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Stockholm swells with millionaire men

Stockholm-area men dominate the ranks of the roughly 40,000 Swedes who earn more than one million kronor ($139,000) per year, fresh statistics show.

Published: 21 January 2010 16:40 CET
Stockholm swells with millionaire men
Image depicts the old Swedish board game Miljonär

Nearly 39,000 people between the ages of 20 and 64 had incomes of more than one million kronor in 2008, according to Statistics Sweden (SCB).

And 86 percent of them were men.

On average, seven out of every 1,000 Swedes brings home seven-figure pay checks each year. But in the posh Stockholm suburb of Danderyd, almost one in ten people earn at least one million kronor per year.

Other Stockholm-area municipalities with a higher than average percentage of million-kronor earners include Lidingö (6 percent), Täby (4.5), Nacka (3.4), Sollentuna (3.1), Vaxholm (2.7), and Eckerö (2.2), according to a complete table of figures published in the Dagens Industri newspaper.

And while Stockholm proper has a slightly lower percentage of millionaire earners, 1.8 percent, measured in absolute numbers the Swedish capital has by far the highest number of residents with seven-figure incomes.

All told, Stockholm is home to almost a quarter of Sweden’s top earners – 9,287 – more than three times the number found in Gothenburg (2,461), and nearly nine times more than Malmö (1,052).

Two other municipalities in southern Sweden are also among those with the highest percentage of people earning more than one million kronor per year, with Lomma boasting 3 percent and Vellinge 2.7 percent.

Meanwhile, in the municipalities of Bjurholm, Norsjö, Malå, Sorsele, Dorotea, Vilhelmina and Arvidsjaur – all in northern Sweden – and Gullspång in central Sweden, not a single seven-figure-earner is to be found.

The statistics also revealed a three-fold increase in the number of million-kronor earners in Sweden between 1999 and 2008 when measured in current prices and a two-fold increase when measured in constant prices.

Despite the increase in high earners, there are still many more Swedes – 204,000 or 3.8 percent of the population – who didn’t earn a single krona in 2008, according to SCB.

The median income in Sweden in 2008 was 252,900 kronor, with the corresponding figure for men, 286,900 kronor, more than 25 percent higher than women’s median income of 225,000 kronor.

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EMPLOYMENT

Almost one in ten live in poverty in Switzerland: Report

More than eight percent of Switzerland’s population live in poverty, while 12 percent struggle to make ends meet.

Published: 19 February 2021 09:48 CET
Almost one in ten live in poverty in Switzerland: Report
A number if people in Switzerland can't make the ends meet. Photo by Depositphotos

A study released by the Federal Statistical Office (FSO) on Thursday shows that 8.7 percent of Switzerland’s public – around 735,000 people – live in poverty, which is defined at 2,279 francs per month on average for a single person, and 3,976 francs per month for two adults and two children.

When adjusted for purchasing power, this threshold is the second-highest in Europe, topped only by Luxembourg.

 

The numbers are for 2019, so the impact of the Covid-19 pandemic is not yet included in the data.

The poverty rate in Switzerland is the highest it has been since 2014, the study found. 

Most financial difficulties were experienced by foreign nationals, people living in single-parent households, people without training, and those living in households impacted by unemployment, FSO reports.

Here are some of the study’s other findings:

  • For the 10 percent of the population with the lowest wages, this income was less than 25,868 francs in 2019. The median income has remained stable at around 50,000 francs. 
  • The poverty rate for the employed labour force was 4.2 percent in 2019. About 155,000 people were living below the poverty line, even though they were in paid work.
  • Just over 12.2 of the population said they had difficulty making ends meet, and 20.7 percent were unable pay an unforeseen expense of 2,500 francs in the space of a month . Of these, 15.1 percent had at least one payment arrears.

READ MORE: Switzerland’s economy forecast to recover 'from summer onwards' 

On the positive side, the country’s general standard of living remains among the highest in Europe.

It is estimated on the basis of the median disposable income, after adjusting for differences in price levels in various countries. 

In Switzerland, this income was 2.8 times higher than in Greece, 1.6 times higher than in Italy, 1.3 times higher than in France, and 1.2 times higher than in Germany and in Austria.

Despite the high price level in Switzerland, the standard of living was higher in Switzerland than in most of the EU countries.


 

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