Go to GDP per capita
Which people enjoy one of the best standards of living in the world?
One way to find out is use of Gross Domestic Product (nominal) per capita, which measures the total output of a country and divides it by the number of people in the country.
GDP per capita is useful when comparing one country to another because it shows the relative performance of countries.
A rise in per capita GDP signals growth in the economy and tends to translate as an increase in productivity.
For those updated since 2014, Norwegians are on top which each person having about US$67,000 per year to live on.
Qataris are next with some US$60,000 each a year, with each person of Iceland enjoying about US$59,000 annually.
On calculations since 2011, Monaco by far enjoy the best standard of living with GDP per capita of US$171,465, ahead of Liechtenstein, US$115,292; and Luxembourg, US$79,511.
GDP is one of the primary indicators of country's economic performance, calculated by either adding up everyone's income during the period or by adding the value of all final goods and services produced in the country during the year.
Critics of GDP claim that the statistic does not take into account the underground or unofficial economy (the black market) and it is often interpreted as a gauge of material wellbeing rather than as a measure of a country's productivity, which are not necessarily related.
GDP first came into use in 1937 in a report to the US Congress in response to the Great Depression after Russian economist Simon Kuznets conceived the system of measurement.
The IMF, World Bank, and the United Nations each has different calculations for GDP, with the IMF updating theirs in October, 2015, which did not have figures for Monaco and Liechtenstein.
Top 10 per capita GDP countries in US dollars
1 Monaco, 171,465
2 Liechtenstein, 115,292
3 Luxembourg,79,511
4 Norway, 67,245
5 Qatar, 60,796
6 Iceland, 59,692
7 Switzerland, 58,996
8 Cayman Islands, 54,827
9 Macau, 52,476
10 Ireland, 49,360
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