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. But they haven't stopped Swedish entrepreneurs from building giant firms like H&M, Ikea, and Tetra Pak.
In March 2013, Forbes reported Persson's net worth as $28 billion making him the richest of Sweden's 12 billionaires and the 17th richest person in the world; he has since dropped to number 50. Persson was the chairman of fashion company H&M until May 2020, when he was succeeded by his son.
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 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.
Sweden did not become wealthy through social democracy, big government and a large welfare state. It developed economically by adopting free-market policies in the late 19th century and early 20th century. It also benefited from positive cultural norms, including a strong work ethic and high levels of trust.
Natural resources and exports: similar traits amongst the Nordic countries. The early industrialisation of the Nordic countries was based on some key natural resources. Finland, Norway and Sweden had large forest resources, and, thus, timber and pulp and paper have been important export products.
Minimum Wage and Average Salary
The average salary in Sweden is around 46,000 SEK (4,700 USD) monthly. The minimum salary is around 6,400 SEK (660 USD) per month, and the maximum is 210,300 SEK (21,600 USD).
Forbes' real-time data shows that as of June 2023, there are 47 Australian billionaires on the list of the world's richest people.
For example, countries like Somalia, Eritrea, and the Central African Republic have no billionaires. Furthermore, the concentration of wealth among billionaires also varies greatly between countries.
Key information about Sweden Government Debt: % of GDP
Sweden government debt to GDP ratio data is updated quarterly, available from Mar 1996 to Sep 2022. The data reached an all-time high of 67.1 % in Dec 1996 and a record low of 32.6 % in Jun 2022.
Norway is currently the sixth richest country in the world when measured by GDP per capita. Norway's GDP per capita is around $69,000, according to IMF estimates. Neighbour's and Sweden and Denmark both make the top 20 with GDP's of around $55,000 and $61,000 respectively.
Sweden borrowed money for a multitude of reasons, including to finance its war with Russia. The national debt was at a record high after Sweden lost the Finnish War against Russia. Sweden had a massive foreign debt, which it refused to pay.
1. Surgeons/Doctors. The highest-paying jobs in Sweden are surgeons and doctors. Working as a surgeon requires high risk and significant responsibility, in exchange for significant financial compensation.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
The ATO classifies those who control a net wealth of $5 million or more as 'wealthy individuals'2.
1. Gina Rinehart, $37.41 billion (up $3.39 billion) Another year, another Rich List crowning Gina Rinehart as Australia's wealthiest person. 2023 marks the fourth consecutive year the mining magnate has held that mantle.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
The average McDonald's hourly pay ranges from approximately $13 per hour for a Team Member/Cashier to $196 per hour for a Chief Executive Officer. McDonald's employees rate the overall compensation and benefits package 3.0/5 stars. What is the highest salary at McDonald's?
Employees in Sweden are allowed to work 40 hours per week. Beyond this, they must receive overtime pay.
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.