Our website uses cookies to improve your online experience. GNI is an alternative to gross domestic product (GDP) as a measure of wealth. According to the UN report on migration from Armenia in 201517, every year around 1520 thousand people leave Armenia permanently,[19] and roughly 47% of those are working migrants that leave the country to earn income and sustain the families left in Armenia. A nation's net exports are the value of its total exports minus the value of its total imports. In 2016, the GNI[17] of Armenia was 4.45% higher than GDP. In fact, GNI may now be the most accurate reflection of national wealth given today's mobile population and global commerce. Selected Countries and Economies. GNI per capita, Atlas method (current US$) | Data It is used to measure and track a nation's wealth from year to year. [11], When a country's capital or labour resources are employed outside its borders, or when a foreign firm is operating in its territory, GDP and GNP can produce different measures of total output. List of sovereign states in Europe by GNI (nominal) per capita, Data include the French overseas departments of, Last edited on 13 February 2023, at 16:03, List of European countries by budget revenues, List of European countries by budget revenues per capita, List of European countries by GDP (nominal) per capita, List of European countries by GDP (PPP) per capita, List of European countries by GNI (PPP) per capita, List of sovereign states in Europe by net average wage, List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, List of countries by GNI (nominal) per capita, "World Bank Country and Lending Groups World Bank Data Help Desk", World Bank Country Classification for 2021, GNI (nominal) per capita for year 2021, World Development Indicators database, "IMF WEO April 2021 Edition GDP (PPP) per capita international dollars", GNI (PPP) per capita (World Bank Database), https://en.wikipedia.org/w/index.php?title=List_of_sovereign_states_in_Europe_by_GNI_(nominal)_per_capita&oldid=1139142326, This page was last edited on 13 February 2023, at 16:03. List of countries by GNI (PPP) per capita - Wikipedia In fact it calculates income by the location of ownership and residence, and so its name is also the less ambiguous gross national income. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information The top 5 countries also includes Liechtenstein, Luxembourg, Norway, and Switzerland. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. There are dozens of nations that have GNI per capita (PPP) below $2,000. GNI Per Capita by Country | MacroTrends World GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. For rankings regarding wealth, see list of countries by wealth per adult . It was a Gross National Product, which was basically a very similar number to GDP. GNI per Capita by Country 2023 - World Population Review | For nations like the US, there is little difference between GDP and GNI. In 2017, Irish GDP was 162% of Irish Modified GNI. Finally, there's gross national product (GNP), which is a broad measure of all economic activity. | P Though the numbers of GNI and GDP are similar, the biggest difference regards developing countries, which receive much larger donations. [12], The term gross national income (GNI) has gradually replaced the Gross national product (GNP) in international statistics. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies. and over 1Mio. The country with the highest value in the world is Greenland, with a value of 14.12. GNI per capita is gross national income divided by midyear population. Marguerita is a Certified Financial Planner (CFP), Chartered Retirement Planning Counselor (CRPC), Retirement Income Certified Professional (RICP), and a Chartered Socially Responsible Investing Counselor (CSRIC). Then you can access your favorite statistics via the star in the header. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Explore Our DataBank. Gross national income (GNI) calculates the total income earned by a nation's people and businesses, including investment income, regardless of where it was earned. In terms of larger nations that have greater GDPs and are not considered developing countries, particularly low value comes from Nepal, which has $3,610. All information comes from data.worldbank.org, wikipedia.org, cia.gov, imf.org and government websites. GNI in USD terms in Armenia has historically ranged from a record high of USD 13.8 billion in 2019 to a record low of USD 1.06 billion in 1992. [Online]. GNI is an alternative to gross domestic product (GDP) as a means of measuring and tracking a nation's wealth and is considered a more accurate indicator for some nations. Asia statistic alerts) please log in with your personal account. Top 10 countries by GNI per capita Switzerland Luxembourg Norway Ireland United States of America (USA) Denmark Singapore Iceland Qatar Sweden 50,000 60,000 70,000 80,000 90,000 100,000 Gross national income per capita - which country exceeds in the comparison! For many countries, there isn't much difference between GNI and GDP. Highest values; Lowest values; Share Details. Owner of this site is not responsible for potential mistakes or lacks of data. Our revolutionary technology changes the way individuals and organizations discover, visualize, model, and present their data and the world's data to facilitate better decisions and better outcomes. Understanding Gross National Income (GNI), Image by Sabrina Jiang Investopedia2020, Gross Domestic Product (GDP): Formula and How to Use It, GDP Per Capita Defined: Applications and Highest Per Country, Household Income: What It Is and How to Calculate It, Gross National Product (GNP) Defined With Example, Net Exports: Definition, Examples, Formula, and Calculation, Personal Consumption Expenditures (PCE): What It Is and Measurement. Okay to continue GNI is the total income received by the country from its residents and businesses regardless of whether they are located in the country or abroad. List of countries by GDP (nominal) per capita - Wikipedia Conversely, it can be much lower if foreigners control a large proportion of a country's production, as is the case with Ireland, a low-tax jurisdiction where the European and U.S. subsidiaries of a number of multinational companies nominally reside. It also is used by the European Union to calculate the contributions of member nations. GNI per capita growth (annual %) by Country - IndexMundi Further, the country is rich in natural resources and the government controls many key areas of the natural resources economy, such as the petroleum sector. It calculates income instead of output. The classifications are updated each year on July 1 and are based on the GNI per capita of the previous year (2021). In 2019, six Caribbean nations were the countries with the highest gross national income per capita in Latin America and the Caribbean. | They also make use of humanitarian aid and, as a result, their funds are greatly enlarged. Monaco is the top country by GNI per capita in the world. This site uses cookies to optimize functionality and give you the best possible experience. List [ edit] See also [ edit] These include white papers, government data, original reporting, and interviews with industry experts. Examples include Bermuda, the Cayman Islands, Ireland, and Luxembourg. We use cookies to personalise content and ads. Chart. Switzerland has longtime been a symbol of the rich free market. To calculate GNI, compensation paid to resident employees by foreign firms and income from overseas property owned by residents is added to GDP, while compensation paid by resident firms to overseas employees and income generated by foreign owners of domestic property is subtracted. The Gross National Income (GNI) is the sum of the value added by all the goods and services produced within a determined country, including foreign investment, to which are added any product taxes (excluding subsidies), and the value earned by the nation through overseas ventures. Numbers on the legend are US$. Investopedia requires writers to use primary sources to support their work. Language links are at the top of the page across from the title. GNI per capita represents the total GNI divided by all mid-year residents of the country, and is generally represented in US dollars. For some countries, however, the difference is significant. They have little less than $7,000 per citizen. G The figure is also called the balance of trade. Please create an employee account to be able to mark statistics as favorites. GNI was previously known as GNP. Measuring Economic Conditions: GNI or GDP? In 2016 Armenian residents received in a total of around $150 million remittances. Unlike gross domestic product (GDP), which defines production based on the geographical location of production, GNP indicates allocated production based on location of ownership. Following Norway and Qatar is Luxembourg with a GNI of 69 thousand per capita, and Iceland with a per capita GNI of 67 thousand. Product and import taxes that are not already accounted for in GDP are also added to GNI, while subsidies are subtracted. Ireland recorded a 2021 GNI of just over $382 billion while their GDP for the same period stood at $504 billion. PDF Gross national income per capita 2022, Atlas method and PPP - World Bank "Gross National Income per Capita in Latin America and The Caribbean in 2020, by Country (in U.S. [15], While GDP measures the market value of all final goods and services produced in a given country, GNI measures income generated by the country's citizens, regardless of the geographic location of the income. {\displaystyle \mathrm {GNI} =\mathrm {GDP} +{\text{Money flowing from foreign countries}}-{\text{Money flowing to foreign countries}}}, Nominal, Atlas method millions of current US$ (top 15)[3], PPP millions of international dollars (top 15)[4]. Profit from the additional features of your individual account. It also covers money received from abroad such as foreign investment and economic development aid. Description: The map below shows how GNI per capita growth (annual %) varies by country. Thematic data tables from WDI. Services, particularly banking, play a major role in the robust economy, though other industries such as manufacturing and tourism also play a role. In 2019, the estimated average GDP per capita (PPP) of . She has been working in the financial planning industry for over 20 years and spends her days helping her clients gain clarity, confidence, and control over their financial lives. Over the past 25 years, USAID has provided more than one billion USD to improve the living of the people in Armenia. GNI per capita, PPP (current international $) GNI, Atlas method (current US$) GNI, PPP (constant 2017 international $) Download. List of countries by GDP (PPP) per capita - Wikipedia Another surprise in the ranking is Cote d'Ivoire, which is considered to be one of the most developed African nations. GDP per capitais a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. Gross National Income (GNI) is the total amount of money earned by a nation's people and businesses. Source: World Bank national accounts data, and OECD National Accounts data files. GNI has come to be preferred to GDP by organizations such as the World Bank. | According to the World Bank, the GNI of the US in 2016 was 1.5% higher than GDP. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI calculates the total income earned by a nation's people and businesses, including investment income, regardless of where it was earned. [6] In February 2017, Ireland's GDP became so distorted from the base erosion and profit shifting ("BEPS") tax planning tools of U.S. multinationals, that the Central Bank of Ireland replaced Irish GDP with a new metric, Irish Modified GNI (or "GNI*"). Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom. For many countries, there is little difference between GNI and GDP. This is a list of countries by gross national income per capita in 2020 at nominal values, according to the Atlas method, an indicator of income developed by the World Bank . GNP is an economic statistic that is equal to GDP plus any income earned by residents from overseas investments minus income earned within the domestic economy by overseas residents. Explanation DataBank. Aug 1, 2022 Seychelles recorded the highest Gross National Income (GNI) per capita in Africa as of 2020, at 12,720 U.S. dollars. Regarding interest rates on GNI expressed in USD, Armenia is ranked 119th out of the 155 nations we monitor.[21]. | To learn more about cookies, click here. [20] Armenia's GNI, measured in US dollars, amounted to USD 13.5 billion in 2021, according to the National Statistical Office. It also covers money received from abroad such as foreign investment and economic development aid. To convert a nations GDP to GNI, three terms need to be added to the former: For many nations, there is little difference between GDP and GNI, since the difference between income received by the country versus payments made to the rest of the world does not tend to be significant. As of 2021, GNI per capita in Monaco was 234,317 US dollars. The country with the highest value in the world is Greenland, with a value of 14.12. [2]:44 Comparing GNI to GDP shows the degree to which a nation's GDP represents domestic or international activity. The darker the shade, the higher the value. GNI per capita, Atlas method (current US$) - Sub-Saharan Africa | Data For some countries, however, the difference is significant. This is the case with Bangladesh, which recorded a 2021 GNI of $438 billion compared to a GDP of $416 billion. dollars)." The GDP in that same year was $23.3 trillion. National Accounts Gross National Income. Find indicator: More rankings: Africa | Asia | Central America & the Caribbean | Europe | Middle East | North America | Oceania | South America | World | Statistical Concept and Methodology: The World Bank uses Atlas method GNI per capita in U.S. dollars to classify countries for analytical purposes and to determine borrowing eligibility. The conversion between the local currency and the US dollars is made by using the Exchange Rate methods of the World Bank Atlas. | If you are an admin, please authenticate by logging in again. They were placed on your computer when you launched this website. You can learn more about the standards we follow in producing accurate, unbiased content in our. GNP does not distinguish between qualitative improvements in the state of the technical arts (e.g., increasing computer processing speeds), and quantitative increases in goods (e.g., number of computers produced), and considers both to be forms of "economic growth". Of the three measures, GNP is the least used, possibly because it might be deceptive. Countries by nominal GNI per capita according to the Atlas method (2018) Methodology The top three are Macau SAR in China, Singapore and Qatar. Total domestic and foreign economic output claimed by residents of a country, "GNP" redirects here. Definition: Annual percentage growth rate of GNI per capita based on constant local currency. [13] In making the switch, the Bureau of Economic Analysis (BEA) noted both that GDP provided an easier comparison of other measures of economic activity in the United States and that "virtually all other countries have already adopted GDP as their primary measure of production". [5], The United States used GNP as its primary measure of total economic activity until 1991, when it began to use GDP. In many states, those two figures are close, as the difference between income received by the country versus payments made to the rest of the world is not significant. The U.S. Bureau of Economic Affairs (BEA) tracks the GDP to measure the health of the U.S. economy from year to year. Business Solutions including all features. Personal consumption expenditures is a measure of consumer spending and includes all goods and services bought by U.S. households. The number includes the nation's gross domestic product (GDP) plus the income it receives from overseas sources. For instance, if a nation's wealthiest citizens routinely move their money offshore, counting that money would inflate the nation's apparent wealth. It's a measure of national wealth that can be used as an alternative to gross domestic product (GDP). A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. As far as the winner of the ranking is concerned, the most recent year of information regarding the GNI per capita (PPP) comes from 2018. ", World Bank, Gross national income per capita in Latin America and the Caribbean in 2020, by country (in U.S. dollars) Statista, https://www.statista.com/statistics/1066610/gross-national-income-per-capita-latin-america-caribbean/ (last visited July 09, 2023), Gross national income per capita in Latin America and the Caribbean in 2020, by country (in U.S. dollars) [Graph], World Bank, August 1, 2021. We also reference original research from other reputable publishers where appropriate. Even though the country opted to not join the European Union, it still maintain good trade relations with its neighbors as a member of the European Economic Area. The lowest step of the podium belongs to Qatar with the GNI per capita value of $91,670. This is a map of European countries by GNI (gross national income nominal) per capita for year 2021. World Bank national accounts data, and OECD National Accounts data files. 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This compensation may impact how and where listings appear. Money flowing to foreign countries [14] Many economists have questioned how meaningful GNP or GDP is as a measure of a nation's economic well-being, as it does not count most unpaid work and counts much economic activity that is unproductive or actually destructive.