The UAE secured the seventh position in the latest ranking of global per capita income by the World Bank, demonstrating its robust economic growth.
The nation’s per capita income witnessed a significant rise of $10,781 from 2021, reaching $87,729 in July 2022, when measured on the basis of purchasing power parity (PPP) in current international dollars.
The international dollar, an analytical tool for gauging purchasing power across various countries, provides a comparative standard. Although it mirrors the US dollar, it maintains an equivalent purchasing power to the local currency in each respective country.
The World Bank’s Atlas method, which classifies the world’s economies into four income categories—low, lower middle, upper middle, and high—shows the UAE maintaining a high standing among countries with the most substantial per capita income.
The UAE’s per capita national income, assessed in current US dollars, climbed to $48,950 in 2022, up from $43,460 in the previous year. This not only demonstrates the country’s rapid economic recovery but also exceeds the pre-COVID-19 level of $46,210.
Last month, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, announced that the country’s gross domestic product (GDP) hit AED 1.62 trillion at constant prices in 2022, which marked a growth of 7.9%.
