Do you ever wonder which country pays its workers the highest salary? Let’s take a quick look at the top 10 countries where people enjoy the highest level of take home income.
These averages are based on the Organisation for Economic Co-operation and Development (OECD) research calculated for single workers without children. Do you think your country is on the list? Let’s find out!
10. France – $28,799
France is ranked the world’s seventh largest economies. French workers are roughly as productive as US workers. When they work, they work fewer hours. That may be due to the 35-hour workweek law introduced in 1999. By the way, the French receive $28,799 a year after all taxes, which are 49.4% on the average. This is the second largest tax wedge across the OECD countries.
9. Sweden – $29,185
This beautiful Scandinavian kingdom is the sixth richest country in the world in terms of GDP per capita. Sweden is an export-oriented mixed economy: timber, hydro-power and iron ore constitute the resource base of the economy with a heavy emphasis on foreign trade. Sweden’s engineering sector accounts for 50% of output and exports. This socialist democracy maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens. In return, people have to give up 42.4% of their income, but on the average they still receive $29,185 a year.
8. Canada – $29,365
Oh, Canada, how Americans love and slightly distrust you. The U.S.’s neighbors to the north possess the third largest oil reserve in the world just behind Venezuela and Saudi Arabia (which makes you wonder why America imports so much of its oil from Saudi Arabia…). The country is also rich in zinc, uranium, gold, nickel, aluminum, and the Canadian Prairies are one of the most important global producers of wheat, canola, and other grains. The average annual disposable income of the Canadian fellows is around $29,365 with a tax rate around 31%. That 31%, of course, pays for universal health care and public education. And, Canada’s average work week is around 36 hours.
7. Austria – $31,173
Well, yes, Austria has a highly developed industry, besides, the most important part of the national economy is its international tourism, which accounts for almost 9% of the Austrian gross domestic product. People get (after taxes) an average $31,173 salary, which is not bad considering that 49.4% is taken away as income tax and social security contributions. This amount, of course, covers universal health care and higher education.
6. Germany – $31,252
Although Germany didn’t make it to the top on our list, it is the first place winner in several other aspects. For example, Germany is the largest and most powerful national economy in Europe!
However, Germany is also the first regarding the amount of taxes deducted from its citizens‘ income with 49.8%. Almost half! Can you believe? However, Germany has the world’s oldest universal health care system, so in return, people receive free health care and education on all levels. Oh, I almost forgot to mention, Germans‘ annual disposable income is $31,252. Not bad at all!
5. Australia – $31,588
Australia has one of the most robust economies in the world. In terms of average wealth, Australia ranked second in the world after Switzerland in 2013. Australia’s average disposable income is $31,588 per year with a tax rate of around 27,7%, which, of course, goes to making sure its citizens are healthy and well educated. Oh, and on an average, Australians work 36 hours per week.
4. Switzerland – $33,491
Switzerland ranks high in several metrics of national performance, including government transparency, civil liberties, quality of life, economic competitiveness, and human development. No wonder the country finished third in the OECD life-satisfaction study.
Switzerland’s manufacturing sector is the most vital and robust in all of Europe. It produces healthcare and pharmaceutical goods, specialist chemicals, precision measuring instruments and musical instruments. Switzerland’s annual disposable income is $33,491, and they work around 35 hours weekly
3. Norway – $33,492
Norway is one of the wealthiest nations in terms of natural resources including oil, hydro-power, fishing, and minerals. Like Sweden, Norway has universal health care and higher education, but this, of course, comes at a price: Norwegians give up slightly more than 37% of their wages. Still, at the end they receive $33,492 annually. But what they give up in taxes, they make up for in overall free time. The average weekly number of hours spent on paid work in Norway is 33,4.
2. Luxemborg – $38,951
If Bank Of America, Citibank, and Chase were a country, it would be Luxembourg. Luxembourg is more or less the financial center of Europe. Once the primary provider of steel in Europe, its vast exports market now includes chemicals, rubbers, and industrial machinery, and of course financial services. The average income after taxes in Luxembourg is $38,951 per year, but there is a 37.7% tax wedge, which provides all of its citizens with all that good stuff that is mentioned before.
We are not going to disclose the country topping the list highest paying salaries in 2015. Guess which country would it be? Comment your guess below.
Let’s see if you are right!