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Today’s data visualization from The Economist shows how much people
in households around the world allocate to different expenses such as food, housing, recreation, transportation, and education.
The above comments, and those below, have been edited by Lorimer Wilson, editor of munKNEE.com (Your Key to Making Money!) and the FREE Market Intelligence Report newsletter (see sample here) for the sake of clarity ([ ]) and brevity (…) to provide a fast and easy read. The contents of this post have been excerpted from an article as sourced by VisualCapitalist.com (How Do People in Different Countries Spend Their Money? – see original* HERE) from The Economist. (This paragraph must be included in any article re-posting to avoid copyright infringement.)
The analysis looks at private spending only, and does not include any public spending that could be allocated to each household.
Here’s a few interesting stats:
1. In places like Canada or the EU, for example, spending on healthcare is much smaller than in comparison to the United States, where households spend 20.9% of their money.
2. In Russia, where housing is subsidized, people spend way less on housing, fuel, and utilities with only 10.3% of money allocated. At the same time, they are the biggest relative spenders on food, alcohol and tobacco, and clothing.
3. Developed countries are more or less the opposite of Russia in regard to the above. In places like the United States, Canada, Japan, or the EU,
- about 20-25% of money is spend on housing, fuel, and utilities
- while consumption of food, alcohol and tobacco, and clothing are on the lower ends of the spectrum…The United States spends the smallest portion on food (6.8%) while a country like India spends about 30% as a result of its extremely low GDP per capita resulting in little disposable income available to its citizens…
The best way to compare countries based on taxes is using the highest personal income tax rate paid by individuals so this excludes countries that do not have personal income taxes. Let’s see how select countries compare:
2. Comparative Living Costs In Countries Around the World
The infographic below shows the difference in living costs around the world using CPI data as a relative indicator of a country’s living costs compared to New York (for example, if a country has a CPI of 70, on average, it enjoys 30% cheaper living costs compared to New York).
3. Monthly Personal Income (After Taxes) by Country Worldwide
This infographic shows the difference in Monthly Personal Disposable Income around the world using data from 2014. In this context personal disposable income refers to the income per person after all taxes have been paid.
4. How Many Minutes of Work Does It Take to Buy a Pack of Cigarettes in Your Country?
In a recent article* Morgan Stanley tobacco analyst David Adelman compares the average price of a package of cigarettes to how long it takes to buy that package based on minutes of work. How many minutes do you think it takes to pay off a pack of cigarettes in Canada, the U.S. etc.? Words: 557
5. The World’s Richest Countries – Where Does Your’s Rank?
Qatar, Luxembourg and Singapore are the three richest countries in the world. HERE’s a list of the top 23 such countries.
6. These Countries Are The World’s Poorest
19 of the 23 poorest countries in the world are located in Africa. The DRC (Democratic Republic of Congo) is the poorest with its citizens earning on average $394.25 a year (compared with Qatar where people earn an average of $105,091.42 a year). Afghanistan is the first non-African country (10th place) and also the first country where the average annual income passes the $1,000 threshold ($1072.19). Here’s the complete list.
7. World Debt ($59.7 Trillion) By Country
Today’s infographic visualization breaks down $59.7 trillion of world debt by country, as well as highlighting each country’s debt-to-GDP ratio using colour.
8. U.S. Health Care Most Expensive – Yet Worst – In World! Which is the Best?
The cost of basic (and not so basic) health insurance in the U.S. is BY FAR the most expensive in the world, and certainly among its “wealthy-nation” peers, yet, while It would be logical to think that, as a result of this premium, the quality of the healthcare offered would be among the best, if not the best, in the world. Unfortunately, that would be wrong and, in fact, the reality is the complete opposite.
9. World’s Most Prosperous Countries: Where Do the U.S., Canada and Others Rank?
The Legatum Prosperity Index survey, as shown in the following table, ranks countries on eight different attributes, and then consolidates those attributes into an ‘overall ranking’. The report says that the U.S. has fallen out of the top 10 (to #12) in the ‘most prosperous country ranking’ increasing doubts about the health of its economy and ability of its politicians. Read the balance of the article to see where your country is ranked overall and in each of the 8 different categories. Words: 520
10. Who Are the World’s Happiest Citizens? Where Does Your Country Rank?
According to the 2nd annual World Happiness Report of the Earth Institute, sponsored by the UN, Canada slipped to 6th place among the world’s happiest countries, Australia ranked 10th and the U.S. dropped down to below that of its neighbours to the south including Costa Rica, Panama and Mexico. Where does your country rank? Read on!