Median income in the context of "Mean"

Nominal gross domestic product (GDP) per capita is the total value of a country's finished goods and services (gross domestic product) divided by its total population (per capita).

Gross domestic product per capita is often used as a proxy indicator an indicator of a country's standard of living; however, this is inaccurate because GDP per capita is not a measure of personal income and does not take into account social and environmental costs and benefits. Measures of personal income include average wage, real income, median income, disposable income and gross national income (GNI) per capita.

The median of a set of numbers is the value separating the higher half from the lower half of a data sample, a population, or a probability distribution. For a data set, it may be thought of as the “middle" value. The basic feature of the median in describing data compared to the mean (often simply described as the "average") is that it is not skewed by a small proportion of extremely large or small values, and therefore provides a better representation of the center. Median income, for example, may be a better way to describe the center of the income distribution because increases in the largest incomes alone have no effect on the median. For this reason, the median is of central importance in robust statistics.

Median is a 2-quantile; it is the value that partitions a set into two equal parts.

An average of a collection or group is a value that is most central or most common in some sense, and represents its overall position.

In mathematics, especially in colloquial usage, it most commonly refers to the arithmetic mean, so the "average" of the list of numbers [2, 3, 4, 7, 9] is generally considered to be (2+3+4+7+9)/5 = 25/5 = 5. In situations where the data is skewed or has outliers, and it is desired to focus on the main part of the group rather than the long tail, "average" often instead refers to the median; for example, the average personal income is usually given as the median income, so that it represents the majority of the population rather than being overly influenced by the much higher incomes of the few rich people. In certain real-world scenarios, such computing the average speed from multiple measurements taken over the same distance, the average used is the harmonic mean. In situations where a histogram or probability density function is being referenced, the "average" could instead refer to the mode. Other statistics that can be used as an average include the mid-range and geometric mean, but they would rarely, if ever, be colloquially referred to as "the average".

Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole country. It is commonly used by the United States government and private institutions to describe a household's economic status or to track economic trends in the US.

A key measure of household income is the median income, at which half of households have income above that level and half below. The U.S. Census Bureau reports two median household income estimates based on data from two surveys: the Current Population Survey (CPS) Annual Social and Economic Supplement and the American Community Survey (ACS). The CPS ASEC is the recommended source for national-level estimates, whereas the ACS gives estimates for many geographic levels. According to the CPS, the median household income was $70,784 in 2021. According to the ACS, the U.S. median household income in 2018 was $61,937. Estimates for previous years are given in terms of real income, which have been adjusted for changes to the price of goods and services.

This article contains lists of Malaysian states and federal territories by annual mean wage and annual median wage.

The first table contains a list of Malaysian states and federal territories by annual mean wage. The second table contains a list of Malaysian states and federal territories by annual median salary.

As per United States Census Bureau 2022 data, the median per capita income in the United States is $37,683, while median household income is around $69,021.

One of the most commonly used metrics for gauging the economic performance and shifting fortunes of local economies is per capita income (PCI). It is measured as the amount of wage and compensation disbursements, other labor income, proprietors' income with inventory valuation and capital consumption adjustments, persons' rental income with capital consumption adjustments, personal dividend income, personal interest income, and transfer payments to persons, less personal social insurance contributions. The Per Capita Personal Income of the United States defines the personal income of a specific area, earned by or on behalf of all of the persons who live in the area. As a result, personal income figures are presented by the income recipients' place of residence. This measure of income is calculated as the personal income of the residents of a given area divided by the resident population of the area. The Bureau of Economic Analysis (BEA) uses the United States Census Bureau's annual midyear population projections to calculate per capita personal income for states and counties. Except for college students and other seasonal populations, which are counted on April 1, the population for all other groups is counted on July 1.

An average of a collection or group is a value that is most central or most common in some sense, and represents its overall position.

In mathematics, especially in colloquial usage, it most commonly refers to the arithmetic mean, so the "average" of the list of numbers [2, 3, 4, 7, 9] is generally considered to be (2+3+4+7+9)/5 = 25/5 = 5. In situations where the data is skewed or has outliers, and it is desired to focus on the main part of the group rather than the long tail, "average" often instead refers to the median; for example, the average personal income is usually given as the median income, so that it represents the majority of the population rather than being overly influenced by the much higher incomes of the few rich people. In certain real-world scenarios, such as computing the average speed from multiple measurements taken over the same distance, the average used is the harmonic mean. In situations where a histogram or probability density function is being referenced, the "average" could instead refer to the mode. Other statistics that can be used as an average include the mid-range and geometric mean, but they would rarely, if ever, be colloquially referred to as "the average".