For instance, the 2023 group sees the addition of Panama and Romania, but the loss of Palau, which was reclassified as an upper-middle-income country. Some former high-income countries, such as Russia and Venezuela, slipped to a lower bracket in past years and have yet to regain the high-income classification.
Russia is the world's 9th largest economy by nominal GDP, 6th largest by PPP and has the highest per capita GDP ($13,765) of the BRIC countries.
Economic inequality in Russia
The organization classified Russia as an upper-middle-income economy.
In 2021, Switzerland led the ranking of countries with the highest average wealth per adult, with approximately 700,000 U.S. dollars per person. The United States was ranked second with an average wealth of around 580,000 U.S. dollars per adult, followed by Australia.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
The Australian economy has been blessed with huge deposits of natural resources, made even better by recent price increases in many commodities. Australia is the world's largest producer of iron ore, bauxite, and opal. It is the second largest producer of gold, manganese, and lead.
Employee earnings. Median employee earnings was $1,250 per week, up $50 (4.2%) since August 2021. Median hourly earnings was $37 per hour, up $1 since August 2021.
1. United States. The United States has a relatively open economy, facilitating flexible business investment and foreign direct investment in the country. It is the world's dominant geopolitical power and is able to maintain a large external national debt as the producer of the world's primary reserve currency.
The 20 countries with the lowest gross domestic product (GDP) per capita in 2021. In 2021, Burundi reported the lowest per-capita GDP ever, closely-followed by South Sudan and Somalia. All three countries struggle economically, because of poorly developed infrastructure and a low standard of living.
In Mercer's Cost of Living survey for 2021, Moscow was ranked 62nd out of 209 cities, while St Petersburg was ranked 119th. Although Russia cannot be regarded as a cheap country to live in, as a whole, it is more affordable than many western countries.
In the third quarter of 2022, 10.5 percent of the resident population of Russia lived under the poverty line. The share of Russians earning less than the subsistence minimum was slightly lower than in the corresponding quarter of 2021, when it reached 11 percent.
United States has a GDP per capita of $60,200 as of 2020, while in Russia, the GDP per capita is $26,500 as of 2020.
With a GDP of 23.00 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021. It is followed by China in second place with a GDP of 17.73 trillion dollars. Canada is also quite far ahead in the international comparison and occupies the ninth place in this ranking.
Switzerland was the country with the highest rate of millionaires worldwide in 2021, with 16.4percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed right behind with 16.2 percent of the population being millionaires, with Iceland in third.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
The average teacher salary in Australia is $85,852 per year or $44.03 per hour. Entry-level positions start at $72,142 per year, while most experienced workers make up to $125,429 per year.
This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion. Russians are still much poorer than Australians—their purchasing power per person is US$29,600 compared with Australians' US$53,400.
Other nations have social security taxes
The main reason Australia ranks so highly on individual income tax levels is because Australians don't pay separate social security taxes. These account for an average 25.9% of total tax revenue, or close to 9% of GDP, across the OECD.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan. Several Western European nations qualify as well, especially Great Britain, France, Germany, Switzerland, and the Scandinavian countries. The ways that first world countries are defined can vary.
Unlike most wealthy countries, Australia's economy lacks both diversification and sophistication. Australia's primary exports are in low complexity categories such as mining and agriculture.