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GDP Per Capita: Definition, Formula, Highest, Lowest,

GDP Per Capita with its Formula and Country Comparisons

Why the World's Largest Economies Aren't the Richest

•••

BY

Updated March 09, 2018

GDP

divides the country's

measurement of a country's

is a measure of a country's economic output that accounts for its number of people. It

by its total population. That makes it the best

. It tells you how prosperous a country feels to each of

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GDP Per Capita: Definition, Formula, Highest, Lowest,

use regular, “nominal” GDP divided by the

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GDP Per Capita: Definition, Formula, Highest, Lowest,

parity

goods. It's a complicated formula that values a country's currency by what it can buy in that country,

not just by its value as measured by its

power parity GDP in the

. You can nd every country’s purchasing

If you want to compare GDP per capita over time, then you must use

. That

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GDP Per Capita: Definition, Formula, Highest, Lowest,

 U.S. GDP prosperous is it has so many people. It's the third most populous country after and India .

The United States must spread its wealth among 327 million people. As a result, the U.S. GDP per capita is \$59,500. That makes it the 18th most prosperous country per person.

China has the

, producing \$23.12 trillion in 2017. But its GDP per capita was

3/30/2018

GDP Per Capita: Definition, Formula, Highest, Lowest,

It's the most populous country in the world, with 1.38 billion people.

The

is the world's second most prosperous economy, at \$19.97 trillion. It's an

3/30/2018

GDP Per Capita: Definition, Formula, Highest, Lowest,

Ten Highest GDP per Capita (2017)

The countries with the highest economic production per person have thriving economies and few residents. The top 10 GDP/capita are:

1.

2.

Liechtenstein – \$139,100 (2009 estimate)

GDP Per Capita with its Formula and Country Comparisons

3. Monaco – \$115,700 (2015 estimate)

4. Macau - \$114,400

5. Luxembourg – \$109,100

6. Falkland Islands - \$96,200 (2012 estimate)

7. Singapore – \$90,500

8. Bermuda – \$85,700 (2013 estimate)

 9 Isle of Man – \$84,600 (2014 estimate) 10 Brunei – \$76,700

Two of the top 10 (Qatar and Brunei) are oil exporters with small populations. These countries were

fortunate enough to have a large, abundant

that is not labor intensive to develop.

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GDP Per Capita: Definition, Formula, Highest, Lowest,

3/30/2018

GDP Per Capita: Definition, Formula, Highest, Lowest,

The Ten Poorest Countries per Capita (2017)

The world's poorest countries, according to GDP per capita, are:

1. Comoros – \$1,600

2. South Sudan – \$1,500

3. Mozambique – \$1,300

4. Niger – \$1,200

5. Malawi – \$1,200

6. Tokelau – \$1,000 (1993 estimate)

7. Liberia – \$900

8. Democratic Republic of the Congo – \$800

9. Burundi – \$800

10. Central African Republic – \$700

Nine of the world's poorest countries are in Africa. There are many theories as to why African countries are so poor. One of the most credible is simply because of their size.

Small countries cannot build

. Unlike U.S. companies, they don’t have a large

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GDP Per Capita: Definition, Formula, Highest, Lowest,

Second, many African countries are landlocked, meaning they have no port. They must rely on neighboring countries to get their goods to market. That increases their cost, making their prices less competitive.

Only one of the world's poorest countries is outside of Africa. That's Tokoleau, an island in the South Paci c that's just three villages. It's supported by New Zealand.

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GDP Per Capita: Definition, Formula, Highest, Lowest,

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GDP Per Capita: Definition, Formula, Highest, Lowest,