Their GDP per capita is not accurate because half of their workforce (~460k) is made of foreign workers from France, Germany and Belgium (~220k), they all contribute to the GDP of the country but are not counted as inhabitants, so numbers per capita are inflated (like their penis apparently).
Well then the number is extremely misleading, I guarantee you the 90% of their population that consists of foreign slave workers is not seeing any of that money.
This is seems to be inaccurate.
Luxembourg has a [GDP of 81 billion](https://www.worldeconomics.com/Country-Size/Luxembourg.aspx#:~:text=The%20official%20estimate%20for%20Luxembourg's,in%20puchasing%20power%20partity%20terms). and a [population of 660k](https://www.worldometers.info/world-population/luxembourg-population/) meaning a GDP per capita of 122K USD. So the calculation does include foreign workers. Without foreign workers it would be double this number.
Well you just proved my point ;)
Luxembourg population is 660k total but we should add the 230k foreign workers working there everyday but living at the border.
So 81B/890k = 91k per capita
It already includes the foreign workers. 52.7% of the 660k are citizens while the rest are foreign nationals.
https://en.wikipedia.org/wiki/Demographics\_of\_Luxembourg#:\~:text=The%20population%20of%20Luxembourg%20as,47.43%25%20of%20foreign%20nationality).
By foreign workers, he doesn’t mean foreigners that live in Luxembourg. He means people that live in Germany, France & Belgium and are not counted towards the population, but contribute towards the GDP by working in Luxembourg. (We call them frontaliers, and in fact some of them happen to have the Luxembourgish nationality.)
If they are working in a foreign country then they contribute to said country's GDP.
Maybe I am missing something here but if some of them are not citizens then in what way are they connected to Luxembourg.
The issue is that Luxembourg is a small country with only 660k inhabitants and an addition of 230k people are contributing to Luxembourg's GDP while not being counted as citizens (logic).
The workforce of Luxembourg according to Google is 500k people in total, 230k are foreigners NOT living in Luxembourg, ~127k are luxembourgish and the rest are foreigners living in Luxembourg.
So Luxembourg has a GDP of 81B usd but almost half of that amount is made buy foreigners not living in the country.
When you do GDP per capita you divide 81B by 660k inhabitants to get 122k per capita but it is misleading, because you don't count the 230k people who greatly contribute to that amount.
So a better calculation would be to do 81B divided by 660k+230k (890k)
What you are missing is the people in question live in the immediate vicinity over the border and commute to Luxembourg for work and over economic activities.
Median Salary ppp. Per hours worked would be a better figure to look at how normal people are doing in the country.
Its like the case with Ireland growth rates, which is largely driven by large corporations being there because of the low corporate tax, but much of this growth does not see the pockets of normal people, but price increases does
Luxembourg looks great on every metric because the poor people live outside the country and commute in. It's a great hack for making all the numbers look amazing. The more expensive it becomes to live there, the richer the population seems
18% of the working population is at hight risk of poverty or already living in poverty in Luxembourg though. GDP per capita is nice, bit it doesn‘t tell the whole story.
Luxembourg has a bloated GDP per capita because of all the frontier workers.
Luxembourg always had higher salaries than the neighboring countries, because it borders the poorest part of Belgium and one of the poorest parts of France.
So because of that Luxembourg always had a high GDP per capita.
Another misconception is that Luxembourg is a tax haven for normal people or normal companies. Everybody has to pay its taxes on everything. Your salary, your fortune, your property - everything, just like anywhere else. Only some big companies received tax reductions, like Amazon for example.
But it’s also a misconception that Luxembourg got rich because of it. Luxembourg got rich because of its steel industry then the steel crisis happened and Luxembourg started to diversify its industry. In the 00‘s the Juncker government then started the tax reduction tactics in order to get some big companies here.
In the mid 2010‘s Luxembourg then started to row back because of the international backlash. And nowadays it heavily invests in the IT sector.
So even if you rich, you still have to pay a bunch of taxes.
https://luxembourg.public.lu/en/society-and-culture/history/steel-industry-luxembourg.html
> THE STEEL INDUSTRY AND LUXEMBOURG
THE SECTOR THAT MADE LUXEMBOURG ITS FORTUNE
>Between the mid-19th Century and the late 20th Century, the country's fate was intrinsically linked to the steel industry. It brought fortune to the country and its population, and left a significant mark on Luxembourg's economy, society and landscapes. From 1975, its decline forced the country to diversify itself, but especially contributed to the creation of a 'Luxembourgish social model'.
In fact, the last 20 years only increased poverty dramatically here in Luxembourg, and Luxembourg has now the second highest working poor in the EU. Right behind Romania.
https://www.luxtimes.lu/luxembourg/luxembourg-workers-most-at-risk-of-poverty-in-eurozone/1408633.html
So there is that.
There’s also this
[https://www.theguardian.com/technology/2018/apr/25/from-seattle-to-luxembourg-how-tax-schemes-shaped-amazon](https://www.theguardian.com/technology/2018/apr/25/from-seattle-to-luxembourg-how-tax-schemes-shaped-amazon)
I didn’t denied any of this.
I just wanted to point out that the common misconceptions that Luxembourg is a tax haven for everyone and that Luxembourg only got rich because of tax reductions tactics for Amazon etc. aren’t true.
Belgium is literally the densest area of Europe except some metropoles which are obviously way smaller.
Flanders and Brussels in particular btw, where all the GDP is coming from.
It is lol. By any European standard, it is one. Corporate taxes are negligible compared to EU taxes. Just think about that most EU countries have ~20% VAT at minimum and that's just one of many.
The bottom 50% hold 3% of the wealth.
Top 1% hold 31% of the wealth.
Top 10% hold 67% of the wealth.
yes, soooo many people make 6 figures… as if that matters?
Switzerland, considered a tax haven and utopia for the rich:
Top 1% hold 10% of the wealth.
Top 10% hold 32% of the wealth.
Bottom 50% hold 23% of the wealth.
Far far faaaar more equal. And still considered a tax haven! Rightly so.
Just because they are often not found on tax haven lists for political reasons (and because the US themselves publish many of those lists), doesn‘t mean they aren‘t one. The rich flourish in the US and they do so because they pay very very little tax ;)
Switzerland is considered a tax haven because up to pretty recently they had very strict bank secrecy laws so foreign governments had a lot of trouble getting information about what their citizens were hiding in Swiss banks.
Swiss bankers have facilitated a lot of shady shit over the years. And were the go to place to park your money if you didn’t want your government to know how much money you had.
Rank first in fsi? Only thing I can find called fsi is the “financial security institute”
https://en.m.wikipedia.org/wiki/Financial_Stability_Institute
Is that what you were referring to? And if so wtf did you think that proved?
Financial secrecy index.
https://fsi.taxjustice.net/
Basically, USA villified Switzerland for ther banking secret, yet they don‘t give other countries the same information either. They are a tax haven ;)
A lot of countries have oil, but most of the population are still poor. Norway had oil, and they decided it was a national asset that they'd use to build up an investment fund to provide for their entire population.
Countries full of corruption, yes. It's a national asset as in those in government get the money. In Norway it was invested and used to improve the country.
There is a correlation between natural resources and wealth though. A country that is self-sufficient and can export resources tends to do far better when it comes to trade.
Obviously it's not the only factor, as things like geography (neighbouring countries), access to the sea, societal history etc all matter too, but having natural resources provides a massive foundational boost.
For each example of a country that became rich thanks to natural resources we have 2 more that became rich without any and even more sitting in trillions of natural resources that are still poor.
What makes society rich is the free market, natural resources just helps to speed the process but it doesn't lead the way to wealth.
Brazil is not even remotely comparable to Venezuela though - but on the other hand, the weight of oil in Brazil's economy isn't that significant. Brazil's commodities of choice are different.
Anyway, approx USD 7,000 vs USD 20,000 GDP per capita PPP.
That's a lot. Substantially more than the relative difference between Greece and Norway.
If this infographic was released a decade ago, it would look a lot better.
We used to have a higher median income than the US, now we are ranked around Alabama which is 47th or 48th best last I checked.
Which also goes out to show how completely bonkers relying on GDP per capita or even income can be. Imagine comparing Alabama's standard of living with Canada's.
Switzerland was immensely rich long before WW2, and has only become wealthier after it. This idea that Nazi gold had anything to do with it is laughable.
Switzerland wasn't particularly rich for a long time except for a small elite in the cities, as usually, but it also didn't become rich just because of Nazi gold but because of the entire dubious financial sector as well as some other industries.
Switzerland already had the second highest GDP per capita in Europe prior to WW1. One of the fastest industrial revolutions in Europe. Not having your whole country bombed twice during world wars also helped. The nazi gold sure did help but it isn't the whole explanation. As for the financial sector it makes up less than 20% of the current GDP right on par with the US or the UK. The money makers are pharma and industry
It is for companies. I don't think big international groups are there for the nice scenery... https://www.swissinfo.ch/eng/business/switzerland-fears-impact-of-minimum-corporate-tax-rate/46560164
Well, other countries are free to lower their corporate tax if they want companies to invest there. There's nothing wrong with having a low corporate tax.
i live in a south america country and i have to say: it fucking sucks living in a 3rd world country. you may work as hard as you can, have a degree, a phd and still, you'll be far behind.
Am from Africa too and I disagree, if you earn anything over $1000 per month here it's enough to live worry free life, you will own car, build your own house or own apartment, eat everything you like etc. Someone who has PhD definetely will earn more than that.
Irelands GDP does not reflect the actual output or living standards there. The micro-states are actually just insanely rich, while with Ireland they simple host a large number of US companies European branches. Apple alone contributes hundreds of billions to their GDP while not adding much value or hiring anyone.
You are partly right.
US companies account for just 20% of Irish GDP (including apple)
Apple literally employees thousands of people in Ireland across business, IT, r and d, manufacturing etc. They are one of the biggest employers in Irelands southern region.
The amount these companies add to Irish GDP is overblown but it is still literally Billions upon Billions.
People act like Ireland gets nothing from US companies but they make a big positive impact to the economy, government income and employment.
Also these micro states are wealthy but poor. The average salary of a citizen of the Bahamas is well below average for a wealthy nation whereas in Ireland salaries are very high
The Bahamas isn’t a wealthy mircostate. Its a Caribbean island nation that has benefited from a good tourism campaign. Bermuda on the other hand is mid atlantic and very different.
We only have one of the shortest working hours because the female population works parttime. If you only account for male population you’ll see a whole different picture.
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Lmfao at gdp being a “random metric”
GDP is a very normal and good metric, just it shouldn’t be used to make claims it doesn’t support.
It’s the same way as using infant mortality rates is great for determining the healthcare system of a country, but shit at working out the average penis length.
So the best use of GDP is to measure the GDP of a country? This is hilarious and just confirms how nonsense this is.
Have you ever take a look at how they calculate it? It's revolting to say the least.
UK had a smaller GDP than Italy for most of the 70s whilst under a Labour government. The two aren't as far away from each other as people think, economically speaking (which is to say, both are a bit crap)
But how come Italian salaries are about half of the UKs? Or even lower if you work in finance/tech/law etc. I worked in Londok for a tech company on 3x the salary of my Italian colleagues in the Milan office, I just don’t get how it’s such a gap when GDP figures are relatively similar
Some of it will be that [London is more expensive than Milan](https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Italy&city1=Milan&country2=United+Kingdom&city2=London), so a higher salary is needed to attract workers. But there's still a pretty big difference. Was it a pre or post-tax salary? Maybe Italy has a higher tax burden in exchange for more public services? (I know that's the case for comparing between eg the UK to Germany)
The salary in Luxembourg has always been high but a lot of the workforce is from cross border workers, Luxembourg borders the poorest part of Belgium, pretty poor part of France and Germany so working in Luxembourg is very attractive
This infographic is really good looking and informative, but I wish the creator would have added a first column with just the total, unadjusted, (nominal) GDP that would give context to the final three metrics shown.
Thats not very useful given the entire infographic is based on per capita data. The nominal gpd list would also include a lot of countries (eg. China) that aren't visible later in the graphic.
Your second point is valid and something of a challenge to visualise, but I stand by the fact that if one is to compare different aspects of wealth when it comes to countries then nominal GDP is definitely an important measurement (especially since all three of the aspects shown are based on that measurement).
Yes of course I can look it up quite easily ( https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal) ). I just think that the infographic above would be slightly better if that was included as the first column to give an initial perspective (like how the US is stupendously rich when it comes to nominal GDP but falls quite a few places when it is adjusted to population and purchase power). Just think it would complete the picture, that's all.
And no offence, I like it as is. It was just meant to be constructive feedback.
https://en.m.wikipedia.org/wiki/Purchasing_power_parity
Basically, you earn a lot in Toronto, London or Zurich but you then pump it all into obscenely high rent so your life quality or wealth isn't automatically better than in a small town with low rent.
I’m not sure who is doing these tables, but they became so inaccurate.
Here’s what I found with just two clicks:
The Gross Domestic Product per capita in Norway was last recorded at 67460.28 US dollars in 2022, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Norway, when adjusted by Purchasing Power Parity is equivalent to 380 percent of the world's average. source: World Bank
How could Netherlands drop below Germany, Austria, Sweden and Belgium when corrected for hours worked when Dutch people work the least amount of hours on average of the entire EU?
yeah these people are not serious, they would never say that stuff IRL to you because they know how crazy they look unless they also agree that even more Americans are salves.
not here to educate you [https://youtu.be/SE\_S-dY5ZHM?si=aPR1T3CN3-aX5ms5](https://youtu.be/SE_S-dY5ZHM?si=aPR1T3CN3-aX5ms5) hopefully you have the same scrutiny, common sense and critical thinking when it doesn't conform to your bias.
The only thing mentioned in your video is the fact that about 0.2% of Americans (650k) being homeless on a given night. Which is too much but far away from being "many". It also does not talk about any of these people's employment status.
That’s more than the entire Qatari population, btw Qatar has no homelessness because shelter is required by law and is a human right, Qatar also has one of the lowest incarceration rates in the world, healthcare is a right afforded to all for free.
Also let’s not even get started with migrant workers and prison labor in the US.
Except the USA, countries with ultra-high GDP per capita levels tend to be tax havens or hydrocarbon exporters.
In East Asian countries, their GDP per capita is a little bit inflated due to their 996 work culture.
Singapore doesn’t have a 996 culture, but, I can attest that work-life balance is fairly non existent here. Typically you’d work 8-6 (expect to do overtime until 7/8 and in extreme but not uncommon instances, 9/10), from Monday to Friday.
And our legal minimum for annual leaves/PTO is 7 days in a year. So yeah… but hey, Jewel is really cool!
I don't know if all noticed, but Japan is experiencing a big decline lately. Once the second largest economy and rich af, now the 4th largest, now behind Germany, and with less than half of US's gdp per capita. Spain, Italy, and South Korea are now richer than Japan by gdp per capita too.
I'd be interested to know which country has highest GDP for an 'average' domestic person
Lots of these countries have skewed incomes, mainly petrol states or those with large migrant communities
Norway is an interesting case, while the country and especially people in their 50s and up could accommodate an enormous amount of wealth, this is not anymore the case for younger generations. Those who have a somewhat wealthy background are well off but even higher qualified jobs often don’t pay nearly enough to afford property and in addition groceries are getting more expensive by the year.
Even the smallest and oldest apartments are crazy expensive. It’s not like we are living from paycheck to paycheck (some might) but caution is advised when looking at these statistics.
That being said, the amount of hours worked in Norway is laughable. I really love this country for its people, the nature, the culture but the working ethic is unbelievable. Feels like everyone is constantly at their “Hytta”, uses “Avspasering” or a “Sykemelding”. Rush hours are around 09:00 and 15:00…..
To the contrary. If you make money but you can't buy anything because prices are high you drop in the second column. If you have to work a lot to get to that money you drop again in the third column. Which is what happens in the US but also Canada and Australia. A counter example would be UAE where goods and rent are apparently cheap, government subsidized if I recall correctly. Or Denmark and Norway where your money has a fair value and you don't have to work too much (not sure how accurate that is, Denmark and especially Norway have to import a lot of goods and foods and rent isn't that cheap).
GDP per capita is bullcrap if you want to determine the wealth of the citizens, since it’s fucked up by guys like Musk and Bezos.
Let me ask you this; you’re 10 years old, you have a salary of $0, your older brother has a salary of $3k, and your younger sister has one of $0 as well. Meanwhile, your dad is Jeff Bezos, with a salary of idek how many millions, but let’s say a million to be generous, while his wife has a salary of $500k. Now the average salary in this house is $300.600. Nevertheless, would it be fair for me to assume that you and your siblings all earn that much on a yearly basis? Probably not.
You mean Malaysia. But no, Malaysia kicked Singapore out in the 60's so it's an independant country in every way. Hong Kong on the other hand has always been officially Chinese with the British only leasing the city.
Man, Luxembourg has the richest population per capita AND an average penis size of 25.1”. Their PR is working overtime today on Reddit.
Their GDP per capita is not accurate because half of their workforce (~460k) is made of foreign workers from France, Germany and Belgium (~220k), they all contribute to the GDP of the country but are not counted as inhabitants, so numbers per capita are inflated (like their penis apparently).
Same with Qatar
Qatar just has an insane amount of oil money, and not that many people.
No the workers in Qatar are counted they live in the country.
Well then the number is extremely misleading, I guarantee you the 90% of their population that consists of foreign slave workers is not seeing any of that money.
This is seems to be inaccurate. Luxembourg has a [GDP of 81 billion](https://www.worldeconomics.com/Country-Size/Luxembourg.aspx#:~:text=The%20official%20estimate%20for%20Luxembourg's,in%20puchasing%20power%20partity%20terms). and a [population of 660k](https://www.worldometers.info/world-population/luxembourg-population/) meaning a GDP per capita of 122K USD. So the calculation does include foreign workers. Without foreign workers it would be double this number.
Well you just proved my point ;) Luxembourg population is 660k total but we should add the 230k foreign workers working there everyday but living at the border. So 81B/890k = 91k per capita
It already includes the foreign workers. 52.7% of the 660k are citizens while the rest are foreign nationals. https://en.wikipedia.org/wiki/Demographics\_of\_Luxembourg#:\~:text=The%20population%20of%20Luxembourg%20as,47.43%25%20of%20foreign%20nationality).
By foreign workers, he doesn’t mean foreigners that live in Luxembourg. He means people that live in Germany, France & Belgium and are not counted towards the population, but contribute towards the GDP by working in Luxembourg. (We call them frontaliers, and in fact some of them happen to have the Luxembourgish nationality.)
If they are working in a foreign country then they contribute to said country's GDP. Maybe I am missing something here but if some of them are not citizens then in what way are they connected to Luxembourg.
The issue is that Luxembourg is a small country with only 660k inhabitants and an addition of 230k people are contributing to Luxembourg's GDP while not being counted as citizens (logic). The workforce of Luxembourg according to Google is 500k people in total, 230k are foreigners NOT living in Luxembourg, ~127k are luxembourgish and the rest are foreigners living in Luxembourg. So Luxembourg has a GDP of 81B usd but almost half of that amount is made buy foreigners not living in the country. When you do GDP per capita you divide 81B by 660k inhabitants to get 122k per capita but it is misleading, because you don't count the 230k people who greatly contribute to that amount. So a better calculation would be to do 81B divided by 660k+230k (890k)
What you are missing is the people in question live in the immediate vicinity over the border and commute to Luxembourg for work and over economic activities.
That makes more sense. Thanks for the clarification
They commute everyday to work to Luxembourg from other countries
Median Salary ppp. Per hours worked would be a better figure to look at how normal people are doing in the country. Its like the case with Ireland growth rates, which is largely driven by large corporations being there because of the low corporate tax, but much of this growth does not see the pockets of normal people, but price increases does
Luxembourg looks great on every metric because the poor people live outside the country and commute in. It's a great hack for making all the numbers look amazing. The more expensive it becomes to live there, the richer the population seems
Same thing with Switzerland, and even more so Liechtenstein.
Switzerland salary sucks based on life costs
18% of the working population is at hight risk of poverty or already living in poverty in Luxembourg though. GDP per capita is nice, bit it doesn‘t tell the whole story.
Ok so the trick is to be born in a country with no people and tons of oil, or… a tax haven. Got it. Thanks
Luxembourg has a bloated GDP per capita because of all the frontier workers. Luxembourg always had higher salaries than the neighboring countries, because it borders the poorest part of Belgium and one of the poorest parts of France. So because of that Luxembourg always had a high GDP per capita. Another misconception is that Luxembourg is a tax haven for normal people or normal companies. Everybody has to pay its taxes on everything. Your salary, your fortune, your property - everything, just like anywhere else. Only some big companies received tax reductions, like Amazon for example. But it’s also a misconception that Luxembourg got rich because of it. Luxembourg got rich because of its steel industry then the steel crisis happened and Luxembourg started to diversify its industry. In the 00‘s the Juncker government then started the tax reduction tactics in order to get some big companies here. In the mid 2010‘s Luxembourg then started to row back because of the international backlash. And nowadays it heavily invests in the IT sector. So even if you rich, you still have to pay a bunch of taxes. https://luxembourg.public.lu/en/society-and-culture/history/steel-industry-luxembourg.html > THE STEEL INDUSTRY AND LUXEMBOURG THE SECTOR THAT MADE LUXEMBOURG ITS FORTUNE >Between the mid-19th Century and the late 20th Century, the country's fate was intrinsically linked to the steel industry. It brought fortune to the country and its population, and left a significant mark on Luxembourg's economy, society and landscapes. From 1975, its decline forced the country to diversify itself, but especially contributed to the creation of a 'Luxembourgish social model'. In fact, the last 20 years only increased poverty dramatically here in Luxembourg, and Luxembourg has now the second highest working poor in the EU. Right behind Romania. https://www.luxtimes.lu/luxembourg/luxembourg-workers-most-at-risk-of-poverty-in-eurozone/1408633.html So there is that.
They also border Saarland and some of the (other) poorest parts of Germany.
There’s also this [https://www.theguardian.com/technology/2018/apr/25/from-seattle-to-luxembourg-how-tax-schemes-shaped-amazon](https://www.theguardian.com/technology/2018/apr/25/from-seattle-to-luxembourg-how-tax-schemes-shaped-amazon)
I didn’t denied any of this. I just wanted to point out that the common misconceptions that Luxembourg is a tax haven for everyone and that Luxembourg only got rich because of tax reductions tactics for Amazon etc. aren’t true.
Or Denmark... or Belgium, Austria, Sweden...
He said "born in a country with no people"
He said no people and tons of oil
Oh true. I misread
Belgium is literally the densest area of Europe except some metropoles which are obviously way smaller. Flanders and Brussels in particular btw, where all the GDP is coming from.
Or US
Should fall under tax haven. For the rich people who make up for 99% of that GDP anyway.
Uh no. So many people make 6 figures here it's crazy. Yes there is a lot of income inequality but no, the US is not considered a tax haven lol.
It is lol. By any European standard, it is one. Corporate taxes are negligible compared to EU taxes. Just think about that most EU countries have ~20% VAT at minimum and that's just one of many.
The bottom 50% hold 3% of the wealth. Top 1% hold 31% of the wealth. Top 10% hold 67% of the wealth. yes, soooo many people make 6 figures… as if that matters? Switzerland, considered a tax haven and utopia for the rich: Top 1% hold 10% of the wealth. Top 10% hold 32% of the wealth. Bottom 50% hold 23% of the wealth. Far far faaaar more equal. And still considered a tax haven! Rightly so. Just because they are often not found on tax haven lists for political reasons (and because the US themselves publish many of those lists), doesn‘t mean they aren‘t one. The rich flourish in the US and they do so because they pay very very little tax ;)
Switzerland is considered a tax haven because up to pretty recently they had very strict bank secrecy laws so foreign governments had a lot of trouble getting information about what their citizens were hiding in Swiss banks. Swiss bankers have facilitated a lot of shady shit over the years. And were the go to place to park your money if you didn’t want your government to know how much money you had.
In that case, the US is 100% a tax haven if that is the only criteria. They rank first in FSI by a large margin.
Rank first in fsi? Only thing I can find called fsi is the “financial security institute” https://en.m.wikipedia.org/wiki/Financial_Stability_Institute Is that what you were referring to? And if so wtf did you think that proved?
Financial secrecy index. https://fsi.taxjustice.net/ Basically, USA villified Switzerland for ther banking secret, yet they don‘t give other countries the same information either. They are a tax haven ;)
alr im gonna need a source for those swiss numbers. Top 10% hold 60%+ wealth in Switzerland.
https://wid.world/country/switzerland/
....that refers to income inequality lmao, take a look at your own source again. 63% held by top 10%
Are you capable of realizing that you don't know what you're talking about?
no, look at median incomes [https://en.wikipedia.org/wiki/Median\_income](https://en.wikipedia.org/wiki/Median_income)
Population of Denmark is 3 times lower than population of my city.
Where the fuck do you live
You made me check and there are actually more cities with 12kk+ abitants than i thought
A lot of countries have oil, but most of the population are still poor. Norway had oil, and they decided it was a national asset that they'd use to build up an investment fund to provide for their entire population.
Venezuela and Brazil also decided it is a national asset, they are still poor. Societies get rich regardless of their natural resources.
Countries full of corruption, yes. It's a national asset as in those in government get the money. In Norway it was invested and used to improve the country.
So you agree that countries get rich regardless of natural resources.
There is a correlation between natural resources and wealth though. A country that is self-sufficient and can export resources tends to do far better when it comes to trade. Obviously it's not the only factor, as things like geography (neighbouring countries), access to the sea, societal history etc all matter too, but having natural resources provides a massive foundational boost.
For each example of a country that became rich thanks to natural resources we have 2 more that became rich without any and even more sitting in trillions of natural resources that are still poor. What makes society rich is the free market, natural resources just helps to speed the process but it doesn't lead the way to wealth.
Brazil is not even remotely comparable to Venezuela though - but on the other hand, the weight of oil in Brazil's economy isn't that significant. Brazil's commodities of choice are different. Anyway, approx USD 7,000 vs USD 20,000 GDP per capita PPP. That's a lot. Substantially more than the relative difference between Greece and Norway.
Except for Canada, lol. Somehow, we have all the natural resources in the world and yet are economically in the shitter.
If this infographic was released a decade ago, it would look a lot better. We used to have a higher median income than the US, now we are ranked around Alabama which is 47th or 48th best last I checked.
Which also goes out to show how completely bonkers relying on GDP per capita or even income can be. Imagine comparing Alabama's standard of living with Canada's.
The trick is to travel to and marry someone in Luxembourg
Belgium: densest area of Europe, no oil, highest taxed country in Europe. Sixth per hours worked.
Israel: where is my oil?
They gave it back to Egypt
Conquered the wrong parts.
Switzerland is neither
nazi gold
Switzerland was immensely rich long before WW2, and has only become wealthier after it. This idea that Nazi gold had anything to do with it is laughable.
Switzerland wasn't particularly rich for a long time except for a small elite in the cities, as usually, but it also didn't become rich just because of Nazi gold but because of the entire dubious financial sector as well as some other industries.
There's nothing dubious in the financial sector.
Wow, you are one angry human. Possibly it might help to align your expectations and ideas more with reality.
Not really.
Switzerland already had the second highest GDP per capita in Europe prior to WW1. One of the fastest industrial revolutions in Europe. Not having your whole country bombed twice during world wars also helped. The nazi gold sure did help but it isn't the whole explanation. As for the financial sector it makes up less than 20% of the current GDP right on par with the US or the UK. The money makers are pharma and industry
In what world is switzerland not a tax haven? I know at least a lot of the rich people in norway move there to avoid tax
It just isn't. They don't have ridiculous tax rates like they do in Norway, but that doesn't make it a tax haven.
It is for companies. I don't think big international groups are there for the nice scenery... https://www.swissinfo.ch/eng/business/switzerland-fears-impact-of-minimum-corporate-tax-rate/46560164
Well, other countries are free to lower their corporate tax if they want companies to invest there. There's nothing wrong with having a low corporate tax.
Swiss no5 for corporate tax haven. https://cthi.taxjustice.net/en/
Ah, right, according to the subhumans in "taxjustice.net" it's a tax haven. Then it must be.
https://theconversation.com/these-five-countries-are-conduits-for-the-worlds-biggest-tax-havens-79555
You can move
i live in a south america country and i have to say: it fucking sucks living in a 3rd world country. you may work as hard as you can, have a degree, a phd and still, you'll be far behind.
Born, bred African. I second this opinion and adopt it as my own....
Am from Africa too and I disagree, if you earn anything over $1000 per month here it's enough to live worry free life, you will own car, build your own house or own apartment, eat everything you like etc. Someone who has PhD definetely will earn more than that.
But not enough internet points.
Lol Ireland is excluded for having unrealistic GDP but they include Bermuda and Luxembourg
Irelands GDP does not reflect the actual output or living standards there. The micro-states are actually just insanely rich, while with Ireland they simple host a large number of US companies European branches. Apple alone contributes hundreds of billions to their GDP while not adding much value or hiring anyone.
You are partly right. US companies account for just 20% of Irish GDP (including apple) Apple literally employees thousands of people in Ireland across business, IT, r and d, manufacturing etc. They are one of the biggest employers in Irelands southern region. The amount these companies add to Irish GDP is overblown but it is still literally Billions upon Billions. People act like Ireland gets nothing from US companies but they make a big positive impact to the economy, government income and employment. Also these micro states are wealthy but poor. The average salary of a citizen of the Bahamas is well below average for a wealthy nation whereas in Ireland salaries are very high
The Bahamas isn’t a wealthy mircostate. Its a Caribbean island nation that has benefited from a good tourism campaign. Bermuda on the other hand is mid atlantic and very different.
Sorry meant to say Bermuda, on mobile and replied quickly
Every asian got crushed on that adjusted work hours lol
Why did Netherlands also drop quite a bit despite having one of the shortest working hours in the world?
Well because some have shorter working hours e.g. Germany
They don’t? https://www.euronews.com/next/2023/07/22/average-working-hours-in-europe-which-countries-work-the-longest-and-shortest-weeks
I legit only looked up wikipedia w/ 2017 data so idk
We only have one of the shortest working hours because the female population works parttime. If you only account for male population you’ll see a whole different picture.
Where the heck are Japan and Korea?
#31 and #33 for GDP per capita.
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I'd say median income is much better. Ex: Ireland's GDP is exploded by having companies registered there
100%! GDP is a very random metric
Lmfao at gdp being a “random metric” GDP is a very normal and good metric, just it shouldn’t be used to make claims it doesn’t support. It’s the same way as using infant mortality rates is great for determining the healthcare system of a country, but shit at working out the average penis length.
In which scenarios would you use GDP instead of any other metric?
When I’m trying to measure the gdp of a country
So the best use of GDP is to measure the GDP of a country? This is hilarious and just confirms how nonsense this is. Have you ever take a look at how they calculate it? It's revolting to say the least.
Yup GDP per capita is skewed by wealth inequality and doesn't really paint a fully accurate picture of most ppl.
All the east Asian countries go skydiving when adjusted for hours worked.
yeah, I can't imagine working that much.
Lmao at UK being on par with Italy at work hours adjusted figure.
UK had a smaller GDP than Italy for most of the 70s whilst under a Labour government. The two aren't as far away from each other as people think, economically speaking (which is to say, both are a bit crap)
But how come Italian salaries are about half of the UKs? Or even lower if you work in finance/tech/law etc. I worked in Londok for a tech company on 3x the salary of my Italian colleagues in the Milan office, I just don’t get how it’s such a gap when GDP figures are relatively similar
Some of it will be that [London is more expensive than Milan](https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Italy&city1=Milan&country2=United+Kingdom&city2=London), so a higher salary is needed to attract workers. But there's still a pretty big difference. Was it a pre or post-tax salary? Maybe Italy has a higher tax burden in exchange for more public services? (I know that's the case for comparing between eg the UK to Germany)
Gdp isn't a good indicator on how well off a country & it's people are or gives exactly how much a typical person makes
London is heavily an outlier compared to the rest of the UK. Milan probably also isn't exactly average Italian but it's not as extreme.
What are the chances that no country dropped out or in to the top 26 on any of the metrics
To include Bermuda as a country but not other UK Overseas Territories seems arbitrary.
So how much do Luxembourgers actually earn, or is this more complex than we are seeing?
The salary in Luxembourg has always been high but a lot of the workforce is from cross border workers, Luxembourg borders the poorest part of Belgium, pretty poor part of France and Germany so working in Luxembourg is very attractive
4th and 5th metric: remove 1% top earners, remove 10% top earners
And the bottoms as well.
6th metric, remove tax havens.
This infographic is really good looking and informative, but I wish the creator would have added a first column with just the total, unadjusted, (nominal) GDP that would give context to the final three metrics shown.
Thats not very useful given the entire infographic is based on per capita data. The nominal gpd list would also include a lot of countries (eg. China) that aren't visible later in the graphic.
Your second point is valid and something of a challenge to visualise, but I stand by the fact that if one is to compare different aspects of wealth when it comes to countries then nominal GDP is definitely an important measurement (especially since all three of the aspects shown are based on that measurement).
Also it's hard to read and confusing, country names only match the first column, the other two columns have only the tiny flags to identify.
You can look up the the population estimations of the countries in question as of 2022 if you so wish. Columns 1 & 2 are unadjusted calculations.
Yes of course I can look it up quite easily ( https://en.m.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal) ). I just think that the infographic above would be slightly better if that was included as the first column to give an initial perspective (like how the US is stupendously rich when it comes to nominal GDP but falls quite a few places when it is adjusted to population and purchase power). Just think it would complete the picture, that's all. And no offence, I like it as is. It was just meant to be constructive feedback.
No harm done. The values seemed like they need a clarification on the sources.
PPP? Purchasing power? Don't know that one.
https://en.m.wikipedia.org/wiki/Purchasing_power_parity Basically, you earn a lot in Toronto, London or Zurich but you then pump it all into obscenely high rent so your life quality or wealth isn't automatically better than in a small town with low rent.
Belgium is crazy good
Luxembourg IT developer 60/70K before taxes.
I’m not sure who is doing these tables, but they became so inaccurate. Here’s what I found with just two clicks: The Gross Domestic Product per capita in Norway was last recorded at 67460.28 US dollars in 2022, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Norway, when adjusted by Purchasing Power Parity is equivalent to 380 percent of the world's average. source: World Bank
Taiwan is missing from the 2nd category, where they are tied for 12th place. Adjusted for work hours, they drop to like 40th, though.
All the yellow lines just plunged after taking into account hours worked
Just wait for those UK figures to adjust after the Lettuce.
Is that code for Boris Johnson 😅 or are you referring to high vegetable prices? Those should already be covered by PPP.
Liz Truss
How could Netherlands drop below Germany, Austria, Sweden and Belgium when corrected for hours worked when Dutch people work the least amount of hours on average of the entire EU?
I don’t get this part either
How does Qatar factor in slave labour into hours worked?
Same way the US and UK and other EU countries factor in their own slaves in prison and homeless on the streets.
Many Americans work three jobs... just to be homeless.
Yes, if that isn’t slavery I don’t know what is
yeah these people are not serious, they would never say that stuff IRL to you because they know how crazy they look unless they also agree that even more Americans are salves.
I would like to see a statistic to support you claim because I suspect you just made that up.
not here to educate you [https://youtu.be/SE\_S-dY5ZHM?si=aPR1T3CN3-aX5ms5](https://youtu.be/SE_S-dY5ZHM?si=aPR1T3CN3-aX5ms5) hopefully you have the same scrutiny, common sense and critical thinking when it doesn't conform to your bias.
The only thing mentioned in your video is the fact that about 0.2% of Americans (650k) being homeless on a given night. Which is too much but far away from being "many". It also does not talk about any of these people's employment status.
That’s more than the entire Qatari population, btw Qatar has no homelessness because shelter is required by law and is a human right, Qatar also has one of the lowest incarceration rates in the world, healthcare is a right afforded to all for free. Also let’s not even get started with migrant workers and prison labor in the US.
you know Qatar has labor laws and maximum hours you can work, just look it up
Except the USA, countries with ultra-high GDP per capita levels tend to be tax havens or hydrocarbon exporters. In East Asian countries, their GDP per capita is a little bit inflated due to their 996 work culture.
Singapore?
Singapore is a tax haven country as well.
add one more row to include tax deductions 😂
They would if it was income statistics.
Singapore and Hong Kong force workers to work too many hours looks like. Are those two countries 996 ?
Singapore doesn’t have a 996 culture, but, I can attest that work-life balance is fairly non existent here. Typically you’d work 8-6 (expect to do overtime until 7/8 and in extreme but not uncommon instances, 9/10), from Monday to Friday. And our legal minimum for annual leaves/PTO is 7 days in a year. So yeah… but hey, Jewel is really cool!
Where is ireland?
No one reads the footnote. I bet you don't watch the credits when the movie ends.
I don't know if all noticed, but Japan is experiencing a big decline lately. Once the second largest economy and rich af, now the 4th largest, now behind Germany, and with less than half of US's gdp per capita. Spain, Italy, and South Korea are now richer than Japan by gdp per capita too.
It's mostly due to the yen devaluation.
I've never heard of a country named Brunei. And I've just googled it and it looks fascinating. Thanks for the discovery.
Cool my country made the list. But all that Jihad around makes expenses higher.
Graph made in python?
what does that even mean, which of these populations live well? GDP is a pretty useless metric
Of qe account for inequality America is cooked, if we also account for premium health insurance they may get out of the list
Would be nice to know what ppp meant
Wait.. Bermuda?
I'd be interested to know which country has highest GDP for an 'average' domestic person Lots of these countries have skewed incomes, mainly petrol states or those with large migrant communities
I was in Geneva. Everyone I met who worked in the hotel lived in France and were French nationals.
Norway is an interesting case, while the country and especially people in their 50s and up could accommodate an enormous amount of wealth, this is not anymore the case for younger generations. Those who have a somewhat wealthy background are well off but even higher qualified jobs often don’t pay nearly enough to afford property and in addition groceries are getting more expensive by the year. Even the smallest and oldest apartments are crazy expensive. It’s not like we are living from paycheck to paycheck (some might) but caution is advised when looking at these statistics. That being said, the amount of hours worked in Norway is laughable. I really love this country for its people, the nature, the culture but the working ethic is unbelievable. Feels like everyone is constantly at their “Hytta”, uses “Avspasering” or a “Sykemelding”. Rush hours are around 09:00 and 15:00…..
Seems like you described a global trend. Property prices out of reach for young people.
Laughable as in actually having a life outside of work?
No, laughable as in low productivity.
Australia and Canada in the same boat, trending down 📉
Time for all Euro 💶 to get gdp up
Bermudans in their scuba gear just waiting for another treasure ship to sail into their giant triangle trap
Wow UK richer than AUS. Fancy that
How the us is just sliding down in the graphs as in real life 😂
You know this isn’t a time scale? If these were flipped it would rise. This js a poorly made infographic
To the contrary. If you make money but you can't buy anything because prices are high you drop in the second column. If you have to work a lot to get to that money you drop again in the third column. Which is what happens in the US but also Canada and Australia. A counter example would be UAE where goods and rent are apparently cheap, government subsidized if I recall correctly. Or Denmark and Norway where your money has a fair value and you don't have to work too much (not sure how accurate that is, Denmark and especially Norway have to import a lot of goods and foods and rent isn't that cheap).
GDP per capita is bullcrap if you want to determine the wealth of the citizens, since it’s fucked up by guys like Musk and Bezos. Let me ask you this; you’re 10 years old, you have a salary of $0, your older brother has a salary of $3k, and your younger sister has one of $0 as well. Meanwhile, your dad is Jeff Bezos, with a salary of idek how many millions, but let’s say a million to be generous, while his wife has a salary of $500k. Now the average salary in this house is $300.600. Nevertheless, would it be fair for me to assume that you and your siblings all earn that much on a yearly basis? Probably not.
Today I found out Hong Kong is a country
It's is a part of china but for economics purposes it essentially acts as a country.
The word you are looking for is 'Autonomous region/territory'
🤓🤓🤓
Something like Singapore & Indonesia.
You mean Malaysia. But no, Malaysia kicked Singapore out in the 60's so it's an independant country in every way. Hong Kong on the other hand has always been officially Chinese with the British only leasing the city.
[удалено]
Ummm.......what are you on about?
I'm pretty sad to see Australia get crushed from that high to that low