Nations with highest per capita income

Liechtenstein

Strange, as it might seem, the World Bank ranks nations, sometimes without giving their actual per capita income. No explanation is given by the World Bank, other than a footnote that says: �2007 data not available; ranking is approximate.’ However, information gleaned from other sources bears out the World Bank ranking. So the nation with the highest per capita income in the world is Liechtenstein, a small country bordering Switzerland and Austria. Liechtenstein’s per capita income is about $80,000 per annum. The principality has an industrialized economy, with banking and financial services being the mainstay. Tourism too is a major revenue earner for the nation. The personal income tax rates in Liechtenstein too are exceedingly low: basic income tax rate is 1.2 per cent on income up to 200,000 Swiss Francs, and maximum is 5 per cent on income over 2 million Swiss Francs a year.

Bermuda

Bermuda is tourist’s delight, located in the North Atlantic Ocean. Bermuda’s per capita income is almost 50 per cent more than that of the United States. The tiny island nation’s per capita income stands at just above $78,000. It has the second highest PCI in the world. Bermuda is a major financial centre and is particularly attractive because of its low taxation rates. Financial services are the nation’s largest industry, followed by tourism.

Norway

Norway’s per capita income stands at $76,450, which is the third highest in the world. Norway has a mixed economy consisting of state-owned businesses and a robust free market. It’s a high developed and industrialized state. Fishing, petroleum, hydel power, minerals contribute heavily to the nation’s GDP.

Luxembourg

Luxembourg’s per capita income is at $75,880. That makes it the world’s fourth highest PCI. Luxembourg is located in Europe and is bordered by Belgium, France, and Germany. The nation has highly developed industrial and financial sectors.

Qatar

The per capita income of Qataris is $60,000, the fifth highest in the world. Qatar is an Arab emirate located in the Persian Gulf. The nation’s economy mainly depends on its huge oil and natural gas reserves. There is no income tax in Qatar.

Switzerland

The Swiss enjoy a financially comfortable life, with a per capita income of $59,880. Switzerland ranks sixth in the World Bank’s per capita income rankings. Switzerland, a truly capitalist economy, has many giant banks and multinational corporations. It also has highly developed industries in sectors like pharmaceuticals, chemicals, machine parts, electronics, precision instruments, banking, tourism, etc. Dairy farming too is an age old industry in Switzerland. It has very low tax rates.

Denmark

Denmark’s per capita income is at $54,910. According to World Bank rankings, it is the world’s seventh highest PCI. Denmark has a highly industrialized economy, with robust agricultural and corporate sectors. Despite being one of the most competitive nations, the nation has a very weak financial regulatory system. Also, its labor laws are very lax and tilted heavily in favour of the employers.

Iceland

At $54,100, the per capita income of Iceland is the world’s eighth highest. Iceland has a very healthy power sector which helps it be a highly industrialized country. Apart from manufacturing, the nation is also taking big strides in the fields of software generation, biotechnology, tourism, and financial services.

Cayman Islands

The per capita income of Cayman Islands is more than $48,140 and less than $54,100, as per World Bank figures. It has the 11th highest PCI in the world. At number 9 is Channel Islands and in the 10th spot is Andorra. The Cayman Islands are situated in the Caribbean Sea. It is a major financial centre and also one of the world’s best known tax havens. The nation’s economic mainstays are tourism and financial services.

Ireland

The Irish have a per capita income of $48,140, ranking them twelfth in the world. Ireland too has made rapid strides in the field of information technology. Construction, apart from agriculture, too is an important part of the Irish economy.

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18 Responses to Nations with highest per capita income

  1. […] Nations with highest per capita incomeStrange, as it might seem, the World Bank ranks nations, sometimes without giving their actual per capita income. No explanation is given by the World Bank, other than a footnote that says: 2007 data not available; … […]

  2. […] Nations with highest per capita incomeLiechtenstein’s per capita income is about $80000 per annum. The principality has an industrialized economy, with banking and financial services being the mainstay. Tourism too is a major revenue earner for the nation. … […]

  3. […] Nations with highest per capita income… in the 10th spot is Andorra. The Cayman Islands are situated in the Caribbean Sea. It is a major financial centre and also one of the world’s best known tax havens. The nation’s economic mainstays are tourism and financial services. … […]

  4. […] Nations with highest per capita incomeLuxembourg’s per capita income is at $75880. That makes it the world’s fourth highest PCI. Luxembourg is located in Europe and is bordered by Belgium, France, and Germany. The nation has highly developed industrial and financial sectors … […]

  5. […] Nations with highest per capita incomeTourism too is a major revenue earner for the nation. The personal income tax rates in Liechtenstein too are exceedingly low: basic income tax rate is 1.2 per cent on income up to 200000 Swiss Francs, and maximum is 5 per cent on income … […]

  6. […] Nations with highest per capita incomeThe per capita income of Qataris is $60000, the fifth highest in the world. Qatar is an Arab emirate located in the Persian Gulf. The nation’s economy mainly depends on its huge oil and natural gas reserves. … […]

  7. […] Nations with highest per capita incomeNorway’s per capita income stands at $76450, which is the third highest in the world. Norway has a mixed economy consisting of state-owned businesses and a robust free market. It’sa high developed and industrialized state. … […]

  8. […] Nations with highest per capita incomeLiechtenstein’s per capita income is about $80000 per annum. The principality has an industrialized economy, with banking and financial services being the mainstay. Tourism too is a major revenue earner for the nation. … […]

  9. […] Nations with highest per capita incomeNorway’s per capita income stands at $76450, which is the third highest in the world. Norway has a mixed economy consisting of state-owned businesses and a robust free market. It’sa high developed and industrialized state. … […]

  10. […] Nations with highest per capita incomeTourism too is a major revenue earner for the nation. The personal income tax rates in Liechtenstein too are exceedingly low: basic income tax rate is 1.2 per cent on income up to 200000 Swiss Francs, and maximum is 5 per cent on income … […]

  11. […] Nations with highest per capita incomeLiechtenstein’s per capita income is about $80000 per annum. The principality has an industrialized economy, with banking and financial services being the mainstay. Tourism too is a major revenue earner for the nation. … […]

  12. […] Nations with highest per capita incomeIt also has highly developed industries in sectors like pharmaceuticals, chemicals, machine parts, electronics, precision instruments, banking, tourism, etc. Dairy farming too is an age old industry in Switzerland. … […]

  13. […] Nations with highest per capita incomeThe per capita income of Qataris is $60000, the fifth highest in the world. Qatar is an Arab emirate located in the Persian Gulf. The nation’s economy mainly depends on its huge oil and natural gas reserves. … […]

  14. […] Nations with highest per capita incomeLuxembourg’s per capita income is at $75880. That makes it the world’s fourth highest PCI. Luxembourg is located in Europe and is bordered by Belgium, France, and Germany. The nation has highly developed industrial and financial sectors … […]

  15. veth says:

    hope i can see a table indicaaating the country with the highest per capaita income and the year where its high.thanks!!!

  16. […] Nations with highest per capita incomeThe per capita income of Qataris is $60000, the fifth highest in the world. Qatar is an Arab emirate located in the Persian Gulf. The nation’s economy mainly depends on its huge oil and natural gas reserves. … […]

  17. Dr Jay says:

    GDP is NOT equivalent to INCOME !!! Although often used as a proxy for income, GDP in this case especially, is more indicative of Liechtenstein’s status as a financial centre; its citizens do not EARN over 100K per capita. Lots of money moves through its banks, which increases GDP but does not necessarily generate an equivalent increase in income (i.e. salaries)…For example, transferring money from country X to Liechtenstein & then immediately out to country Y would increase GDP, but have you added value? Is there an increase in income? Absolutely not.

    So, please be careful in making assertions if you are not familiar enough with how economics works. Remember, economics is NOT an exact science; it is theory-based & heavily statistics-based, fine for general overall comparisons after adjusting for special circumstances (i.e. financial centres’ impact on GDP., etc.) but NOT as a substitute for FACTS !

    • Dr Jay says:

      Also, remember that GDP is an aggregate approximation for the value of goods & services PRODUCED and NOT an exact (or even nearly exact) amount of EARNINGS or INCOME! This becomes even more evident in nations with large “black-market” sectors, but is applicable to all countries. There are also specific rules as to what is & is not included in GDP, so beware of its limitations. Just as with statistics, one must be VERY careful to fully understand the assumptions & bases in order to make conclusions. This is why you’ll even notice that the World Bank, CIA & IMF often have VERY different figures for GDP, for example!

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