Top 10 Average Income By Country In 2023 (Country Ranking)

The average income in a country is defined as a number in the median income distribution. In other words, half of the adult residents in the nation have disposable income higher than that, while the other half have a disposable income lower than that. We will explore the middle income worldwide in this article. Gallup’s 2020 data show that Luxembourg has the highest median household revenue. Including Libera, Burundi, Mali, Benin, Togo, Sierra Leone & Madagascule, the lowest median income countries. These data are based on data collected between 2010 and 2020, which is self-reported.

GDP per capita, GNI per capita, GINI coefficient per nation, and median income are just a few of the indicators that the World Bank tracks in relation to income and poverty. The following table lists the ten nations with the highest median salaries as of March 2021.

So, have a look at the countries with the highest average incomes:

1. Luxembourg
2. UAE
3. Norway
4. Switzerland
5. United States
6. Canada
7. Austria
8. Sweden
9. Denmark
10. Netherlands

10. Netherlands

The Netherlands is the 18th largest nation in the World and has an extremely strong economy. Over 25% of EU gas supplies come from the Netherlands, and since their supply was discovered in 1959, the industry has become the country’s most strong economy. They know that their economies have high per capita GDP ($48,860), low unemployment, and excellent international relations. The Netherlands has economic development and played a special role for centuries in the European economy. Sectors in the Dutch economy have been the leaders since the 16th century, including shipping, fishing, agriculture, trading, and banking—high economic freedom in the Netherlands.

9. Denmark

The World Bank classifies the developed mixed economy in Denmark as a high-income economy. The country ranks worldwide in terms of the rights of workers. Denmark is a net food and energy exporter, with a balance of payments surplus over several years, which has converted the country from a net debtor into a net creditor. In Denmark, the services sector dominates the economy, and 80% of its citizens are employees. The people there live comfortably, the World’s tenth-most per capita income, and the inequality in income is fairly low. While most people are employed in the services sector, trade constitutes 50% of the country’s GDP. No minimum wage is available.

8. Sweden

In terms of GDP (gross domestic product) per capita, Sweden is more effective in many well-being measures than most other countries. It is the eighth richest country in the World. Sweden has a mixed economy that focuses on exports. Sweden ranks among all countries at number 9, and according to the World Happiness Report in 2018, 7,314 are the happiest countries. The ease of access to clean potable water and enhanced sanitation facilities are further factors to consider in the quality of life. Regarding healthcare, around four medical doctors per 1000 residents are available, and 2.4 beds per 1,000 individuals are available nationwide.

7. Austria

The average yearly income for an employee in Austria is approximately EUR 44,780, with the lowest average pay being EUR 12,520 and the highest average salary being EUR 204,700.

These are typical Austrian salaries, which also cover perks like housing and transportation. A individual could make more or less money than the aforementioned average wages. Based on your experience, region, skills, and gender, salaries will vary greatly.

6. Canada

It is one of the least corrupt nations globally, with a highly globalized economy, and one of the top ten trade nations in the World. Canada, a highly developed state, has the World’s 17th highest nominal per capita income and the 16th highest on the Human Development Index. Canada is known for its universal healthcare system and citizens are generally, funded by relatively high-income tax rates of 33 percent and corporate taxes of 15 percent. Over the last few years, government expenditures have represented some 40 percent of the country’s GDP. The growth of Canadian manufacturing, mining, and service industries has largely ruled since the beginning of the 20th century.

5. United States

Although the US has the biggest economy globally, its GDP per capita is not the highest. America ranks 10th in the World, with a GDP per capita of 62,606 dollars. According to the Bureau of Labor Statistics, 74% of full-time American employees receive sick leave, although only 24% of part-time employees receive the same benefits. New York City ($85,746) and Mississippi State with the lowest GDP per person ($34,948) is the largest GDP per capita state. While per capita exports are relatively low, the United States is the largest importer of goods and the second-largest exporter. The United States ranked all of this number five among the top ten average-income countries in 2023.

4. Switzerland

The World Report places Switzerland as the fourth highest income nation in the world. In terms of general happiness, the residents awarded their residence a score of 7.487 out of 10. This study takes into account a number of variables, including GDP per capita, social support, healthy life expectancy, and others.

3. Norway

In the European countries (after Luxembourg), Norwegians enjoy the second highest GDP per capita, while the World’s sixth largest per capita GDP (PPP). Nowadays, Norway is the World’s second richest country in monetary value, with the World’s largest pro-capital reserve with many natural resources compared to the population’s size. National natural-related incomes include $51,489 per capita and an average household income. Norway is also the World’s largest oil and natural gas producer outside the Middle East.

2. United Arab Emirates

With a GDP of more than $377 billion, the United Arab Emirates has the second-largest economy in the Middle East behind Saudi Arabia. The United Arab Emirates, except Dubai, is heavily dependent on oil, which accounts for about 85% of the nation’s exports. Another significant sector is tourism, and the UAE is home to some of the most opulent hotels in the world. The UAE is renowned for keeping excellent business policies and is regarded as one of the least corrupt nations in the world. Other significant industries include finance, trade, and real estate.

1. Luxembourg

It has a high market economy in Luxembourg. This is the first country with very little unemployment and inflation, with the highest per capita GDP globally at $119,719. Its capital, Luxembourg City, and Frankfurt, Brussels, and Strasbourg, are among the four official capitals of the European Union. In Luxembourg, the population rate is one of the fastest-growing, but the maximum average revenues are $52,493. Luxembourg is the second largest investment fund center worldwide, with an estimated population of 615,729 (after the United States).

The economy is expanding moderately, there is little inflation and unemployment, and there is a lot of innovation. With a per capita GDP of $119,719, Luxembourg is among the richest countries in the world.

If you are still curious to find the data of the least ten countries having the lowest average incomes in the World, then here you can go!

So, these are all about The Highest ten countries having lowest average incomes in the World! If you want to take a glimpse of all the countries ranking along with their respective median annual income, then have a look below:

Conclusion!

Luxembourg, which has the highest median income, after $24,292 in UAE, and $22,684 in Norway, has no coincidence. We have the lowest median income from the other side of the scale. Congo, Democratic Republic of and Madagascar have $395 and $398, respectively, of the lowest average income.