Zakat is paid on wealth, not income, so GDP is not a great proxy. Globally there appears to be $450tr in wealth and $100tr in GDP, so perhaps multiplying GDP by 4.5 gives a decent estimate for wealth.
Also global GDP increased 43% between 2010 and 2022.
Oh thanks for the clarification, I didn’t realize that! I’d expect there to be less wealth in LMIC countries though—I assume the vast majority of wealth (not sure what reasonable numbers are here) is held in HIC’s and by HNWIs / corporations / governments in those countries.
Also global GDP increased 43% between 2010 and 2022.
GDP per capita numbers are 2022 estimates, didn’t make that clear earlier.
I’d also add that Zakat is paid on a certain portion of wealth that meets specific criteria, not on all wealth necessarily. For example, there is no obligation to pay Zakat on owned properties that are not used for commercial purposes, and the same applies to cars, among other items...
There are HUGE differences between Islamic scholars and sects on this issue.
Zakat is paid on wealth, not income, so GDP is not a great proxy. Globally there appears to be $450tr in wealth and $100tr in GDP, so perhaps multiplying GDP by 4.5 gives a decent estimate for wealth.
Also global GDPincreased 43%between 2010 and 2022.Oh thanks for the clarification, I didn’t realize that! I’d expect there to be less wealth in LMIC countries though—I assume the vast majority of wealth (not sure what reasonable numbers are here) is held in HIC’s and by HNWIs / corporations / governments in those countries.
GDP per capita numbers are 2022 estimates, didn’t make that clear earlier.
I’d also add that Zakat is paid on a certain portion of wealth that meets specific criteria, not on all wealth necessarily. For example, there is no obligation to pay Zakat on owned properties that are not used for commercial purposes, and the same applies to cars, among other items...
There are HUGE differences between Islamic scholars and sects on this issue.