The average wage in a country measures the financial well being of that country’s inhabitants. Naturally, the higher the average wage, the better it is for the people. It means there is more money to spend and more cash to save. While there are a host of other factors to consider, like tax rates, cost of living, security, welfare packages, etc, it may be safe to say that these are the countries where you want to live in.
Here now is a list of the top 10 highest average salary per country.
10. Netherlands – $29,269 per year
Average annual income is at $47,056, though compulsory deductions were a high 37.8 percent. Disposable income level dropped by $544. Foodstuffs, electrical goods, tourism, machinery and chemicals dominate its economy. It has the largest port in Europe in Rotterdam and its location is strategically placed near the English and German markets.
9. South Korea – $31,051 per year
South Korea is the highest country from Asia in the list. It had one of the fastest growing economies in the world from the early 1960s to the latter part of the 1990s. it is the sixth largest exporter and tenth largest importer in the world, underlying the fact that the country is heavily dependent on international trade. It is also the fifth largest producer of nuclear power as it accounts for 45 percent of its electricity. It is also becoming an exporter of nuclear reactors. Average income is at $35,406 per year, with a compulsory deduction of only 12.3 percent. Disposable income has increased steadily over the past year, rising by $1,341.
8. Norway – $31,101 per year
Norway runs a capitalist welfare state. It is rich in resources like oil, hydropower, fish, forests and minerals. It also has a free and efficient public health care system. The government owns a significant stake in most of the country’s key sectors. It also boasts of a low unemployment rate and high productivity by its workers. The average annual gross income stands at $43,990. There is a compulsory deduction equivalent to 29.3 percent however. The disposable income level represents an increase of $913 from the figures of the previous year.
7. Canada – $32,662 per year
It is one of the few developed nations in the world that is actually a net exporter of energy. It has vast oil and gas resources. Oil sands have also made Canada the owner of the second largest proven oil reserves in the world, just after Saudi Arabia. It 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. Annual income is at $42,253, with a 22.7 percent compulsory deduction. Its disposable income level went down by $648 from the previous year.
6. United Kingdom – $33,513 per year
The service industry accounts for a little less than 75 percent of the country’s gross domestic product. Tourism is another important sector as the country is the sixth biggest tourist destination. Its capital, London, is the city that has the most number of visitors in the world. It is also the largest financial center in the world outside of New York. In addition, Edinburgh in Scotland is also a financial center of Europe. Average annual gross income is at $44,743, with compulsory deduction of 25.1 percent. Its disposable income level suffered a huge drop of $1,272 from the previous year’s numbers.
5. Australia – $34,952 per year
Australia has been emphasizing exporting commodities rather than manufactured goods for the past ten years. This has resulted in a significant uptick in the country’s balance of trade. Its citizens earn an annual gross income of $44.983, with a 22.3 percent compulsory deduction. Its disposable income has increased by more than $800 from the figure of the previous year. Australia has indeed been advancing fair.
4. Switzerland – $35,471 per year
The country has a vibrant manufacturing sector featuring health and pharmaceutical goods, specialist chemicals, precision measuring instruments and musical instruments. Its economy also counts on banking, insurance, tourism and international organizations. Gross annual income stands at $50,242, with compulsory deductions equivalent to 29.4 percent. Disposable income level dropped by more than $50 dollars from the previous year.
3. Luxembourg – $37,997 per year
The banking and finance sectors account for majority of the country’s output. It is the second largest investment fund center in the world, ranking second to the United States. Internet companies like Skype and Amazon have their regional headquarters in the country. While it used to have a vibrant steel industry, chemicals, rubbers and other products have now replaced this. Gross income is actually at $52,847, higher than that of Ireland. Luxembourg, however, imposes a 28.1 percent compulsory deduction. Its disposable income level actually dropped by almost $1,500 from the previous year’s figures.
2. Ireland – $41,170 per year
Irish eyes are probably smiling because of this. The country has a knowledge-based economy with focus on high technology services and industries. It has a highly educated workforce and a low corporate tax rate. They have the second highest disposable income in the world at $41,170 per year. The gross income actually stands at $50,764. Compulsory deductions, however, stand at only 18.9 percent, one of the lowest in Europe and the second lowest among the top 10 countries. The disposable income level increased by $531 from the previous year.
1. United States – $42,050 per year
The United States is the most powerful country in the world. It has a capitalist-fueled mixed economy. It has been blessed with abundant natural resources and complimented by a highly developed infrastructure and productivity. It is the largest importer of goods in the world and the second largest exporter as well. Its citizens also have the highest disposable income of anyone in this earth. The gross income of its workers actually stands at $54,450. After accounting for compulsory deductions equivalent to 22.8 percent, Americans get to have a disposable income of $42,050. That represents a $242 increase from the last available figure.