Real income
Real incomeis the income ofindividualsornationsafter adjusting forinflation.It iscalculatedby dividingnominalincome by theprice level.Realvariables such as real income andreal GDParevariablesthat aremeasuredinphysical units,whilenominal variablessuch asnominal incomeandnominal GDPare measured inmonetary units.Therefore, real income is a more usefulindicatorofwell-beingsince it measures theamountofgoods and servicesthat can bepurchasedwith the income. Growth of real income is related toreal gross national income per capita growth.
According to theclassical dichotomy theory,real variables and nominal variables are separate in thelong run,so they are not influenced by each other. In other words, if the nominal starting income was 100 and there was 10% inflation (general rise in prices, for example, what cost 10 now costs 11), then with nominal income of still 100, one can buy roughly 9% less; so if nominal income was not adjusted for inflation (did not rise by 10%), real income has dropped by approximately 9%.[1]But if the classical dichotomy holds, nominal income will eventually go up by 10%, leaving real income unchanged from its original value.
Real gross national income per capita by country
[edit]The real gross national income (GNI) per capita in constant 2015 USD according to theWorld Bankis shown for last available year:[2]
| Country | GNI per capita (constant 2015 USD) |
Year |
|---|---|---|
 Afghanistan |
570.3 | 2015 |
 Albania |
4793.0 | 2021 |
 Algeria |
4643.4 | 2023 |
 Angola |
2106.8 | 2023 |
 Antigua and Barbuda |
15045.6 | 2015 |
 Argentina |
12337.2 | 2023 |
 Armenia |
5433.3 | 2023 |
 Aruba |
27222.6 | 2015 |
 Australia |
63230.5 | 2023 |
 Austria |
45302.9 | 2022 |
 Azerbaijan |
5324.6 | 2015 |
 Bahamas |
28016.7 | 2022 |
 Bahrain |
21884.6 | 2021 |
 Bangladesh |
1316.7 | 2015 |
 Barbados |
16274.7 | 2015 |
 Belarus |
6239.7 | 2023 |
 Belgium |
43210.4 | 2022 |
 Belize |
6162.4 | 2023 |
 Benin |
1292.2 | 2023 |
 Bermuda |
118137.1 | 2022 |
 Bhutan |
3176.2 | 2022 |
 Bolivia |
3041.0 | 2022 |
 Bosnia and Herzegovina |
6404.7 | 2023 |
 Botswana |
6438.3 | 2022 |
 Brazil |
8765.4 | 2023 |
 Brunei Darussalam |
28236.6 | 2022 |
 Bulgaria |
9425.2 | 2023 |
 Burkina Faso |
705.2 | 2021 |
 Burundi |
262.9 | 2023 |
 Cabo Verde |
3686.3 | 2023 |
 Cambodia |
1503.0 | 2023 |
 Cameroon |
1429.6 | 2023 |
 Canada |
45025.4 | 2023 |
 Cayman Islands |
45853.9 | 2015 |
 Central African Republic |
383.5 | 2022 |
 Chad |
589.4 | 2023 |
 Chile |
13488.3 | 2023 |
 China |
11489.3 | 2022 |
 Colombia |
6807.4 | 2023 |
 Comoros |
1376.9 | 2023 |
 DR Congo |
523.9 | 2023 |
 Republic of the Congo |
1608.3 | 2023 |
 Costa Rica |
12044.8 | 2022 |
 Ivory Coast |
2392.0 | 2023 |
 Croatia |
17249.7 | 2023 |
 Cuba |
7920.0 | 2019 |
 Curaçao |
19082.1 | 2015 |
 Cyprus |
27584.0 | 2023 |
 Czech Republic |
18837.8 | 2022 |
 Denmark |
64538.1 | 2022 |
 Djibouti |
3062.3 | 2023 |
 Dominica |
7408.5 | 2015 |
 Dominican Republic |
8491.5 | 2023 |
 Ecuador |
6031.3 | 2023 |
 Egypt |
3996.7 | 2023 |
 El Salvador |
4170.8 | 2023 |
 Equatorial Guinea |
4722.6 | 2019 |
 Estonia |
21491.4 | 2022 |
 Eswatini |
4350.9 | 2022 |
 Ethiopia |
888.0 | 2023 |
 Faroe Islands |
54153.8 | 2015 |
 Fiji |
4795.1 | 2015 |
 Finland |
45739.1 | 2023 |
 France |
38963.8 | 2022 |
 Gabon |
5345.7 | 2022 |
 The Gambia |
698.3 | 2023 |
 Georgia |
5679.4 | 2023 |
 Germany |
44177.8 | 2023 |
 Ghana |
2007.2 | 2022 |
 Greece |
19430.7 | 2022 |
 Grenada |
7401.3 | 2015 |
 Guatemala |
4516.4 | 2023 |
 Guinea |
906.3 | 2023 |
 Guinea-Bissau |
762.2 | 2023 |
 Guyana |
5701.1 | 2015 |
 Haiti |
1210.2 | 2023 |
 Honduras |
2374.1 | 2023 |
 Hong Kong |
47707.5 | 2023 |
 Hungary |
14818.5 | 2022 |
 Iceland |
52857.6 | 2015 |
 India |
2206.7 | 2023 |
 Indonesia |
4132.1 | 2023 |
 Iran |
5199.6 | 2022 |
 Iraq |
4092.1 | 2021 |
 Ireland |
66662.1 | 2022 |
 Isle of Man |
77330.1 | 2021 |
 Israel |
43655.2 | 2022 |
 Italy |
33616.7 | 2023 |
 Jamaica |
5156.3 | 2019 |
 Japan |
37124.4 | 2022 |
 Jordan |
4018.6 | 2015 |
 Kazakhstan |
9672.0 | 2022 |
 Kenya |
1726.9 | 2022 |
 Kiribati |
3193.3 | 2015 |
 South Korea |
32740.4 | 2023 |
 Kosovo |
4945.2 | 2023 |
 Kuwait |
30252.0 | 2019 |
 Kyrgyzstan |
1141.2 | 2022 |
 Laos |
2138.3 | 2016 |
 Latvia |
17511.0 | 2022 |
 Lebanon |
6117.2 | 2023 |
 Lesotho |
1128.6 | 2022 |
 Liberia |
639.0 | 2015 |
 Libya |
10231.6 | 2022 |
 Liechtenstein |
138201.3 | 2015 |
 Lithuania |
16201.6 | 2022 |
 Luxembourg |
74240.0 | 2022 |
 Macau |
38187.6 | 2022 |
 Madagascar |
452.6 | 2023 |
 Malawi |
531.3 | 2015 |
 Malaysia |
11379.4 | 2023 |
 Maldives |
8717.2 | 2015 |
 Mali |
726.1 | 2023 |
 Malta |
28348.5 | 2023 |
 Marshall Islands |
6062.3 | 2022 |
 Mauritania |
1624.0 | 2023 |
 Mauritius |
11580.4 | 2023 |
 Mexico |
10069.9 | 2023 |
 Micronesia |
3433.6 | 2015 |
 Moldova |
3733.7 | 2023 |
 Mongolia |
3916.4 | 2023 |
 Montenegro |
8460.4 | 2023 |
 Morocco |
3321.1 | 2023 |
 Mozambique |
539.3 | 2022 |
 Myanmar |
1116.8 | 2015 |
 Namibia |
4272.0 | 2023 |
 Nauru |
10421.3 | 2015 |
 Nepal |
1105.5 | 2023 |
 Netherlands |
49500.6 | 2022 |
 New Caledonia |
34264.0 | 2015 |
 New Zealand |
41844.4 | 2022 |
 Nicaragua |
2074.8 | 2023 |
 Niger |
544.9 | 2019 |
 Nigeria |
2610.5 | 2015 |
 North Macedonia |
5986.8 | 2023 |
 Norway |
105006.0 | 2022 |
 Oman |
17081.0 | 2021 |
 Pakistan |
1634.0 | 2023 |
 Palau |
12066.8 | 2022 |
 Panama |
12797.5 | 2015 |
 Papua New Guinea |
2335.3 | 2015 |
 Paraguay |
6205.8 | 2023 |
 Peru |
6110.9 | 2023 |
 Philippines |
4051.0 | 2023 |
 Poland |
16544.3 | 2023 |
 Portugal |
22160.6 | 2023 |
 Puerto Rico |
20965.6 | 2023 |
 Qatar |
65508.3 | 2015 |
 Romania |
12014.7 | 2023 |
 Russia |
9995.9 | 2023 |
 Rwanda |
975.2 | 2023 |
 Samoa |
3776.6 | 2023 |
 São Tomé and Príncipe |
1309.1 | 2015 |
 Saudi Arabia |
21094.7 | 2015 |
 Senegal |
1423.5 | 2023 |
 Serbia |
7288.1 | 2023 |
 Seychelles |
16471.2 | 2023 |
 Sierra Leone |
609.9 | 2021 |
 Singapore |
51848.7 | 2015 |
 Sint Maarten |
35448.7 | 2015 |
 Slovakia |
17497.9 | 2023 |
 Slovenia |
23982.8 | 2022 |
 Solomon Islands |
2094.5 | 2022 |
 Somalia |
505.4 | 2015 |
 South Africa |
6080.6 | 2023 |
 South Sudan |
940.0 | 2015 |
 Spain |
27189.4 | 2022 |
 Sri Lanka |
3843.7 | 2023 |
 Saint Kitts and Nevis |
18711.5 | 2015 |
 Saint Lucia |
9437.5 | 2015 |
 St. Vincent and Grenadines |
7201.9 | 2015 |
 Sudan |
1324.7 | 2015 |
 Suriname |
8884.7 | 2015 |
 Sweden |
57925.9 | 2022 |
 Switzerland |
86537.2 | 2022 |
 Syria |
825.1 | 2015 |
 Tajikistan |
1677.2 | 2022 |
 Tanzania |
1039.4 | 2022 |
 Thailand |
5414.3 | 2015 |
 East Timor |
1647.0 | 2022 |
 Togo |
925.5 | 2023 |
 Tonga |
4761.1 | 2021 |
 Trinidad and Tobago |
18344.7 | 2015 |
 Tunisia |
3802.1 | 2023 |
 Turkey |
15666.8 | 2024 |
 Turkmenistan |
5845.1 | 2015 |
 Turks and Caicos Islands |
24059.1 | 2015 |
 Tuvalu |
5238.7 | 2015 |
 Uganda |
935.9 | 2023 |
 Ukraine |
2288.3 | 2023 |
 United Arab Emirates |
41081.9 | 2020 |
 United Kingdom |
41316.4 | 2020 |
 United States of America |
65103.0 | 2022 |
 Uruguay |
16800.7 | 2023 |
 Uzbekistan |
2799.6 | 2015 |
 Vanuatu |
2950.0 | 2022 |
 Vietnam |
3473.0 | 2022 |
 Palestine |
3739.6 | 2022 |
 Yemen |
1453.1 | 2015 |
 Zambia |
1282.6 | 2015 |
 Zimbabwe |
1311.6 | 2022 |
See also
[edit]- National average salary
- Disposable household and per capita income
- Median income
- Net national income
- Income distribution
- List of countries by income equality
References
[edit]- ^Kagan, Julia."Real Income".Investopedia.Retrieved2019-03-12.
- ^"GNI per capita (constant 2015 US$), World Bank national accounts data, and OECD National Accounts data files, World Bank Group, accessed August 2024".
Economic classification of countries | |||||
|---|---|---|---|---|---|
| Three/Four-World Model | |||||
| Gross domestic product(GDP) |
| ||||
| Gross national income(GNI) | |||||
| Wages | |||||
| Wealth | |||||
| Othernational accounts | |||||
| Human development | |||||
| Digital divide | |||||
| Net international investment position(NIIP) | |||||
