Nations with highest per capita income

Nations with highest per capita income:
According to the World Bank categories: Nations with per capita income (PCI) less than $935 are 'low income;' nations with PCI from $936 to $3,705 are 'lower middle income;' those with PCI from $3,706 to $11,455 are 'upper middle income;' and those with PCI from $11,456 or more are 'high income. This has been calculated using the World Bank Atlas method that employs official exchange rates for conversion.

1. Liechtenstein: So the nation with the highest per capita income in the world is Liechtenstein, a small country bordering Switzerland and Austria. Liechtenstein's per capita income is about $80,000 per annum. personal income tax rates in Liechtenstein too are exceedingly low: basic income tax rate is 1.2 per cent on income up to 200,000 Swiss Francs, and maximum is 5 per cent on income over 2 million Swiss Francs a year.
2. Bermuda: Bermuda is tourist's delight, located in the North Atlantic Ocean. Bermuda's per capita income is almost 50 per cent more than that of the United States. The tiny island nation's per capita income stands at just above $78,000. It has the second highest PCI in the world.

3. Norway: Norway's per capita income stands at $76,450, which is the third highest in the world. Norway has a mixed economy consisting of state-owned businesses and a robust free market. It's a high developed and industrialized state. Fishing, petroleum, hydel power, minerals contribute heavily to the nation's GDP.

4. Luxembourg : Luxembourg's per capita income is at $75,880. That makes it the world's fourth highest PCI. Luxembourg is located in Europe and is bordered by Belgium, France, and Germany. The nation has highly developed industrial and financial sectors.

5. Qatar : The per capita income of Qataris is $60,000, the fifth highest in the world. Qatar is an Arab emirate located in the Persian Gulf. The nation's economy mainly depends on its huge oil and natural gas reserves. There is no income tax in Qatar.

6. Switzerland : The Swiss enjoy a financially comfortable life, with a per capita income of $59,880. Switzerland ranks sixth in the World Bank's per capita income rankings. Switzerland, a truly capitalist economy, has many giant banks and multinational corporations. It also has highly developed industries in sectors like pharmaceuticals, chemicals, machine parts, electronics, precision instruments, banking, tourism, etc. Dairy farming too is an age old industry in Switzerland. It has very low tax rates

7. Denmark: Denmark's per capita income is at $54,910. According to World Bank rankings, it is the world's seventh highest PCI. Denmark has a highly industrialised economy, with robust agricultural and corporate sectors. Despite being one of the most competitive nations, the nation has a very weak financial regulatory system. Also, its labour laws are very lax and tilted heavily in favour of the employers.

8. Iceland: At $54,100, the per capita income of Iceland is the world's eighth highest. Iceland has a very healthy power sector which helps it be a highly industrialised country.

9-10-11. Cayman Islands: The per capita income of Cayman Islands is more than $48,140 and less than $54,100, as per World Bank figures. It has the 11th highest PCI in the world. It has the 11th highest PCI in the world. At number 9 is Channel Islands and in the 10th spot is Andorra. It is a major financial centre and also one of the world's best known tax havens

12- Ireland : The Irish have a per capita income of $48,140, ranking them twelfth in the world.

13-14 Sweden: Sweden's per capita income is $46,060, making its PCI 14th-highest in the world. San Marino, with a PCI of $45,130 is the 13th-highest. Sweden has a very well developed industry in sectors like engineering, telecom, power, automobiles, pharmaceuticals, etc. The nation's economy is heavily dependent on foreign trade. It also has highly skilled work force.

15- United States of America: America's per capita income is $46,040. It's the 15th-highest in the world. The United States is mostly a capitalist economy, with huge mineral and oil reserves, apart from fantastic infrastructure, skilled work force, and the highest number of the world's largest corporations

132- China: China's per capita income is $2,360. It ranks 132nd in the world. China is the world's second largest economy, with its GDP standing at slightly more than $7 trillion. China, the world's factory, has a highly developed manufacturing sector. It has a huge market which acts as a magnet for big multinationals who pour in billions of dollars into the economy to grab a chunk of the massive Chinese market.

Courtesy: Rediff