Quantcast
Channel: 24/7 Wall St.
Viewing all articles
Browse latest Browse all 9224

The Average Person in This Country Makes in a Year What US Minimum Wage Workers Earn in a Month

$
0
0

24/7 Wall St. Insights

  • We’ve reviewed GNI per capita data from the World Bank
  • The world GNI per capita is $20,593
  • You might be shocked at how little someone in the #1 country lives off annually
  • Also, 2 Dividend Legends To Hold Forever

In the United States, a full-time employee at the federal minimum wage might earn $1,256 before taxes in one month (assuming a 40-hour work week). The US is considered one of the richest countries in the world, but many may consider this not enough for a person to live on. While it may be one of the richest, it is certainly not at the very top. China is currently the richest by GDP, and Switzerland is the richest by average per capita wealth.

Economists have several ways to measure wealth and economic size, some better suited for comparison between countries than others. For example, gross domestic product (GDP) is a very popular measure, but it fails to account for domestic, unpaid work and does not include well-being measures. Gross national income (GNI), while it has similar limitations, at least considers income also from outside the country and, therefore, perhaps better reflects a country’s income. For this reason, 24/7 Wall St. chose GNI per capita data from the World Bank to rank countries and determine the poorest ones in the world.

The World Bank estimates GNI per capita in several ways. Still, we chose the purchasing power parity method, which also takes into account the ability to buy the same amount of goods and services in each country. Using this measure, we ranked 193 countries with available current data. Figures are in current international dollars. We listed the 41 countries with GNIs per capita of less than $5,000. All additional data came from the World Bank. (The World Bank calculates the GDP growth rate of GDP in local currency units.)

To understand how poor these countries are, the average world GNI per capita is $20,593, while the U.S.’s is $77,950. These poorest countries tend to face significant challenges in their economic development and their populations’ well-being. They grapple with issues such as extreme poverty, limited access to health care and education, political instability, and environmental pressures. Thirty countries on the list are located in sub-Saharan Africa, while five are small island countries in Oceania, such as the Solomon Islands, Vanuatu, and Micronesia.

We added measures of average life expectancy at birth and average annual population growth since 2000 to highlight mounting challenges. For comparison, the average life expectancy worldwide is 71.3 years, while the world’s population growth is 1.2% a year. Many of the countries on the list have lower life expectancy and higher population growth.

So, which is the poorest country? Burundi, located in sub-Saharan Africa, is the only country on the list with a GNI per capita of less than $1,000. Its 12th-highest population growth and 30th-lowest life expectancy contribute to its challenges. Finally, it is also important to note that the list is conspicuously missing Yemen, Eritrea, and South Sudan, which often rank among the poorest countries but have no current data.

Why Is This Important?

Living in the world’s poorest countries exposes its citizens to many challenges. The location of the country plays a pivotal role; most of the countries on this list are in sub-Saharan Africa. Countries embroiled in internal conflict often remain unstable, lack infrastructure, have increased debt, and struggle with poverty. Understanding these nuances allows one to see the “big picture” of the world economy.

41. Myanmar

  • Gross national income per capita (PPP method), 2022: $4,910
  • Gross domestic product (current USD), 2022: $62.3 billion (#85 highest of 193 countries)
  • GDP growth: +4.0% (#96 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 65.7 years (#143 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 0.8% (#125 highest of 193 countries)
  • Population, 2022: 54,179,306
  • Region: Eastern and South-Eastern Asia

40. Nepal

  • Gross national income per capita (PPP method), 2022: $4,750
  • Gross domestic product (current USD), 2022: $40.8 billion (#97 highest of 193 countries)
  • GDP growth: +5.6% (#55 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 68.5 years (#129 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 1.0% (#115 highest of 193 countries)
  • Population, 2022: 30,547,580
  • Region: Central and Southern Asia

39. Timor-Leste

  • Gross national income per capita (PPP method), 2022: $4,740
  • Gross domestic product (current USD), 2022: $3.2 billion (#162 highest of 193 countries)
  • GDP growth: -20.5% (#190 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 67.7 years (#131 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 1.9% (#58 highest of 193 countries)
  • Population, 2022: 1,341,296
  • Region: Eastern and South-Eastern Asia

38. Cameroon

  • Gross national income per capita (PPP method), 2022: $4,330
  • Gross domestic product (current USD), 2022: $43.6 billion (#94 highest of 193 countries)
  • GDP growth: +3.6% (#111 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 60.3 years (#172 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.8% (#26 highest of 193 countries)
  • Population, 2022: 27,914,536
  • Region: Sub-Saharan Africa

37. Micronesia, Federated States

  • Gross national income per capita (PPP method), 2022: $4,280
  • Gross domestic product (current USD), 2022: $0.4 billion (#184 highest of 193 countries)
  • GDP growth: -0.8% (#174 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 70.7 years (#109 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 0.1% (#163 highest of 193 countries)
  • Population, 2022: 114,164
  • Region: Oceania

36. Papua New Guinea

  • Gross national income per capita (PPP method), 2022: $4,180
  • Gross domestic product (current USD), 2022: $31.6 billion (#101 highest of 193 countries)
  • GDP growth: +5.2% (#65 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 65.4 years (#144 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.8% (#26 highest of 193 countries)
  • Population, 2022: 10,142,619
  • Region: Oceania

35. Sudan

  • Gross national income per capita (PPP method), 2022: $4,150
  • Gross domestic product (current USD), 2022: $51.7 billion (#87 highest of 193 countries)
  • GDP growth: -1.0% (#175 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 65.3 years (#146 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.6% (#35 highest of 193 countries)
  • Population, 2022: 46,874,204
  • Region: Northern Africa and Western Asia

34. Sao Tome and Principe

  • Gross national income per capita (PPP method), 2022: $4,110
  • Gross domestic product (current USD), 2022: $0.5 billion (#183 highest of 193 countries)
  • GDP growth: +0.1% (#172 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 67.6 years (#132 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.1% (#53 highest of 193 countries)
  • Population, 2022: 227,380
  • Region: Sub-Saharan Africa

33. Senegal

  • Gross national income per capita (PPP method), 2022: $4,060
  • Gross domestic product (current USD), 2022: $27.7 billion (#107 highest of 193 countries)
  • GDP growth: +4.2% (#93 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 67.1 years (#137 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.6% (#35 highest of 193 countries)
  • Population, 2022: 17,316,449
  • Region: Sub-Saharan Africa

32. Congo, Rep.

  • Gross national income per capita (PPP method), 2022: $4,050
  • Gross domestic product (current USD), 2022: $15.8 billion (#127 highest of 193 countries)
  • GDP growth: +1.5% (#162 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 63.5 years (#154 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.9% (#19 highest of 193 countries)
  • Population, 2022: 5,970,424
  • Region: Sub-Saharan Africa

31. Benin

  • Gross national income per capita (PPP method), 2022: $4,020
  • Gross domestic product (current USD), 2022: $17.4 billion (#123 highest of 193 countries)
  • GDP growth: +6.3% (#48 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 59.8 years (#174 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.9% (#19 highest of 193 countries)
  • Population, 2022: 13,352,864
  • Region: Sub-Saharan Africa

30. Zambia

  • Gross national income per capita (PPP method), 2022: $3,980
  • Gross domestic product (current USD), 2022: $29.2 billion (#105 highest of 193 countries)
  • GDP growth: +5.2% (#61 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 61.2 years (#168 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.2% (#12 highest of 193 countries)
  • Population, 2022: 20,017,680
  • Region: Sub-Saharan Africa

29. Kiribati

  • Gross national income per capita (PPP method), 2022: $3,870
  • Gross domestic product (current USD), 2022: $0.2 billion (#186 highest of 193 countries)
  • GDP growth: +1.6% (#160 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 67.4 years (#134 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 1.8% (#63 highest of 193 countries)
  • Population, 2022: 131,232
  • Region: Oceania

28. Comoros

  • Gross national income per capita (PPP method), 2022: $3,850
  • Gross domestic product (current USD), 2022: $1.2 billion (#175 highest of 193 countries)
  • GDP growth: +2.4% (#147 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 63.4 years (#155 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.0% (#55 highest of 193 countries)
  • Population, 2022: 836,774
  • Region: Sub-Saharan Africa

27. Vanuatu

  • Gross national income per capita (PPP method), 2022: $3,780
  • Gross domestic product (current USD), 2022: $1.1 billion (#178 highest of 193 countries)
  • GDP growth: +1.8% (#154 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 70.4 years (#112 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.4% (#43 highest of 193 countries)
  • Population, 2022: 326,740
  • Region: Oceania

26. Haiti

  • Gross national income per capita (PPP method), 2022: $3,310
  • Gross domestic product (current USD), 2022: $20.3 billion (#115 highest of 193 countries)
  • GDP growth: -1.7% (#179 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 63.2 years (#156 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 1.5% (#77 highest of 193 countries)
  • Population, 2022: 11,584,996
  • Region: Latin America and the Caribbean

25. Lesotho

  • Gross national income per capita (PPP method), 2022: $3,190
  • Gross domestic product (current USD), 2022: $2.2 billion (#167 highest of 193 countries)
  • GDP growth: +1.1% (#165 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 53.1 years (#187 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 0.6% (#134 highest of 193 countries)
  • Population, 2022: 2,305,825
  • Region: Sub-Saharan Africa

24. Tanzania

  • Gross national income per capita (PPP method), 2022: $3,050
  • Gross domestic product (current USD), 2022: $75.7 billion (#74 highest of 193 countries)
  • GDP growth: +4.6% (#82 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 66.2 years (#138 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.9% (#19 highest of 193 countries)
  • Population, 2022: 65,497,748
  • Region: Sub-Saharan Africa

23. Guinea

  • Gross national income per capita (PPP method), 2022: $2,870
  • Gross domestic product (current USD), 2022: $21.0 billion (#113 highest of 193 countries)
  • GDP growth: +4.7% (#78 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 58.9 years (#182 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.3% (#50 highest of 193 countries)
  • Population, 2022: 13,859,341
  • Region: Sub-Saharan Africa

22. Ethiopia

  • Gross national income per capita (PPP method), 2022: $2,800
  • Gross domestic product (current USD), 2022: $126.8 billion (#60 highest of 193 countries)
  • GDP growth: +5.3% (#58 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 65.0 years (#147 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.8% (#26 highest of 193 countries)
  • Population, 2022: 123,379,924
  • Region: Sub-Saharan Africa

21. Rwanda

  • Gross national income per capita (PPP method), 2022: $2,730
  • Gross domestic product (current USD), 2022: $13.3 billion (#136 highest of 193 countries)
  • GDP growth: +8.2% (#25 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 66.1 years (#140 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.4% (#43 highest of 193 countries)
  • Population, 2022: 13,776,698
  • Region: Sub-Saharan Africa

20. Solomon Islands

  • Gross national income per capita (PPP method), 2022: $2,670
  • Gross domestic product (current USD), 2022: $1.6 billion (#172 highest of 193 countries)
  • GDP growth: -4.1% (#183 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 70.3 years (#114 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.4% (#43 highest of 193 countries)
  • Population, 2022: 724,273
  • Region: Oceania

19. Uganda

  • Gross national income per capita (PPP method), 2022: $2,640
  • Gross domestic product (current USD), 2022: $45.6 billion (#91 highest of 193 countries)
  • GDP growth: +4.6% (#81 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 62.7 years (#158 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.1% (#17 highest of 193 countries)
  • Population, 2022: 47,249,585
  • Region: Sub-Saharan Africa

18. Togo

  • Gross national income per capita (PPP method), 2022: $2,610
  • Gross domestic product (current USD), 2022: $8.3 billion (#148 highest of 193 countries)
  • GDP growth: +5.8% (#50 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 61.6 years (#165 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.6% (#35 highest of 193 countries)
  • Population, 2022: 8,848,699
  • Region: Sub-Saharan Africa

17. Zimbabwe

  • Gross national income per capita (PPP method), 2022: $2,550
  • Gross domestic product (current USD), 2022: $27.4 billion (#108 highest of 193 countries)
  • GDP growth: +6.5% (#42 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 59.3 years (#179 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 1.5% (#77 highest of 193 countries)
  • Population, 2022: 16,320,537
  • Region: Sub-Saharan Africa

16. Gambia, The

  • Gross national income per capita (PPP method), 2022: $2,460
  • Gross domestic product (current USD), 2022: $2.2 billion (#169 highest of 193 countries)
  • GDP growth: +4.3% (#88 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 62.1 years (#161 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.9% (#19 highest of 193 countries)
  • Population, 2022: 2,705,992
  • Region: Sub-Saharan Africa

15. Burkina Faso

  • Gross national income per capita (PPP method), 2022: $2,440
  • Gross domestic product (current USD), 2022: $18.8 billion (#120 highest of 193 countries)
  • GDP growth: +1.8% (#156 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 59.3 years (#177 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.9% (#19 highest of 193 countries)
  • Population, 2022: 22,673,762
  • Region: Sub-Saharan Africa

14. Mali

  • Gross national income per capita (PPP method), 2022: $2,420
  • Gross domestic product (current USD), 2022: $18.8 billion (#119 highest of 193 countries)
  • GDP growth: +3.7% (#106 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 58.9 years (#181 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.2% (#12 highest of 193 countries)
  • Population, 2022: 22,593,590
  • Region: Sub-Saharan Africa

13. Sierra Leone

  • Gross national income per capita (PPP method), 2022: $2,250
  • Gross domestic product (current USD), 2022: $4.1 billion (#156 highest of 193 countries)
  • GDP growth: +3.5% (#113 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 60.1 years (#173 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.9% (#19 highest of 193 countries)
  • Population, 2022: 8,605,718
  • Region: Sub-Saharan Africa

12. Guinea-Bissau

  • Gross national income per capita (PPP method), 2022: $2,220
  • Gross domestic product (current USD), 2022: $1.6 billion (#171 highest of 193 countries)
  • GDP growth: +3.5% (#112 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 59.7 years (#175 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.4% (#43 highest of 193 countries)
  • Population, 2022: 2,105,566
  • Region: Sub-Saharan Africa

11. Madagascar

  • Gross national income per capita (PPP method), 2022: $1,730
  • Gross domestic product (current USD), 2022: $15.3 billion (#131 highest of 193 countries)
  • GDP growth: +3.8% (#102 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 64.5 years (#149 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.7% (#32 highest of 193 countries)
  • Population, 2022: 29,611,714
  • Region: Sub-Saharan Africa

9. Malawi

  • Gross national income per capita (PPP method), 2022: $1,700
  • Gross domestic product (current USD), 2022: $13.2 billion (#137 highest of 193 countries)
  • GDP growth: +0.9% (#167 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 62.9 years (#157 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.7% (#32 highest of 193 countries)
  • Population, 2022: 20,405,317
  • Region: Sub-Saharan Africa

9. Somalia

  • Gross national income per capita (PPP method), 2022: $1,700
  • Gross domestic product (current USD), 2022: $10.4 billion (#145 highest of 193 countries)
  • GDP growth: +2.4% (#145 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 55.3 years (#185 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.2% (#12 highest of 193 countries)
  • Population, 2022: 17,597,511
  • Region: Sub-Saharan Africa

8. Afghanistan

  • Gross national income per capita (PPP method), 2021: $1,680
  • Gross domestic product (current USD), 2021: $14.3 billion (#134 highest of 193 countries)
  • GDP growth: -20.7% (#191 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 62.0 years (#162 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.4% (#10 highest of 193 countries)
  • Population, 2022: 41,128,771
  • Region: Central and Southern Asia

7. Chad

  • Gross national income per capita (PPP method), 2022: $1,640
  • Gross domestic product (current USD), 2022: $12.7 billion (#141 highest of 193 countries)
  • GDP growth: +2.2% (#149 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 52.5 years (#189 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.5% (#8 highest of 193 countries)
  • Population, 2022: 17,723,315
  • Region: Sub-Saharan Africa

6. Liberia

  • Gross national income per capita (PPP method), 2021: $1,470
  • Gross domestic product (current USD), 2022: $4.0 billion (#157 highest of 193 countries)
  • GDP growth: +4.8% (#75 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 60.7 years (#170 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.8% (#26 highest of 193 countries)
  • Population, 2022: 5,302,681
  • Region: Sub-Saharan Africa

5. Niger

  • Gross national income per capita (PPP method), 2022: $1,380
  • Gross domestic product (current USD), 2022: $15.3 billion (#130 highest of 193 countries)
  • GDP growth: +11.5% (#8 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 61.6 years (#166 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.7% (#5 highest of 193 countries)
  • Population, 2022: 26,207,977
  • Region: Sub-Saharan Africa

4. Congo, Dem. Rep.

  • Gross national income per capita (PPP method), 2022: $1,290
  • Gross domestic product (current USD), 2022: $64.7 billion (#83 highest of 193 countries)
  • GDP growth: +8.9% (#17 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 59.2 years (#180 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.2% (#12 highest of 193 countries)
  • Population, 2022: 99,010,210
  • Region: Sub-Saharan Africa

3. Mozambique

  • Gross national income per capita (PPP method), 2022: $1,210
  • Gross domestic product (current USD), 2022: $18.4 billion (#121 highest of 193 countries)
  • GDP growth: +4.4% (#86 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 59.3 years (#176 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 2.8% (#26 highest of 193 countries)
  • Population, 2022: 32,969,518
  • Region: Sub-Saharan Africa

2. Central African Republic

  • Gross national income per capita (PPP method), 2022: $1,030
  • Gross domestic product (current USD), 2022: $2.4 billion (#165 highest of 193 countries)
  • GDP growth: +0.5% (#169 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 53.9 years (#186 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 1.8% (#63 highest of 193 countries)
  • Population, 2022: 5,579,144
  • Region: Sub-Saharan Africa

1. Burundi

  • Gross national income per capita (PPP method), 2022: $840
  • Gross domestic product (current USD), 2022: $3.3 billion (#161 highest of 193 countries)
  • GDP growth: +1.8% (#153 highest of 193 countries)
  • Avg. life expectancy at birth, 2021: 61.7 years (#163 highest of 193 countries)
  • Avg annual population growth, 2000-2022: 3.2% (#12 highest of 193 countries)
  • Population, 2022: 12,889,576
  • Region: Sub-Saharan Africa

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

The post The Average Person in This Country Makes in a Year What US Minimum Wage Workers Earn in a Month appeared first on 24/7 Wall St..


Viewing all articles
Browse latest Browse all 9224

Trending Articles



<script src="https://jsc.adskeeper.com/r/s/rssing.com.1596347.js" async> </script>