(Last Updated On: August 23, 2015)
If you want to know which countries have the highest average household incomes you have to take a look at their GDP per capita. This is basically taking the nations economy and distributing it with the population of the country. Countries with a large economy and a relatively small population has residents with very high spending power and high average annual household incomes.
Here is a list of countries with households with very high spending power
10. Ireland – GDP per capita: $53,300
It is regarded as one of the wealthiest nations in Europe with high dependance on the tech and service industry. The average gross monthly salary here stand at $3,500 or $42,000 annually. The GDP annual growth is around 5% which is high for a developed country.
9. United States of America – GDP per capita: $55,000
This is one of the largest economies in the world despite its very high population. The GDP is at $17.4 trillion which is 17% of global GDP. The population stands at around 321 million people and the average American earns an average of $56,300 annually. This is higher than most people in the world. The tech and service industry in America is booming. Unemployment in the country is just 5.4%
8. Singapore – GDP per Capita: $61,500
The country has a GDP of $467 billion with a population of below 5.5 million. The economy is ranked as the most open in the world. The country exports electronics, chemicals and services. It ranks as second in Scientific American Biotechonology which is used in agricultural production.
7. Sweden – GDP per capita: $58,800
The country has high export of timber, hydropower and iron ore. Other big industries are motor vehicles, telecommunication, pharmaceuticals, industry, chemical goods etc. Unemployment stands at just 8% with the government providing welfare payments regularly.
6. Denmark – GDP per capita: $60,600
The country has a high tech agricultural sector plus world leading firms in pharmaceuticals, maritime shipping and renewable energy. University in the country is actually free and students have no debt. The country has one of the highest tax rates in the world for those who are rich, at about 56%.
5. Australia – GDP per Capita: $62,000
The current GDP of Australia is around $1.44 trillion with a population of just 28 million people. The annual gross income of the average Australian stands at just $50,449 which is high. The country exports minerals and agricultural products, this builds the country’s economy.
4. Switzerland – GDP per capita: $85,000.
A Big Mac in Switzerland will cost you $6.82 which makes it the most expensive in the world. The average annual income stands at $54,300 which is very high. The country has a small population with very high labour specialization plus the country’s long term monetary security and political stability has made it a safe haven for investors. Switzerland is the biggest exporter of high end watches just ahead of Hong Kong.
3. Qatar – GDP per capita: $93,400
The country has a GDP of $210 billion with a population of just 2.3 million people. The biggest exports are liquefied natural gas, petroleum products, fertilizers and steel. The nation’s wealth was mainly built from oil. The large oil reserves and cheap cost of mining has provided billions to the government’s coffers.
2. Norway – GDP per capita $97,360
The country has a GDP of around $500 billion with a population of around 5 million people. The country has a lot of natural resources such as petroleum, hydroelectric power and fisheries. The standards of living here are very high as compared to other countries in Europe.
1. Luxembourg – GDP per capita: $110,000
The country has a population of less than 600,000 people and a GDP of $63 billion. The average gross income stands at around $56,000. The economy has banking as the largest sector while steel and industrial sector also pushing the economic growth.