Top 10 Richest Countries in the World By Average Income
One way to assess a country’s wealth is to look at its average income per person. The higher the average income, the higher the standard of living for the ordinary citizen. One way to assess a country’s wealth is to look at its average income per person. The higher the average income, the higher the standard of living for the ordinary citizen. Life expectancy, literacy levels, mortality rates, the availability of job opportunities, and the ease of access to essential services such as water and health are all indicators of people’ well-being. The following article examines the World’s Richest nations based on average income of various nations.
Switzerland has the highest average per capita income ($80,560). The landlocked European country has a population density of 533 people per square mile despite its small size of 15,940 square miles. The country has enjoyed a robust and stable economy for decades, as well as a high-tech-oriented economy. Wealth in terms of both financial and non-financial assets is bigger in the United States than in any other country on the planet. Switzerland ranks 20th in the world in terms of chemical, scientific equipment, watches, pharmaceuticals, and musical instruments exports. The government’s strong support for the private sector, along with low taxation, adds to the ease of doing business.
Norway is a Nordic country in Europe, covering 148,747 square miles and home to 5,312,300 inhabitants. The country ranks second in the world in terms of per capita income, at $75,990. Norway is a prosperous country. The country features a mixed economy in which important industries are owned by both the free market and the government. Natural resources such as fossil fuels, minerals, seafood, and forests generate considerable revenue for the government. Citizens enjoy excellent earnings, a high standard of living, free health care, and a plenty of job options. Norway has led the human development index for the past six years.
With an area of approximately 998 square miles, Luxembourg is one of the world’s tiniest countries. The population of the landlocked country is little more than 500,000 people. Luxembourg has a robust economy, with a per capita yearly income of $72,260 USD. Prosperity in the 1960s began with iron and steel before spreading to banking and financial services. Luxembourg was a pioneer in the use of information and technological technology. The economy has seen modest growth, high levels of innovation, and low inflation rates over the years.
Qatar, a nation in West Asia, ranks fourth in terms of average per capita income, with 61,070 USD. Millions of expats working in diverse fields contribute to the country’s economic development. The discovery of fossil fuels transformed the country into an economic giant, transforming all industries. Low tax rates, high employment rates, and high living standards benefit citizens. The oil surplus is devoted to foreign investors, who earn the government billions of dollars each year from a variety of assets.
Iceland is a Nordic island in Europe that measures 39,682 square miles and has a population of around 355,620 people. Iceland has a market economy with minimal taxation, universal health care, high literacy rates, and an emphasis on renewable energy. Political and social stability leads the country to the top of the human development index. The average household income in the United States is $60,830. The most important source of foreign cash is tourism.
Other Countries with High Average Income per Person
With a per capita income of 58,270 USD, the United States is ranked sixth. Ireland and Denmark rank seventh and eighth in terms of average income per person, with 55,290 and 55,220 dollars, respectively. Singapore’s average family income is $54,530 USD. Sweden ranks tenth, with a per capita income of $52,590 USD.
Small-population countries dominate the top slot. Countries with a high GDP but a large population, such as China, Germany, and the United States, do poorly due to their massive populations.
READ MORE: The Most Polluted Rivers In the World
What is the Richest Country by Averag Income?
Switzerland has the highest average per capita income in the world, at $80,560. The landlocked European country has a population density of 533 people per square mile despite its small size of 15,940 square miles.
10 Richest Countries By Average Income
|Per Capita Income