Despite countries like the U.S., China, India, or Germany often dominating economic rankings, the United States is the only top 10 economy to appear near the top of rankings for GDP per capita.This graphic compares countries and territories with the highest GDP per capita in 2024 to those in 2014, based on data from the International Monetary Fund.All figures are in international dollars and are adjusted based on purchasing power parity (PPP).
Understanding the Difference: GDP vs. GDP per Capita
GDP measures the total economic output of a country or region, while GDP per capita divides that output by the population, indicating the average economic output per person.When the population factor is considered, lesser-known countries or territories with smaller populations but significant wealth appear at the top positions.In third place in 2014, Luxembourg now ranks at the top with a GDP of $144,000 per person for a population of 669,000. This small, landlocked country in Western Europe is known for its strong financial sector, which accounts for 25% of its GDP, and is considered a top tax haven.
Macao takes second place in 2024 and is also ranked among the world’s top tax havens.Only two countries or territories among the top 14 in 2024 have populations exceeding 10 million people.Ireland, Guyana, Denmark, and Taiwan have joined the list since 2014, while Kuwait, Saudi Arabia, Andorra, and Hong Kong have left.More By This Author:Visualizing The S&P 500’s Domestic And Foreign Revenues
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