5 Countries With the Most Wealth Equality
Written by
Nicole Spector
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Wealth inequality is higher in the U.S. than most other developed countries. Simply put, the rich just keep getting richer. Over the past 40 years, the wealthiest 1% of Americans saw the fastest income growth. The top 0.01% of households saw income growth nearly 27 times faster than the income of the bottom 20% of earners. The wealth gap in the U.S. is widening due to wage stagnation, rising costs of living and the decline of unions, among other factors.
In the U.S. News & World Report ranking of income equality in 89 countries, the U.S. came in at No. 24. The below five countries came in on top. Let’s look at the average salary, cost of living and personal income tax rates in the countries with the highest levels of income equality.Â
5. Finland
- Average salary: €48,384 ($56,825)
- Cost of living: 0.8% lower than in the U.S.
- Personal income tax rate: Between 12.64% and 44.25%
4. Switzerland
- Average salary: CHF 79,980 ($100,878)
- Cost of living: 65% higher than in the U.S.
- Personal income tax rate: 40%
3. Norway
- Average salary: 640,000 NOK ($63,518)
- Cost of living: 20.8% higher than in the U.S.
- Personal income tax rate: 22%
2. Sweden
- Average salary: SEK 506,967 ($53,289)
- Cost of living: 4.4% lower than in the U.S.
- Personal income tax rate: 52%
1. Denmark
- Average salary: DKK 395,500 ($62,244)
- Cost of living: 13.2% higher than in the U.S.
- Personal income tax rate: 55.90%
More From GOBankingRates
