Denmark among the world’s wealthiest nations, but high tax rates restrict it to #10

Ultimately a long way short of top dogs Switzerland, the US, Iceland, Norway, Canada

Jul 28, 2022

Denmark is the tenth best country in the world to acquire wealth, according to a comparison carried out by Tipalti.

It assessed the working environments and benefits of nearly 40 countries, mostly in the OECD, taking into account the average annual working hours, average annual salary, tax rates and average pension assets.

Top drawer for working hours
Denmark was let down by having a combined tax rate (income, VAT and corporate) of 102 percent – the highest in the comparison.

However, it scored well for average working hours, as its figure of 1,400 was the lowest in the top ten.

Its average annual salary (63,010 US dollars) and average pension assets per person (38,682) were very much middle-range.

Swiss the wealthiest
Switzerland topped the ranking, not least thanks to having the highest average annual salary (83,620) and highest pension assets (137,515).

The US, Iceland, Norway, Canada, Australia, the Netherlands, Ireland and Luxembourg completed the top nine.

Among the other curiosities, Germany had the lowest average annual working hours and Mexico the highest; the lowest tax rates could be found in Hungary, Lithuania and the US, and the highest in Denmark, Austria and South Korea; and the UK placed 14th.

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