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High-Income Countries

High-Income Countries
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Introduction

The economic health of a country plays a significant role in shaping the lifestyle, convenience, and opportunities available to its citizens. A central measure of this economic health is the Gross National Income (GNI) per capita, a metric that helps us understand the average income of a country's citizens, considering both domestic and foreign outputs. High-income countries, as classified by the World Bank, boast a GNI per capita of $13,206 or more. These nations, often seen as benchmarks of prosperity, provide insightful data about the relationship between economic health and the quality of life.

  • Bermuda, with a GNI per capita of $116,540, tops the list of high-income countries, its stunning per capita income almost $26,000 more than the second-ranked country, Switzerland ($90,360).
  • Interestingly, amongst the top five high-income nations - Bermuda, Switzerland, Norway, Luxembourg, and Ireland - only Switzerland and Luxembourg are members of the same regional bloc, Europe, signaling the global dispersion of high-income countries.
  • Two newly classified high-income countries, Panama and Romania, hold the 64th and 63rd positions respectively on the list, with GNI per capita just above $14,000.
  • Despite being the largest economy, the United States ranks sixth on this list, reminding us that size doesn’t necessarily equate to individual wealth distribution.
  • Finally, while Europe appears to have a significant presence in the top ten, Asian locales (Singapore and Hong Kong), and countries from the Middle East (Qatar and United Arab Emirates) also feature in the top 30, suggesting a rising trend in substantial income levels moving eastward.

Countries with Highest Average Income

Starting the list are the top ten nations with the highest Gross National Income (GNI) per capita. Bermuda tops the chart with a substantial GNI per capita of $116,540. Its economic success can be attributed to its booming tourism industry and offshore finance sector which majorly contribute to the country's wealth.

Switzerland stands second in the list with a GNI per capita of $90,360. Known for its strong economic base and sectors like pharmaceuticals, machinery, and finance, Switzerland continues to maintain its high-income status on a global scale.

Coming in the third spot is Norway with a GNI per capita of $84,090. The nation's vast natural resources, including oil, have helped thrive its economy. Following closely is Luxembourg with a GNI per capita of $81,110. Despite its small size, Luxembourg boasts a prosperous economy backed by its robust finance sector and high levels of innovation.

Rounding up the top five is Ireland, with a GNI per capita of $74,520. The country's burgeoning IT and pharmaceutical sectors have significantly boosted its economic growth. It is noteworthy that the United States, which possesses the world's largest economy, sits at the sixth position with a GNI per capita of $70,430, followed by Denmark, Iceland, Singapore, and the Cayman Islands.

10 Countries with the Highest Average Income (GNI Per Capita):

  1. Bermuda - $116,540
  2. Switzerland - $90,360
  3. Norway - $84,090
  4. Luxembourg - $81,110
  5. Ireland - $74,520
  6. United States - $70,430
  7. Denmark - $68,110
  8. Iceland - $64,410
  9. Singapore - $64,010
  10. Cayman Islands - $63,370

Full Data Set

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