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Top 25 nations with the highest per capita income

Last updated on: February 1, 2011 18:02 IST

Top 25 nations with the highest per capita income

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India: Rs 46,492


I
ndia ranks a pitiable 127th in per capita income. And that, despite the fact that the per capita income of Indians grew by 14.5 per cent to Rs 46,492 in 2009-10 from Rs 40,605 in the year-ago period, as per the revised data released by the government on Monday, January 31.

The new per capita income figure estimates on current market prices is over Rs 2,000 more than the previous estimate of Rs 44,345 calculated by the Central Statistical Organisation.

Per capita income means earnings of each Indian if the national income is evenly divided among the country's population at 117 crore (1.17 billion).

However, the increase in per capita income was only about 6 per cent in 2009-10 if it is calculated on the prices of 2004-05 prices, which is a better way of comparison and broadly factors inflation.

Per capita income (at 2004-05 prices) stood at Rs 33,731 in FY10 against Rs 31,801 in the previous year, the latest data on national income said.

So which nations have the highest per capita income and how do India's neighbours like China and Pakistan fare?

Click NEXT to read on about the latest data from the International Monetary Fund on this . . .


Image: Five-month-old Roshni, child of a woman labourer (R), rests in a basket at a roadside construction site.
Photographs: Ajay Verma/Reuters.
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China: $7,518

China is the world's second largest economy, with its GDP standing at slightly more than $7 trillion.

China is ranked 93rd in terms of per capita income.

China, the world's factory, has a highly developed manufacturing sector. The country also has a very well developed telecommunications market, apart from robust agricultural and industrial sectors.

Meanwhile, Hong Kong's per capita income stands at $45,277.

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Image: A child looks at the camera as he practises lion dance at a park in Beijing.
Photographs: Grace Liang/Reuters.
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Pakistan: $2,789

Pakistan is ranked at 133 in terms of per capita income in a list of 182 nations.

GDP growth was steady during the mid-2000s at a rate of 7 per cent. It slowed down during the economic crisis of 2008 to 4.7 per cent. A large inflation rate of 24.4% and a low savings rate have curtailed the country's growth.

Agriculture, services, telecommunications, software, automotives and textiles, contribute to the GDP growth.

Click NEXT to find out the top 25 nations in per capita income

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Image: A flood victim drinks water from a hand pump in Murad Chandio village.
Photographs: Akhtar Soomro/Reuters.
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1. Qatar: $88,232

The nation's economy mainly depends on its huge oil and natural gas reserves. There is no income tax in Qatar.

Qatar has the world's third largest gas reserves. The country has experienced rapid economic growth over the last several years on the back of high oil prices.

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Image: A view of the Navigation Tower in Doha.
Photographs: Fadi Al-Assaad/Reuters.
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2. Luxembourg: $80,304

The nation has highly developed industrial and financial sectors.

Luxembourg, one of the world's richest cities offers higher salaries. On an average, workers in Western European cities receive more than three times the pay of their colleagues in Eastern Europe.

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Image: Luxembourg.

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3. Singapore: $57,238

Singapore has claimed the title of fastest-growing economy in the world, with a GDP growth of 17.9 per cent in the first half of 2010.

Singapore has the best quality of life in Asia and eleventh in the world, as per the Economist Intelligence Unit. The country has the world's ninth largest foreign reserves.

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Image: A mother, daughter stand in front of a four-storey-high topiary rabbit at Resorts World Sentosa.
Photographs: Reuters.
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4. Norway: $52,238

Norway has a mixed economy of state-owned businesses and a robust free market.

It's a highly developed and an industrialised state. Fishing, petroleum, hydel power, minerals contribute heavily to the nation's GDP.

Norwegians topped the UN's annual rankings of global wealth, health and education for the 8th time in 2010.

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Image: Norway.

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5. Brunei: $47,200

Brunei, a sovereign state located on the north coast of the island of Borneo, in Southeast Asia is ranked second in the Human Development Index among the South East Asian nations after Singapore.

The country rich in oil and gas reserves has one of the highest standards of living in the world.

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Image: A view of Brunei's new Legislative Council building in Bandar Seri Begawan.
Photographs: Bazuki Muhammad/Reuters.
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6. United States: $47,123

The world largest economy, United States has a capitalist mixed economy, with abundant natural resources, a well-developed infrastructure and high productivity.

According to the International Monetary Fund, the US GDP of $14.4 trillion, constitutes 24 per cent of the gross world product at market exchange rates and almost 21 per cent of the gross world product at purchasing power parity (PPP).

The country has highly developed sectors, like banking, financial services, automobile, agriculture, manufacturing, energy, etc.

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Image: Fireworks at the Capitol in Washington.
Photographs: Reuters.
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7. Switzerland: $41,765

Switzerland, a truly capitalist economy, has many banking giants and multinational corporations.

It also has highly developed industries in sectors like pharmaceuticals, chemicals, machine parts, electronics, precision instruments, banking, tourism, etc.

Switzerland is a tax haven and has very low tax rates.

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Image: Skiers on a chairlift are at Les Crosets, east of Geneva.
Photographs: Denis Balibouse/Reuters.
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8. Netherlands: $40,777

The Netherlands is the world's 16th largest economy, which is mostly driven by manufacturing, tourism, and services.

The Netherlands is a founding member of the European Union, the OECD and the World Trade Organization.

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Image: Amsterdam.

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9. Australia: $39,692

Australia is the world's thirteenth largest economy and has the eleventh highest per capita GDP; higher than that of the United Kingdom, Germany, France, Canada and Japan.

Almost 68 per cent of the Australian economy is dominated by its service sector. It ranks high in Human Development Index and Prosperity Index.

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Image: Sydney.

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10. Austria: $39,454

Austria is a highly industrialised nation with a strong labour movement. Tourism, industry and the services sector add to the nation's economy. Austria is one of the richest countries in the world, with a nominal per capita GDP of $43,723 (2010 est.).

The country was ranked 25th in the world in its Human Development Index. Austria has been a member of the United Nations since 1955.

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Image: A clown juggles balls at a Christmas market in front of Karlskirche in Vienna.
Photographs: Herwig Prammer/Reuters.
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11. Canada: $39,033

One of the world's highly developed countries, Canada has a diversified economy with abundant natural resources.

Canada, one of the world's top ten trading nations, scores high on economic freedom as well.

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Image: Jennifer Heil, Canada does a backflip during Freestyle Ski Mogul's World Cup Ladies' competition.
Photographs: Reuters.
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12. Ireland: $38,685

Ireland has made rapid strides in the field of information technology. Construction, apart from agriculture, is an important part of the Irish economy.

The Irish economy has undergone sharp economic adjustments since late 2008 when its banking sector was hit by the global financial turmoil.

Ireland's overall levels of economic freedom remain high, sustained by such institutional strengths as strong protection of property rights, a low level of corruption, efficient business regulations, and competitive tax rates.

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Image: People gather in front of the General Post Office Building on O'Connell Street, in Dublin.
Photographs: Cathal McNaughton/Reuters.
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13. Kuwait: $38,293

The country has the world's fifth largest oil reserves. The Kuwait Stock Exchange, which has about 200 firms listed, is the second-largest stock exchange in the Arab world.

Petroleum and petroleum products now account for nearly 95 per cent of Kuwait's export revenues, and 80 per cent of government income.

Kuwait is regarded as one of the most economically developed countries in the Arab League.

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Image: Kuwait.

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14. Sweden: $37,775

Sweden has a very well developed industry in sectors like engineering, telecom, power, automobiles, pharmaceuticals, etc.

The nation's economy is heavily dependent on foreign trade. It also has a highly skilled work force.

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Image: A fisherman lifts his net from a canal next to Sweden's Riksdagshuset, or Parliament Building.
Photographs: Bob Strong/Reuters.
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15. United Arab Emirates: $36,973

The United Arab Emirates has a highly developed economy, and a rich source of revenue in tourism and huge oil reserves.

It has the world's sixth-largest oil reserves and scores high in Human Development Index.

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Image: Burj Al Arab Tower, Dubai.

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16. Denmark: $36,764

Denmark has a highly industrialised economy, with robust agricultural and corporate sectors.

Despite being one of the most competitive nations, it has a very weak financial regulatory system. Also, its labour laws are very lax and tilted heavily in favour of the employers.

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Image: Denmark.

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17. Iceland: $36,681

Iceland has a robust power sector, which helps it to be a highly industrialised country. Iceland has a free market economy with relatively low taxes compared to other OECD countries.

Apart from manufacturing, the nation is also taking big strides in the fields of software generation, biotechnology, tourism, and financial services.

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Image: Iceland.

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18. Belgium: $36,274

Belgium boasts of a high quality of life with excellent housing, health care, education and infrastructure. It is known for high productivity.

The Belgian open economy has used its well developed transport network, its highly industrial and commercial base to grow at a rapid pace.

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Image: Brussels Grand Palace.

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19. Germany: $35,930

Germany has the largest economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP in 2008.

The service sector contributes around 70 per cent of the total GDP, industry 29.1 per cent, and agriculture 0.9 per cent to the economy.

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Image: The Kurfuerstendamm boulevard in the German capital Berlin is lit up during Christmas.
Photographs: Reuters.
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20.  United Kingdom: $35,053

The UK is a developed country, with the world's sixth largest economy by nominal GDP and eighth largest economy by purchasing power parity.

UK has a partially regulated free market economy. It is the third largest in Europe after Germany and France.

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Image: A young girl touches a snowman in Green Park, in central London.
Photographs: Eddie Keogh/Reuters.
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21. Taiwan: $34,743

Taiwan's rapid economic growth has transformed it into an industrialised nation. One of the Four Asian Tigers, the economic rise is known as the Taiwan Miracle.

Taiwanese companies manufacture a large portion of the world's consumer electronics goods.

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Image: Taiwan.

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22. Finland: $34,401

Finland has a highly developed industry and a mixed economy.

Image: Helsinki Cathedral, Finland.

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23. France: $34,092

France has the fifth largest economy in the world, behind United States, China, Japan and Germany.

France is a highly industrialised country with sectors like energy, telecommunications, aerospace, defence, engineering, and automobile production boosting its robust economy.

After Germany, it is also Europe's largest economy. Tourism and agriculture too add to its economy.

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Image: Swiss model Julia Saner walks near the Eiffel tower.
Photographs: Reuters.
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24. Japan: $33,828

Japan has the world's third-largest economy by nominal GDP and by purchasing power parity. It is also the world's fourth largest exporter and fifth largest importer.

Banking, insurance, real estate, retailing, transportation, telecommunications and construction are all major industries.

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Image: Tokyo.

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25. South Korea: $29,791

South Korea, a presidential republic with sixteen administrative divisions is a developed country with a very high standard of living.

It is Asia's fourth largest economy and the world's 14th (nominal) or 12th (purchasing power parity) largest economy

The economy is export-driven, with a large share of electronics, automobiles, ship building, machinery, petrochemicals and robotics.


Image: Seoul.

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