According to the OECD’s Global Report, Luxembourg is the highest paying country in the world, where the employee gets 40 lakh rupees per year. After this comes the number of America, where an employee gets an average of Rs 37.85 lakh per year. Highly skilled worker in India gets an average of Rs 6 lakh per year.
According to the definition of the World Bank, the whole world is divided into three types of economies: low-income economies where the average per capita income is $1,025 or less. Lower-middle-income economies are those with a per capita median income of $1,026 to $4,035, while upper-middle-income economies are those with a median income of $4,036 to $12,475. The highest income groups are those economies whose income is $12,476 or more. India’s per capita income is $1500 per year, so it is counted in the lower-middle-income economy. In this article we are trying to tell which are the countries with the highest average income in the world. The following are the names of countries in order of their ranking:
1. The highest salary is available in Luxembourg According to the Global Report of the Organization for Economic Cooperation and Development (OECD), Luxembourg City is the only European country with a population of 5.43 lakh among the countries with the highest average income in the whole world. Here the average income of a person is $ 61511, which if 65 rupees = 1 $ is converted into rupees, then it becomes 40 lakhs per year. 37.7 percent tax is deducted from this salary. Luxembourg is known for providing steel to the whole of Europe. Apart from this, it also provides chemical, rubber, industrial machinery and financial services.
2 – The United States of America is the world’s largest economy and it is the richest country in the world. It is the world’s second largest arms manufacturer and one of the largest traders. An American worker here works an average of 44 hours a week. Here people have to pay 31.6 percent tax on their income. The taxation rate on income in the US is similar to that of countries such as Canada, Australia and England. The United States comes second in terms of paying the highest salary in the world, where the average salary of people is $ 57138 or Rs 37.85 lakh per year. Here the income gap between the highest earning person and the least earning person is the highest in the world i.e. the income inequality here is highest in the whole world. It is interesting to mention here that people get salary every week here.
3. Switzerland This country, which attracts tourists from all over the world due to its beauty, is considered very honest and clean. This country is known for manufacturing high quality goods. A major part of the economic growth of this city settled in Europe comes from the manufacturing sector. Items such as medicines, chemicals, watches, measuring instruments, and musical instruments made here are in demand all over the world. This country is also a tourism based economy. The per capita income of the citizens here is 37.10 lakhs per year. Unemployment is very low in Switzerland and this country makes a balanced budget every year.
4. Ireland Ireland is known for having the highest quality of life in the world as well as being one of the most economically free countries in the world. It is the agricultural center of the United Kingdom, but its economy is also dependent on Ireland’s strong technology industry. Ireland has a knowledge economy, which includes many high tech companies, as well as the largest video game makers in the world. Here the tax rate is low, so people have more take home salary. Here people get $53286 or 34.64 lakh rupees in a year.
5. Norway – Norway is a country which is rich in natural resources. Norway has an abundance of oil, forests and other natural resources. Taxes are high here but one of its advantages is that people are provided with high quality health services and higher education for free. Here people have to work only 30 hours in a week, so people here are able to find time to have more fun. This country is counted among the high-income countries due to its hardworking people and abundant natural resources. Here people get $51718 or Rs 33.66 lakh in a year.
6. Australia The minimum wage in Australia is one of the highest in the world. Here we get 17 US dollars for an hour of work whereas in America we get only 6 dollars. Australia is the 12th largest economy in the world by GDP, and the 5th largest by GDP per capita. Marino wool grown here is considered to be of the highest quality in the world. Its economy is mainly centered around the service industry and it is one of the largest uranium producing countries in the world. Here an employee gets an average of $51148 or Rs 33.24 lakh per year. Here the employee is required to work for 35 hours in a week, after that any work done will be considered as overtime and will have to be paid separately.
7.Netherlands When it comes to GDP per capita, the Netherlands is counted as one of the richest countries in the world. Netherlands is similar to Denmark because the tax rates are high here, due to which people have less take home salary. But in return for this deducted tax, the government provides facilities like education and health services to the people for free. The economy of this country is based on international trade as it has the largest port of Europe. There is very little unemployment and inflation here. People here have to work an average of 35 hours a week. $ in year to people in the Netherlands 51003 or 33 lakh rupees
8.Denmark – Denmark is a prosperous country and is known for high food standards. Here the tax rate is very high, but the government spends the money of this tax for health care programs, education and social programs, so people do not hesitate to pay taxes. Denmark does not have a defined minimum wage, but the country still has some of the lowest income inequality in the world. This country is known for the happiest workers due to the high salary and good working conditions available here. The most interesting thing is that the country does not have foreign debt. Here employees get an average of $ 49589 or Rs 32.23 lakh every year. This country is counted in the top 3 countries of the Human Development Index (HDI) every year.
9. Canada
Canada is the world’s tenth largest economy with $1.6 trillion according to World Bank data. It is one of the major exporters of oil and the second largest producer of crude oil in the world after Saudi Arabia. Canada is the second largest producer of oil in the world behind Saudi Arabia. Canada also has a strong fisheries industry, and is one of the world’s largest leaders in software and video game production. Here the tax rates are much higher than in America, but the income from this tax is used to provide free health services and other social benefits to all citizens. The people here work an average of 32 hours a week. Here the salary of the employees is $ 48164 or a package of Rs 31.30 lakh is available every year.10. Belgium In the early 19th century, Belgium was the first continental European country to undergo the Industrial Revolution. The size of the Belgian economy is $470.179 billion, which accounts for 0.61% of the world’s GDP. The main exports of the goods it exports are machinery and equipment, chemicals, finished diamonds, metal and metal products, and foodstuffs. The economy here is mainly dependent on the service sector. The employee working here gets $48093 or Rs 31.26 lakh in a year and the average per capita income here is $41,491. Belgian employees get more paid leave than US employees.