How financially strong a country is directly dependent on the average wage of its citizens. This means that the higher the average wage, the better is the standard of the people. In other words, they can both save and spend more at the same time. A few other considerations on its way include tax rates, cost of living, security, welfare packages and a lot more.
Below is the list of the top 10 countries with the highest average salary in the world. Or if I may quote, ‘Better place to live in.’
10. Netherlands
- Annual gross income: $47,056
- Compulsory deductions: 37.8 per cent
- Post-deduction salary: $29,269 per year
The economy of Netherlands is by and large dependent on the foodstuffs, electrical goods, tourism, machinery and chemicals industry. The country houses the largest port in Europe in Rotterdam located amidst the English and German markets.
9. South Korea
- Annual gross income: $35,406
- Compulsory deductions: 12.3 per cent
- Post-deduction salary: $31,051 per year
South Korea is the only country from Asia that could make it to the list. The country heavily dependent on international trade is the sixth largest exporter and tenth largest importer in the world. It is also the fifth largest producer of nuclear power with 45 percent of its electricity being the output. It is also a hub to the export of nuclear reactors.
8. Norway
- Annual gross income: $43,990
- Compulsory deductions: 29.3 per cent
- Post-deduction salary: $31,101 per year
Norway is a capitalist welfare state that is rich in resources like oil, hydropower, fish, forests and minerals. Its public health care system is quite efficient and free of cost. The government has a lot to interfere in the country’s key sectors. The country is very low in unemployment rate and much higher in productivity by its workers.
7. Canada
- Annual gross income: $42,253
- Compulsory deductions: 22.7 per cent
- Post-deduction salary: $32,662 per year
Canada is a net exporter of energy owing to its vast oil and gas resources. Canada is home to the second largest oil reservoir and gas resources in the world. The country is also a major producer of minerals and agricultural products, from zinc, uranium, gold, nickel, aluminum and lead to wheat, canola and other kinds of grains in the world.
6. United Kingdom
- Annual gross income: $44,743
- Compulsory deductions: 25.1 per cent
- Post-deduction salary: $33,513 per year
United Kingdom, the sixth biggest tourist destination in the world accounts for less than 75 percent of the country’s gross domestic product than in the service industry. It is the largest financial center in the world just after New York. Edinburgh in Scotland is also a financial hub of Europe
5. Australia
- Annual gross income: $44.983
- Compulsory deductions: 22.3 per cent
- Post-deduction salary: $34,952 per year
Australia believes in exporting commodities in lieu of manufacturing goods in the country. They have been practicing the same since the last 10 years. The trade balance in the country is hence maintained to a significant extend. Australia is advancing in almost every aspect today.
4. Switzerland
- Annual gross income: $50,242
- Compulsory deductions: 29.4 per cent
- Post-deduction salary: $35,471 per year
The cost of living in Switzerland is extremely high. But this does not seem to be a problem to its citizens as the rate of unemployment is only 3%. Switzerland is very much dependent on its talent pool outside the country. It is in fact a talent centric labor market.
3. Luxembourg
- Annual gross income: $52,847
- Compulsory deductions: 28.1 per cent
- Post-deduction salary: $37,997 per year
The country way too advanced in sectors like health and pharmaceutical goods, specialist chemicals, precision measuring instruments and musical instruments. The country’s economy is also dependent on banking, insurance, tourism and international organizations.
2. Ireland
- Annual gross income: $50,764
- Compulsory deductions: 18.9 per cent
- Post-deduction salary: $41,170 per year
Ireland is a knowledge-based economy with high technology services and industries at raise. The workforce is highly educated has a very low corporate tax rate. It has the second highest disposable income in the world with $41,170. The rate of compulsory deduction is the second lowest in the world.
1. United States
- Annual gross income: $54,450
- Compulsory deductions: 22.8 per cent
- Post-deduction salary: $42,050 per year
Undoubtedly, the most powerful country in the world, United States is a capitalist-fueled mixed economy. The natural resources and the highly developed infrastructure and productivity help it make it to the top. It is the largest importer and second largest exporter of goods in the world. The country has the highest disposable income in the world.
Akshay Agarwal
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