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WASHINGTON -- The United States has advanced one place to become the world's seventh-richest nation, but American shoppers get more for their money than residents in every country but Luxembourg, new World Bank data shows.
The multilateral lending agency said the nation's gross national product per capita rose to $24,750 in 1993 from $23,830 in 1992. GNP is the total value of all goods and services produced by U.S. workers and capital worldwide.
The data, contained in the 27th edition of the World Bank Atlas, showed that Switzerland remained the world's wealthiest nation, with a GNP per capita of $36,410, down $320 from 1992.
Others in the top 10 were: Luxembourg, $35,850; Japan, $31,450; Denmark, $26,510; Norway, $26,340; Sweden, $24,830; Iceland, $23,620; Germany, $23,560; and Kuwait, $23,350.
By contrast, Mozambique remained the poorest country in the world, with a GNP per capita of $80. It was joined by several African and Asian nations.
These "nominal" figures are based on a three-year average of available exchange rates.
While the United States ranked at the lower end of the top 10 list, Americans can take consolation from one fact: They get more bang for their buck because prices are cheaper there compared with other countries.
For the first time, the latest edition of the Atlas shows the buying power within each country, after adjusting for differing prices levels among nations.
The costlier goods and services are in an economy, the less money can buy and the lower the "real" income per capita. Conversely, the lower the prices, the further a person's money will go and the higher their income versus other nations.
Luxembourg had the highest real GNP per capita of $29,510, followed by the United States at $24,750. The United States consistently has ranked among the top two on this basis. "Everybody loves coming to the United States because prices are cheaper here," said World Bank economist Michael Ward.
Others rounding out the "real" top 10 were: Switzerland, $23,620; the United Arab Emirates, $23,390; Qatar, $22,910; Hong Kong, $21,670; Japan, $21,090; Germany, $20,980; Singapore, $20,470, and Canada, $20,410.
Among notable changes in the traditional top 10 list -- which does not take account of price levels -- is the absence of a number of Middle East oil-producing nations, including the United Arab Emirates, Qatar, and Saudi Arabia.
"The price of oil has really tumbled compared to recent years," said Ward. The oil nations had been at the top of the list in the early 1980s, thanks to high oil prices.
In 1986, the United States moved to among the top three with the relative decline of the oil-producing nations and the strength of the dollar on global currency markets. It was in the top three from 1986 through 1988.
Last year, eight African nations and three in Asia were among the poorest, based on nominal GNP per capita.
Aside from Mozambique, the Atlas listed the following as poorest: Ethiopia, $100; Tanzania (mainland only), $100; Sierra Leone, $140; Nepal, $160; Bhutan and Vietnam, both $170; Burundi, $180; Uganda, $190; and Chad and Rwanda, both $200.
U.S. Takes Seventh-Highest Place for GNP Per Capita
31 December 1994
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