Sunday, September 20, 2015

Per Capita Income of Saudi Arabia v/s rest of the World

The per capita income or income per capita is essentially the average income per person for a region, city or a country. The per capita income has been used since a long time for a means of evaluating living conditions of people and the quality of the life in various areas of the world. The per capita income is calculated by dividing the total income by the total population. In the case of the Kingdom of Saudi Arabia, according to statistics revealed in a research by the IMF International Monetary Fund, the Kingdom has a per capita income of $53,802, which brings the Kingdom at no.12 on the list of highest per capita incomes. This is not American Dollars but instead International Dollars or Geary Khamis Dollars.

  • India: In comparison to Saudi Arabia, India, which is one of the biggest emerging superpowers in the world, is ranked at 122nd highest per capita income in the world with $6,187.
  • Pakistan, which is India’s neighbor and also a nuclear power is known globally to be facing sever political as well as terrorist crisis in the country, is not far behind on number 133 on the list which a per capita income of $4,906.

Top 3 Countries with Highest Per Capita Income
  1. If the per capita income of the Kingdom of Saudi Arabia was to be compared with those of the top 3 on the list of highest per capita incomes then on no.1 would come Qatar with a per capita income of $ 132,870 which is almost 3 times that of the Kingdom.
  2. At no.2 we have Luxemborg which has a per capita income of $99,506 which is almost twice the amount of the per capita income of Saudi Arabia.
  3. The country with the third highest per capita income is Singapore with $85,382, which is again significantly greater than that of the Kingdom.

Top 3 Countries with Lowest Per Capita Income
  1. If we compare the per capita income of the Kingdom of Saudi Arabia with that of the three countries with the lowest per capita income, then firstly we would compare with Cental African Republic which comes in at no.185 and with a per capita income of $628. On average, one person earns SR 6.45 per day.
  2. Similarly on no. 184 is the democratic republic of Congo with a per capita income of $767.
  3. Finally, we have the Burundi at no. 183 with a per capita income of INT$ 831.
It should be noted that the higher the population, the lower the per capita income will go hence comparing per capita income of two regions with varying  populations is not an accurate measurement of success. The per capita income of a country relies heavily on political and financial stability in a country, and any country with either an instable political scene or a high security risk factor will obviously have a lower per capita income then those countries with the ideal circumstances listed above.

Source: IMF

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