Danish wealth gap one of the smallest in the world – The Post

Danish wealth gap one of the smallest in the world

Wealthy Danes make up a lower proportion of the population than in many other countries

June 25th, 2014 9:53 am| by admin

Denmark’s wealth gap — the disparity between the richest citizens and everyone else — is the second-smallest among the world’s 34 most developed economies, according to a report from the Organisation for Economic Co-operation and Development (OECD), and surpassed only by Slovenia.

While the gap between the wealthy and everyone else is widening in much of the industrialised world, 42 percent of Denmark's working population of 4.6 million have annual incomes of between 200,000 and 400,000 kroner, while just 2.6 percent earn more than 500,000 kroner a year.

According to the OECD, the top 20 percent of Danes earn on average four times as much as the bottom 20 percent. By comparison, the top 20 percent of workers earn about eight times as much as the bottom 20 percent. Wealthy Danes also make up a lower proportion of the population than in many other countries.

READ MORE: Copenhagen becoming a city for the wealthy

Still taxing
Even though Danes live with the highest tax burden in the EU, they still seem more content than people in most other industrialised nations.

Nearly 90 percent of Danes reported having more positive experiences in an average day than negative ones, according to the OECD — the highest figure among the organisation’s 34 countries.

Despite the heavy tax burden, public support for the social security system remains high. A poll taken last year showed that 66 percent opposed cuts to the welfare system.