the economic performance at an individual level. When this is adjusted for purchasing power parity (PPP), it helps provide a more accurate comparison of living standards and the cost of goods and services between countries. This metric reflects the average person’s share of a country’s total economic output, making it a critical measure of economic prosperity.

Real GDP per capita, measured in PPP terms, removes the effects of inflation and adjusts for differences in price levels between countries, allowing for a more meaningful comparison. The higher the GDP per capita (PPP), the wealthier the citizens of a country are considered to be, on average. By examining this data globally, we can see sharp contrasts between affluent nations and those with much lower economic output.

Top 10 Countries with the Highest GDP per Capita

1. Luxembourg: $132,400
2. Singapore: $127,500
3. Monaco: $115,700
4. Ireland: $115,600
5. Qatar: $113,200
6. Macau: $102,000
7. Bermuda: $99,800
8. Norway: $90,500
9. Isle of Man: $84,600
10. Switzerland: $82,900

These top 10 countries with the highest GDP per capita represent some of the most economically prosperous and stable regions in the world. Luxembourg leads the list, known for its finance and banking industries, followed closely by Singapore, a hub for global commerce and trade. Monaco, despite its small size, owes its wealth to its status as a tax haven and luxury tourism destination. Ireland and Qatar round out the top five, with their strong tech and energy sectors driving their high rankings.

Interestingly, several of these countries—like Bermuda, Macau, and the Isle of Man—are small territories with specialized economies, often driven by financial services or tourism. Their small populations and high-value industries result in very high GDP per capita figures. On the other hand, nations like Norway and Switzerland benefit from robust and diversified economies that include energy, finance, and advanced technology sectors.

Top 10 Countries with the Lowest GDP per Capita

1. Burundi: $900
2. Central African Republic: $1,000
3. Mozambique: $1,500
4. DR Congo: $1,500
5. Somalia: $1,500
6. Liberia: $1,600
7. South Sudan: $1,600
8. Eritrea: $1,600
9. Niger: $1,600
10. Malawi: $1,700

The countries with the lowest GDP per capita are mainly concentrated in sub-Saharan Africa. Burundi and the Central African Republic are at the bottom, with GDP per capita below $1,000, indicative of deep economic challenges and widespread poverty. Many of these nations face persistent struggles with political instability, conflict, and underdeveloped infrastructure, which hinder economic growth.

The economies of these countries are often heavily reliant on subsistence agriculture and lack access to robust trade networks or industrialization. Factors such as lack of education, healthcare, and stable governance continue to limit these nations’ ability to raise their GDP per capita. The disparity between these countries and those in the top 10 reflects the significant global inequality in wealth distribution.

Global GDP per Capita Distribution and Trends Over Time

Global GDP per capita has seen considerable growth over the last few decades, especially in developing regions like Asia. Countries such as China and India have experienced rapid economic expansion, improving their GDP per capita significantly, albeit starting from a lower base. This global trend is driven by technological advancements, globalization, and the increasing importance of services and industries like information technology and finance.

However, the gap between the wealthiest nations and the poorest remains substantial. While high-income countries continue to advance in productivity and innovation, low-income countries, especially in Africa and parts of South Asia, struggle to catch up. This uneven distribution of wealth across countries and regions is a major concern in global development efforts, as raising the standard of living in less prosperous nations remains a critical challenge.

Full Table [Source: CIA Data 2023 est.]

FAQs

• Which country has the highest real GDP per capita?
  • Luxembourg, with $132,400.

• Which country has the lowest GDP per capita?
  • Burundi, with $900

Source

• CIA, The World Factbook – Real GDP per capita