The average UK person is projected to have a greater income this year than his American counterpart for the first time since the 19th century.

UK GDP per capita is projected to reach £23,500, which is £250 more than US GDP per capita, Analyst Oxford Economics says.

The higher GDP per capita notwithstanding, the average Briton enjoys lower purchasing power than his American counterpart due to the generally higher prices of consumer goods in the United Kingdom, the AOE noted.

The UK also has a higher GDP per capita than Germany (£21,665) as well as surpassing that of France (£21,700), BBC quoted Adrian Cooper, managing director of the Analyst Oxford Economics as saying.

It is worth noting that the UK's GDP per capita during the country's last major recession in 1993 was 34 percent lower than the US, 33 percent lower than Germany and 26 percent lower than France.

The UK economy, enjoying sustained growth since 1993, has gone through dramatic changes in the last 15 years, which have led to significant improvement in its relative economic position and contributed to the strength of its currency, Cooper added.

"The UK has been catching up steadily with US living standards since 2001, so it is a well-established trend rather than simply the result of currency fluctuations," Cooper said.