What is the GNI per capita of the USA?
U.S. gni per capita for 2021 was $70,930, a 9.71% increase from 2020. U.S. gni per capita for 2020 was $64,650, a 2.24% decline from 2019. U.S. gni per capita for 2019 was $66,130, a 4.21% increase from 2018.
The income groupings use GNI per capita (in U.S. dollars, converted from local currency using the Atlas method) since they follow the same methodology used by the World Bank when determining it's operational lending policy.
For the current 2023 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,085 or less in 2021; lower middle-income economies are those with a GNI per capita between $1,086 and $4,255; upper middle-income economies are those with a GNI per ...
GNI in U.S. dollars (Atlas method) for year t is calculated by applying the Atlas conversion factor to a country's GNI in current prices (local currency) as follows: The resulting GNI in U.S. dollars can then be divided by a country's midyear population to derive GNI per capita (Atlas method).
Top 10 Countries with the Highest Gross National Product (United Nations 2020 GNI, current US$): United States — $21.29 trillion. China — $14.62 trillion. Japan — $5.16 trillion.
What Is GNI per Capita? GNI per capita is a way to look at the country's income divided by its population, and it is the clearest way to compare income per person in a country.
Gross National Income (GNI) is the total amount of money earned by a nation's people and businesses. It is used to measure and track a nation's wealth from year to year. The number includes the nation's gross domestic product (GDP) plus the income it receives from overseas sources.
GDP is a misleading measure of national wealth and wellbeing. Many key goods, including peacefulness, environmental protection or family bonding, are not measured in GDP because they do not involve transactions.
The major strength of GNI as an economic metric is the fact it recognizes all income that goes into a national economy, regardless of whether it is earned within the country or overseas.
Purchasing Power Parity figures for GNI per capita factor in the cost of living which is useful as it gives you more of an idea of the actual standard of living in that country for the average person.
Why is GNI per capita not a good measure of development?
GNI per capita – this measure only shows economic development and says nothing about whether people in a country have a good quality of life . It is also an average and so it hides information about people who are very rich or very poor.
Norway is the top country by real GNI per capita in the world. As of 2021, real GNI per capita in Norway was 83,229 US dollars. The top 5 countries also includes Luxembourg, Ireland, the United States of America, and Australia.
GNP is commonly calculated by taking the sum of personal consumption expenditures, private domestic investment, government expenditure, net exports, and any income earned by residents from overseas investments, then subtracting income earned by foreign residents.
GNI stands for Gross National Income of a nation. GNI = GDP produced by nationals (citizens of the country in which they were born) whether or not they live in the country. GNI = GDP + income received from other countries minus income flowing out of the country.
GNI per capita is gross national income divided by midyear population. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.
- Burundi — 240.
- Somalia — 450.
- Mozambique — 480.
- Madagascar — 500.
- Afghanistan — 500.
- Sierra Leone — 510.
- Central African Republic — 530.
- DR Congo — 580.
U.S. gni for 2021 was $23,539.92B, a 9.83% increase from 2020. U.S. gni for 2020 was $21,432.32B, a 1.29% decline from 2019. U.S. gni for 2019 was $21,713.40B, a 4.69% increase from 2018. U.S. gni for 2018 was $20,739.77B, a 7.71% increase from 2017.
These are per capita Gross National Income (GNI) and Net National Income (NNI). Whereas GDP refers to the income generated by production activities on the economic territory of the country, GNI measures the income generated by the residents of a country, whether earned in the domestic territory or abroad.
These taxes and subsidies are quite small relative to the total, so GNI and GDP are more or less the same, but GNI gives a more precise picture of the national economy.
GDP is an indicator of a society's standard of living, but it is only a rough indicator because it does not directly account for leisure, environmental quality, levels of health and education, activities conducted outside the market, changes in inequality of income, increases in variety, increases in technology, or the ...
What are the strengths of GNI?
GNI per capita will tell you exactly how much income a person gets on average, this makes it more accurate. Figures are more easily obtainable than measurements for HDI and can be compared on a yearly basis as the population and national income is usually released by governments on a yearly basis.
Why GNI matters: Pros & Cons. GNI measures and tracks a country's wealth from year to year, regardless of where it was obtained. You can divide it by the total population (we call it GNI per capita), which shows the country's average pre-tax income.
GDP per capita is an important indicator of economic performance and a useful unit to make cross-country comparisons of average living standards and economic wellbeing. However, GDP per capita is not a measure of personal income and using it for cross-country comparisons also has some known weaknesses.
It represents the value produced by a country's economy in a given year, regardless of whether the source of the value created is domestic production or receipts from overseas. A country's GNI will differ significantly from its GDP if the country has large income receipts or outlays from abroad.
The global middle-income range translates to an annual income of $14,600 to $29,200 for a family of four. The U.S. stands head and shoulders above the rest of the world.
- Afghanistan.
- Bangladesh.
- Benin.
- Burkina Faso.
- Burundi.
- Central African Republic.
- Chad.
- Comoros.
Tracking gross domestic product is important because it provides a general assessment of the state of a country's economy. Generally, if the GDP is growing, companies are expanding and there are more jobs available.
The GNI per capita is the dollar value of a country's final income in a year, divided by its population. It should be reflecting the average before tax income of a country's citizens.
Lower middle-income countries have a GNI per capita between $1,026 and $3,995. Upper middle-income countries have GNI per capita between $3,996 and $12,375. Finally, high-income countries have a GNI per capita of $12,376 or more.
Definition: Gross National Income (GNI) per capita is the dollar value of a country's final income in a year divided by its population using Atlas methodology.
Which country has the highest GNI per capita?
Norway is the top country by real GNI per capita in the world. As of 2021, real GNI per capita in Norway was 83,229 US dollars. The top 5 countries also includes Luxembourg, Ireland, the United States of America, and Australia.
| Rank | Country | Year |
|---|---|---|
| — | Bermuda (UK) | 2021 |
| 1 | Liechtenstein | 2009 |
| 2 | Switzerland | 2021 |
| 3 | Luxembourg | 2021 |
Singapore is the top country by GNI per capita based on PPP in the world. As of 2021, GNI per capita based on PPP in Singapore was 102,450 international dollars. The top 5 countries also includes Qatar, Norway, Ireland, and Switzerland.
- Singapore — 102,450.
- Qatar — 92,080.
- Bermuda — 87,340.
- Luxembourg — 83,230.
- Norway — 82,840.
- Ireland — 79,450.
- Switzerland — 75,860.
- Macau (China SAR) — 72,260.
GNI is a helpful metric to consider simply by virtue of the fact it provides an alternative perspective to that provided by GDP and can, therefore, aid analysts in obtaining a more complete picture of total economic activity.
Gross national income (GNI) is defined as gross domestic product, plus net receipts from abroad of compensation of employees, property income and net taxes less subsidies on production.
For example, in a country in which many foreign businesses operate, GNI is much smaller than GDP, because the foreign businesses' profits that are repatriated to the country of origin are counted against the country's GNI but not against its GDP.
These taxes and subsidies are quite small relative to the total, so GNI and GDP are more or less the same, but GNI gives a more precise picture of the national economy. In summary then, Gross National Product (GNP) is: GDP. Plus factor income received from abroad.
The country plays an active role in international organisations such as the United Nations and the Organization of American States (OAS). The World Bank classifies Mexico as an upper-middle-income country.
With a GDP of 23.32 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021. It is followed by China in second place with a GDP of 17.73 trillion dollars.
What country has the best income?
The worldwide highest income is earned in Monaco. The smallest budget per capita exists in Afghanistan. In our comparison over 69 countries, the USA comes 7th with an average income of 70,930 USD. The average income is calculated by gross national income and population.
It is the world's second-largest developed economy. Japan is a member of both the G7 and G20. According to the World Bank, the country's per capita GDP (PPP) was at $49,000 (2022). Due to a volatile currency exchange rate, Japan's GDP as measured in dollars fluctuates sharply.