Saturday, December 31, 2016

Major European Countries Ranked By Standard of Living

Glass Door analysis via World Economic Forum.

Standard of living determination using  account income, the cost of living, and purchasing power.
13. Spain — The country languishes near the bottom of the overall ranking due to the average wage being near the lowest in Europe.
 12. Belgium — Glassdoor says the average wage for people in Belgium is at €41,000 (£31,800, $46,380) but the large amount of their salary being spent on rent pulls it down the charts.
11. France — Annual wages in France are relatively modest and are ranked 6th from the bottom of the average nominal annual wages index provided by Glassdoor.
10. Britain — Glassdoor says the average annual wage in the UK is also at €41,000 (£31,800, $46,380) but it has some of the highest costs to live out of the entire index. London is the third city in the index for having the highest cost of living.
9. Austria — The country scores average for income and living costs but a lower proportion of rent is spent, when compared to Britain, so it just about pulls ahead of the UK.
8. Ireland — The country's wages are highly competitive compared to its European peers and Purchasing Power Parity (PPP) adjusted wages, are almost as high in Ireland as in Switzerland.
7. Norway — "Countries with a high cost of living in their major cities do not necessarily offer the highest standard of living, as can be seen in the case of Norway," says Glassdoor. Basically pay is high at €61,000 but a lot of it goes on rent and local goods.
6. Finland — The Finnish rank near the top because although their income is pretty high, the amount they spend on groceries, restaurants, transportation, utilities, and rent, still leaves them with decent disposable income.
5. Netherlands — Glassdoor says that the average European has lower living costs than those living in New York City.
4. Sweden — The cost of local goods and services (including food, transportation, and rent) is relatively modest when you compare it to take home pay.
3. Germany — Glassdoor says "interestingly, Germany comes in third, despite average nominal wages in the country being relatively low compared to the other countries in the study. This suggests that purchasing power for average earners is high in Germany."
2. Denmark — "What matters ultimately for standard of living is the gap between take-home pay and price levels," says Glassdoor. Despite Denmark being middle-tier for income, the cost of living is a lot lower than some of its European peers, meaning citizens are able to have more disposal income.
1. Switzerland — The Swiss earn a lot but can also afford a lot too. Glassdoor says "in Switzerland, the average city-based worker can afford to buy around twice as much as his or her equivalent in New York City."

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