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Expand chart
Data: Maddison Project Database via Our World In Data; Note: GDP per capita expressed in international U.S. dollars, adjusted for inflation and price differences between countries; Chart: Harry Stevens/Axios

The average person on Earth is now 4.4 times richer than their ancestors were in 1950, according to an analysis by Max Roser, founder and editor of Our World in Data.

Why it matters: That's equivalent to the prosperity of a U.S. citizen in 1950 — when the U.S. was the world's richest country. In response, the world has seen a jump-start in education, an increase in life expectancy and lower child mortality rates.

The biggest winners have been smaller nations that have benefitted from the explosion of the global economy, usually via successes in technology or finance — places like South Korea (a 32.2x jump in per capita GDP since 1950), Taiwan (30.4x) and Singapore (27.5x).

  • The biggest losers have been countries that were near the bottom in 1950 and have stagnated or even declined since then. The successes of the rest of the world have left these countries — the Central African Republic (0.5x), the Democratic Republic of the Congo (0.5x) and Sierra Leone (0.6x) — on the far side of a widening inequality gap.

The bottom line: Roser, an Oxford economist, writes that he finds GDP per capita important, especially over time, because it acts as "a measure of means only and thereby respects the freedom of everyone to choose for themselves."

Go deeper: How 74 economies have performed this century

Go deeper

FDA limits use of Regeneron and Lilly COVID antibody treatments

A coldbox containing monoclonal antibody treatments at a Regeneron clinic in Pembroke Pines, Florida, in August. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

The FDA said Monday it's limiting the use of two monoclonal antibody therapies as COVID-19 treatments because data indicates they're "highly unlikely" to be effective against the dominant Omicron variant.

Driving the news: The FDA revised the authorizations for Regeneron and Eli Lilly "to limit their use to only when the patient is likely to have been infected with or exposed to a variant that is susceptible to these treatments," per a statement from the agency.

Updated 3 hours ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to actually deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Updated 4 hours ago - Politics & Policy

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

The latest: The president called Doocy Monday evening, the reporter told Fox's Sean Hannity. "He cleared the air and I appreciated it. We had a nice call," Doocy said when asked whether the president apologized, adding: "I don't need anyone to apologize to me."

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