Average Global Income [2023]: What Is The Median Income Worldwide? - Zippia (2024)

Research Summary: Whether you live in the US or not, it can be hard to imagine what the average global income of the world’s collective population would be. Though the average can be skewed by the highest or lowest income individuals, it’s still fascinating to examine the global statistics.

Overall, here are the insights our extensive research uncovered:

• The average global personal income is $9,733 per year.

• The average global household income is $12,235 per year.

• The median per-capita household income is only $2,920 per year.

• Making over $100,000 puts you in the top 10% of global earners, while making over $1 million puts you in the top 1%.

For further analysis, we broke down the data in the following ways:
Annual Income | Purchasing Power Parity | Global Income | GDP per Capita | Household Income

Distribution of Global Wealth

Average Annual Income by Country

Average annual income varies a lot by country, with the average global income in some being very little and others exceedingly rich. To find out more, here are some of the most interesting findings:

• Monaco has the highest average annual income of $186,080.

  That means the average person in Monaco is in the top 10% of earners globally. Additionally, other counties among the top five include: Bermuda ($122,470), Switzerland ($90,600), Luxembourg ($88,190), and Norway ($83,880).

  

  Top 10 Countries By Average Income

  Country	Average annual income
  Monaco	$186,080
  Bermuda	$122,470
  Switzerland	$90,600
  Luxembourg	$88,190
  Norway	$83,880
  Ireland	$76,110
  United States	$70,930
  Denmark	$68,300
  Singapore	$64,010
  Iceland	$63,460

• The US ranks as the country with the 7th highest average income globally.

  This may very well be skewed, given that over 30% of all billionaires live in the US, and over 28% of households make less than $25,000 per year.

• Burundi has the lowest average annual income of $220.

  That equates to citizens earning only $18 monthly, or less than a dollar daily. Other counties among the bottom five include: Afghanistan ($390), Somalia ($430), South Sudan ($460), and Mozambique ($480).

  

  Bottom 10 Countries By Average Income

  Country	Average annual income
  Burundi	$220
  Afghanistan	$390
  Somalia	$430
  South Sudan	$460
  Mozambique	$480
  Central African Republic	$480
  Madagascar	$490
  Sierra Leone	$500
  DRC	$550
  Niger	$590

Average Purchasing Power Parity (PPP) by Country

While it might be shocking to analyze the disparities between average incomes worldwide, it’s important to note that average income on its own doesn’t tell the whole story. For instance, even if people of one country have higher than average incomes, this benefit would be negated by low purchasing power. Consider these interesting statistics:

• Luxembourg has the highest PPP by median annual income of $26,321.

  PPP, or Purchasing power parity, is highest in Luxembourg, meaning that the wealthier than average citizens in this country are also getting the most out of their income. Other countries with high PPP include: UAE ($24,292), Norway ($22,684), Switzerland ($21,490), and the United States ($19,306).

  Top 10 Countries By Median Annual Income PPP

  Country	PPP (Purchasing power parity)
  Luxembourg	$26,321
  UAE	$24,292
  Norway	$22,684
  Switzerland	$21,490
  United States	$19,306
  Canada	$18,652
  Austria	$18,405
  Sweden	$17,625
  Denmark	$17,432
  Netherlands	$17,154

• DRC has the lowest PPP by median annual income of $395.

  The DRC is one of the largest countries in Africa and has been struggling with poverty for some time. Other countries with low PPP include: Madagascar ($398), Burundi ($475), Malawi ($484), and Guinea-Bissau ($486).

  Bottom 10 Countries By Median Annual Income PPP

  Country	PPP (Purchasing power parity)
  DRC	$395
  Madagascar	$398
  Burundi	$475
  Malawi	$484
  Guinea-Bissau	$486
  Central African Republic	$491
  Mozambique	$529
  Zambia	$545
  Uzbekistan	$591
  Rwanda	$621

• Luxembourg has the highest GDP per capita PPP of $133,330.

  Luxembourg also has the highest GDP per capita PPP, which is the final value of all goods and services produced within the year, divided by the average population. Other countries with high GDP per capita PPP include: Singapore ($116,486), Ireland ($105,355), Qatar ($102,018), and Bermuda ($88,185).

  Top 10 Countries By GDP per capita PPP

  Country	GDP per capita PPP
  Luxembourg	$133,330
  Singapore	$116,486
  Ireland	$105,355
  Qatar	$102,018
  Bermuda	$88,185
  Norway	$80,535
  Switzerland	$77,121
  UAE	$76,609
  Cayman Islands	$74,155
  United States	$69,287

• Burundi has the lowest GDP per capita PPP of $774.

  Burundi has the lowest income and lowest GDP per capita PPP on earth, highlighting the county’s deep struggle with poverty. Other countries with low GDP per capita PPP include: the Central African Republic ($920), DRC ($1,179), South Sudan ($1,182), and Somalia ($1,249).

  Bottom 10 Countries By GDP per capita PPP

  Country	GDP per capita PPP
  Burundi	$774
  Central African Republic	$920
  DRC	$1,179
  South Sudan	$1,182
  Somalia	$1,249
  Niger	$1,304
  Mozambique	$1,348
  Liberia	$1,564
  Chad	$1,566
  Madagascar	$1,608

Global Income Over Time

Despite many countries still struggling with poverty, global income has increased exponentially over time. Here are some examples of how the global economy has grown:

• Average global income grew 2.7x richer between 1950-2023.

  The average income in 1950 was only $3,300 per year. This hit one of its highest peaks in 2016 when average global income reached $14,574 (4.4x richer. Today, the average global income is around $12,235 per year.

• Global median daily income increased by over 150% between 1990-2019.

  The global median daily income was only $2.95 in 1990. By 2019, that median reached $7.56, and while this might not seem like a lot, it’s a huge relative increase.

  Global Median Daily Income Over Time

  Year	Median daily income
  2019	$7.56
  2018	$7.40
  2017	$7.08
  2016	$6.85
  2015	$6.65
  2014	$6.45
  2012	$6.23
  2011	$5.65
  2010	$5.35
  2009	$5.04
  2008	$4.88
  2007	$4.72
  2006	$4.49
  2005	$4.32
  2004	$4.10
  2003	$3.90
  2002	$3.79
  2001	$3.63
  2000	$3.55
  1999	$3.42

• The income of the top 1% of earners has grown 100x faster than the bottom 50%.

  The top 1% of earners have seen an $800,000 increase in average wealth within the past 50 years. That’s an astonishing 100x more than earners in the bottom 50%.

GDP per Capita by Country

GDP per capita isn’t the same as the average income, but it can provide some important insights as it relates to income. This is because GDP per capita measures the economic output of a nation per person. To find out more about where each country stands, here are the facts:

• Monaco has the highest GDP per capita of $234,315

  Though not the most affordable, Monaco is a very wealthy country. Others among the bottom five countries with the highest GDP per capita include: Liechtenstein ($157,755), Luxembourg ($133,590), Bermuda ($114,090), and Ireland ($100,172).

  Top 10 Countries By GDP per Capita

  Country	GDP per capita
  Monaco	$234,315
  Liechtenstein	$157,755
  Luxembourg	$133,590
  Bermuda	$114,090
  Ireland	$100,172
  Switzerland	$91,992
  Norway	$89,154
  Isle of Man	$87,157
  Cayman Islands	$86,569
  Channel Islands	$75,153

• Burundi has the lowest GDP per capita of only $221

  Burundi yet again tops our list, and not in a good way. Others among the top five countries with the lowest GDP per capita include: Afghanistan ($369), Somalia ($447), the Central African Republic ($461), and Sierra Leone ($480).

  Bottom 10 Countries By GDP per Capita

  Country	GDP per capita
  Burundi	$221
  Afghanistan	$369
  Somalia	$447
  Central African Republic	$461
  Sierra Leone	$480
  Mozambique	$492
  Madagascar	$500
  Syrian Arab Republic	$533
  DRC	$577
  Niger	$591

Average Household Income by Country

Average household income tends to be higher than personal income, as it’s typically the combination of two or more incomes. To find out which countries have the highest and lowest household incomes, here are some comprehensive facts:

• Luxembourg has the highest average household income of $52,493.

  Luxembourg has the highest average income for families, with others among the top five including: Norway ($51,489), Sweden ($50,514), Australia ($46,555), and Denmark ($44,360).

  Top 10 Countries by Average Household Income

  Country	Average household income
  Luxembourg	$52,493
  Norway	$51,489
  Sweden	$50,514
  Australia	$46,555
  Denmark	$44,360
  United States	$43,585
  Canada	$41,280
  Netherlands	$38,584
  Finland	$34,615
  Germany	$33,333

• Burundi has the lowest median household income of only $673.

  Others among the bottom five countries with the lowest household incomes include: Liberia ($781), Madagascar ($1,013), Rwanda ($1,101), and Zambia ($1,501).

  Bottom 10 Countries by Average Household Income

  Country	GDP per capita
  Burundi	$673
  Liberia	$781
  Madagascar	$1,013
  Rwanda	$1,101
  Zambia	$1,501
  Benin	$1,502
  Burkina Faso	$1,530
  Togo	$1,571
  Mali	$1,983
  Sierra Leone	$2,330

Global Income FAQ

1. What is the average income globally?

   The average income globally is $12,235 per year. This number relates to GDP per capita, being a measurement of the per-person contribution to a country’s economy. Household income is another measurement that can be used to estimate the average global income. The average household income worldwide is $9,733 per year.

2. What income is in the top 1% worldwide?

   An income of $1 million or more puts you in the top 1% worldwide. In the US, you need to make $1.697 million to be in the top 1%, which is fairly similar to the global average.

   The vast majority of the population, 87%, make less than $100,000 per year worldwide.

3. What country has the highest average income in the world?

   Monaco has the highest average income of $186,080 per year. This country also has the highest GDP per capita of $234,315, making it one of the richest countries on the planet.

   The only other country that sometimes tops the charts in this regard is Luxembourg, which has the highest average household income of $52,493, as well as the highest PPP by median annual income of $26,321.

4. What country has the lowest average income in the world?

   Burundi consistently ranks as having the lowest income in the world, with an average annual income of only $220 per year. Burundi is at the bottom by almost every metric, including:

   • A GDP per capita PPP of $774

   • A GDP per capita of $221

   • A median household income of $673

   The only other country that ranked on the bottom was the DRC, which has the lowest PPP by the median annual income of only $395.

Conclusion

Many measurements can determine the average income in a country. From household income to GDP per capita, the disparity between different countries across the globe is massive.

Countries like Monaco and Luxembourg have some of the wealthiest citizens in the world, with averages of well over $100,000 per person. While countries like the DRC and Burundi still struggle with crippling poverty.

The US, while being among the richest countries, still only has the seventh-highest average annual income in the world.

While we still have a long way to go in terms of battling poverty, it’s also important to highlight just how far we’ve come. Average global income grew 2.7x richer between 1950-2023, from only $3,300 per year to $12,235 today.

References

1. Gallup – Worldwide, Median Household Income About $10,000

2. Macrotrends – World GDP Per Capita 1960-2023

3. Statista – The Global Wealth Pyramid

4. WorldData – Average income around the world

5. The World Bank – GDP per capita, PPP (current international $)

6. World Population Review – Median Income by Country 2023

7. Our World in Data – Economic Growth

8. Our World in Data – Median income or consumption per day, 1990 to 2019

9. Salon – New data shows income of top 1% has grown 100 times faster than bottom 50% since 1970

10. The World Bank – GDP per capita (current US$)