Which country is best for saving money?
The Bottom Line
Personal Finances
The Swiss are by far the largest savers among OECD countries. According to data from the Organisation for Economic Co-operation and Development, the average savings rate for Swiss households is around 19 percent (data from 2022). This is well above the European Union's average of around 6 percent.
- Switzerland: 19.3% savings rate.
- Sweden: 13.3% savings rate.
- Netherlands: 12.3% savings rate.
- Luxembourg: 11.6% savings rate.
- France: 11.2% savings rate.
| Countries | Savings, percent of GDP, 2022 | Global rank |
|---|---|---|
| Djibouti | 87.12 | 1 |
| Qatar | 57.52 | 2 |
| Zambia | 51.05 | 3 |
| Norway | 50.85 | 4 |
The United States ranks well for the total dollar figure saved in households – fifth at about $3,100 – yet fails to reach the top 10 countries in terms of percentage of disposable income saved, coming in at No. 12. U.S. households are projected to save 6.88% of their income in 2020, according to the OECD.
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050.
| Power Rank & Country | GDP (as of January 2024) | Population* |
|---|---|---|
| #1 United States | $26.95 trillion | 339.9 million |
| #2 China | $17.70 trillion | 1.42 billion |
| #3 Russia | $1.86 trillion | 144 million |
| #4 Germany | $4.43 trillion | 83.2 million |
The average personal saving rate in the United States decreased from 2020 to 2023. The personal savings rate reached its highest level in 2020, when it amounted to approximately 15.2 percent. In 2022, residents of the U.S. were only able to save a 3.3 percent of their income.
Others point to a precautionary savings motive: Because Chinese people are worried about costs of health care, education and old-age pensions and are unsure about how much these costs might change over time, they respond by saving more. Other explanations point to habit formation or financial development.
The highest gross saving rates among the EU members in 2022 were recorded in Germany (19.9%), the Netherlands (19.4%) and Luxembourg (18.1%).
Do most Americans have money saved?
How much money Americans have in their savings accounts—nearly half have less than $500. Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.
Is it better to keep savings in USD, EUR, both, or other currencies? Keep savings in your own currency, whatever that is. Savings don't make much of a return, so if you hold them in another currency, the currency fluctuations would add too much of a risk to your small return. Investments however, are different.
Just as Congress and the president control fiscal policy, the Federal Reserve System dominates monetary policy, the control of the supply and cost of money.
Among the countries registering the lowest gross national savings, Guinea ranks first with a relative GNS of -14.9% of GDP, according to Central Intelligence Agency (CIA) data. Although Guinea's economy was challenged by a recent Ebola epidemic, the economic potential of the country is still encouraging.
- France. Quality of Life Index: 153.6. ...
- Croatia. Quality of Life Index: 155.41. ...
- The United Arab Emirates. Quality of Life Index: 156.94. ...
- United Kingdom. Quality of Life Index: 156.94. ...
- Canada. Quality of Life Index: 157.25. ...
- Portugal. Quality of Life Index: 159.83. ...
- Lithuania. ...
- Spain.
- Sweden. #1 in Quality of Life. #3 in Best Countries Overall. ...
- Norway. #2 in Quality of Life. #11 in Best Countries Overall. ...
- Canada. #3 in Quality of Life. ...
- Denmark. #4 in Quality of Life. ...
- Finland. #5 in Quality of Life. ...
- Switzerland. #6 in Quality of Life. ...
- Netherlands. #7 in Quality of Life. ...
- Australia. #8 in Quality of Life.
Which countries will rule the world in 2050? Not much is going to change in 30 years. The US will still be the premier power, Russia and China will still be catching up, Europe will still be an economic powerhouse (relative to others), Africa will still suck, South America will still be ignored.
| Rank | Country | Change from 2021 |
|---|---|---|
| 1 | Somalia | 1.0 |
| 2 | Yemen | 2.8 |
| 3 | South Sudan | 0.9 |
| 4 | DR Congo | 1.2 |
Canadian air quality tends to be better, and Canadians have a longer life expectancy. Moreover, Canada boasts a high percentage of passport holders, allowing for easy international travel. In contrast, the USA may offer a faster-paced lifestyle, but air pollution is higher, and life expectancy is slightly lower.
- Somalia.
- South Sudan.
- Sudan.
- Tanzania.
- The Gambia.
- Togo.
- Uganda.
- Zambia.
How many Americans have no savings?
Also, nearly one in four (22 percent) U.S. adults said they have no emergency savings. Despite economic challenges, the percentage remains relatively unchanged year-over-year. In 2022, 23 percent of Americans had no emergency savings.
How much should you save each month? One popular guideline, the 50/30/20 budget, proposes spending 50% of your monthly take-home pay on necessities, 30% on wants and 20% on savings and debt repayment.
The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.
“People are hit on both fronts — lower real wages and higher rates.” That makes it particularly hard to set any money aside, said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California, and a member of CNBC's Financial Advisor Council.
The 10% rule of investing states that you must save 10% of your income in order to maintain a comfortable lifestyle during retirement. This strategy, of course, isn't meant for everyone as it doesn't account for age, needs, lifestyle, and location.
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