GNI Per Capita: A Deeper Look into Country with High-Income Economies

 

The Top 10 Countries by GNI Per Capita

The World Bank's income classifications provide a crucial lens through which to view global economic development. These classifications, updated annually, are based on Gross National Income (GNI) per capita, calculated using the Atlas method. For the current fiscal year (FY2025), a "high-income economy" is defined as having a GNI per capita of US$14,005 or more based on 2023 data.

While many countries fall into the "high-income" category, there's a significant disparity even within this group. The top echelon represents nations with exceptionally high GNI per capita, often driven by factors such as strong financial sectors, abundant natural resources, advanced technological industries, or effective economic policies. These countries typically boast high living standards, robust social welfare systems, and significant contributions to the global economy.

It's important to remember that GNI per capita is an average and doesn't fully capture income distribution within a country. However, it serves as a powerful indicator of a nation's overall economic output relative to its population.

Here are the top 10 countries with the highest GNI per capita, according to the latest available data from the World Bank for 2023 (used for FY2025 classification):

Top 10 Countries by GNI per Capita (2023 Data for FY2025 Classification)

Rank	Country/Economy	GNI per Capita (Atlas Method, US$)	Region
1	Bermuda	$130,290	North America
2	Norway	$102,910	Europe & Central Asia
3	Switzerland	$95,070	Europe & Central Asia
4	Luxembourg	$83,980	Europe & Central Asia
5	United States	$80,450	North America
6	Iceland	$80,400	Europe & Central Asia
7	Ireland	$78,970	Europe & Central Asia
8	Denmark	$73,340	Europe & Central Asia
9	Singapore	$70,590	East Asia & Pacific
10	Australia	$63,140	East Asia & Pacific

Note: Data for GNI per capita can vary slightly across different sources and may be subject to revisions. The values provided here are based on the latest available World Bank data for 2023, which informs the FY2025 income classifications. Some very small economies or dependencies might also have extremely high GNI per capita but are often excluded from top-country rankings due to their unique economic structures or limited data availability.

GNI per Capita in  Bermuda

Bermuda, a British Overseas Territory in the North Atlantic, consistently ranks among the economies with the highest Gross National Income (GNI) per capita in the world. Its remarkable economic standing is largely driven by its highly developed international business sector, particularly in offshore financial services, insurance, and reinsurance.

GNI per capita, calculated by the World Bank using the Atlas method, measures the total income earned by a country's residents and businesses, divided by its mid-year population. It serves as a key indicator of the average income level and economic prosperity within a nation. For the World Bank's current fiscal year (FY2025), a "high-income economy" is defined as having a GNI per capita of US$14,005 or more, based on 2023 data. Bermuda significantly exceeds this threshold.

The consistent high GNI per capita in Bermuda reflects the success of its specialized economy, which attracts substantial foreign investment and generates significant wealth despite its small land area and population. While tourism also plays a role, the dominant force behind Bermuda's economic strength lies in its sophisticated financial services industry.

It's important to note that while GNI per capita provides a snapshot of average income, it doesn't necessarily illustrate income distribution within the territory. However, Bermuda's consistent top-tier ranking underscores its unique and highly successful economic model on the global stage.

Here's a look at Bermuda's GNI per capita over recent years, based on World Bank data:

Bermuda's GNI per Capita (Atlas Method, Current US$)

Year	GNI per Capita (US$)
2023	$130,290
2022	$129,751
2021	$120,990
2020	$110,950
2019	$117,735

Source: World Bank Development Indicators (Data for FY2025 classification based on 2023 GNI per capita).

As the table illustrates, Bermuda has maintained a remarkably high GNI per capita, consistently placing it among the world's wealthiest economies on a per-person basis. This sustained performance highlights the robustness and resilience of its specialized economic sectors.

GNI per Capita in  Norway

Norway consistently ranks among the top countries globally for Gross National Income (GNI) per capita. This remarkable economic performance is underpinned by a unique blend of abundant natural resources, particularly its vast oil and gas reserves, coupled with a highly developed social welfare system, robust governance, and a strategic approach to wealth management.

GNI per capita, as measured by the World Bank using the Atlas method, provides a comprehensive indicator of the average income earned by a country's residents. For the World Bank's current fiscal year (FY2025), a "high-income economy" is defined by a GNI per capita of US$14,005 or more based on 2023 data. Norway far surpasses this threshold, demonstrating its exceptional economic strength.

The cornerstone of Norway's wealth is undoubtedly its petroleum sector. The responsible and strategic management of these resources, largely through the Government Pension Fund Global (often referred to as the "Oil Fund"), has allowed Norway to convert finite natural wealth into sustainable long-term financial assets for future generations. This fund, one of the largest sovereign wealth funds in the world, invests globally and helps insulate the Norwegian economy from commodity price fluctuations.

Beyond oil and gas, Norway boasts other high-performing industries such as shipping, shipbuilding, and aquaculture (especially salmon farming). The country also benefits from a highly educated and skilled workforce, strong institutions, low corruption, and a commitment to innovation, particularly in areas like clean technology. These factors contribute to a high standard of living and a robust economy.

Here's a look at Norway's GNI per capita over recent years, based on World Bank data:

Norway's GNI per Capita (Atlas Method, Current US$)

Year	GNI per Capita (US$)
2023	$102,910
2022	$94,420
2021	$81,770
2020	$78,610
2019	$82,430
2018	$80,970
2017	$76,230

Source: World Bank Development Indicators and Macrotrends. (Data for FY2025 classification based on 2023 GNI per capita).

Norway's consistent position at the top of GNI per capita rankings highlights its successful economic model, balancing resource extraction with long-term financial planning and a strong commitment to social equity.

GNI per Capita in  Switzerland

Switzerland stands as a consistent leader in global economic rankings, particularly when measured by Gross National Income (GNI) per capita. This mountainous European nation, renowned for its financial services, precision manufacturing, and pharmaceutical industries, consistently demonstrates exceptional economic prosperity and a high standard of living for its residents.

GNI per capita, calculated by the World Bank using the Atlas method, serves as a key indicator of the average income earned by a country's population, including income from abroad. For the World Bank's current fiscal year (FY2025), a "high-income economy" is designated by a GNI per capita of US$14,005 or more based on 2023 data. Switzerland not only meets but significantly surpasses this threshold, positioning itself among the wealthiest nations globally.

The strong performance of the Swiss economy is attributed to several factors:

• Highly Specialized Industries: Switzerland excels in high-value-added sectors such as banking and finance, insurance, pharmaceuticals, biotechnology, and luxury goods. These industries command high wages and generate substantial national income.

• Skilled Workforce: The country boasts a highly educated and multilingual workforce, supported by a strong vocational training system.

• Political Stability and Sound Governance: Switzerland's long-standing political stability, robust legal framework, and low corruption levels create an attractive environment for businesses and investors.

• Innovation and Research: Significant investments in research and development foster innovation, contributing to the competitiveness of its industries.

• Strong Currency and Price Stability: The Swiss Franc is considered a safe-haven currency, reflecting the country's economic stability and prudent monetary policy.

While GNI per capita provides a clear measure of average economic output, it's worth noting that Switzerland also maintains a relatively equitable income distribution compared to some other high-income countries, further contributing to its high quality of life.

Here's a look at Switzerland's GNI per capita over recent years, based on World Bank data:

Switzerland's GNI per Capita (Atlas Method, Current US$)

Year	GNI per Capita (US$)
2023	$95,070
2022	$95,480
2021	$90,810
2020	$81,740
2019	$83,160
2018	$82,470
2017	$80,770

Source: World Bank Development Indicators and Macrotrends. (Data for FY2025 classification based on 2023 GNI per capita).

The data clearly illustrates Switzerland's sustained high GNI per capita, a testament to its highly productive economy and its ability to adapt and thrive in the global economic landscape.

GNI per Capita in Luxembourg

Luxembourg, a small but highly influential nation in Western Europe, consistently boasts one of the highest Gross National Income (GNI) per capita figures in the world. This impressive economic standing is a testament to its highly specialized and outward-looking economy, primarily driven by a robust financial services sector, strategic logistics, and a commitment to innovation.

The World Bank's GNI per capita, calculated using the Atlas method, provides a valuable measure of the average income earned by a country's residents and businesses. For the current fiscal year (FY2025), a "high-income economy" is defined as having a GNI per capita of US$14,005 or more, based on 2023 data. Luxembourg significantly exceeds this threshold, placing it firmly among the global elite in terms of economic prosperity.

Several key factors contribute to Luxembourg's exceptional GNI per capita:

• Dominant Financial Sector: Luxembourg is a global hub for investment funds, private banking, and insurance. Its favorable regulatory environment, political stability, and multilingual, skilled workforce attract numerous international financial institutions. This sector accounts for a significant portion of the country's GDP and tax revenues.

• Strategic Location and Logistics: Situated at the heart of Europe, Luxembourg benefits from its strategic geographical position. It has developed into a significant logistics hub, leveraging its excellent infrastructure and connectivity.

• Highly Open Economy: Luxembourg's economy is characterized by its high degree of international openness, attracting foreign direct investment and fostering global trade.

• Business-Friendly Environment: The government's proactive approach to creating a supportive environment for businesses, including low corporate taxes (historically), incentives for investment, and a stable legal system, makes it an attractive location for multinational companies.

• Skilled Workforce and Cross-Border Commuters: While Luxembourg has a relatively small resident population, its workforce is highly skilled. A substantial portion of its labor force comprises cross-border commuters from neighboring France, Belgium, and Germany, who contribute to the country's economic output but are not included in the GNI per capita denominator. This phenomenon can somewhat inflate the per capita figures compared to countries where the workforce is predominantly resident.

• Diversification Efforts: While finance remains central, Luxembourg has actively pursued economic diversification into sectors like information and communication technologies (ICT), e-commerce, biotechnology, and space resources, further solidifying its economic foundation.

Here's a look at Luxembourg's GNI per capita over recent years, based on World Bank data:

Luxembourg's GNI per Capita (Atlas Method, Current US$)

Year	GNI per Capita (US$)
2023	$88,370
2022	$89,200
2021	$87,610
2020	$80,980
2019	$79,180
2018	$79,770
2017	$75,800

Source: World Bank Development Indicators and Macrotrends. (Data for FY2025 classification based on 2023 GNI per capita).

Luxembourg's sustained high GNI per capita reflects its success as a specialized, high-value-added economy with a strong international orientation. Its strategic economic policies and ability to attract global talent and capital have cemented its position as one of the world's wealthiest nations.

Income Per Capita in The United States

The United States consistently ranks among the top countries globally for Gross National Income (GNI) per capita, solidifying its position as a major economic power. This high level of income reflects the country's vast and diverse economy, driven by innovation, a large consumer market, and significant contributions from various sectors.

The World Bank defines GNI per capita (calculated using the Atlas method) as the total income earned by a country's residents and businesses, including income from abroad, divided by its mid-year population. For the World Bank's current fiscal year (FY2025), a "high-income economy" is classified as having a GNI per capita of US$14,005 or more based on 2023 data. The United States far exceeds this benchmark, demonstrating its substantial economic output per person.

Several factors contribute to the consistently high GNI per capita in the United States:

• Large and Diverse Economy: The U.S. possesses a highly diversified economy, with strong sectors in technology, finance, manufacturing, healthcare, entertainment, and agriculture. This broad base provides numerous avenues for wealth creation.

• Innovation and Entrepreneurship: The U.S. is a global leader in technological innovation and entrepreneurship, fostering a dynamic environment for new businesses and industries to emerge. Silicon Valley, for instance, is a testament to this spirit.

• Strong Domestic Demand: With a large population and high purchasing power, the U.S. benefits from robust domestic consumption, which drives economic activity.

• Global Influence: The U.S. dollar's role as a primary reserve currency and the country's influence in global trade and investment further contribute to its economic strength.

• Skilled Workforce: A well-educated and skilled workforce, coupled with significant inward migration of talent, supports high productivity levels.

• Capital Accumulation: Decades of investment in infrastructure, technology, and human capital have created a substantial base for continued economic growth and income generation.

While the high GNI per capita reflects the overall prosperity of the nation, it's important to acknowledge that it represents an average. Income distribution within the United States, like in many large economies, can vary significantly. Nevertheless, the aggregate figure underscores the country's immense economic capacity.

Here's a look at the United States' GNI per capita over recent years, based on World Bank data:

United States' GNI per Capita (Atlas Method, Current US$)

Year	GNI per Capita (US$)
2023	$80,450
2022	$76,770
2021	$70,890
2020	$64,840
2019	$65,760
2018	$63,460
2017	$60,190

Source: World Bank Development Indicators (Data for FY2025 classification based on 2023 GNI per capita, and historical data from World Bank sources).

The trend of increasing GNI per capita demonstrates the continued economic growth and resilience of the United States, solidifying its position as one of the world's leading economies.

The Drivers of High GNI Per Capita

The World Bank's GNI (Gross National Income) per capita classification offers a vital benchmark for understanding global economic disparities and the relative prosperity of nations. As demonstrated by the consistently high rankings of countries like Bermuda, Norway, Switzerland, Luxembourg, and the United States, a high GNI per capita often reflects a confluence of specific economic strengths and strategic national characteristics.

Key Takeaways from Top-Ranking Economies:

• Specialized and High-Value Sectors: A common thread among these economic powerhouses is their focus on highly specialized, high-value-added industries. Bermuda and Luxembourg thrive on sophisticated financial services and offshore banking. Switzerland excels in finance, pharmaceuticals, and precision manufacturing. The United States boasts a diverse economy with global leadership in technology, innovation, and a vast consumer market. Norway's wealth is significantly tied to its strategic management of abundant natural resources like oil and gas.

• Strong Governance and Stability: Political stability, robust legal frameworks, and low levels of corruption are crucial in attracting and retaining international investment and fostering a predictable business environment. This institutional strength underpins long-term economic growth.

• Skilled Workforce and Human Capital: Investment in education, research, and development cultivates a highly skilled and productive workforce. This human capital is essential for innovation and maintaining competitiveness in advanced industries.

• Strategic Resource Management and Diversification: While natural resources can be a significant boon (as seen in Norway), prudent management, including sovereign wealth funds, ensures sustainable wealth for future generations. Furthermore, efforts to diversify economies beyond a single sector, as seen in Luxembourg's ventures into ICT, mitigate risks and create new growth avenues.

• Openness to Global Economy: Engaging in international trade, attracting foreign direct investment, and participating in global financial markets are vital for many of these nations, allowing them to leverage global opportunities and enhance their GNI.

The Nuance of GNI Per Capita:

It's important to reiterate that GNI per capita, while a powerful indicator, represents an average. It doesn't fully capture income distribution within a country or other critical aspects of well-being, such as healthcare access, environmental quality, or social equity. For instance, countries with a large number of cross-border commuters (like Luxembourg) may see their GNI per capita figures influenced by individuals contributing to the economy but not counted in the resident population.

The Evolving Global Landscape:

The World Bank's annual updates to income classifications highlight the dynamic nature of the global economy. While traditionally developed nations continue to lead, the economic landscape is constantly shifting, with some countries making significant strides into higher income brackets. Understanding the factors that drive high GNI per capita provides valuable insights into the pathways to prosperity and the complex interplay of economic, social, and political forces shaping the wealth of nations in the 21st century.