The mid-1990s feel like a different world. In the 30 years since, the global economy has shifted dramatically, across sectors and markets.

But headline stats like GDP, GDP per capita, or growth rates don’t always reflect what’s happening at the individual level.

So, has life actually improved over time?

To help answer that, Visual Capitalist's Pallavi Rao visualizes figures from Our World in Data to show how daily median incomes have changed in 20 of the world’s largest economies from 1994 to 2024.

All figures are in PPP-adjusted International dollars per person. They are also adjusted for inflation, taxes, and benefits.

ℹ️ PPP-adjusted International dollars reflect purchasing power by accounting for local prices and cost of living.

Important note: #4 Japan, #11 South Korea, and #19 Saudi Arabia are excluded due to missing data. Poland, Taiwan, and Belgium are included in their place.

Countries by GDP, Daily Median Incomes, and Income Growth

There’s two different takeaways from this chart. One is which top 20 economies have the highest average incomes in 2024.

The other is where incomes have grown the most.

Note: *Australia’s change is between 1994–2023 due to data restraints.

For example, incomes in China have grown 6x between 1994–2024, after adjusting for inflation. However in 2024 this still only amounted to $12 (international dollars) per person on average.

ℹ️ Per capita income is attributed to all residents including children and retirees. The median income could theoretically be between 2–4x for a working individual.

In other developing countries (Indonesia, Poland, and Türkiye), daily incomes have tripled. Of these three Poland is the only one that’s moved from a low- to high-income country by 2024.

In the U.S., the daily average income has only gone up about 30% over the same period. But the country is second-richest in this dataset, after Switzerland.

How the U.S. Ranks in Income Growth vs. Peer Countries

Interestingly, the U.S. has the least median income growth versus peers like Germany, UK, and France.

In other social metrics, the U.S. is lagging its counterparts. Its life expectancy is a full four years below its high-income counterparts.

And this despite having the highest health expenditure in a similar group.

It also has one of the highest inequality scores amongst its peers.

While a lot of American media is focused on income and wealth inequality, U.S. incomes far outpace many other countries. Check out: Ranked: Daily Incomes of the Richest & Poorest in 25 Countries to see how much richer even the bottom 10% Americans are.