Comparing economies can be challenging, but one method remains tried-and-true: assessing countries by their GDP per capita. This important metric divides a country’s economic output by its population, giving us the average GDP per person. A higher per capita GDP generally indicates higher income, consumption levels, and overall standards of living.
In the global pursuit of understanding economic well-being, the simplicity and reliability of this measure make it a preferred choice for economists and policymakers. The following graphic, based on data from the International Monetary Fund (IMF), ranks the top 10 countries by GDP per capita in different regions, providing an insightful snapshot of their economic prosperity.
Africa: Leading the Way
In the African continent, the island nations of Seychelles and Mauritius stand at the forefront, holding top positions in both nominal and PPP (Purchasing Power Parity) categories. Booming tourism industries contribute to their impressive rankings.
Additionally, South Africa, a long-standing economic heavyweight in Africa, secures a place among the region’s richest countries. However, it’s worth noting that Egypt, the third-largest economy in the region, only makes the top 10 list when adjusted for PPP due to the weight of its large population.
By: Mark-Anthony Johnson
Source: CEO at JIC Holdings