Which is the Highest Income Earning Country in the World?

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When it is said ‘highest income earning countries’, we are usually speaking in terms of their Gross National Income (GNI). A country’s Gross National Income is the sum (total value) of all the goods and services produced in the country. It is different from the GDP or Gross Domestic Product, as it includes the net income it receives from foreign countries.

The GNI per capita is calculated by dividing the GNI by the population (the number of people living in the country). A higher GNI is good for the country but there are other factors to consider as well. The health, wealth, and general happiness of the people are important because these translate into greater work and earning capabilities.

Wondering if you are likely to earn more if you live in a different country? According to 2016 estimates, average salaries in Luxembourg are higher than anywhere else in the world. The yearly salary in this small European nation averages US$61,511, making it the highest income earning country in the world.

Let’s take a look at other countries that line up behind Luxembourg –

United States of America – The American employee on an average earns US$57,138 a year. As of December 2016, unemployment rates in the US were estimated to be 4.6 percent. The gender pay gap is still sharp in some industries in the US.
Switzerland – The manufacturing and tourism industries of Switzerland are its highest employment generators. The average annual wage of a full-time employee in the country is estimated to be US$57,082.
Ireland – An Irish employee on an average earns US$53,286 each year. Technology companies, and information and communication industries of Ireland are central to the country’s economy.
Norway – Not only is Norway among the top countries by average wages, it is also among the best in offering work-life balance with an average work week of 30 hours. A Norwegian employee on an average earns US$51,718.
Australia – The average wage of an Australian worker is US$51,148 a year. The country’s service industry is its largest employer.
Netherlands – Despite having a high average annual wage of US$51,003, the employees in the Netherlands have a rather low take-home salary due to the high taxes in the country.
Denmark – Earning an average of US$49,589 a year, Denmark employees are among the highest earners in the world.
Canada – A Canadian employee earns an average of US$48,164 each year and also works an average of only thirty-two hours a week.
Belgium – Another European nation on the list, the average wage of a worker in Belgium is US$48,093 each year.