The UAE is in seventh place globally in terms of per capita national income, according to World Bank data.

The per capita income in the UAE rose to $87,729 in July 2022, a rise of $10,781 from the year before – based on purchasing power parity (PPP) in current international Dollars.

The World Bank divides the global economies into four income groups – low income (less than $1,135); lower-middle income ($1,136 to $4,465); upper-middle-income ($4,466 to $13,845); and high income ($13,845 or more).

These are revised each July according to the gross national income (GNI) per capita of the previous calendar year, The National reports. The GNI is given in US Dollars under the World Bank's Atlas method.

The UAE ranks within the high-income economies category based on the so-called Atlas method that smooths out exchange rate fluctuations with the use of a three-year moving average, price-adjusted conversion factor.

Last year the per capita national income in the UAE rose to $48,950, in current US Dollars, from $43,460 in 2021, according to the Atlas method.

The Emirates’ GDP hit Dh1.62 trillion ($442 billion) last year – at constant prices – an annual increase of 7.9%, bolstered by the non-oil sector.

At current prices, GDP stood at Dh1.86 trillion, an annual growth of 22.1%, according to Wam state news agency, via data from the Federal Competitiveness and Statistics Centre.

In addition, the country’s non-oil foreign trade witnessed exceptional growth, exceeding Dh2.2 trillion for the first time in 2022, with 17% annual growth.

In June, the UAE Central Bank upwardly revised its non-oil economic growth forecast for this year to 4.5% from 4.2% in March, during a travel and tourism surge, The National report adds.

Following 7.2% growth last year, the non-oil sector is forecast to have grown at a marginally slower pace in Q1 this year, according to the banking regulator’s Quarterly Economic Review.