What would a basic income cost in the Faroe Islands?
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Total cost per year
415 million Danish kroner
about 60.2 million US dollars
54,900 people × 630 Danish kroner a month × 12 months
Compared with
- GDP (nominal) (2024)1.5%
The Faroe Islands in numbers
The Faroe Islands has a population of 54,900 (2025) and a GDP of 27.9 billion Danish kroner (about 4.05 billion US dollars) in 2024.
Paying everyone 630 Danish kroner a month would cost 415 million Danish kroner a year (about 60.2 million US dollars), or 1.5% of GDP. The World Bank has no recent central government expense or tax figures for the Faroe Islands, so only GDP is compared.
Children only (under 18: 13,402) would cost 101 million Danish kroner a year (0.36% of GDP); adults only (18 and over: 41,498), 314 million Danish kroner (1.1%).
Default amount: 630 Danish kroner a month is the World Bank's international poverty line of $3.00 a day, converted into Danish kroner at the exchange rate implied by the World Bank's GDP in local currency and in US dollars (2024), because there is no recent PPP conversion factor, and rounded to two significant figures. It is a reference point, not a policy proposal; change it above.
How to read this
This is the gross cost: the total paid out. The real net cost depends on which taxes fund it, which benefits or tax breaks it replaces and whether the payment is taxed. The population, budget and GDP figures are not all from the same year (see the sources).
Sources for the figures
- Population
- World Bank: population, total (SP.POP.TOTL), and population by single year of age 0 to 17 (SP.POP.AG00.FE.IN … SP.POP.AG17.MA.IN), 2025
- SP.POP.AG00.FE.IN … SP.POP.AG17.MA.IN
- Default amount
- World Bank: international poverty line of $3.00 a day (2021 PPP), June 2025 update
- Retrieved from the World Bank API on November 9, 2026 (CC BY 4.0). Government figures are central government, as a share of GDP in their own year, applied to the latest GDP.