Median Household Income Overview
The indicator refers to the median income of a household in a country. Median household income divides households into two equal segments, such that the first half earns less than the median income while the second half earns more. Median income is defined in PPP (Purchasing Power Parity, in Current International Dollars) terms so as to avoid exchange rate fluctuations due to inflationary tendencies across countries. The median income level is generally accepted as the better indication of well-being or actual income distribution as it is not skewed by disproportionate data.
According to GlobalData, the top ten countries with highest median household income in the world are Singapore, Iceland, Norway, Sweden, Ireland, Luxembourg, Belgium, United States, Cyprus, and Australia. The average median household income (PPP) was $40,094 in 2021.
Austria’s Median Household Income Highlights in 2021
Austria’s median household income (PPP) hit $35,183 in 2021, an increase of 1.2% over the previous year. Between 2010 to 2021, Austria median household income increased by 11.3%.
According to the United Nations Development Programme’s 2020 Human Development Report, the country ranked 18th out of 189 countries. On the Gini index, which ranges from zero (perfect equality) to 100 (perfect inequality), Austria scored 27.0 in 2020. This low value denotes there is considerable equality among the individual incomes of the country’s citizens.
The country’s youths are occupied either in employment, education, and training. This will help to generate more human capital for the country and can be utilized to gain a high level of employment generation. This positive landscape will increase household income and therefore household consumption. It will lead to more economic activity in the coming years.
Key elements that are influencing the Global Economy
Increased COVID-19 impact:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality rate from the coronavirus.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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