Estimation of a country's gross domestic product shows the size of its economy but does not show how wealthy in average are individuals of that country. The economic well-being of country's citizens can be measured as country's GDP per one inhabitant, known as GDP per capita which is usually used as an indicator of the quality of life.
While gross domestic product per capita is especially useful when comparing one country to another because it accounts for the size of country's population it is also useful in indicating the growth of economic well-being in a country through time.
Luxembourg and Switzerland are the leaders by GDP per capita. The success of Switzerland is in part attributable to the fact that its economy is not dependent on one single industry - it is successfully diversified between the technological, industrial, and financial sectors.
In Luxembourg, on the contrary, the economy is concentrated in the financial sector, which came to the forefront with the massive transfer of industrial production to Asian countries and not only compensated for the losses but also allowed to generate significant revenue. The attractive tax system has made Luxembourg an ideal place not only for a number of multinational companies, especially Internet start-ups but also for high-wealth individuals.The last significant decline
Still, the fact that Luxembourg's economy is dependent on the financial sector is in charge for the significant decline in GDP per capita which occurred during the global financial crisis. In conditions of world economic crisis, Luxembourg's GDP per capita had proceeded to fall and had reached the history minimum of 7.11 % downturn in 2009.
Take a look at other GDP-related dashboards:
Access and compare forecasts for more than 50 indicators related to a country’s economic, demographic, and energy futures from leading international institutions. Assess the historic quality of forecasts with our Forecast Accuracy Tracking Tool™ and select the most accurate forecast to support your analysis.