One way that the wealth of a nation can be determined is by average income per person. The higher the average income, the better the living standards of average citizens. Other indicators of the well-being of citizens are life expectancy levels, literacy levels, mortality rates, availability of job opportunities and ease of access to basic amenities such as water and health. The article below analyses the average income of various countries.
Switzerland has the highest average income per person at 80,560 dollars. The landlocked European country is only 15,940 square miles and an estimated 8,508,000 people, giving it a population density of 533 people per square mile. The country has enjoyed a prosperous and stable economy for decades coupled with a high-tech oriented economy. The wealth, both in terms of financial assets and non-financial assets, is higher than any other nation in the world. Switzerland is the 20th largest exporter in the world majoring on chemicals, scientific instruments, watches, pharmaceuticals, and musical instruments. Government overwhelming support to the private sector coupled with low taxation leads to ease of doing business.
Norway is a Nordic country in Europe covering 148,747 square miles and hosting a population of 5,312,300. The country ranks second in average income per person at 75,990 dollars. Norway is a highly prosperous nation. The country practices a mixed economy, combining free market and state ownership in key sectors of the economy. The country enjoys significant income from natural resources such as fossil fuel, minerals, fish and forests. Citizens enjoy high wages, high quality of life, free health care, and ample employment opportunities. Norway has been leading in the human development index in the last six years.
Luxembourg is one of the smallest countries in the world, covering an area of only 998 square miles. The landlocked country has a population of slightly above half a million. Luxembourg boasts an advanced economy with an average income per person of 70,260 international dollars. Prosperity began with iron and steel in the 1960s before diversifying to the banking and financial services. Luxembourg was among the first countries to embrace information and electronic technology. The economy has over the years enjoyed moderate growth, high innovation levels, and low inflation rates.
Qatar, a west Asian country, is ranked fourth in average income per person at 61,070 dollars. The economic growth of the country is contributed by millions of expatriates who provide labor in different sectors. The discovery of fossil fuel propelled the country into an economic giant consequently transforming all sectors. The citizens enjoy low tax rates, high employment levels and high standards of living. The surplus income from oil is directed to foreign investments which earn the country billions of dollars from various assets annually.
Iceland is a Nordic island located in Europe, covering 39,682 square miles with about 355,620 residents. Iceland enjoys a market economy characterized by low tax rates, universal health care, high literacy levels and the use of renewable energy. Political and social stability makes the country rank highly in human development index. The average income per person is 60,830 dollars. Tourism is the major foreign exchange earner.
Other Countries with High Average Income per Person
The United States is ranked sixth with an average income per person of 58,270 dollars. Ireland and Denmark rank seventh and eight economically in terms of average income per person at 55,290 and 55,220 dollars respectively. The average income per person in Singapore stands at 54,530 dollars. At tenth position is Sweden which has an average income per person of 52,590 dollars.
Countries will low populations dominate the top position. Countries with high GDP but high population such as China, Germany, and the U.S do not rank highly due to their large populations.