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Your dollar can go a long way in some countries.
- If you up and moved to a different country, the money you have in your bank account right now could make you relatively wealthy once you get there.
- Across the world, the average yearly income varies greatly.
- However, the cost of living also differs - therefore, even if a country's average income is very low, their goods could be much less expensive than they would be in the US.
- From Monaco to Madagascar, this is how much money an individual makes per year, converted into USD.
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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.
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.