Economy

This Tiny Country Has The Highest Per Capita Income In The World

Douglas A. McIntyre

Published: November 28, 2020 7:28 am

“Gross domestic product”. It is the monetary measure of the goods and services produced by a nation, usually based on a measure of one year. It is often measured as “PPP” (purchasing power parity), calculated with the use of exchange rates to give the sum value of all goods and services produced in the country valued at prices prevailing in the United States. “Per capita”. How much of the figure is calculated for each person in a country?

The richest country in the world, based on this measure is Luxembourg, at $112,875 according to the IMF. The U.S. ranks seventh at $63,051. Between the two are Singapore at $95,603, Qatar at $91,897, Ireland at $89,383, Switzerland at $68,340, and Norway at $64,856.

Luxembourg ranks 169th among the world’s nations based on population at 615,729. It is bordered by the west by Germany and the south by France. The nation was founded in 963. It was one of the first six countries in the EU.

Luxembourg is a constitutional monarchy. The current head of state is Grand Duke HENRI.

Because of favorable laws, much of the world’s financial industry does business in the country.

According to the CIA Factbook, recently:

The government focused on key innovative industries that showed promise for supporting economic growth: logistics, information and communications technology (ICT); health technologies, including biotechnology and biomedical research; clean energy technologies, and more recently, space technology and financial services technologies.

Because of this government support of industries with relatively expensive products and services, its place at the top of the “per capita income” list is not likely to change soon.