The value of money can vary significantly around the world, and two factors which will effect this are the average costs of goods and services, and the average wage in that country. In order to illustrate the varying levels of purchasing power in countries around the world, Lottoland have created this visual map which shows where individuals are getting the most from their average salary.
The information, gathered from Numbeo, compares the amount of goods and services which could be bought by consumers based on the average wage within that country. Starting with a base level of 100, taken from New York city, these figures compare the purchasing power of these countries relative to that of the residents in New York.
We broke down the numbers in order to gather the top ten countries with both the highest and lowest purchasing powers, and the results were quite shocking. Coming in with the lowest purchasing power of just 2.91, the residents of Venezuela can afford to buy 97.09% less than those of New York City with their average salary in their country.
Warren Buffett’s 2018 Activist Investment
Most investors are aware of Warren Buffett's most high profile long-term investments. However, there is one long term investment that is often overlooked. Q2 2020 hedge fund letters, conferences and more This is building materials maker USG, which was owned by Berkshire Hathaway for more than 17 years before it was acquired in 2018. If Read More
Saudi Arabia, however, came out as the country with the greatest purchasing power, with a total of 161.43. This means that they are able to purchase over 60% more goods and services with their average wage than consumers in New York.
The infographic also divides these figures up by continent, to highlight the differences between various sections of the world. As you can see, Europe contains the greatest number of countries with a purchasing power of up to 30% more than New York City, whereas Africa contains more countries with a purchasing power of around 50-70% less.
So if you want to find out more about the varying levels of purchasing power across the world, look no further than the useful map below.
Infographic via LottoLand