Over the past 25 years, GDP per capita – a key measure of living standards – has evolved dramatically across the globe. While many advanced economies have seen steady but modest increases, emerging markets such as China and India have experienced explosive growth. This article compares the performance of eleven economies – Israel, the United States, Germany, the United Kingdom, Canada, Australia, Switzerland, Italy, Spain, India, and China – between 2000 and 2024.

Israel: Steady and Reliable Growth

Israel began the century with a GDP per capita of approximately $21,700. By 2024, that figure more than doubled to over $54,000. The growth trajectory was generally upward, with minor downturns during global crises. This expansion reflects a combination of technological innovation, productivity gains, and increasing integration with the global economy.

China and India: Economic Powerhouses in the Making

The most remarkable transformations occurred in China and India. China’s GDP per capita rose from $960 in 2000 to over $13,300 in 2024 – a 14-fold increase. India, starting from a mere $440, reached approximately $2,700 per capita. These changes underscore the rapid industrialization, urbanization, and foreign investment inflows that have lifted hundreds of millions into the middle class.

The Elite: U.S., Switzerland, and Australia

Among the advanced economies, the U.S. maintained its global leadership, moving from $36,300 to over $85,800 in GDP per capita. Switzerland outperformed everyone, reaching a staggering $104,500 – the highest among the surveyed nations. Australia also recorded impressive results, climbing from $20,900 to $67,900, buoyed by a strong resource base and resilient service sector.

Lagging Behind: Italy, Spain, and the U.K.

While Asia surged, some European economies stagnated. Italy recorded only marginal gains – from about $20,000 to $40,000 – with long periods of economic inertia. Spain and the U.K. were hit hard by the 2008 financial crisis and recovered slowly. Notably, the U.K., which once tracked closely with Germany, lost momentum after Brexit-related disruptions.

Stability and Consistency: Germany and Canada

Germany displayed consistent growth, from $24,000 to $55,000 over the period. Canada followed a similar trajectory. Both nations have benefited from prudent fiscal management, industrial robustness, and high labor productivity.

Conclusion: Narrowing Gaps, Unequal Outcomes

The overall picture reveals a clear trend: while the income gap between emerging and developed economies has narrowed, it remains significant. Rapid growth in the East has not yet led to equal living standards, but it has reshaped the global economic landscape into a more multipolar one. In the decades ahead, success will depend less on geographic position and more on structural reform, innovation, and adaptability. Israel, in this context, remains among the global top tier – poised for continued upward momentum.