South Korea’s per-capita gross domestic product is expected to exceed $30,000 for the first time in 2015, a report showed Tuesday.

According to the report by the International Monetary Fund, South Korea’s per-capita GDP is forecast to reach $31,733 in 2015, up from this year’s projection of $23,749.

The nation’s per-capita GDP will be on a steady rise. It will grow to $25,948 next year, the 28th largest among the 34 countries categorized as advanced economies by the IMF, the report showed.

Luxembourg will top the list next year with its per-capita GDP of $126,325, followed by Norway and Switzerland with $98,682 and $92,166, respectively, according to the report.

Meanwhile, South Korea’s per-capita GDP based on purchasing power parity is expected to reach $31,753 this year. It will further grow to $33,396 next year, and in 2016, the figure is expected to surpass $40,000, the report showed.

The PPP is used to gauge actual living standards by measuring purchasing power of people in different countries on the assumption that living costs and currency exchange rates are equal around the world. 

(Yonhap News)