The Gross National Income (GNI) is the sum of the value added by all the goods and services produced within a determined country, including foreign investment, to which are added any product taxes (excluding subsidies), and the value earned by the nation through overseas ventures. GNI per capita represents the total GNI divided by all mid-year residents of the country, and is generally represented in US dollars. The conversion between the local currency and the US dollars is made by using the Exchange Rate methods of the World Bank Atlas.
Countries With the Highest GNI
Switzerland has longtime been a symbol of the rich free market. Services, particularly banking, play a major role in the robust economy, though other industries such as manufacturing and tourism also play a role. Zurich, the largest city in Switzerland, is one of the world's most important cities for banking and finance. Major Swiss exports include watches and clocks, for which it is famous, as well as pharmaceuticals.
Norway has the world's second-highest GNI. Norway has a prosperous economy, well-developed in both state and private sectors. Further, the country is rich in natural resources and the government controls many key areas of the natural resources economy, such as the petroleum sector. Even though the country opted to not join the European Union, it still maintain good trade relations with its neighbors as a member of the European Economic Area. The country spends 9% of its GDP for health, ensures that all of the population has access to one of the greatest healthcare systems in the world.
Synopsis of GNI Research
Following Norway and Qatar is Luxembourg with a GNI of 69 thousand per capita, and Iceland with a per capita GNI of 67 thousand. As is evidenced by our list, high GNIs are characteristically accompanied by well-developed economies and high quality of life.