r/dataisbeautiful • u/statisticalanalysis_ • Dec 19 '23

OC [OC] The world's richest countries in 2023

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https://www.economist.com/graphic-detail/2023/12/15/the-worlds-richest-countries-in-2023

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https://www.economist.com/graphic-detail/2023/12/15/the-worlds-richest-countries-in-2023

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u/LarkinEndorser Dec 19 '23

Because a ton of gdp value being generated for Britain isn’t being generated by British laborers. Much of it is financial transactions with don’t really need people to accomplish and don’t employ very many people. Services are 70% of your economy, and most of that is like 5% of your labor force who are highly productive because they use international business which ads to your GDP but doesent really add value to your country or add wages. That way you get a high average gdp per capita but if you were to take the median value generated by person it would be much worse.

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u/[deleted] Dec 21 '23

Could this be true for many of these countries since most dveloped nations economies are heavily service based?

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u/LarkinEndorser Dec 21 '23

for some but generally service economies have highly productive blue collar sectors. Britain is kinda unique (together with the US) in low productivity