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Why does Monaco have a higher GDP per capita than the United States? (lemmy.zip)

submitted 1 day ago* (last edited 1 day ago) by LtDan@lemmy.zip to c/asklemmy@lemmy.world

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To put it by comparison: Monaco (the country) is a smaller than Central Park in NYC but their GDP per capita is around $256,000 while the USA it hovers at around $92,000. Like why does a European microstate that small have a higher GDP than a major super power? They don't have income tax to be worried about (unless you are a French citizen).

Is it because everyone there is basically a millionaire or working in the tourism industry where their main clientele are basically elites who have left over cash? The country's population is 38,500 (about half of San Clemente, CA) but even with a small population, do people in Monaco have a higher disposable income when you take it into account?

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[–] Subscript5676@piefed.ca 1 points 11 hours ago

Suppose 20 people make 30 things and have to share amongst themselves; they each get 1.5 things.
2 people make 5 things; they each get 2.5.

And there's your asnwer. It's just math.

It's worth mentioning that GDP per capita is not a reflection of true average wealth of a national population. It is at best an estimate of their average quality of life, and even that has been becoming more and more inaccurate as more countries have more uneven wealth distribution. For example, in NY, the GDP per capita in 2024 is a whopping $604,619, but their median wage in 2024 is a mere $86,830.