GDP per capita
Gross domestic product (GDP) is a strong indicator of a country’s economic performance and strength. It is measured by the added value of all final goods and services produced in a country during a specific time period or by adding every person’s income during that time period. Gross domestic product per capita is sometimes used to describe the standard of living of a population, with a higher GDP meaning a higher standard of living.
In 2014, Luxembourg, Norway, Qatar, and Switzerland reported the highest gross domestic product per capita worldwide, as can be seen in this statistic. It is estimated that gross domestic product per capita in the United States in 2020 will amount to around 58 thousand U.S. dollars, half of what Luxembourg is currently reporting. Since GDP per capita is calculated per inhabitant (hence the name), this is actually a positive sign of economic development, since it means an increase of almost 4,000 U.S. dollars. Despite the large gross domestic product in the United States, the United States had one of the highest unemployment rates amongst major industrial and emerging countries in 2013, with over 7.3 percent - the fourth highest in comparison to other major industrial and emerging countries.
The nation in the world with the second largest gross domestic product per capita is Norway. Norway’s economy has shown great signs of strength over the last few years. Over the past decade, Norway’s GDP per capita increased by more than 43 thousand U.S. dollars alone, almost doubling its amount. All in all, Norway's economy is one of the most stable and promising worldwide.