This video will compare the top 10 countries by GDP per capita from 1960 to 2021. GDP per capita is calculated by dividing the GDP of a country by its population. Source: World Bank, IMF, St. Louis Fed
"In dollars" is a big factor here,- as oil is only allowed to be traded in dollars and thus entirely depends on their (USA's) situation. Norway has always had a low population compared to their decent fishing, logging and transport industry, and would probably be in the top20 regardless of oil. If Norway hadn't discovered oil, their mining and shipping industry would probably be equivalent to Swedens logging industry, and Denmarks Maersk container shipping could very well have been outshined by a sturdy norwegian shipping and dock-industry. Oil made norway richer, but also less productive.
What? You do realize that if tax havens were the norm, they would be nothing to what they are now, because they wouldn't be a haven. Tax haven systems don't work for large countries.
Not just a tax haven though. Luxembourg relies heavily on foreign workers from surrounding countries While the GDP is nomally for Luxembourg, in practice a lot of the money is earned by and spent in its neighboring countries. So in the stats, Luxembourg always appears much richer than it actually is.
@@dansands8140 Honestly, as European I'm not too firm of foreign tax havens pulling the company headquarters while still operating here. The EU has to finally crack down on big Tech Companies like Google paying almost no taxes here.
How TF is the US on there with that big of a population? Australia is the only country with more than 10 million people.. still, they only have 25 million.. I'm surprised there aren't more oil rich countries
Autralia's wealth is distributed VERY evenly across it's population unlike China/USA where most of the wealth is in billionaires. In australia, the poor people are rich.
@@holdontightsam4579 The US is still fucking rich if you remove the billionaires. It's an absurdly wealthy country. They have a significantly higher cost of living because of things like private healthcare, but the average American (in terms of average wage) makes like 2x as much as the average French or German or Australian. en.wikipedia.org/wiki/List_of_countries_by_average_wage
@@irieite9666 But that is mostly because the wealthy in the US are the wealthiest in the world. For instance if you look lower, American middle classes are actually richer European middle classes
@@irieite9666 they may be fucked in some ways but a lot of poor people in america if they fill out the right paper work are better off then the middle class. My aunt barely ever has a job and gets 5 bedroom houses, always has a full fridge and her kids always have the newest clothes. Food stamps and Section 8. Look it up.
@@irieite9666 Oh you said "working" never mind ignore me. Yeah the working class is fucked. My household easily brings in over 100k but with the way rent and prices are it sure doesnt feel like it.
And then you realize that the 1% richest people in america holds over 80% of that money. That is why this graph looks weird because some countries, like the US has INSANE wealth gaps. Some sort of statistic that show the real values without counting in the mega rich would be interesting. Pretty sure the US wouldnt even be top 10 on such a list.
@@admiralfloofz658 a quick google search and fact is that the top 20% in the US just hold 75% of all wealth. I say that’s about normal in any country. So pretty much everything you say is BS.
@@peraltaisrael2598 Then Google better. I admit what I said was an educated guess. In reality its much much worse. inequality.org/great-divide/updates-billionaire-pandemic/ 719 people hold 4 times as much as the bottom 50% of the country. Sweden matches the numbers you gave, but we also have the second highest amount of billionaires per capita despite pretty much not having a poor class.
Saudi Arabia used to be rich by GDP per capital but the main is problem in the 80s they start growing kids more at a booming rate of 7.1 per family nowadays it’s becoming lower at 3
@@oceanman6327 While Scandinavian countries may not be "socialist countries", they have all been governed by socialists for most of the last century. In the same way, China is not a "communist country", only governed by communists (the Communist Party of China has never claimed that China is communist). Take Sweden for example: Sweden was governed solely by the Social Democratic Workers' Party of Sweden uninterrupted from 1936 to 1976. In cases where they had a minority government, they survived with external support from the Communist Party. They have also been in government for the majority of the following years to the present day. The party statue states that its intention is to "struggle towards Democratic Socialism". The party is a member of the Party of European Socialists. None of their elected officials would object to being called socialists (because they are proud of it). Throughout their time in power, they have expanded the role of the public in directing the economy along the ideals of collective ownership and control of the means of production. This means strong unions, with everyone being covered under collective bargaining agreements. This means public control of and universal access to healthcare and education. This means an expansive social safety net that makes even the poorest in society have economic power. While being a moderated program, it remains a socialist one.
There have been some interesting not so permanent single reason surges: 1970s Middle East - Oil Late 2000s / early 2010s Australia - high Aus $ Late 2010s Macau - Chinese tourists/ gamblers Who can explain the San Marino and the Bahamas high GDP positions?
It’s not actually that rich. Not in the way the Norway or Switzerland is rich. It has a lot of private investment but the government revenue is pretty average.
when the population of a country consists of two people and both are multi-billionaires, then you can be at the top of the list for 500 years however, this does not negate the fact that Luxembourg is not a state at all
@@patrickboner standards may not work here, it is clear that in such principalities as Monaco or Luxembourg, the maximum density of multi-millionaires per 1 square centimeter at the same time, there is probably an island in Oceania where naked Papuans-pygmies live, who do not even have clothes and their population density can also be 1 person per square centimeter :) everything in the world is relative, but it's STUPID to include countries, or rather microscopic areas with an area of 1-10 sq km and say - look at how high their purchasing power parity is I can offer only two conditions: people should EARN money in their own country, and not work as guest workers in other countries and send money transfers to their homeland, and many countries of Eastern Europe, even the Baltic states, live like this, they work as plumbers and toilet cleaners from Britain and Spain to Germany the numbers are very tricky, 1-2 THIRDS !!! the population left the Baltic countries and went to work in Western Europe, they constantly transfer money to their homeland, and purchasing power parity is calculated from the remaining part of the population, taking into account money transfers, and not from the actual population secondly, it is necessary to exclude from the accounting of millionaires and multimillionaires, let's say, people whose total wealth, for example, is from 5-10 million dollars
@@INFILTRATOR2008 Luxembourg is the 167th largest out of 194 un countries. They are by all means a country as althought not being in the un doesn't mean you aren't a country being in it means you are one
@@helendefensor5057 why is that obvious? Many small counties are poor? This is much more reasonable that just adding gdp without looking at per capita.
According to Ireland's Central Statistics Office, net household wealth in Ireland is now just over €1 trillion, the highest it has ever been, even higher than during the Celtic Tiger era. In 2022, Ireland was ranked 8th in the world in the UN Human Development Index - in 2019, we even came neck and neck with Switzerland. In addition, Ireland did very well in the 2023 OECD PISA rankings in academic performance for high school students, in all the three categories of reading, maths and science. In reading, we came second after Singapore. Investment in education over several decades has been one of the key ingredients to our success.
The US is insane none of these countries have over 10 million, but the US has 330 million. It went from #9 pre covid to #5 after covid with the worst outbreak.
Japan is the only comparable large country to the US, with 120 to 125 million people during its time as a top 10 nation. It actually beat the US in GDP per capita a couple of years in the 1990s, attaining #3 status from 1993 to 1997. The golden years of the Japanese economy.
The US is an outlier in almost everything. It is astonishing. Historians looking back at this era will see it as a golden age even though the people living in it are too close to realise it.
That’s not how this is supposed to be read. What it shows is that throughout modern history the Scandinavians are pound for pound the most productive workers in the world.
@@theegyptianconqueror7100 Are you serious? Do you know what GDP per capita means? It means “the sum of gross value added by all resident producers in the economy” - Google it. This is EXACTLY what this chart shows.
@@TubeMeisterJC Yes. I say Scandinavia isnt socialist because it doesnt really differ from other western countries. They have private property, millionaires/billionaires, democratic government etc
@@TubeMeisterJC if you look at the actual numbers you wont real differences. So if US is center-right then Scandinavia is centrist. But in 70s, at least sweden, was far more left-wing then now.
They are SAR regions that are listed in the World Bank separate from China; this is similar to how the United States and Puerto Rico are listed separately.
As an Irish person that’s has travelled a great deal I can tell you the standard of living is much higher then almost any country I have visited.. Much higher then that in Britain and most of Europe…however inflation and a huge housing crisis are beginning to change that , the next generation are going to have a reduced standard of living .
You are not wrong, the general American is poorer. The 6 richest Americans make up the entire wealth of 13 states. www.businessinsider.com/richest-americans-gdp-states-billionaires-centibillionaires-jeff-bezos-elon-musk-2021-4 Since GDP per capita is total GDP divided by total population, removing the wealth of the top 1%, try finding US on this list...
Not rich but you pay high prices and high taxes. Those 'tax heaven' allegations you hear of? They are just for the rich, not for the average Joe (Jhämp).
3:08 🇯🇵 in 2nd?!?! i can't understand it cuz Most Asian countries with over 100 million people are poor, but at this time Japan had a population of 120 million and exceeded the per capita GDP of most European countries.
Yeah Luxembourg having high GDP but highest prices of the world and actively trying to get rid of poor Luxembourgers and immigrants, while only attracting rich foreigners. Good luck finding a room (not studio or flat) under 1200 Euro a month without charges.
There are a couple of things here (1972 & 1973) that are affecting USA GDP as well as western Europe. 1.) Defacto end of the Bretton Woods agreement... Currencies become fiat and free floating, covertibility to gold ends. 2.) The 1973 Arab Oil Embargo against the the West in response to the 1973 Arab/Israeli war (Yom Kippur War) which eventually saw oil increase in price by 300%. Just curious... Is your country on this list?
Is not bad news....US is the 3rd largest population in the world but still on top 5 of the most richest countries by GDP per capita. Most countries in europe are small with tiny population obviously thier GDP per capita are high. But where's Germany, UK, Italy, France and Spain they're not even on the top 10.
@@marcelgabrielcilidariu6813 You better believe it. Heck, speaking of first-world problems, the other night I was running a bath and the hot water was *too hot* . You don't know my problems, brother.
It's a very tiny country, so it's not hard to rank high when your country has very little people. In a way, the less people you have, the better advantage you have to rank higher.
About half of the workforce of Luxembourg actually doesn't live there but commutes to Luxembourg from surrounding countries. That greatly boosts GDP/Capita.
@@ericwalker2434 wrong. London is where it’s funnelled. London was built and redeveloped into the city it is today using Scottish North Sea oil revenue. Also that’s because you are assuming the U.K.‘a gdp is measured in dollars when it’s actually measured in Pounds. Depending on the strength of the Pound vs Dollar the U.K. economy can seem a lot stronger or weaker from one day to the next. In 2007 £1 was worth $2.05 meaning the U.K. GDP per capita was higher than the US’s unlike today where it’s £1 to $1.4.
@Kevin Sullivan You’ve just made yourself look like a complete tit. The U.K. GDPis measured in pounds then converted to dollars not the other way about. That’s why in dollars the U.K. economy looks volatile but in pounds it’s risen steadily year on year. As I said the pound to dollar ratio changes daily. In 2007 the U.K. had a higher gdp per capita than the US as a whole due to the strong pound (2.06). Now it’s significantly less. The U.K. economy hasn’t all of a sudden collapsed like that make its seem it seem, infact it’s grown at a similar rate to the US year on year.
Australia did great but the eastern states kept us back
2 года назад
It would be interesting to have this video from 1880 to the present. I understand Argentina had the highest GDP per capita at the end of the XIX century due to its constitution that protected individual liberty and economic freedom. It remained one of the highest until the 1950´s when Peron came into power and introduced social democracy and a welfare state
The top 3 are small country with tiny population obviously thier GDP per capita are high. I'm still impressed with the US the third biggest population in the world almost equivalent of the whole Europe population combined but still on top 5.
50m is way too high and would quite boring, but this would definitely be more interesting without countries that have a population of less than say 500k.
@Sahil Singh when a country is the size of a city, the same rules don’t apply but someone from a tiny country doesn’t have the same perspective. How could you?
@@speciallyengineeredwaterbag countries with fewer than 50 mil don’t make a difference in the world. They attach themselves to a superpower and act as a vassal state. That’s just how the world works. Name one small country that has made a serious difference to the modern world?
