Per capita income is often used to measure a sector's average income and compare the wealth of different populations. Per capita income is also often used to measure a country's standard of living.
How is per capita income calculated?
The per capita income formula consists mainly of two parts, i.e., total income earned by all individuals and the total population. First, it is calculated by dividing the area’s total income by the total population living in that area. You are free to use this image on your website, templates, etc, Please provide us with an attribution link
How do you calculate per capita income (PCI)?
The formula is: Per Capita Income (PCI) = National Income / Total Population To calculate PCI for a specific country, we first have to determine its national income for the year targeted. For example, assume a country with a national income of $300 trillion and a population of 100 million in 2019. By applying the formula, we have:
