When it comes to average income and spending money, how does Australia compare?
The average individual income in Australai is $41,570 but where does that leave the country on a world scale?
Using the International Labour Organization’s (ILO) 2011 global results, Australia is number 15 in the world for average income, beaten by the US, UK and most of Scandinavia.
The ILO data uses Purchasing Power Parity to correct figures for how much they buy, rather than just how big the number is. A $41,570 salary in Australia can buy a lot less than a $30,000 salary in South Korea – a fact reflected by South Korea’s place at number 10 on the list.
"If someone in China takes their salary of 1,500 yuan per month and they go to the bank, they will actually get $200," ILO economist Patrick Belser explains. "But this is not what we use to compute this global average, because what is important here is what people are able to buy with these 1,500 yuan, and this is where we compare to the purchasing power of the US dollars and find that it is actually equivalent to around $400."
The country that ends up on top is Luxembourg, with an average income of more than $4,000 a month, but spare a thought for Tajikistan, where the average person earns just $227 a month.
The countries with the highest income are:
*Source: ILO 2011 World Income Survey. Data does not include self-employed or those receiving government benefits.
Using the International Labour Organization’s (ILO) 2011 global results, Australia is number 15 in the world for average income, beaten by the US, UK and most of Scandinavia.
The ILO data uses Purchasing Power Parity to correct figures for how much they buy, rather than just how big the number is. A $41,570 salary in Australia can buy a lot less than a $30,000 salary in South Korea – a fact reflected by South Korea’s place at number 10 on the list.
"If someone in China takes their salary of 1,500 yuan per month and they go to the bank, they will actually get $200," ILO economist Patrick Belser explains. "But this is not what we use to compute this global average, because what is important here is what people are able to buy with these 1,500 yuan, and this is where we compare to the purchasing power of the US dollars and find that it is actually equivalent to around $400."
The country that ends up on top is Luxembourg, with an average income of more than $4,000 a month, but spare a thought for Tajikistan, where the average person earns just $227 a month.
The countries with the highest income are:
| 1 | Luxembourg | $4,089 |
| 2 | Norway | $3,678 |
| 3 | Austria | $3,437 |
| 4 | United States | $3,263 |
| 5 | United Kingdom | $3,065 |
| 6 | Belgium | $3,035 |
| 7 | Sweden | $3,023 |
| 8 | Ireland | $2,997 |
| 9 | Finland | $2,925 |
| 10 | South Korea | $2,903 |
*Source: ILO 2011 World Income Survey. Data does not include self-employed or those receiving government benefits.
