Daily Management Review

Top-10 European countries with highest living standards


05/03/2016


There are many European countries known for their highest standard of living not only on the continent, but also worldwide.



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The concept of living standards includes income, cost of living and purchasing power.

According to data from the latest Glassdoor report entitled "Where Are Europe’s Highest Living Standards?", The United Kingdom is at the end of the ratings, due to the fact that the British are spending huge amounts of money for housing.

"When it comes to salary, the higher salary is not always better. What matters is the ability to afford the purchase of useful things that enrich our lives." - said Andrew Chamberlain, chief economist at Glassdoor, in the report.

Below are 10 countries with the highest standard of living in Europe.

10. United Kingdom

In its report, Glassdoor noted that the average annual salary in the country is € 41 thousand (£ 31,800 or $ 46,380), yet the cost of living here is one of the highest. London takes the 3rd place in this respect.

9. Austria

The country is located in the middle of the ranking in terms of income and cost of living. However, residents of Austria spend less money on rental housing, compared with the British. Therefore, Austria is ahead of the UK in the ranking.

8. Ireland

Wages in the country are highly competitive in comparison with other European countries, and the purchasing power is almost as high as in Switzerland.

7. Norway

"Countries with high cost of living in major cities not necessarily provide the highest standard of living, as in the case with Norway", - stated Glassdoor in the report. Basic salary is € 61 thousand, but most of this salary goes on rent and local goods.

6. Finland

Finland takes a high position in the rankings, as the income of its residents is quite high. However, the population still gets considerable income even after spending on food, restaurants, transportation, utilities and housing rent.

5. Netherlands

Glassdoor’s analysts say that the average cost of living in the country is lower than that in New York.

4. Sweden

The cost of local goods and services (including food, transportation, and rental housing) is relatively low compared to the net wage.

3. Germany

As noted in Glassdoor’s report, Germany comes out on third place in the ranking. The average nominal wage there is low compared to other countries that participated in the study. This suggests that the purchasing power of the average citizen in Germany is at a fairly high level.

2. Denmark

The report notes that the difference between the income and the price level is crucial to determine the value of the living standard. Although incomes in Denmark are in the middle, the value of life is much lower than in other European countries. This means that residents have a significantly higher net income.

1. Switzerland

Swiss earn a lot, and they can afford a lot. As noted in Glassdoor’s report, " the average Swiss urban resident can afford to buy twice as much as a New Yorker."

source: glassdoor.com






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