According to the World Bank, low-income economies are defined as those with a GNI per capita of $1,005 or less in 2016; lower-middle-income economies are those with a GNI per capita between $1,006 and $3,955; upper middle-income economies are those with a GNI per capita between $3,956 and $12,235; high-income economies are those with a GNI per capita of $12,236 or more this is calculated using World Bank Atlas Method.
The names given below are according to the rankings of the countries:
According to the Global Report of the Economic Cooperation and Development Organization (OECD), Luxembourg, the European country with only 5.43 million population is the highest income earning city in the world. Here, the average income of an individual is approximately $ 70,000 per annum.
Luxembourg is a well-known provider of steel throughout Europe. Apart from that, it also is known to provides chemicals, rubber, industrial machinery etc.
2 – United States
The United States of America is the world's largest economy and it is the richest country in the world. In America, an American worker works on an average 44 hours a week. The average salary of the people is approximately $ 60,000. People here have to pay is a lot of income tax.
The income difference between the highest earning person and the person earning the lowest is a lot, i.e. income inequality in the USA is the highest in the whole world.
Due to its beauty, Switzerland attracts tourists from all over the world, is considered to be very honest and clean country. The large part of the economic growth of this country settled in Europe comes from the manufacturing sector. The per capita income of citizens is approximately $58,000 per annum.
Ireland is known for being one of the countries having world's highest standards of living, along with being one of the world's most economically free countries. Ireland is a knowledge-based economy, which includes many high tech companies, as well as the largest video game companies in the world. The tax rate here is low so people have a higher tech home salary. Here people get approximately $ 54000 in a year.