If this is calculated per inhabitant, taking purchasing power parity into account, then Sweden ranks 16th in the list of the richest countries. Inflation in Sweden in 2022 was around 8.37%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade.
The good news about Sweden is that it's exactly that kind of place. High taxes go to finance cheap health care and education, an excellent system of public transportation, and relatively generous subsidies to low-income households that keep the poverty rate and inequality low.
Sweden has the best social welfare in the world. With the well-developed health care system and free education, Sweden has the best social welfare in the world. You can enjoy free education in world's best universities.
House Prices in Sweden
The average price to buy across Sweden is around 53,500 SEK per m² (5,200 USD). The average price to buy a home in Stockholm, Sweden's most expensive city, is around 74,900 SEK per m² (8,600 USD).
Tourist restaurants and shops are expensive, but the cost of living in Sweden is lower than in 79% of Western European countries. The capital of the country - Stockholm is undoubtedly the most expensive city. In 2021, it was ranked 72nd out of 209 cities in the Mercer Cost of Living 2021 study.
However, the are some internal differences: While Sweden has the highest gross domestic product (GDP) overall, Norway has the highest GDP per capita. All five Nordic countries are among the 20 countries in the world with the highest GDP per capita, showing just how economically successful the region is.
Sweden poverty rate for 2019 was 0.90%, a 0.5% decline from 2018. Sweden poverty rate for 2018 was 1.40%, a 0.6% increase from 2017. Sweden poverty rate for 2017 was 0.80%, a 0.1% decline from 2016. Sweden poverty rate for 2016 was 0.90%, a 0.2% decline from 2015.
Sweden's welfare system is a way of controlling the threat of poverty throughout the country. By providing a standard minimum income, free education, free childcare and universal healthcare, Sweden's government is able to provide opportunities for its citizens to increase their productivity and educated workforce.
What makes Sweden so expensive? Well, partly it's down to the country's strict labour laws, which make it relatively expensive for companies to employ people. And partly it's because of Sweden's notoriously high taxes, which help to keep the welfare state well oiled. It isn't all bad news for foreign visitors, though.
“Seen internationally, Danes are also very wealthy and we are richer than both the Swedes and the Germans,” he said. Danes' property assets account for the largest part of their overall net worth. Around 41 percent of the cumulative national wealth is in bricks and mortar.
Sweden is one of the most egalitarian societies in the world. One of the most notable aspects of Swedish culture is their respect for the environment and commitment to sustainability. They are a global leader in organic agriculture, recycling, and renewable energy.
Gross domestic product
Norway is top of the Nordic ranking. GDP Per Capita (PPS Euro). 2021. Åland: 2020-data.
Finland is considered the second happiest nation on earth and Sweden is ranked as the 6th happiest country in the world. Sweden is the birthplace of many successful corporations. It is the second most innovative country in the world. That surely attracts international students to Study in Finland or Study in Sweden.
Denmark is a Scandinavian country with one of the most powerful military infrastructures in Europe. In 2023, it has a global-firepower-index score of 0.8011.
Collectively, Australian households have a staggering $14 trillion in wealth and the number is steadily growing. This ranks us at number four globally in terms of wealth per capita, behind Switzerland, the US and Hong Kong.
The world's 12th largest economy
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
The country with the highest number of billionaires is, unsurprisingly, the US. The United States of America has 735 billionaires – same as last year, according to Forbes.
Nationals from the USA, Britain, Canada, Australia, Japan, etc., do not need a visa. Foreign nationals need to apply for a residence permit if they want to move to Sweden.
The average cost of living in Australia ($2104) is 52% more expensive than in Sweden ($1385). Australia ranked 11th vs 33rd for Sweden in the list of the most expensive countries in the world.
A family of four estimated monthly costs are 3,959.8$ (5,782.5A$) without rent. A single person estimated monthly costs are 1,119.7$ (1,635.1A$) without rent. Cost of living in Australia is, on average, 4.0% higher than in United States. Rent in Australia is, on average, 14.5% lower than in United States.