The correct answer is (a) China.
China has the highest per capita income among the BRICS nations. In 2020, China’s per capita income was $10,506, while India’s was $2,097, South Africa’s was $6,384, and Russia’s was $10,181.
China’s high per capita income is due to a number of factors, including its large population, rapid economic growth, and relatively low levels of inequality. China’s population is the largest in the world, at over 1.4 billion people. This large population provides a large market for goods and services, which has helped to drive China’s economic growth. China’s economy has grown at an average rate of over 10% per year for the past three decades. This rapid growth has led to a significant increase in per capita income. China’s levels of inequality are relatively low compared to other countries in the world. This means that the benefits of economic growth have been shared more widely in China, which has also contributed to the country’s high per capita income.
India’s per capita income is lower than China’s due to a number of factors, including its smaller population, slower economic growth, and higher levels of inequality. India’s population is the second largest in the world, at over 1.3 billion people. However, India’s economy has grown at an average rate of just over 7% per year for the past three decades. This slower growth has led to a smaller increase in per capita income. India’s levels of inequality are higher than China’s. This means that the benefits of economic growth have not been shared as widely in India, which has also contributed to the country’s lower per capita income.
South Africa’s per capita income is lower than China’s and India’s due to a number of factors, including its small population, slow economic growth, and high levels of inequality. South Africa’s population is the fifth largest in Africa, at over 59 million people. However, South Africa’s economy has grown at an average rate of just over 3% per year for the past three decades. This slow growth has led to a small increase in per capita income. South Africa’s levels of inequality are the highest among the BRICS nations. This means that the benefits of economic growth have not been shared as widely in South Africa, which has also contributed to the country’s lower per capita income.
Russia’s per capita income is lower than China’s, India’s, and South Africa’s due to a number of factors, including its smaller population, slower economic growth, and high levels of inequality. Russia’s population is the ninth largest in the world, at over 146 million people. However, Russia’s economy has grown at an average rate of just over 1% per year for the past three decades. This slow growth has led to a small increase in per capita income. Russia’s levels of inequality are higher than China’s, India’s, and South Africa’s. This means that the benefits of economic growth have not been shared as widely in Russia, which has also contributed to the country’s lower per capita income.