Median GDP per capita: How much does the typical person earn in different countries? A look at global inequality

Abstract

Wealth and economic well-being are usually estimated using the mean gross domestic product per capita. However, this indicator does not typically account for wealth inequality in a country and is therefore misleading. The median GDP per capita, defined as the GDP per capita of the middle person measured using income or consumption, gives a more accurate representation of the average well-being of a person in the country. This economic indicator can be calculated using purchasing power parity, which adjusts for the differences in prices at different locations. – AI-generated abstract.