Money
The Big Mac Index: A Measure of Purchasing Power Parity & Burger Inflation
The Big Mac Index: A Measure of PPP and Burger Inflation
The Big Mac was created in 1967 by Jim Delligati, a McDonald’s franchise owner in Pennsylvania. It was launched throughout the U.S. the following year, and today you can buy one in more than 70 countries. However, the price you pay will vary based on where you are, as evidenced by the Big Mac Index.
Spanning from 2004-2022, this animation from James Eagle shows the U.S. dollar price of a Big Mac in select countries around the world.
What Does the Big Mac Index Show?
The Big Mac Index was invented by The Economist in 1986. It is intended to be a lighthearted way to demonstrate the concept of purchasing power parity. In other words, it helps illustrate the idea that market exchange rates between countries may be “out of whack” when compared to the cost of buying the same basket of goods and services in those places.
Given that McDonald’s is one of the biggest companies in the world and the Big Mac is widely available globally, it means that the famous burger can be used as a basic goods comparison between most countries. It also has the advantage of having the same inputs and distribution system, with a few minor modifications (like chicken patties in India instead of beef).
Using the price of a Big Mac in two countries, the index can give an indication as to whether a currency may be over or undervalued. For example, a Big Mac costs ¥24.40 in China and $5.81 in the United States. By comparing the implied exchange rate to the actual exchange rate, we can see whether the Yuan is over or undervalued.
According to the Big Mac Index, the Yuan is undervalued by 34%.
Beyond currency misalignment, the index has other uses. For instance, it shows inflation in burger prices over time. If we compare the price of a Big Mac across countries in the same currency—such as the U.S. dollar—we are also able to see where burgers are cheaper or relatively more expensive.
Burger Costs Around the World
In the animation, all Big Mac prices have been converted from local currency to U.S. dollars based on the actual exchange rate in effect at the time. Below, we show the change in price of a Big Mac in select countries, ordered by January 2022 prices.
Country | May 2004 | January 2022 | % change |
---|---|---|---|
Switzerland | $4.88 | $6.98 | 43% |
Norway | $5.18 | $6.39 | 23% |
United States | $2.90 | $5.81 | 100% |
Sweden | $3.94 | $5.79 | 47% |
Israel | $2.79 | $5.35 | 92% |
Canada | $2.33 | $5.32 | 129% |
Venezuela | $1.48 | $5.06 | 243% |
Euro area | $3.29 | $4.95 | 51% |
Denmark | $4.46 | $4.82 | 8% |
Britain | $3.37 | $4.82 | 43% |
New Zealand | $2.65 | $4.60 | 73% |
Australia | $2.27 | $4.51 | 98% |
Singapore | $1.93 | $4.36 | 126% |
Brazil | $1.70 | $4.31 | 154% |
Argentina | $1.48 | $4.29 | 190% |
Sri Lanka | $1.41 | $4.15 | 193% |
Czech Republic | $2.13 | $4.11 | 93% |
Chile | $2.18 | $3.88 | 78% |
Thailand | $1.45 | $3.84 | 166% |
China | $1.26 | $3.83 | 205% |
South Korea | $2.72 | $3.82 | 40% |
Poland | $1.63 | $3.44 | 111% |
Japan | $2.32 | $3.38 | 46% |
Peru | $2.58 | $3.36 | 31% |
Mexico | $2.07 | $3.34 | 62% |
Hungary | $2.51 | $3.09 | 23% |
Hong Kong | $1.54 | $2.82 | 83% |
Philippines | $1.23 | $2.79 | 126% |
Taiwan | $2.25 | $2.70 | 20% |
South Africa | $1.86 | $2.58 | 39% |
Ukraine | $1.36 | $2.43 | 79% |
Malaysia | $1.33 | $2.39 | 80% |
Indonesia | $1.77 | $2.36 | 34% |
Turkey | $2.58 | $1.86 | -28% |
Russia | $1.45 | $1.74 | 20% |
Switzerland takes the cake for the priciest Big Mac, followed closely behind by Norway. Both countries have relatively high price levels but also enjoy higher wages when compared to other OECD countries.
Venezuela has seen the largest jump in burger prices, with the cost of a Big Mac climbing nearly 250% since 2004. The country has been plagued by hyperinflation for years, so it’s no surprise to see large price swings in the country’s data.
While it appears that the price of a Big Mac has decreased in Turkey, this is because the prices are shown in U.S. dollars. The new Turkish lira has depreciated against the U.S. dollar more than 90% since it was introduced in 2005.
Finally, it’s worth noting that Russia has the cheapest Big Mac, reflecting the country’s lower price levels. Labor costs in Russia are roughly a third of those in Switzerland.
The Limitations of Burgernomics
The Big Mac Index is useful for a number of reasons. Investors can use it to measure inflation over time, and compare this to official records. This can help them value bonds and other securities that are sensitive to inflation. The Big Mac Index also indicates whether a currency may be over or undervalued, and investors can place foreign exchange trades accordingly.
Of course, the index does have shortcomings. Here are some that economists have noted.
- Non-traded services can have different prices across countries. The price of a Big Mac will be influenced by the costs of things like labor, but this is not a reflection of relative currency values. The Economist now releases a GDP-adjusted version of the Big Mac Index to help address this criticism.
- McDonald’s is not in every country in the world. This means the geographic reach of the Big Mac Index has some limitations, particularly in Africa.
- The index lacks diversity. The index is made up of one item: the Big Mac. Because of this, it lacks the diversity of other economic metrics such as the Consumer Price Index.
Despite all of these limitations, the Big Mac Index does act as a good starting place for understanding purchasing power parity. Through the simplicity of burgers, complex economic theory is easier to digest.

This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Wealth
Ranked: The 50 Richest Countries by GDP Per Capita in 2025
For most countries, GDP per capita measures relative prosperity. For the richest ones, it’s indicating other influences in their economies.

Ranked: The 50 Richest Countries by GDP Per Capita in 2025
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Luxembourg is the richest country in the world by GDP per capita, $141K in 2025.
- The U.S. is the richest country ($89K) with a population of more than 10 million.
- The top four ranks are countries known as offshore wealth centers.
- A number of oil-rich, small nations are also present on this list.
GDP per capita is a rough proxy for a country’s average living standards. A higher GDP per capita usually reflects more economic resources available per person, a signal for prosperity.
However, like all statistical measures there are caveats: it doesn’t account for income distribution, quality of life metrics, or how sustainable the economy is.
Nevertheless, it is a standard that can be applied to make useful comparisons, while keeping these caveats in mind.
So, what are the “richest” countries in the world? We rank the top 50 countries by GDP per capita in 2025 using figures from the International Monetary Fund (IMF).
All values are in current USD, which means: it is not adjusted for currency rates, cost of living metrics, or inflation.
Ranked: The Richest Countries in the World in 2025
Luxembourg is the richest country in the world by GDP per capita, $140,941 in 2025.
The U.S. is the richest country ($89,105) with a population of more than 10 million.
Rank | Country/ Region | ISO Code | GDP Per Capita |
---|---|---|---|
1 | 🇱🇺 Luxembourg | LUX | $140,941 |
2 | 🇮🇪 Ireland | IRL | $108,919 |
3 | 🇨🇭 Switzerland | CHE | $104,896 |
4 | 🇸🇬 Singapore | SGP | $92,932 |
5 | 🇮🇸 Iceland | ISL | $90,284 |
6 | 🇳🇴 Norway | NOR | $89,694 |
7 | 🇺🇸 U.S. | USA | $89,105 |
8 | 🇲🇴 Macao SAR | MAC | $76,314 |
9 | 🇩🇰 Denmark | DNK | $74,969 |
10 | 🇶🇦 Qatar | QAT | $71,653 |
11 | 🇳🇱 Netherlands | NLD | $70,480 |
12 | 🇦🇺 Australia | AUS | $64,547 |
13 | 🇸🇲 San Marino | SMR | $59,603 |
14 | 🇦🇹 Austria | AUT | $58,192 |
15 | 🇸🇪 Sweden | SWE | $58,100 |
16 | 🇧🇪 Belgium | BEL | $57,772 |
17 | 🇮🇱 Israel | ISR | $57,760 |
18 | 🇭🇰 Hong Kong SAR | HKG | $56,031 |
19 | 🇩🇪 Germany | DEU | $55,911 |
20 | 🇬🇧 United Kingdom | GBR | $54,949 |
21 | 🇫🇮 Finland | FIN | $54,163 |
22 | 🇨🇦 Canada | CAN | $53,558 |
23 | 🇦🇪 UAE | ARE | $49,498 |
24 | 🇫🇷 France | FRA | $46,792 |
25 | 🇳🇿 New Zealand | NZL | $46,126 |
26 | 🇲🇹 Malta | MLT | $45,735 |
27 | 🇦🇩 Andorra | AND | $45,263 |
28 | 🇨🇾 Cyprus | CYP | $41,132 |
29 | 🇮🇹 Italy | ITA | $41,091 |
30 | 🇵🇷 Puerto Rico | PRI | $38,605 |
31 | 🇦🇼 Aruba | ABW | $37,775 |
32 | 🇧🇸 Bahamas | BHS | $36,784 |
33 | 🇪🇸 Spain | ESP | $36,192 |
34 | 🇸🇮 Slovenia | SVN | $35,332 |
35 | 🇧🇳 Brunei Darussalam | BRN | $34,970 |
36 | 🇰🇷 South Korea | KOR | $34,642 |
37 | 🇹🇼 Taiwan | TWN | $34,426 |
38 | 🇯🇵 Japan | JPN | $33,956 |
39 | 🇨🇿 Czech Republic | CZE | $33,039 |
40 | 🇪🇪 Estonia | EST | $32,760 |
41 | 🇬🇾 Guyana | GUY | $32,326 |
42 | 🇱🇹 Lithuania | LTU | $30,835 |
43 | 🇸🇦 Saudi Arabia | SAU | $30,099 |
44 | 🇵🇹 Portugal | PRT | $30,002 |
45 | 🇰🇼 Kuwait | KWT | $29,951 |
46 | 🇧🇭 Bahrain | BHR | $28,857 |
47 | 🇸🇰 Slovak Republic | SVK | $27,130 |
48 | 🇵🇱 Poland | POL | $26,805 |
49 | 🇧🇧 Barbados | BRB | $25,901 |
50 | 🇬🇷 Greece | GRC | $25,756 |
51 | 🇭🇷 Croatia | HRV | $25,674 |
52 | 🇭🇺 Hungary | HUN | $24,809 |
53 | 🇱🇻 Latvia | LVA | $24,374 |
54 | 🇺🇾 Uruguay | URY | $22,693 |
55 | 🇦🇬 Antigua & Barbuda | ATG | $22,630 |
56 | 🇰🇳 Saint Kitts & Nevis | KNA | $21,911 |
57 | 🇸🇨 Seychelles | SYC | $21,633 |
58 | 🇷🇴 Romania | ROU | $21,421 |
59 | 🇵🇦 Panama | PAN | $20,080 |
60 | 🇨🇷 Costa Rica | CRI | $19,095 |
61 | 🇵🇼 Palau | PLW | $18,993 |
62 | 🇴🇲 Oman | OMN | $18,966 |
63 | 🇧🇬 Bulgaria | BGR | $18,522 |
64 | 🇹🇹 Trinidad & Tobago | TTO | $18,445 |
65 | 🇲🇻 Maldives | MDV | $18,207 |
66 | 🇨🇱 Chile | CHL | $17,015 |
67 | 🇹🇷 Türkiye | TUR | $16,709 |
68 | 🇰🇿 Kazakhstan | KAZ | $14,768 |
69 | 🇱🇨 Saint Lucia | LCA | $14,499 |
70 | 🇦🇷 Argentina | ARG | $14,362 |
71 | 🇷🇺 Russia | RUS | $14,258 |
72 | 🇷🇸 Serbia | SRB | $14,174 |
73 | 🇨🇳 China | CHN | $13,687 |
74 | 🇲🇪 Montenegro | MNE | $13,508 |
75 | 🇹🇲 Turkmenistan | TKM | $13,337 |
76 | 🇲🇾 Malaysia | MYS | $13,145 |
77 | 🇳🇷 Nauru | NRU | $12,727 |
78 | 🇲🇽 Mexico | MEX | $12,692 |
79 | 🇬🇩 Grenada | GRD | $12,591 |
80 | 🇲🇺 Mauritius | MUS | $12,332 |
81 | 🇩🇴 Dominican Republic | DOM | $11,743 |
82 | 🇻🇨 Saint Vincent & the Grenadines | VCT | $11,162 |
83 | 🇦🇱 Albania | ALB | $10,527 |
84 | 🇧🇷 Brazil | BRA | $9,964 |
85 | 🇲🇰 North Macedonia | MKD | $9,882 |
86 | 🇩🇲 Dominica | DMA | $9,869 |
87 | 🇬🇪 Georgia | GEO | $9,571 |
88 | 🇦🇲 Armenia | ARM | $8,857 |
89 | 🇬🇦 Gabon | GAB | $8,842 |
90 | 🇵🇪 Peru | PER | $8,814 |
91 | 🇧🇿 Belize | BLZ | $8,648 |
92 | 🇧🇦 Bosnia and Herzegovina | BIH | $8,362 |
93 | 🇲🇩 Moldova | MDA | $8,260 |
94 | 🇲🇭 Marshall Islands | MHL | $8,133 |
95 | 🇨🇴 Colombia | COL | $8,054 |
96 | 🇧🇾 Belarus | BLR | $7,875 |
97 | 🇯🇲 Jamaica | JAM | $7,778 |
98 | 🇹🇭 Thailand | THA | $7,767 |
99 | 🇬🇶 Equatorial Guinea | GNQ | $7,750 |
100 | 🇦🇿 Azerbaijan | AZE | $7,604 |
101 | 🇲🇳 Mongolia | MNG | $7,201 |
102 | 🇽🇰 Kosovo | XKX | $7,147 |
103 | 🇧🇼 Botswana | BWA | $7,021 |
104 | 🇪🇨 Ecuador | ECU | $6,942 |
105 | 🇸🇷 Suriname | SUR | $6,858 |
106 | 🇱🇾 Libya | LBY | $6,801 |
107 | 🇫🇯 Fiji | FJI | $6,740 |
108 | 🇬🇹 Guatemala | GTM | $6,698 |
109 | 🇹🇻 Tuvalu | TUV | $6,543 |
110 | 🇵🇾 Paraguay | PRY | $6,522 |
111 | 🇿🇦 South Africa | ZAF | $6,397 |
112 | 🇺🇦 Ukraine | UKR | $6,261 |
113 | 🇸🇻 El Salvador | SLV | $5,722 |
114 | 🇹🇴 Tonga | TON | $5,721 |
115 | 🇩🇿 Algeria | DZA | $5,691 |
116 | 🇮🇶 Iraq | IRQ | $5,668 |
117 | 🇼🇸 Samoa | WSM | $5,471 |
118 | 🇨🇻 Cabo Verde | CPV | $5,421 |
119 | 🇫🇲 Micronesia | FSM | $5,291 |
120 | 🇮🇩 Indonesia | IDN | $5,027 |
121 | 🇯🇴 Jordan | JOR | $4,903 |
122 | 🇻🇳 Vietnam | VNM | $4,806 |
123 | 🇳🇦 Namibia | NAM | $4,661 |
124 | 🇸🇿 Eswatini | SWZ | $4,613 |
125 | 🇹🇳 Tunisia | TUN | $4,528 |
126 | 🇧🇴 Bolivia | BOL | $4,525 |
127 | 🇲🇦 Morocco | MAR | $4,397 |
128 | 🇵🇭 Philippines | PHL | $4,350 |
129 | 🇩🇯 Djibouti | DJI | $4,343 |
130 | 🇧🇹 Bhutan | BTN | $4,302 |
131 | 🇻🇪 Venezuela | VEN | $4,068 |
132 | 🇮🇷 Iran | IRN | $3,897 |
133 | 🇸🇹 São Tomé & Príncipe | STP | $3,569 |
134 | 🇻🇺 Vanuatu | VUT | $3,548 |
135 | 🇭🇳 Honduras | HND | $3,519 |
136 | 🇺🇿 Uzbekistan | UZB | $3,514 |
137 | 🇪🇬 Egypt | EGY | $3,174 |
138 | 🇳🇮 Nicaragua | NIC | $3,019 |
139 | 🇦🇴 Angola | AGO | $2,884 |
140 | 🇮🇳 India | IND | $2,878 |
141 | 🇨🇮 Côte d'Ivoire | CIV | $2,872 |
142 | 🇰🇭 Cambodia | KHM | $2,870 |
143 | 🇰🇬 Kyrgyz Republic | KGZ | $2,747 |
144 | 🇧🇩 Bangladesh | BGD | $2,689 |
145 | 🇭🇹 Haiti | HTI | $2,672 |
146 | 🇵🇬 Papua New Guinea | PNG | $2,565 |
147 | 🇬🇭 Ghana | GHA | $2,519 |
148 | 🇲🇷 Mauritania | MRT | $2,478 |
149 | 🇰🇪 Kenya | KEN | $2,468 |
150 | 🇰🇮 Kiribati | KIR | $2,414 |
151 | 🇸🇧 Solomon Islands | SLB | $2,379 |
152 | 🇨🇬 Congo | COG | $2,356 |
153 | 🇿🇼 Zimbabwe | ZWE | $2,199 |
154 | 🇱🇦 Laos | LAO | $2,096 |
155 | 🇬🇳 Guinea | GIN | $1,904 |
156 | 🇨🇲 Cameroon | CMR | $1,865 |
157 | 🇸🇳 Senegal | SEN | $1,811 |
158 | 🇰🇲 Comoros | COM | $1,702 |
159 | 🇧🇯 Benin | BEN | $1,532 |
160 | 🇹🇱 Timor-Leste | TLS | $1,491 |
161 | 🇳🇵 Nepal | NPL | $1,458 |
162 | 🇹🇯 Tajikistan | TJK | $1,432 |
163 | 🇺🇬 Uganda | UGA | $1,338 |
164 | 🇿🇲 Zambia | ZMB | $1,332 |
165 | 🇹🇿 Tanzania | TZA | $1,280 |
166 | 🇲🇲 Myanmar | MMR | $1,177 |
167 | 🇬🇼 Guinea-Bissau | GNB | $1,126 |
168 | 🇧🇫 Burkina Faso | BFA | $1,107 |
169 | 🇱🇸 Lesotho | LSO | $1,098 |
170 | 🇪🇹 Ethiopia | ETH | $1,066 |
171 | 🇹🇬 Togo | TGO | $1,053 |
172 | 🇷🇼 Rwanda | RWA | $1,043 |
173 | 🇹🇩 Chad | TCD | $991 |
174 | 🇬🇲 Gambia | GMB | $988 |
175 | 🇲🇱 Mali | MLI | $936 |
176 | 🇸🇱 Sierra Leone | SLE | $916 |
177 | 🇱🇷 Liberia | LBR | $908 |
178 | 🇳🇬 Nigeria | NGA | $807 |
179 | 🇸🇴 Somalia | SOM | $766 |
180 | 🇳🇪 Niger | NER | $751 |
181 | 🇨🇩 DRC | COD | $743 |
182 | 🇲🇿 Mozambique | MOZ | $663 |
183 | 🇸🇩 Sudan | SDN | $625 |
184 | 🇲🇬 Madagascar | MDG | $595 |
185 | 🇲🇼 Malawi | MWI | $580 |
186 | 🇨🇫 Central African Republic | CAF | $532 |
187 | 🇧🇮 Burundi | BDI | $490 |
188 | 🇾🇪 Yemen | YEM | $417 |
189 | 🇸🇸 South Sudan | SSD | $251 |
N/A | 🇦🇫 Afghanistan | AFG | No Data |
N/A | 🇪🇷 Eritrea | ERI | No Data |
N/A | 🇱🇧 Lebanon | LBN | No Data |
N/A | 🇵🇰 Pakistan | PAK | No Data |
N/A | 🇱🇰 Sri Lanka | LKA | No Data |
N/A | 🇸🇾 Syria | SYR | No Data |
N/A | 🇵🇸 Palestine | PSE | No Data |
N/A | 🌍 World | N/A | $14,213 |
Note: Data is missing for: Afghanistan, Eritrea, Lebanon, Pakistan, Sri Lanka, Syria, Palestine. Figures for several overseas territories are also not included.
Noticeably, many of the top spots are held by small countries with specialized financial services sectors, also known offshore financial centers.
Luxembourg (#1), Ireland (#2), Switzerland (#3), Singapore (#4), Netherlands (#11) and Hong Kong (#18) are all considered tax havens as their friendly tax laws, strict privacy rules, and strong financial sectors encourage multinational corporations to route earnings through them.
As a result, this improves their GDP a significant amount, but doesn’t reflect the resident populations productivity.
In Ireland’s case, these flows distorted GDP values so much that the government discontinued its use as a reliable statistic, preferring to measure and compare gross national income (GNI) instead.
Oil Wealth a Major Factor
Energy-rich countries also dominate the rankings. Qatar (#10), UAE (#23), and Saudi Arabia (#43) rank high due to oil exports fueling government spending and infrastructure.
Norway (#6), with a large sovereign wealth fund, is Europe’s prime example of oil wealth being reinvested.
Guyana, a newcomer at #41, has rapidly climbed the ranks following major offshore oil discoveries and production growth.
America’s Scale and Wealth
Finally, while the U.S. ranks #7 in GDP per capita, it stands out for its scale. It’s the richest country in the world by GDP per capita with a population over 10 million, highlighting its economic might.
Other populous countries, like Germany, Japan, the UK, and France all fall lower in per capita terms, despite large total economies.
High-tech industries, consumer spending, and capital markets contribute to America’s wealth profile.
Learn More on the Voronoi App 
Want a closer look at the American economy? Check out: America’s $19 Trillion Consumption Sector in one chart, to see where Americans spend their dollars.
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