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 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 was (PPP) $40,094 in 2021.
Bulgaria’s Median Household Income Highlights in 2021
Bulgaria’s median household income hit (PPP) $21,490 in 2021, an increase of 1.7% over the previous year. Between 2015 to 2021, Bulgaria median household income increased by 44.5%.
According to the UNDP’s Human Development Report for 2020, the country was ranked 56th out of 189 countries. The country’s Gini coefficient (a measure of income disparity, with zero corresponding to complete equity and 100 corresponding to extreme inequity) was 39.6 in 2018, according to GlobalData.
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.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer