Published by Dec 7, 2023
The statistic shows the 20 countries with the largest gross domestic product (GDP) per capita in 2022. In 2022, Belgium ranked 19th with an estimated GDP of about 49,843.16 U.S. dollars per capita.
GDP per capita
Gross domestic product (GDP) is a strong indicator of a country’s economic performance and strength. It is measured by the added value of all final goods and services produced in a country during a specific time period or by adding every person’s income during that time period. Gross domestic product per capita is sometimes used to describe the standard of living of a population, with a higher GDP meaning a higher standard of living.
In 2014, Luxembourg, Norway, Qatar, and Switzerland reported the highest gross domestic product per capita worldwide, as can be seen in this statistic. It is estimated that gross domestic product per capita in the United States in 2020 will amount to around 58 thousand U.S. dollars, half of what Luxembourg is currently reporting. Since GDP per capita is calculated per inhabitant (hence the name), this is actually a positive sign of economic development, since it means an increase of almost 4,000 U.S. dollars. Despite the large gross domestic product in the United States, the United States had one of the highest unemployment rates amongst major industrial and emerging countries in 2013, with over 7.3 percent - the fourth highest in comparison to other major industrial and emerging countries.
The nation in the world with the second largest gross domestic product per capita is Norway. Norway’s economy has shown great signs of strength over the last few years. Over the past decade, Norway’s GDP per capita increased by more than 43 thousand U.S. dollars alone, almost doubling its amount. All in all, Norway's economy is one of the most stable and promising worldwide.
The 20 countries with the largest gross domestic product (GDP) per capita in 2022 (in U.S. dollars)
| Characteristic | GDP per capita in U.S. dollars |
|---|---|
| Luxembourg | 126,598.1 |
| Norway | 105,825.93 |
| Ireland | 103,311.01 |
| Switzerland | 93,657.23 |
| Qatar | 83,521 |
| Singapore | 82,807.65 |
| United States | 76,343.25 |
| Iceland | 74,590.51 |
| Denmark | 68,294.91 |
| Australia | 64,813.85 |
| Netherlands | 57,427.76 |
| Sweden | 56,188.32 |
| Canada | 55,036.52 |
| Israel | 54,336.84 |
| San Marino | 52,447.43 |
| Austria | 52,191.77 |
| United Arab Emirates | 51,399.96 |
| Finland | 51,029.52 |
| Belgium | 49,843.16 |
| Germany | 48,756.31 |
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Embed this statistic (FAQ)
As an expert in economics and global economic indicators, I bring a wealth of knowledge to the table. My expertise is grounded in a comprehensive understanding of economic theories, statistical methodologies, and a keen awareness of global economic trends. I have extensively studied and analyzed data on gross domestic product (GDP) and GDP per capita, recognizing these metrics as crucial indicators of a country's economic health.
The provided article, published by Aaron O'Neill on December 7, 2023, presents a snapshot of the 20 countries with the largest GDP per capita in 2022. The GDP per capita figure represents the total economic output of a nation per individual, offering insights into the standard of living and economic well-being of its citizens.
Let's break down the key concepts mentioned in the article:
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Gross Domestic Product (GDP):
- Definition: GDP is a comprehensive measure of a country's economic performance, representing the total value of all goods and services produced within its borders during a specific time period.
- Application: GDP is a crucial metric for assessing the overall economic health and productivity of a nation.
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GDP per Capita:
- Definition: GDP per capita is the GDP divided by the total population of a country, providing an average measure of economic output per person.
- Significance: GDP per capita is often used to gauge the standard of living, with a higher value indicating a higher level of prosperity for the average citizen.
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Top 20 Countries with the Largest GDP per Capita in 2022:
- The article presents a table and a column chart listing the 20 countries with the highest GDP per capita in 2022, measured in U.S. dollars.
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Characteristics of the Top Countries:
- Luxembourg tops the list with a GDP per capita of $126,598.1, followed by Norway, Ireland, Switzerland, and Qatar.
- The United States is ranked 6th with a GDP per capita of $76,343.25.
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Interpretation of GDP per Capita Data:
- The article highlights the significance of GDP per capita in assessing a population's standard of living. It notes that higher GDP per capita generally correlates with a higher standard of living.
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Case Study - Norway:
- The article delves into the economic performance of Norway, pointing out a significant increase in its GDP per capita over the past decade, reflecting the country's economic stability and promise.
In conclusion, this article provides valuable insights into the economic landscape of various nations based on GDP per capita, emphasizing the importance of this metric in understanding the well-being of a population. It is a testament to the dynamic nature of global economies and the ongoing efforts of countries to achieve and maintain economic stability and growth.
