The World Bank has divided the all countries of the world in four categories i.e.countries with lower income of $1,025 or less per person is termed as the lower income group of countries.The lower-middle-income group of countries are those whose average income per person is between $ 1,026 to $ 4,035.The high middle-income group of countries are those where average income of people is between $ 4,036 to $ 12,475 and the highest-income groups of countries are those whose income is $ 12,476 or more. In this article, we are trying to explain that which countries provide highest salary to their employees.The names given below are according to the ranking of the countries:
The size of the world's big economies is as follows:
According to the Global Report of the Economic Cooperation and Development Organization (OECD), the European country i.e.Luxembourg with only 5.43 million population gives average salary of $61511per year to its employees, which is around Rs. 40 lacs/year. Here government imposes 37% tax on this salary. Luxemburg is known to provide steel to whole Europe.Apart from this it also provides chemical,rubber, industrial machinery and financial services to other countries of the world.
2.United States of America
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 largest trader. An American worker works on an average 44 hours a week. People here have to pay tax 31.6% on their income. The rate of taxation on income in the United States is similar to countries like Canada, Australia and England.
USA is on the second sopt in giving salary to its employees. Here average salary of a employee is $ 57138 or 37.85 lakh rupees per year.The highest number of salaries in the world is in the United States,where the average salary of people is $ 57138 or 37.85 lakh rupees per year.
Here the income difference between the highest earning person and the lowest earning person is highest in the world, i.e. income inequality is highest in this country as compare to other countries of the world. It is interesting to mention here that American employees get salaries every week in most of the companies.
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List of 13 countries with multiple capitals
Due to its beauty, this country attracts tourists from all over the world.Switzerland is considered very honest and clean in the whole world. This country is famous for high quality of manufacturing goods.manufacturing sector is considered as the backbone of this Europeam based country.The large part of the economic growth of this city settled in Europe comes from the.some items such as medicines, chemistry, watches, measurement instruments, and musical instruments have very good demand from every corner of the world. Tourims sector also plays very crucial role in the development of this country. The per capita income of the citizens of Switzerland is 37.10 lakh per annum. Unemployment rate in Switzerland is very low.Once government of Switzerland made a survey to provide $25000 as Unemployment allowance to every unemployed person in the country but people rejected to accept this offer.This country makes a balanced budget every year.
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Ireland has highest standards of living in the world.The total population of this country is approximately 46 lakhs.It is the agricultural center of the United Kingdom, but its economy also depends on Ireland's strong technology industry.Its a knowledge based economy which has many high-tech companies, as well as the largest video game maker companies in the world.The tax rate here is low so people have a higher take home salary. Here people get $ 53286 or Rs. 34.64 lakhs a year.
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Norway is a natural resources rich country. Norway has plenty of oil, forest and other natural resources. Here the rates of taxes are high but one of the benefits is that people are given high quality health services and higher education for free.People here have to work only for 30 hours in a week, so people of Norway get more time to have fun.This country always has top 3 rank in the Human Development Index.Here people get $ 51718 or Rs. 33.66 lakhs in a year.
Which countries in the world levy highest income tax?
The minimum wage in Australia is highest in the world. Here,worker gets 17 US dollars for one hour of work, while in the USA it is only 6 dollars.According to the size of GDP,Australia is the 12th largest economy and as per the per capita GDP,it is the 5th largest economy in the world.The marine wool produced here is considered to be the finest quality in the world. The economy here is primarily centered around the service industry and it is one of the world's largest uranium producing countries. An employee here gets an average of $51148 or Rs.33.24 lakh rupees per year. Here the employee is required to work 35 hours a week, whatever work will be done after 35 hours, it will be considered overtime and the employer will have to pay separately for that.
When it comes to GDP per capita, the Netherlands is considered one of the richest countries in the world.Tax rates in the Netherlands are high that is why people have less tech home salaries. But the government provides services like education and health free in exchange for the tax collected. This country's economy is based on international trade because it has the largest ports in the Europe.The rate of unemployment and inflation is very less in this country.Here people have to work on an average 35 hours a week.People in the Netherlands get $ 51003 or 33 lakhs a year.
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Denmark is a prosperous country and is known for its high standard of living. The tax rate here is very high but the government spends the money for health care program,education and social programs, so people do not even hesitate to pay taxes. Minimum wages in Denmark are not defined, but still this country has the lowest income inequality in the world. Due to the high salaries and good working conditions, this country is known for the happiest workers also. The most interesting thing is that there is no foreign debt on this country. Here employees receive an average of $ 49589 or 32.23 lakhs every year.
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According to the World Bank data; with the economic size of $1.6 trillion, Canada is the tenth largest economy in the world. It is one of the largest exporters of oil and is the second largest producer of crude oil in the world after Saudi Arabia.
Canada also has a strong fish industry,and it is one of the biggest producers of the software and video games in the whole world.The tax rates much higher in Canada as compare to USA.The people here work on an average 32 hours a week. Here the average annual salary available to employee is $48164 or a package of 31.30 lakhs each year.
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In the early 19th century, Belgian was the first continental European country which pass through the Industrial Revolution. The size of Belgium's economy is $ 470.179 billion, which is 0.61% of GDP of the world. The items exported from this country are;export machinery and equipment, chemicals, finished diamonds, metal and metal products, and food items.
Its economy is mainly dependent on the service sector. The workers receive $48093 or Rs. 31.26 lakhs rupees a year.Belgian employees get more salaried vacancies than US employees.
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The average annual income of employees of all the developed countries mentioned above is more than 30 lakhs, whereas the average annual income of any educated employee working in India is only 6 lakh rupees per year. This can clearly be said that notwithstanding India may have become the sixth largest economy in the world and have the highest growth rate in the whole world but in the case of the average annualincome,India have miles to go as compared to developed countries of the world.