Income

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 19 783  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 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, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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, see  FAQ section  and  BLI 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, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 Australia,  the average household net adjusted disposable income per capita is USD   37 433 a 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 Australia,  the average household net wealth is estimated at USD 528 768 , higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 USD 37 001  a 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 Austria,  the average household net wealth is estimated at USD 309 637 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 34 884  a 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 Belgium,  the average household net wealth is estimated at USD 447 607 , higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 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 Brazil,  the average household net wealth is considerably lower  than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 34 421 a year,  above the OECD average of USD 30 490.

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 USD 478 240 , higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 is 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 Chile,  the average household net wealth is estimated at USD 135 787 , much lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 USD 26 664  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 Czechia,  the average household net wealth is  lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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,  the average household net adjusted disposable income per capita is USD 33 774  a 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 USD 149 864 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 23 784  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 Estonia,  the average household net wealth is estimated at USD 188 627 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 33 471  a 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 Finland,  the average household net wealth is estimated at USD 230 032 , 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, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 34 375  a 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 France,  the average household net wealth is estimated at USD 298 639 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 38 971  a 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 Germany,  the average household net wealth is estimated at USD 304 317 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 USD 20 791  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 Greece,  the average household net wealth is estimated at USD 148 323 , considerably lower than the OECD average of USD 323 960.

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• How's Life?: Measuring Well-being

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 21 026  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 Hungary,  the average household net wealth is estimated at USD 150 296 , considerably lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 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 Iceland,  the average household net wealth is  higher   than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 USD 29 488  a 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 USD 370 341 , higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 lower  than 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 is  higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 29 431  a 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 Italy,  the average household net wealth is estimated at USD 295 020 , slightly lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 28 872  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 Japan,  the average household net wealth is estimated at USD 294 735 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 24 590  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 Korea,  the average household net wealth is estimated at USD 362 340 , higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 941 162 , 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, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 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 Mexico,  the average household net wealth is considerably lower  than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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  (previously  Progresa ) 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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• How's Life?: Measuring Well-being

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 USD 34 984  a 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 Netherlands,  the average household net wealth is estimated at USD 248 599 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database

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• How's Life?: Measuring Well-being

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 is   39 024 a 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 New Zealand,  the average household net wealth is USD 514 162, higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 USD 39 144  a 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 Norway,  the average household net wealth is estimated at USD 268 358 , lower than the OECD average of USD 323 960. 

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 is 23 675  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 Poland,  the average household net wealth is estimated at USD 233 221 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 Portugal,  the average household net-adjusted disposable income per capita is USD 24 877  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 Portugal,  the average household net wealth is estimated at USD  255 303 , lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 wealth  is lower than the OECD average of USD 323 960. 

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD  21 149 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 USD 171 425,  lower than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD 25 250  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 Slovenia,  the average household net wealth is estimated at USD 233 286 , lower than the OECD average of USD 323 960.

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• How's Life?: Measuring Well-being

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 USD 27 155 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 Spain,  the average household net wealth is estimated at USD 366 534 , higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 is   USD 33 730  a 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 Sweden,  the average household net wealth is higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being

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 USD 39 697  a 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 wealth  is much higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 is   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 Türkiye,  the average household net wealth is  considerably lower  than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

Better Policies for Better Lives

Reduction in inequality

Türkiye is 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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• How's Life?: Measuring Well-being

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 USD 33 049  a 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 USD 524 422 , much higher than the OECD average of USD 323 960.

For more information on estimates and years of reference, see  FAQ section  and  BLI database .

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• How's Life?: Measuring Well-being

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 USD  51 147 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 USD 684 500 , considerably higher than the OECD average of USD 323 960 and is one of the highest figures in the OECD.

For more information on estimates and years of reference, see  FAQ section  and  BLI 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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• How's Life?: Measuring Well-being