Where can you earn the highest real income per hour spent at work? This video takes a look at the real median income per hour. High GDP per capita can be a function of hours spent at work or is distorted by high income disparity (wide gap between the majority of income earnings and the very rich).
Median is a more reliable measure of central tendency as it is not influenced by extreme values. Earnings per hour is also more useful than annual wages as hours at work can account for higher incomes and is sometimes a function of culture. Only Organisation for Economic Co-operation and Economic Development (OECD) countries have been selected; this is because recent data is more readily available for these countries. The top 16 highest wage earning countries have been considered in this list.
Income has been measured in Purchasing power Parity (PPP); this is to reduce distortion from the use of different exchange rates. The dollar values used in this video are combination of 2013, 2014, and 2015 values; it was not possible to get every county in the same price year.
The video works backwards from the 16th highest real median wage per hour and finishes up with the highest real median wage per hour. I hope you find the video informative, and don’t forget to leave comments to express your opinion on comparing wages across countries.
Watch the video using the link below:
The data for this video has been sourced from Wikipedia and OECD Statistics.
The official Spectrum Economics website can be accessed at: https://www.spectrumecons.com
For more exciting videos go to my YouTube channel at https://www.youtube.com/channel/UCILwyLtjl7ZTlYOqFkAwLzw
You can find me on LinkedIn at: https://www.linkedin.com/in/waynedavies-spectrumecons/
You can also find me on Facebook at: https://www.facebook.com/SpectrumEconomics
