Background
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income
Household net adjusted disposable income is the amount of money that a household earns, or gains, each year after taxes and transfers. It represents the money available to a household for spending on goods or services.
Household adjusted disposable income includes income from economic activity (wages and salaries; profits of self-employed business owners), property income (dividends, interests and rents), social benefits in cash (retirement pensions, unemployment benefits, family allowances, basic income support, etc.), and social transfers in kind (goods and services such as health care, education and housing, received either free of charge or at reduced prices). Across the OECD,the average household net adjusted disposable income per capita is USD30 490 a year.
Household net wealth
Household net wealth considers the total wealth of both financial and non-financial and net of liabilities (e.g. loans) held by households.. Household net wealth takes into account: savings, monetary gold, currency and deposits, stocks, securities and loans, as well as the principle residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g. other consumer durables).
Household net wealth makes up an important part of a household’s economic resources, and can protect from economic hardship and vulnerability. For example, a low-income household having above-average wealth will be better off than a low-income household with no wealth at all. Across the OECD,the average household net wealth is estimated at USD323 960.
Thecost of living is taken into accountin income and wealth figures as the reported values are adjusted by Purchasing Power Parities (PPPs). PPPs reflect the differences in cost of living for a comparable amount of goods and services consumed by households.
Over the most recent years, households have enjoyed higher income on average and financial wealth has increased in many OECD countries. Despite the general increase in living standards, some groups have been left behind and inequality has also increased over the same period. On average in OECD countries, theaverage net-adjusted disposableincome of the top 20% of the population is an estimated USD59 336 a year, whereas the bottom 20% live on an estimated USD9 060 a year.Some OECD countries such as Costa Rica, Mexico and the United States, have a much more unequal income distribution than others.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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Income in Detail by Country
lva Income - Latvia expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net-adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Latvia,the average household net adjusted disposable income per capita is USD 19 783a year, lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Latvia,the average household net financial wealth is estimated at USD 79 245, considerably lower than the OECD average of USD 323 960, and the lowest figure in the OECD.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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zaf Income - South Africa expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In South Africa,the average household net adjusted disposable income per capita is 9 338,much lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In South Africa,the average household net wealth is lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In South Africa,the average household net wealth is lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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aus Income – Australia expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusteddisposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Australia,the average household net adjusteddisposable income per capita is USD37 433 a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables).. In Australia,the average household net wealth is estimated at USD528 768, higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Increasing the family income of adolescents
Australia provides supplementary support for families with school-age children. A means-tested Family Benefit helps low-income families make ends meet while encouraging the attendance of their children at school. The benefit targets families with children between the ages of 13 and 15. By increasing the household income, the benefit decreases the need for school-age children to leave school and get a job. By keeping kids in school to complete their studies, the benefit can also help improve their future employment prospects.
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aut Income – Austria expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Austria,the average household net adjusted disposable income per capita is USD37 001a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Austria,the average household net wealth is estimated at USD309 637, lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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bel Income – Belgium expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Belgium,the average household net adjusted disposable income per capita is USD34 884a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Belgium,the average household net wealth is estimated at USD447 607, higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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bra Income – Brazil expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Brazil,the average household net adjusted disposable income per capita is muchlowerthan the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Brazil,the average household net wealth is considerablylowerthan the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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can Income – Canada expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Canada,the average household net adjusted disposable income per capita is USD34 421 a year,above the OECD average of USD30 490.
Household wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Canada,the average household net wealth is estimated at USD478 240, higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Streamlining private schemes and improving pensions for middle-income earners
The pension system offers a diversified stream of income and relies more than in other OECD countries on private optional instruments. Reducing inefficiencies in private plans, mainly in terms of obstacles to portability and high fees, might increase their attractiveness. However, to improve the prospects of middle income earners, a more forceful intervention might be needed through either higher mandatory contributions or at least auto-enrolment in private pensions with targeted financial incentives.
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chl Income – Chile expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Chile,the average household net adjusted disposable income per capita islowerthan the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Chile,the average household net wealth is estimated at USD135 787, much lower than the OECD average of USD323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Tax reforms to reduce inequality
Although Chile has experienced a remarkable decline in absolute poverty since the 1990s, it remains one of the most unequal OECD countries. This is mostly due to the high concentration of income at the top 10% earning 26.5 times the average income.
Chile has introduced a new tax reform raise more revenue and expand social programmes. The government will increase its revenues by 75% to meet growing public spending needs in education and health. Since the increase in revenue will come from higher taxes on the top 1% it will help reduce inequalities, eliminate tax expenditures and fight tax evasion and avoidance. Estimates show that correcting for tax evasion will make a significant difference on the share of income distribution. The size of the effect of this reform on reducing inequality is unclear. It will remain important to monitor the effects and adjust the tax if needed.
Fighting old-age poverty and inequality
Chile has a well-developed system of individual pension accounts, yet the average pension is only 15% of average earnings. They are mostly financed by mandatory contributions equivalent to 10% of earnings. This is half the contributions average across OECD countries. Half of men have contribution densities lower than 47.5% and half of women have densities less than 12.8%. These low contributions reflect periods of self-employment, informal employment, unemployment or inactivity, particularly common among women and low-income workers.
To fight global old-age poverty, a minimum guaranteed pension was introduced in 2008 for the poorest 60% of long-term residents over 65 years old. This system provides a flat monthly benefit equivalent to USD 161. Elderly poverty has since reduced from around 23% in 2008 to 20% in 2011. In addition, the Chilean government decided to subsidise gaps in pension contributions of women and low-income workers. Contributions to individual pension accounts are also becoming gradually mandatory for self-employed workers.
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cze Income – Czechia expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In the Czechia,the average household net adjusted disposable income per capita is USD26 664a year, lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In the Czechia,the average household net wealth islower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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dnk Income – Denmark expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Denmark,theaverage household net adjusted disposable income per capita is USD33 774a year, higher than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Denmark,the average household net wealth is estimated at USD149 864, lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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est Income – Estonia expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Estonia,the average household net adjusted disposable income per capita is USD23 784a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Estonia,the average household net wealth is estimated at USD188 627, lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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fin Income – Finland expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Finland,the average household net adjusted disposable income per capita is USD33 471a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Finland,the average household net wealth is estimated at USD230 032, lower than the OECD average of USD 323 960.
Better Policies for Better Lives
The basic income experiment
A two-year basic income pilot was launched in early 2017 to reshape the Finnish social security system in response to changes in the labour market. The pilot is inspired by a preliminary study that recommended a partial basic income model to replace all basic benefits, while keeping nearly all insurance-based models intact.
The experiment explores whether the basic income can reduce poverty and social exclusion, improve incentives to work and ease pressures from social benefit and taxation. The pilot will follow 2 000 people, selected among the recipients of the basic unemployment allowance or the labour market subsidy from December 2016. Early studies suggest that this partial basic income could reduce social exclusion and bureaucratic traps, but to be truly effective it would have to be implemented along with other reforms to social security and taxation policy.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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fra Income – France expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In France,the average household net adjusted disposable income per capita is USD34 375a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In France,the average household net wealth is estimated at USD298 639, lower than the OECD average of USD323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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deu Income – Germany expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Germany,the average household net adjusted disposable income per capita is USD38 971a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household’s financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Germany,the average household net wealth is estimated at USD304 317, lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Protecting low-paid workers
Germany introduced a new statutory minimum wage that complements the tradition of determining pay scales through collective agreements in January 2015. As collective bargaining coverage has decreased over the years, the new wage floor better supports lower-income workers and decreases the risk of in-work poverty. Though the minimum wage excludes certain industries and workers under the age of 18, it is estimated that it will increase the total wage bill by 1.2%.
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grc Income – Greece expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Greece,the average household net adjusted disposable income per capita is USD20 791a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Greece,the average household net wealth is estimated at USD148 323, considerably lower than the OECD average of USD 323 960.
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hun Income – Hungary expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Hungary,the average household net adjusted disposable income per capita is 21 026a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Hungary,the average household net wealth is estimated at USD150 296, considerably lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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isl Income – Iceland expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Iceland,the average household net adjusted disposable income per capita is higherthan the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Iceland,the average household net wealth ishigherthan the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
A highly equal society
Household income has benefited from employment growth and significant wage increases giving it the lowest poverty rate in the OECD. Iceland’s poverty rate among the elderly is also particularly low at 2.8% compared to the OECD average of 14.7%.
Strong trade unions and wage bargaining have helped promote income equality, which has kept poverty rates down and maintained inclusiveness, even in times of crisis. For example, co-operation with social partners, helped bring down inflation in the 1990s and minimised the impact of the financial crisis in 2008-09 by protecting the lowest paid workers. Partnerships with the labour market for welfare payments also support income equality, including, for example: a fully-funded occupational pension system, sickness funds, rehabilitation funds for long-term ill or injured workers, and funds for the continuous education of lower-skilled workers and life-long learning. More efforts, however, need to be made in balancing life and work as many people work very long hours to maintain their quality of life.
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irl Income – Ireland expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Ireland,the average household net adjusted disposable income per capita is USD29 488a year, slightly lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Ireland,the average household net wealth is estimated at USD370 341, higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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isr Income – Israel expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Israel,the average household net adjusted disposable income per capita is lowerthan the OECD average of USD 30 490.
Household financial wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Israel,the average household net wealth ishigher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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ita Income – Italy expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Italy,the average household net adjusted disposable income per capita is USD29 431a year, slightly lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Italy,the average household net wealth is estimated at USD295 020, slightly lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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jpn Income – Japan expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Japan,the average household net adjusted disposable income per capita is USD28 872a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Japan,the average household net wealth is estimated at USD294 735, lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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kor Income – Korea expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Korea,the average household net adjusted disposable income per capita is USD24 590a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Korea,the average household net wealth is estimated at USD362 340, higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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lux Income – Luxembourg expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Luxembourg,the average household net adjusted disposable income per capita is 44 773, considerably higher than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Luxembourg,the average household net wealth is estimated at USD941 162, higher than the OECD average of USD 323 960, and the highest figure in the OECD.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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mex Income – Mexico expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Mexico,the average household net adjusted disposable income per capita is 16 269,lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Mexico,the average household net wealth isconsiderably lowerthan the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Expanding social programmes
Mexico has made remarkable progress in reducing poverty and inequality over the past fifteen years. Still, social indicators remain unfavourable by international comparison, and poverty increased once again during the recession. Approximately 18% of the population lives in extreme poverty, defined as living under the lowest national poverty line.
Oportunidades(previouslyProgresa) is a well-targeted conditional cash transfer programme, which helps people living in extreme poverty improve their educational, health and nutritional conditions. Over time, coverage has increased and this successful programme has helped improve secondary school enrolment rates, particularly benefitting girls. By enabling more regular health visits, it has also entailed a decline of both child morbidity and maternal mortality.
The programme currently reaches approximately 6 million households, or about a quarter of the total Mexican population. Assistance is provided to families based on their specific needs, including resources for family income and better nutrition; scholarships for children and adolescents; medical services packages; and nutrition complements.
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nld Income – Netherlands expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In the Netherlands,the average household net adjusted disposable income per capita is USD34 984a year, higher than the OECD average ofUSD30 490.
Household net wealth is the total value of a household’s financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In the Netherlands,the average household net wealth is estimated at USD248 599, lower than the OECD average ofUSD323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database
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nzl Income – New Zealand expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In New Zealand,the average household net-adjusted disposable income per capita is39 024 a year, higherthan the OECD average ofUSD30 490.
Household net wealth is the total value of a household's financial and non-financial worth such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In New Zealand,the average household net wealth isUSD 514 162, higher than the OECD averageofUSD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database
Better Policies for Better Lives
Preventing poverty in old age
Average poverty rates for the elderly fell from 15.1% in 2007 to 12.8% in 2010 in OECD countries, despite the crisis. Many countries undertook reforms to improve pension coverage and safety net benefits to fight poverty in old age more effectively.
New Zealand, for instance, has experienced a substantial increase in coverage thanks to the introduction of automatic enrolment in pension savings and government subsidies. Concerned that New Zealanders were not saving enough for their retirement through private arrangements, the government introduced KiwiSaver on 1 July 2007. KiwiSaver is a government-subsidised voluntary retirement saving scheme with contributions divided between employees and employers. KiwiSaver members receive a lump sum, not a pension, on withdrawal at age 65 or over. The default contribution rate increased from 4% to 6% of earnings in 2013.
Employees starting a new job are enrolled automatically with the option to opt out. Before the introduction of the KiwiSaver scheme, pension saving coverage had declined to less than 10% of the working-age population. Around 67% of New Zealanders aged 18-64 were active or provisional KiwiSaver members by July 2014.
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nor Income – Norway expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Norway,the average household net adjusted disposable income per capita is USD39 144a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Norway,the average household net wealth is estimated at USD268 358, lower than the OECD average ofUSD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Redistribution for an egalitarian society
Norway's economic policy puts a high priority on inclusiveness and egalitarianism, and there is a high level of social cohesion. Wage inequality is low, which, combined with high labour-force participation (most importantly among women) and redistribution through the tax and benefit system, results in an egalitarian distribution of net household income.
Norway's tax system raises a lot of revenue with a heavy emphasis on income taxation. This reflects another dimension of Norway's societal choice, as the tax revenues help fund comprehensive public services. However, high income tax limits the economy's capacity for diversification and impacts on cost competitiveness. The government is putting a strong emphasis on reducing income tax burden, especially for corporations.
In line with the government's policy of reducing taxation, Norway's overall tax structure could shift away from direct to indirect taxation to encourage productivity growth. In addition, tax distortions in housing could be reduced by either abolishing tax deductions of mortgage interest or by increasing property taxes on housing as a proxy for implicit rent.
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pol Income – Poland expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Poland,the average household net adjusted disposable income per capita is23 675a year, lowerthan the OECD average ofUSD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Poland,the average household net wealth is estimated at USD233 221, lower than the OECD average ofUSD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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prt Income – Portugal expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusteddisposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Portugal,the average household net-adjusted disposable income per capita is USD24 877a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household’s financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Portugal,the average household net wealth is estimated at USD 255 303, lower than the OECD average ofUSD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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rus Income – Russia expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In the Russian Federation,the average household net adjusted disposable income per capita is 19 546,lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household’s financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In the Russian Federation,the average household net wealthislowerthan the OECD averageof USD323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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svk Income – Slovak Republic expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In the Slovak Republic,the average household net adjusted disposable income per capita is USD21 149 a year, lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In the Slovak Republic,the average household net wealth is estimated at USD171 425, lower than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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svn Income – Slovenia expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Slovenia,the average household net adjusted disposable income per capita is USD25 250a year, lower than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Slovenia,the average household net wealth is estimated at USD233 286, lower than the OECD average of USD 323 960.
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esp Income – Spain expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Spain,the average household net adjusted disposable income per capita is USD27 155a year, lower than the OECD average of USD 30 490.
Household net wealth is the total value of a household’s financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Spain,the average household net wealth is estimated at USD366 534, higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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swe Income – Sweden expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Sweden,the average household net adjusted disposable income per capita isUSD 33 730a year, higher than the OECD average of USD30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Sweden,the average household net wealth ishigher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Improving information on pensions
The Min Pension website helps Swedish people get an overall picture of their earned pension rights, on a daily basis, and allows them to make a projection on their old age pension. There are more than 2.1 million registered users and more than 12 million pension agreements collected in the database covering about 99% of existing pension funding. The website is also complemented by a smartphone application.
A survey showed that after a visit to the site, the share that considered themselves "well informed in the pension area" increased from 13% to 43%.
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che Income – Switzerland expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Switzerland,the average household net adjusted disposable income per capita is USD39 697a year, higher than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Switzerland,the average household net wealthismuch higher than the OECD average of USD323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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tur Income – Türkiye expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In Turkey,the average household net adjusted disposable income per capita islowerthan the OECD averageof USD30 490.
Household net wealth is the total value of a household’s financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In Türkiye,the average household net wealth isconsiderablylowerthan the OECD averageof USD323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Reduction in inequality
Türkiyeis one of the few OECD countries where inequality of household disposable incomes declined in the 2000s, even if some of the progress achieved was reversed following the onset of the global crisis. Income inequality fell faster in Turkey than in any other OECD country between the mid-1990s and 2011. Also "direct poverty" – defined as lack of access to basic nutrition, clothing and heating – declined from 29% in 2006 to 21% in 2010.
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gbr Income – United Kingdom expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In the United Kingdom,the average household net adjusted disposable income per capita is USD33 049a year, higher than the OECD average of USD 30 490.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In the United Kingdom,the average household net wealth is estimated at USD524 422, much higher than the OECD average of USD 323 960.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
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usa Income – United States expand
Key Findings
While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.
Household net adjusted disposable income is the amount of money that a household earns each year after taxes and transfers. It represents the money available to a household for spending on goods or services. In the United States,the average household net adjusted disposable income per capita is USD51 147 a year, much higher than the OECD average of USD 30 490 and the highest figure in the OECD.
Household net wealth is the total value of a household's financial and non-financial worth, such as money or shares held in bank accounts, the principal residence, other real estate properties, vehicles, valuables and other non-financial assets (e.g other consumer durables). In the United States,the average household net wealth is estimated at USD684 500, considerably higher than the OECD average of USD323 960 and is one of the highest figures in the OECD.
For more information on estimates and years of reference, seeFAQ sectionandBLI database.
Better Policies for Better Lives
Affordability index
Recognising that housing and transport costs account for almost half the average household's budget, the Location Affordability Index (LAI) provides estimates of the percentage of a family's income dedicated to the combined cost of housing and transport in a given location. Because what is "affordable" is different for everyone, users can choose among eight different family profiles, defined by household income, size and number of commuters, and see how affordable for them a particular neighbourhood, city or region would be.
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