For the EU, the GDP per capita in US dollars was $37.4K. This 2022 number is little changed since 2007 ($37.0K). Since the UK is no longer in the EU I looked the United Kingdom. GDP/capita peaked in 2007 and was at $45.8K in 2022.
These levels are below all US states including Mississippi ($47.2). Odd.
Why would that be odd? Is there a correlation between per capita GDP, and the lifestyle of the average person? Or do Alabama and Mississippi have a reputation for squalor, while western Europe has a reputation for the average working person having a lifestyle of relative comfort, because Europe is a nest of “Commies” who spread the money around more, vs the “pro-growth, job creating” policies of the US, where concentration of wealth is the priority?
The reason is Irish taxes go sky high at 60k Euro. You get the big ticket items pension and healthcare. This means the average income goes a lot further. That builds the Irish economy. Just having money parked in bank accounts does not build Irish wealth. It is wealth but building wealth in an economy is worth much more.
We keep taxes low which is a job killer.
Biden hiked taxes a bit and is not creating a much healthier economy.
Case one: where 100 people each pocket tens of millions per year, while 100,000 live in poverty. Case two, where no-one pockets over a million per year, but no-one lives in poverty. Which place is “richer”?
Out of all 50 states, New York had the highest per-capita real gross domestic product (GDP) in 2022, at 79,434 U.S. dollars, followed closely by Massachusetts. Mississippi had the lowest per-capita real GDP, at 35,555 U.S. dollars.Nov 3, 2023 Real per capita GDP by state U.S. 2022 | Statista.
Now the “Nominal GDP per capita” in Mississippi is $47,190
Europe breaks out as northern, central and southern.
Note Russia’s per capita income in 2021 was $12k. Pitiful.
Very interesting I can retire to Portugal or Spain where the cost of living is much less. Situate myself by a good city hospital in the suburbs. Better than Florida easily.