What is per capita income?
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Answers
Per capita income is a measure of the amount of money earned per person in a nation or geographic region. ... Per capita income for a nation is calculated by dividing the country's national income by its population.
Understanding Per Capita Income
Per capita income counts each man, woman, and child, even newborn babies, as a member of the population. This stands in contrast to other common measurements of an area's prosperity, such as household income, which counts all people residing under one roof as a household, and family income, which counts as a family those related by birth, marriage, or adoption who live under the same roof.
Per Capita Income in the U.S.
The United States Census Bureau takes a survey of income per capita every ten years and revises its estimates every September. The Census takes the total income for the previous year for everyone 15 years and older and calculates the median average of the data. The census includes earned income (including wages, salaries, self-employment income), interest income, dividends as well as income from estates and trusts, and government transfers (Social Security, public assistance, welfare, survivor and disability benefits). Not included are employer-paid healthcare, money borrowed, insurance payments, gifts, food stamps, public housing, capital gains, medical care, or tax refunds.
According to 2018 Census data, the national per capita income for the year was $32,621 in 2018 dollars as shown in the table below. We can see, from the U.S. Census Bureau, that the per capita income is lower than the median household income of $60,293, which is calculated by grouping the number of people in each household.
Explanation:
Per capita income is a measure of the amount of money earned per person in a nation or geographic region. ... Per capita income for a nation is calculated by dividing the country's national income by its population.
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