The ten richest countries in Oceania by GDP per capita in the year 2023 give an overview of the economy of the entire Oceania.
Oceania, which was formerly known by its historical name of Australia, is a landmass that takes up the majority of the planet’s southern hemisphere and is relatively small.
Only Antarctica, which is completely devoid of human habitation, has a higher population density than Australia, despite the fact that Australia has the smallest land area of any continent.
A small number of countries in the continent have a GDP per capita that is lower than 5000 dollars, but overall, the continent enjoys a remarkable level of economic success.
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Table of Contents
Economy of Oceania
It is anticipated that the nominal value of the Oceanian economy in the year 2021 will be close to $1.90 trillion, which would be an increase of $293 billion in comparison to the previous year.
The International Monetary Fund (IMF) has been very helpful in providing the data that has been used to produce these estimations.
Oceania has a gross domestic product (GDP) that is comparable to that of Canada, which is the tenth-largest economy in the world.
As a continental economy, Oceania contributes a negligible amount to the total gross domestic product (GDP) of the world.
In nominal terms, Oceania’s contribution is roughly 2%, and in terms of purchasing power parity (PPP), it contributes approximately 1.18%.
Oceania’s gross domestic product (GDP) is overwhelmingly centred on the economies of Australia and New Zealand, which together account for about 98% of the continent’s total GDP with a combined value of $1.86 trillion.
Melanesia receives a proportion of 1.78% of the shares, Polynesia receives a proportion of 0.07%, and Micronesia receives a proportion of 0.06%. These three regions are included in the distribution of shares among other regions.
According to the statistics provided by the United Nations, Oceania’s contribution to the overall economy hit its all-time high of 2.41% in the year 2012, while it hit its all-time low of 1.37% in the year 2001.
When thinking about growth over the course of several years, it is instructive to look at the economy of Oceania at the values that were in effect in 2015.
The economy of Oceania has had tremendous expansion since 1970, expanding from $386 billion to $1.589 trillion, which is equivalent to a growth factor of 4.12 times.
The year 2011 saw the greatest increase in wealth for the Oceania area, with a rise of about $47 billion when adjusted for inflation to 2015’s levels.
On the other hand, the year 1982 was the year that had the greatest drop in wealth, which amounted to $9 billion.
Over the course of a period of two years, the displayed entity followed a trajectory that headed downward.
According to the current values of the market, the most significant increase occurred in the year 2010, totalling $313 billion, while the most significant fall took place in 2015, totalling $245 billion.
This information is based on the years 2010 and 2015. Over the course of a period of twelve years, the displayed entity followed a path that headed downward.
Richest Countries In Oceania By GDP Per Capita
Australia: $64,960
When it comes to total land area, Australia is the sixth largest country in the world. Australia is the only country in the world that can claim the distinction of also being a continent in its own right.
Although Australia has a huge land area, which places it as the sixth largest country in the world, it has a relatively small population size, which places it in the 51st position in terms of total number of people.
The population inside its boundaries is estimated to be somewhere about 25,379,000 people at the moment.
The vast majority of Australia’s population is concentrated in its coastal areas, contributing to the country’s comparatively low population density overall.
It is generally accepted within the scientific community that human presence on the continent of Australia dates back about 45,000 years.
The interior portion of the continent is dominated by a vast desert region referred to as the outback, whilst the coastal parts are typically characterized by verdant rainforests. The Outback is located in the centre of the continent.
The Great Barrier Reef may be found within the territorial waters of Australia, a nation that is well-known for the abundance of marine life and plant and animal species that can be found there.
The landmass that makes up Australia is home to a wide variety of plant and animal life, the majority of which are classified as marsupials.
There are a few species of marsupials that can be discovered in other regions of the world, but for the most part, marsupials are only found in Australia and the territories that border it.
More than 750 different species of reptiles may be found living in their natural habitat in Australia, which is home to a wide variety of this animal group.
With a remarkable GDP per capita of $64,960, Australia is not only the most successful nation in Oceania but also one of the richest countries in Oceania by GDP per capita.
The enormous rise in property values that has taken place over the course of the previous several years has emerged as the key catalyst fuelling the expanding GDP of the country.
There is not as much money concentrated in the hands of a select few people in comparison to the whole population of the country, which results in a noteworthy degree of wealth parity.
New Zealand: $48,830
The North Island and the South Island make up the bulk of New Zealand’s landmass, and together they make up the majority of the country’s total land area.
In addition, New Zealand is made up of over 600 smaller islands, all of which are considered to be important parts of the nation.
In the year 2019, it was anticipated that the total population of New Zealand would come in at 4,968,000 people.
The majority of New Zealand’s exports are comprised of different types of food products. Approximately one-third of the population of New Zealand is formed of people with Maori, varied Asian ethnicities, and Pacific Islander histories.
The remainder of the population can trace their genealogy back to roots in Europe, making up approximately seventy-five percent of the total.
New Zealand has been geographically cut off from the rest of the world for such a long period of time that it is home to a vast number of species, both flora and fauna, that are exceptionally uncommon and unique.
The country of New Zealand is home to a wide variety of interesting animal species, such as tuataras and skinks, as well as avian species that are distinguished by their inability to fly, such as the kiwi.
With a GDP per capita of $48,830, New Zealand is positioned as the second among the richest countries in Oceania by GDP per capita, after Australia’s lead as the most prosperous nation in the region.
The country’s economy is a well-developed free market, which ranks it as the 50th largest economy in the world.
As a consequence of this, it has been able to move up the ranks to become one of the wealthiest nations in the world.
In New Zealand, the population of the top 1 percent of global wealth consists of around 214,000 people, while the population of the top 10 percent includes more than 1.97 million people.
Palau: $14,800
As a component of the Caroline Island chain, the nation of Palau can be found within the geographical region known as Micronesia.
The nation shares maritime jurisdictional lines with the Federated States of Micronesia, Indonesia, and the Philippines.
The country is currently in a state of free association with the United States. There are around 21,500 people living in Palau, according to population estimates.
Tourism, subsistence agriculture, and fishing are the three industries that contribute the most significantly to Palau’s economy.
Both Palauan and English are widely spoken across the nation. This is one of the most distinctive features of the nation.
Even while Palau’s GDP per capita of $14,800 is not as robust as those of Australia and New Zealand, it nevertheless displays a very good economic standing as one of the richest countries in Oceania by GDP per capita.
Despite the fact that the aforementioned figure may not be particularly large, it is nevertheless greater than the GDP per capita of a number of different nations in Africa, Asia, and South America.
Agriculture for subsistence, fishing, employment in the government, and the possibility of tourism are the four pillars that support the economy of the country.
Nauru: $11,830
The Republic of Nauru is a sovereign state that can be found in the region of Micronesia.
It is located in the neighbourhood of Tuvalu in the northwestern part of the region and of Papua New Guinea in the northeastern part of the region.
The nation in question comes in at number three on the list of smallest countries in the world, with a land area that is only larger than that of Vatican City and Monaco.
This region covers a total area of just 21 square kilometres, which is approximately 8.1 square miles when converted to a different unit of measurement.
With a population of approximately 11,200 people, the country has a population that is not very large and ranks as the third smallest in the world.
The nation in issue went through a period of transition at the end of World War II, during which time it became a part of a trusteeship that was administered by the United Nations.
After that, in the year 1968, it successfully attained its independence. Both Nauruan and English are widely used in daily communication throughout the nation.
Despite the fact that it is the smallest country on the continent, Nauru has maintained an impressively high GDP per capita of $11,830, despite its size.
With this, Nauru made it to the list of the richest countries in Oceania by GDP per capita.
In addition to this, it should be brought to your attention that this particular nation holds the distinction of being the nation in the Oceania area with the lowest population density.
After having a substantial decrease in its economic position throughout the 1970s and 1980s, when it was known to be one of the wealthiest nations in the world, Nauru eventually recovered and achieved a higher degree of prosperity.
Tuvalu: $6,010
Tuvalu may be found in the Polynesian region. It is located roughly in the middle of the distance between Australia and Hawaii and to the northwest of the Santa Cruz islands.
According to the results of the most recent census, it is estimated that there are somewhere in the neighbourhood of 11,190 people living in Tuvalu.
Tuvalu is made up of a total of nine islands, three of which are atolls and six of which are reef islands.
Tuvalu’s population is spread out across an area of land that is equivalent to 10 square miles, covering a total of 26 square kilometres.
The United Kingdom established a protectorate over each of the countries indicated above during the latter half of the 19th century.
In spite of this, the country was finally able to declare its independence from the United Kingdom in 1978.
Tuvalu is an island nation that can be found in Oceania. It is defined by its small size and low population, which is estimated to be around 11,000 people.
This nation bears the distinction of being the first nation in the Oceania region to achieve a GDP per capita value that is above four digits, specifically totalling $6,010.
It was enough for Tuvalu to make it to the list of the richest countries in Oceania by GDP per capita.
Despite having a GDP per capita that is sufficient, the economy of Tuvalu is constrained because of its geographical isolation and the absence of economies of scale.
Fiji: $5,890
The Republic of Fiji may be found in the Melanesia region, which can be found around 2,000 kilometres to the northeast of New Zealand.
Volcanic activity roughly 150 million years in the past was responsible for the formation of the majority of the islands that today make up the archipelago that is known as Fiji.
The most recent census figures indicate that there are roughly 912,000 people living in Fiji at this time.
The exportation of raw sugar, seafood, and tourism are the three industries that contribute the most significantly to Fiji’s economy.
The indigenous Melanesian people of Fiji make up the vast majority of the country’s population, while a lesser proportion of the population can trace their ancestry to Polynesian islands.
With a GDP per capita of $5,890, Fiji is ranked as the sixth country on the list of the richest countries in Oceania by GDP per capita.
This is shown by the country’s position on the list. The nation in question has the most technologically advanced economy of all the countries that are located on the Pacific islands.
The key forces propelling the economy forward are the international trade of sugar and the tourism sector. The manufacture of textiles, copra, gold, silver, and lumber are Fiji’s primary commercial pursuits.
Tonga: $5,420
The Kingdom of Tonga is a sovereign state that can be found approximately 1,800 kilometres away from New Zealand.
Its physical boundaries include the countries of Fiji and Samoa, both of which are neighbouring countries.
Although it was considered a British-protected state until the year 1970, Tonga did not give up its sovereignty to any other country during that time.
Tonga had a total population of about 100,650 people as of the time of the last census in 2016.
Tonga has a total land area of about 748 square kilometres, which is equivalent to about 289 square miles, placing it at position number 175 on the list of the world’s largest countries.
Tongatapu, the largest island in Tonga, is where the vast majority of the country’s citizens make their homes.
Tonga is the only nation in the Pacific that maintains a constitutional monarchy, despite having a GDP per capita of $5,420.
It is one of the richest countries in Oceania by GDP per capita. The economy of the region in question is characterized by the presence of a sizeable non-monetary industry and is heavily dependent on remittances sent back by members of the expatriate population.
In addition to this, a sizeable percentage of the economic sector is controlled by the ruling family as well as members of the aristocracy.
Marshall Islands: $5,160
The Republic of the Marshall Islands are included in and makes up a part of the Micronesia area. There are more than 1100 islands spread among the nation’s 29 unique coral atolls, making up the entirety of the country.
Micronesia’s total population was counted in the most recent census, and the results indicated that there were roughly 53,100 people living in the country.
The Marshall Islands went through the process of transitioning from being a United States possession to acquiring self-governance in 1979.
Subsequently, in 1986, they were granted the status of a freely associated country.
Coconuts, tomatoes, taro, breadfruit, and melons are just a few of the many different types of crops that are grown as agricultural commodities in the Marshall Islands. Other crops include pineapples and papayas.
The Marshall Islands’ economy is driven in large part by the fishing industry, particularly tuna fishing.
The Marshall Islands are home to more than 300 unique kinds of fish, the majority of which are reef fish. These reef fish make up a large portion of the total fish population.
The Marshall Islands are a chain of volcanic islands that may be found in the Oceania region.
The Marshall Islands’ economy is primarily supported by jobs in the public sector, which is also its primary source of employment.
The money that was received from the United States as part of the agreement known as the Compact of Free Association was the primary contributor to the GDP of this country.
The Marshall Islands has a GDP per capita figure of $5,160. The country is one of the richest countries in Oceania by GDP per capita.
Palau and Micronesia are two more countries that get financial compensation from the United States, in addition to the Marshall Islands, who are already receiving pay.
Samoa: $4,440
The Independent State of Samoa is made up of a total of six islands: two main islands and four smaller ones.
According to the most widely accepted theory, the islands were first settled by a group of people who called themselves Lapita roughly 3,500 years ago.
Following this, the people who lived on these islands went through a phase of cultural evolution, which ultimately resulted in the formation of their own unique cultural identity.
Approximately 196,000 people call Samoa their home at any given time. Samoa’s population is made up almost entirely of people who have always lived in the region, making up approximately 93% of the total population.
Both Samoan and English are acknowledged to function at the level of an official language within the country. The contribution of the services sector to the overall GDP of the country is around two-thirds.
It is important to differentiate between the small island nation of Samoa, which is found in the Oceania region, and its equivalent, the United States territory of American Samoa.
It is considered to be one of the wealthiest countries on the continent.
On the other hand, it is important to point out that the nation in question does not have a significant amount of wealth, as seen by the country’s very low GDP per capita, which is approximately $4,440.
Despite this, the country takes ninth place on the list of richest countries in Oceania by GDP per capita.
The economy is extremely dependent on agricultural exports, foreign aid, and private funding from sources located outside of the country.
Micronesia: $4,340
The Federated States of Micronesia comprises four constituent states, namely Chuuk, Pohnpei, Kosrae, and Yap.
It is essential to make a distinction between the independent nation of Micronesia and the larger geographical area that is simply referred to as Micronesia.
There are just about 104,900 people thought to call the nation of Micronesia home according to the most recent population estimate.
The country’s population is extremely low. Despite the fact that Micronesia’s land area is only 702 kilometres squared (271 square miles), the country’s territorial reach is quite extensive, placing it as the fourteenth largest exclusive economic zone on the entire planet.
The key drivers behind the expansion of the economy in the Micronesian region are the tourism industry and the tuna fishing industry.
The Federated States of Micronesia takes the tenth and last spot on the list of the richest countries in Oceania by GDP per capita for the year 2023.
The nation has an economic production of $4,340 per person, as measured by its GDP per capita statistics.
The financial assistance provided by the United States under the terms of the Compact of Free Association is a crucial factor in maintaining the country’s economic status quo.
Micronesia’s principal economic activities are tourism and fishing, but the country also relies on subsistence agriculture and fishing as additional forms of sustenance in addition to these.
Final Thoughts
The top ten richest countries in Oceania by GDP per capita in the year 2023, provide a comprehensive view of the economic landscape that spans the various countries that make up the region by providing an all-encompassing perspective on the situation.
Oceania is home to a variety of economies, ranging from those that are extremely prosperous to those that are in a state of relative deprivation.
This region is distinguished by its unique geographical characteristics and rich cultural heritage.
Australia, which is well-known for having excellent economic performance, is distinguished from other countries by having the highest GDP per capita.
This accomplishment can be attributed to a variety of sources, including an increase in property values, amongst others.
The fact that New Zealand has such a high GDP per person despite its staunch adherence to a well-developed free market economy is a significant contributing factor.
A number of countries in the region, including Palau, Nauru, Tuvalu, Fiji, Tonga, the Marshall Islands, Samoa, and Micronesia, exhibit a diverse variety of economic features, demonstrating varying degrees of dependence on businesses such as tourism, fishing, and agriculture.
The differences in their GDPs per person are a reflection of the economic variety that exists among these countries.
They have a considerable impact when considered as a group, helping to shape the multifaceted economic environment of Oceania.
This list offers extremely helpful insights into the distinctive advantages and challenges that each country currently faces.
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