21 C
Tuesday, April 16, 2024

Emirates News Agency – UAE per capita income continues to rise, ranks 7th globally


ABU DHABI, 10th July, 2023 (WAM) — The UAE ranks seventh in the world in terms of per capita national income, according to the latest data released by the World Bank.

Per capita income in the UAE rose to US$87,729 in July 2022, an increase of US$10,781 compared to 2021, based on current international dollar purchasing power parity (PPP) calculations.

The International Dollar is a virtual currency used to compare the purchasing power of different countries. It is based on the U.S. dollar, but has the same purchasing power as the local currencies of each country.

The UAE has consolidated its place in the list of countries with the highest per capita income based on the Atlas Act and current US dollar prices, according to the latest update from the World Bank.

The World Bank uses the Atlas method to classify world economies into four groups based on income: low-income, lower-middle-income, upper-middle-income, and high-income. The classification is updated each year at the beginning of July based on per capita income for the previous fiscal year.

According to the Atlas methodology, the UAE’s per capita national income (in current US dollars) will rise from US$43,460 in 2021 to US$48,950 in 2022, surpassing the pre-COVID-19 level of US$46,210.

Gross national income (GNI) in US dollars is done using the Atlas method, which was introduced in its current form in 1989, using derived conversion factors.

Classification may change for two reasons. First, GNI per capita may change under the Atlas method. According to the Atlas method, economic growth, inflation, exchange rates, and population growth all affect the level of per capita income in each country. Reviews related to improving methods and data can also have an impact.

Second, with annual adjustments for inflation, changes aimed at maintaining the real income frontier are made using the Special Drawing Rights (SDR) deflator, which is the GDP average for China, Japan, the United Kingdom, the United States, and Subtract the weighted average of the index and the EU.

The new classification threshold for GNI per capita under the Atlas Act in 2022 is different from 2021.

In the latest classification, per capita income is below $1,135 in low-income countries, between $1,136 and $4,465 in low-middle-income countries, between $4,466 and $13,845 in upper-middle-income countries, and above $13,845 in high-income countries.

In the previous classification, all categories had lower thresholds, with per capita income below $1,085 in low-income countries, between $1,086 and $4,255 in lower-middle-income countries, and between $1,086 and $4,255 in upper-middle-income countries. Dollar. $4,256 to $13,205, with highs above $13,205.

In terms of gross national income per capita, under the Atlas Act, nearly 80% of countries will improve in 2022 compared to pre-pandemic levels in 2019.


Source link

Related Articles

DXB Issues Advisory Amid Impending Unstable Weather

DXB Issues Advisory Amid Unforeseen Weather As UAE residents gear up to face the anticipated onslaught of unstable weather conditions sweeping across the country, travelers...

UAE Braces for Double Wave of Unstable Weather on Tuesday and wednesday

UAE Braces for Dual Waves of Unstable Weather on Tuesday and wednesday Residents of Dubai, Abu Dhabi, and Sharjah are urged to brace themselves for...

UAE Travel Agencies Expertly Manage Surge of Calls from Passengers Post-Eid Break Amid Iran-Israel Conflict

UAE Travel Agencies Empower Passengers with Timely Assistance Post-Eid Break Over the past weekend, UAE travel agencies across the UAE experienced a surge in activity...

Touchstone Infotech: Pioneering Innovation in Digital Solutions for Small Businesses

Introduction:In the bustling landscape of startups and small businesses, Touchstone Infotech shines as a beacon of innovation and transformative digital solutions. Founded by Prashant...

UAE Residents Embrace Chinese Language Learning, Empowering Connections

UAE Residents Learning Chinese Signals Global Engagement In the dynamic landscape of global connectivity, the significance of learning Chinese has transcended mere academic pursuit, extending...

Latest Articles