Classification by Income

Level
 Classification by Income Level based on GNI per Capita
Latin America and The Caribbean
$70,000.00

$63,370.00

$60,000.00

$50,000.00
GNI per Capita

$39,413.90
$40,000.00

$31,870.00
$30,330.00
$30,000.00 $27,510.00

$23,150.00 $23,600.00
$21,160.00
$19,610.00
$20,000.00 $18,560.00
$16,560.00
$14,530.00 $15,000.00 $15,070.00$15,800.00
$14,010.00 $13,080.00
$12,310.00
$9,630.00$9,380.00 $9,380.00 $9,680.00
$10,000.00 $7,720.00 $8,630.00$7,760.00
$8,220.00 $8,100.00
$6,600.00 $6,160.00 $5,930.00 $6,520.00
$5,340.00
$3,360.00 $4,140.00$4,940.00 $4,800.00 $4,440.00
$2,540.00 $2,010.00
$1,420.00
$- $-
$-
1
Antigua and Barbuda Argentina Aruba Bahamas Barbados Belize Bolivia Brazil British Virgin Islands
Axis Title
Cayman Islands Chile Colombia Costa Rica Cuba Curacao Dominica Dominican Republic Ecuador
El Salvador Grenada Guatemala Guyana Haiti Honduras Jamaica Mexico Nicaragua
Panama Paraguay Peru Puerto Rico Saint Maarten (Dutch Part) Saint Kitts & Nevis Saint Lucia St. Martin (French Part) St. Vincent & Grenadines
Suriname Trinidad and Tobago Turks and Caicos Islands Uruguay Venezuela Virgin Islands (U.S.)
• We classified them according to their income level using the GNI per capita of each nation. There
are high income, higher middle income, and lower middle-income countries in Latin America and
the Caribbean.

• GNI per Capita is the most comprehensible way to compare income per person in a country.. GNI
per capita is determined by dividing the country's income by its population. According to the data
gathered, 20 countries in Latin America and the Caribbean fall into the category of upper middle-
income countries. There are 16 high-income countries in total, while there are only 4 lower
middle-income countries and the last 2 countries recorded as no data. The incomes of the 16
high-income countries range from $13,205 and above; those of the 20 upper middle-income
countries range from $4,256 to $4,255; and those of the four lower middle-income countries
range from $1,086 to $4,255.
Income
Now, let us try to interpret what the graph on GDP per Capita is about.
For your information, GDP per capita is just the overall GDP of a country divided
by its population.
Based on the graph, you can see that the Cayman Islands has the highest GDP
per Capita, equal to $85,346.80. And you might have thought that why is it not
Argentina, having a GDP of $491,492,700.66, but instead the Cayman Islands
which has a total GDP of $5,608,989.20, that has the highest GDP per capita.
Actually, if you base it just on these numbers, it can get confusing. But if you look
back at the discussion earlier about the total population of each country, you can
see that the Cayman Islands has one of the lowest populations, totaling just
68,358, compared to the population of Argentina which is 45,605,826. Knowing
these numbers, actually makes it sensible that the Cayman Islands has higher
GDP than Argentina even if it has higher overall GDP. We also have Haiti as the
country that has the lowest GDP per capita amounting to $1,814.70.
For us to understand what that graph presents, let us first define Gross
Domestic Product or GDP.
Gross Domestic Product or GDP is the total monetary measure of all
goods and services produced and provided within a country during a
specific year.
As you can see from the graph, among all the Latin American and the
Caribbean countries, Argentina has the highest GDP, garnering a total
of $491,492,700.66. While Colombia has a total of $314,322.45 GDP.
These numbers indicate that Argentina has a very huge gap compared
to Colombia in terms of producing and providing goods and services
within their respective countries.
And the average GDP of Latin America and the Caribbean is
$52,267,896.45 which is actually high.