Per capita income
Per capita income or average income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population.
It has been criticised for not accounting for inflation. This means that it overstates economic growth. It also means that a small number of wealthy people can increase the country's per capita income whilst the rest of the population experience no change. It does not account for the differences in the cost of living between countries.