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Here's the average annual income in 25 countries, ranked from lowest to highest

Aug 7, 2019, 20:36 IST

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Depending on where you live in the world, your average yearly income can look very different. Individuals living in wealthy countries like Monaco earn more than double what Americans make on average, while people living in poorer countries can earn as little as $440 USD a year.

Read more: RANKED: The 28 poorest countries in the world - where people live on less than $1,000 per year

There are many things to take into account when comparing yearly income averages across international lines. For example, while people living in countries like Brazil, India, and Madagascar report low yearly incomes once those numbers are converted into USD, the cost of living in those countries is also lower than it is in the United States.

In order to get a well-rounded idea of the relationship between average yearly income and how individuals in that country live off of those incomes, you need to take into account the cost of living index. In addition to gathering data from World Data on the average income around the world, we also looked at World Data's list of the cost of living indexes for each country compared to the United States.

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World Data set the average cost of living inside the USA to 100. Therefore, if a country's cost of living index was 80.00, it would mean that everyday expenses in that country were 20% less than they are in the United States. The average yearly income was calculated from the gross national income and population. Not enough information was available for World Data to report the cost of living indexes of Madagascar or Monaco, but Numbeo was able to report Monaco's cost of living compared to the United States.

Here are the average yearly salaries of people around the world, ranked from lowest average salary to highest.

25. Madagascar

Average yearly income (USD): $440

Cost of living index: NA

24. India

Average yearly income (USD): $2,020

Cost of living index: 31.3

23. Brazil

Average yearly income (USD): $9,140

Cost of living index: 57.1

22. Mexico

Average yearly income (USD): $9,180

Cost of living index: 47.4

21. China

Average yearly income (USD): $9,470

Cost of living index: 55.1

20. Russia

Average yearly income (USD): $10,230

Cost of living index: 48.0

19. Hungary

Average yearly income (USD): $14,590

Cost of living index: 55.9

18. Spain

Average yearly income (USD): $29,450

Cost of living index: 79.4

17. Italy

Average yearly income (USD): $33,560

Cost of living index: 90.5

16. New Zealand

Average yearly income (USD): $40,820

Cost of living index: 105.1

15. Israel

Average yearly income (USD): $40,850

Cost of living index: 108.1

14. France

Average yearly income (USD): $41,070

Cost of living index: 98.3

13. United Kingdom

Average yearly income (USD): $41,330

Cost of living index: 99.6

12. Japan

Average yearly income (USD): $41,340

Cost of living index: 99.6

11. Canada

Average yearly income (USD): $44,860

Cost of living index: 95.9

10. Germany

Average yearly income (USD): $47,450

Cost of living index: 91.9

9. Austria

Average yearly income (USD): $49,250

Cost of living index: 97.3

8. Australia

Average yearly income (USD): $53,190

Cost of living index: 107.7

7. Sweden

Average yearly income (USD): $55,070

Cost of living index: 105.2

6. Singapore

Average yearly income (USD): $58,770

Cost of living index: 95.8

5. Ireland

Average yearly income (USD): $59,360

Cost of living index: 107.3

4. United States

Average yearly income (USD): $62,850

Cost of living index: 100.00

3. Switzerland

Average yearly income (USD): $83,580

Cost of living index: 146.8

2. Bermuda

Average yearly income (USD): $106,140

Cost of living index: 190.3

1. Monaco

Average yearly income (USD): $186,080

Cost of living index: 144.93

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