Income

Background

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household Net-Adjusted Disposable Income

Household net-adjusted disposable income is the amount of money that a household earns, or gains, each year after taxes. It represents the money available to a household for spending on goods or services.

Household disposable income includes income from economic activity (wages and salaries; profits of self-employed business owners), property income (dividends, interests, and rents), social benefits in cash (retirement pensions, unemployment benefits, family allowances, basic income support, etc.), and social transfers in kind (goods and services, such as health care, education and housing, received either free of charge or at reduced prices). Across the OECD, the average household net-adjusted disposable income is 22 387 USD a year.

Household Financial Wealth

Household financial wealth is the total value of a household’s financial worth, or the sum of their overall assets minus liabilities. Financial wealth takes into account: savings, monetary gold, currency and deposits, stocks, securities and loans. These financial assets can provide an important source of revenue on their own; either through their sale or refinancing, via pensions, via interest and dividend payments, or other property income. Ideally, measures of household wealth should include real assets (e.g. land and dwellings), but such information is currently available for only a small number of OECD countries.

 

 

Such wealth makes up an important part of a household’s economic resources, and can protect from economic hardship and vulnerability. For example, a low-income household having above-average wealth will be better off than a low-income household with no wealth at all. Across the OECD, the average household wealth is estimated at 36 238 USD.

The cost of living is taken into account in income and wealth figures as the reported values are adjusted by Purchasing Power Parities (PPPs). PPPs reflect the differences in cost of living for a comparable amount of goods and services consumed by households.

Over the past fifteen years, households have enjoyed higher income on average and financial wealth has increased in many OECD countries, most notably in Israel, Germany and Sweden. Despite the general increase in living standards, some groups have been left behind and inequality has also increased over the same period. Some OECD countries such as Chile and Mexico, but also Turkey, the United States and Israel, have a much more unequal income distribution than others. By contrast, the Nordic and Eastern European countries are characterized by lower income inequalities . On average in OECD countries, the income of the top 20% of the population is 43 456 USD a year, whereas the bottom 20% live on 9 019 USD a year.

Top Ranking

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Indicators

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Income in Detail by Country

Australia

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Australia, the average household net-adjusted disposable income is 26 927 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Australia, the average household wealth is estimated at 29 630 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

 

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Australia, the income of the top 20% of the population is 54 844 USD a year, whereas the bottom 20% live on 9 545 USD a year.

Indicators

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Austria

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Austria, the average household net-adjusted disposable income is 27 541 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Austria, the average household wealth is estimated at 45 468 USD, higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Austria, the income of the top 20% of the population is 48 785 USD a year, whereas the bottom 20% live on 12 993 USD a year. 

Indicators

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Belgium

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Belgium, the average household net-adjusted disposable income is 26 734 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth.  In Belgium, the average household wealth is estimated at 69 466 USD, much higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Belgium, the income of the top 20% of the population is 46 596 USD a year, whereas the bottom 20% live on 12 225 USD a year. 

Indicators

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Brazil

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Brazil, the average household net-adjusted disposable income is lower than the OECD average of 22 387 USD.

 

Household financial wealth is the total value of a household’s financial worth. In Brazil, the average household wealth is lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Indicators

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Canada

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Canada, the average household net-adjusted disposable income is 27 138 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Canada, the average household wealth is estimated at 60 344 USD, much higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Canada, the income of the top 20% of the population is 53 988 USD a year, whereas the bottom 20% live on 10 077 USD a year.

Indicators

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Chile

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Chile, the average household net-adjusted disposable income is 8 618 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Chile, the average household wealth is estimated at 15 355 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Chile, the income of the top 20% of the population is 23 667 USD a year, whereas the bottom 20% live on 1 855 USD a year.

Indicators

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Czech Republic

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In the Czech Republic, the average household net-adjusted disposable income is 16 614 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In the Czech Republic, the average household wealth is estimated at 13 681 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In the Czech Republic, the income of the top 20% of the population is 29 716 USD a year, whereas the bottom 20% live on 8 343 USD a year.

Indicators

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Denmark

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Denmark, the average household net-adjusted disposable income is 23 213 USD a year, slightly higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Denmark, the average household wealth is estimated at 31 025 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Denmark, the income of the top 20% of the population is 39 934 USD a year, whereas the bottom 20% live on 11 384 USD a year.

Indicators

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Estonia

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Estonia, the average household net-adjusted disposable income is 13 149 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Estonia, the average household wealth is estimated at 11 231 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Estonia, the income of the top 20% of the population is 25 625 USD a year, whereas the bottom 20% live on 4 996 USD a year.

Indicators

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Finland

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Finland, the average household net-adjusted disposable income is 24 958 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Finland, the average household wealth is estimated at 19 751 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Finland, the income of the top 20% of the population is 43 864 USD a year, whereas the bottom 20% live on 11 609 USD a year.

Indicators

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France

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In France, the average household net-adjusted disposable income is 27 789 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In France, the average household wealth is estimated at 44 353 USD, higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In France, the income of the top 20% of the population is 53 608 USD a year, whereas the bottom 20% live on 12 394 USD a year.

Indicators

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Germany

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Germany, the average household net-adjusted disposable income is 27 692 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Germany, the average household wealth is estimated at 41 695 USD, higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Germany, the income of the top 20% of the population is 53 083 USD a year, whereas the bottom 20% live on 11 879 USD a year.

Indicators

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Greece

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Greece, the average household net-adjusted disposable income is 22 134 USD a year, close to the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Greece, the average household wealth is estimated at 17 638 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Greece, the income of the top 20% of the population is 43 145 USD a year, whereas the bottom 20% live on 8 969 USD a year.

Indicators

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Hungary

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Hungary, the average household net-adjusted disposable income is 13 696 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Hungary, the average household wealth is estimated at 11 811 USD, lower than the OECD average of 36 238USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Hungary, the income of the top 20% of the population is 25 071 USD a year, whereas the bottom 20% live on 6 390 USD a year.

Indicators

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Iceland

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Iceland, the average household net-adjusted disposable income is higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Iceland, the average household wealth is higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Iceland, the income of the top 20% of the population is 48 014 USD a year, whereas the bottom 20% live on 10 995 USD a year.

Indicators

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Ireland

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Ireland, the average household net-adjusted disposable income is 24 156 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Ireland, the average household wealth is estimated at 21 485 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Ireland, the income of the top 20% of the population is 45 487 USD a year, whereas the bottom 20% live on 10 348 USD a year.

Indicators

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Israel

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Israel, the average household net-adjusted disposable income is lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Israel, the average household wealth is estimated at 47 750 USD, higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Israel, the income of the top 20% of the population is 42 338 USD a year, whereas the bottom 20% live on 5 518 USD a year.

Indicators

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Italy

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Italy, the average household net-adjusted disposable income is 23 917 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Italy, the average household wealth is estimated at 54 706 USD, higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Italy, the income of the top 20% of the population is 48 972 USD a year, whereas the bottom 20% live on 8 714 USD a year.

Indicators

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Japan

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Japan, the average household net-adjusted disposable income is 23 458 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Japan, the average household wealth is estimated at 71 717 USD, much higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Japan, the income of the top 20% of the population is 46 436 USD a year, whereas the bottom 20% live on 7 764 USD a year.

Indicators

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Korea

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Korea, the average household net-adjusted disposable income is 16 570 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Korea, the average household wealth is estimated at 23 715 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Korea, the income of the top 20% of the population is 31 723 USD a year, whereas the bottom 20% live on 5 551 USD a year.

Indicators

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Luxembourg

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Luxembourg, the average household net-adjusted disposable income is estimated at 35 321 USD a year, much higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Luxembourg, the average household wealth is estimated at 72 644 USD, much higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Luxembourg, the income of the top 20% of the population is 66 656 USD a year, whereas the bottom 20% live on 15 690 USD a year.

Better Policies for Better Lives

Maintaining low income inequality

Luxembourg performs well in fighting income disparities. While several OECD countries have seen a substantial increase in income inequality since at least the mid-1980s, Luxembourg faced only a modest rise, while maintaining social cohesion in a strong growth environment. Although poverty rates have increased in Luxembourg, the change has been small and income inequality remains in the lower half of OECD countries.

Several factors are likely to have contributed to this outcome. Wage growth has been similar at all earnings levels. Also, social benefits are generous, although they should be better targeted to benefit both growth and equity.

Despite rapid overall employment growth, the rise in the overall unemployment rate points to structural problems in the labour markets. Wage indexation has notably been associated with a rise in wage costs in Luxembourg over the past decade and a reduction in the demand for labour. Therefore, the OECD recommends ending the current system of automatic legislated wage indexation to allow for the required adjustment in relative wages across firms and industries.

Indicators

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Mexico

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Mexico, the average household net-adjusted disposable income is 11 106 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Mexico, the average household wealth is estimated at 11 728 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Mexico, the income of the top 20% of the population is 29 003 USD a year, whereas the bottom 20% live on 2 236 USD a year.

Indicators

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Netherlands

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In the Netherlands, the average household net-adjusted disposable income is 25 740 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In the Netherlands, the average household wealth is estimated at 61 157 USD, much higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In the Netherlands, the income of the top 20% of the population is 49 361 USD a year, whereas the bottom 20% live on 11 281 USD a year.

Indicators

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New Zealand

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In New Zealand, the average household net-adjusted disposable income is 18 601 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In New Zealand, the average household wealth is lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In the New Zealand, the income of the top 20% of the population is 38 025 USD a year, whereas the bottom 20% live on 7 166 USD a year.

Indicators

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Norway

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Norway, the average household net-adjusted disposable income is 30 465 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Norway, the average household wealth is estimated at 6 197 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Norway, the income of the top 20% of the population is 52 444 USD a year, whereas the bottom 20% live on 14 142 USD a year.

Better Policies for Better Lives

Redistribution for an egalitarian society

Norway’s society is built on the model of a relatively egalitarian society, where social consensus and a high degree of inclusiveness are important, and there is a high level of social cohesion. Wage inequality is low, and redistribution through the tax and benefit system is large, so that the distribution of net income is even more egalitarian.

Norway’s progressive tax system, which includes quite a high wealth tax, raises a lot of revenue, helping to reduce income inequality, without excessively undermining economic performance. However, taxation varies across different types of income and the low levels of property taxation combined with very high tax rates on some capital income are likely to depress non-housing investment. The harsh tax treatment of bank interest particularly affects poorer households who are more likely to use this type of savings instrument.

The government could reform the taxation of capital and align tax rates across different types of income to improve economic efficiency through greater tax neutrality without reducing the overall degree of redistribution.

Indicators

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Poland

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Poland, the average household net-adjusted disposable income is 14 508 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Poland, the average household wealth is estimated at 8 101 USD, lower than the OECD average of 36 238USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Poland, the income of the top 20% of the population is 28 024 USD a year, whereas the bottom 20% live on 5 814 USD a year.

Indicators

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Portugal

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Portugal, the average household net-adjusted disposable income is 18 689 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Portugal, the average household wealth is estimated at 27 299 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Portugal, the income of the top 20% of the population is 40 175 USD a year, whereas the bottom 20% live on 6 632 USD a year.

Indicators

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Russian Federation

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In the Russian Federation, the average household net-adjusted disposable income is estimated at 13 911 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Russia, the average household wealth is lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Russia, the income of the top 20% of the population is 33 916 USD a year, whereas the bottom 20% live on 3 780 USD a year.

Indicators

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Slovak Republic

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In the Slovak Republic, the average household net-adjusted disposable income is 15 840 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In the Slovak Republic, the average household wealth is estimated at 2 189 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

 

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In the Slovak Republic, the income of the top 20% of the population is 27 984 USD a year, whereas the bottom 20% live on 7 552 USD a year.

Indicators

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Slovenia

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Slovenia, the average household net-adjusted disposable income is 19 334 USD a year, lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Slovenia, the average household wealth is estimated at 19 852 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

 

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Slovenia, the income of the top 20% of the population is 32 258 USD a year, whereas the bottom 20% live on 9 429 USD a year.

Indicators

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Spain

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Spain, the average household net-adjusted disposable income is 23 541 USD a year, slightly higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Spain, the average household wealth is estimated at 22 684 USD, lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Spain, the income of the top 20% of the population is 45 689 USD a year, whereas the bottom 20% live on 8 306 USD a year.

Indicators

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Sweden

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Sweden, the average household net-adjusted disposable income is 26 633 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Sweden, the average household wealth is estimated at 38 616 USD, very close to the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Sweden, the income of the top 20% of the population is 46 543 USD a year, whereas the bottom 20% live on 12 077 USD a year.

Indicators

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Switzerland

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Switzerland, the average household net-adjusted disposable income is 27 756 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Switzerland, the average household wealth is estimated at 95 407 USD, much higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Switzerland, the income of the top 20% of the population is 53 546 USD a year, whereas the bottom 20% live on 11 458 USD a year.

Indicators

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Turkey

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In Turkey, the average household net-adjusted disposable income is lower than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In Turkey, the average household wealth is lower than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In Turkey, the income of the top 20% of the population is 25 894 USD a year, whereas the bottom 20% live on 3 179 USD a year.

Indicators

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United Kingdom

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In the United Kingdom, the average household net-adjusted disposable income is 26 552 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In the United Kingdom, the average household wealth is estimated at 59 923 USD, higher than the OECD average of 36 238 USD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

 

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In the United Kingdom, the income of the top 20% of the population is 55 138 USD a year, whereas the bottom 20% live on 9 556 USD a year.

Indicators

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United States

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Key Findings

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, healthcare and housing.

Household net-adjusted disposable income is the amount of money that a household earns each year after tax. It represents the money available to a household for spending on goods or services. In United States, the average household net-adjusted disposable income is 37 708 USD a year, higher than the OECD average of 22 387USD.

Household financial wealth is the total value of a household’s financial worth. In the United States, the average household wealth is estimated at 102 075 USD, much higher than the OECD average of 36 238 USD and the highest figure in the OECD. While the ideal measure of household wealth should include real assets (e.g. land and dwellings), such information is currently available for only a small number of OECD countries.

 

Despite a general increase in living standards across OECD countries over the past fifteen years, not all people have benefited from this to the same extent. In the United States, the income of the top 20% of the population is 81 878 USD a year, whereas the bottom 20% live on 10 591 USD a year.

Indicators

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