Where Data Tells the Story
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Over the past two decades, income levels across the world’s wealthiest nations have risen steadily, reflecting long-term gains in productivity, wages, and national income. However, the pace of growth has varied significantly between countries.
This infographic compares the top 15 countries by Gross National Income (GNI) per capita in 2024 with their income levels in 2004, highlighting how national prosperity has evolved over a 20-year period.
Norway ranks first, increasing its GNI per capita from $54K in 2004 to $98K in 2024, supported by strong energy exports, high wages, and a well-developed welfare system.
Switzerland follows closely, rising from $55K to $95K, reflecting its strength in finance, pharmaceuticals, and high-value manufacturing.
Meanwhile, Luxembourg, long known for its financial sector, grew from $63K to $85K, maintaining its position among the world’s highest-income nations.
The United States nearly doubled its GNI per capita from $44K to $83K, driven by sustained economic expansion, technological innovation, and high productivity.
Iceland recorded strong long-term growth, reaching $82K in 2024, from $42K in 2004.
Denmark also saw an increase to $73K in 2024, from $43K in 2004.
Ireland also had strong growth, reaching $81K in 2024, from $38K in 2004. Ireland’s rise reflects the impact of multinational investment and export-driven growth.
Netherlands is also impressive with $63K in 2024, from $37K in 2004.
Qatar and Singapore show some of the fastest relative growth over the period. Qatar increased from $35K to $77K, while Singapore nearly tripled from $26K to $75K, underscoring the role of energy wealth and global trade hubs in boosting national income.
Australia has also seen a notable rise in GNI per capita over the past two decades, increasing from $26K in 2004 to $63K in 2024.
Several advanced European economies, including Sweden ($40K → $58K), Belgium ($33K → $55K), Germany ($32K → $55K), and Austria ($34K → $55K), experienced steadier but comparatively slower growth, remaining high-income but expanding at a more moderate pace.
This chart illustrates stability and economic growth, positive effects of globalization and sustaining productivity gains will be the key to maintaining long-term prosperity.