5 Countries with Highest Income Tax Rates in the World

In this article, we will look at 5 countries with highest income tax rates in the world. If you want to read our detailed analysis, head straight to 20 Countries with Highest Income Tax Rates in the World.

5. Sweden

Individual Income Tax Rate (2023): 52.30%

GDP Per Capita: $66,210

Sweden is one of the richest economies in the region. The country has a GDP per capita of $66,210 and an individual income tax rate of 52.30%. Sweden is placed fifth among the countries with highest income tax rates in the world.

4. Austria

Individual Income Tax Rate (2023): 55%

GDP Per Capita: $69,070

Austria is a Central European country with a GDP per capita of $69,070. Austria has an individual income tax rate of 55% and ranks among the countries with highest income tax rates in the world.

3. Japan

Individual Income Tax Rate (2021): 55.97%

GDP Per Capita: $52,120

Japan is one of the largest economies in the world. The country takes almost 55.97% of income tax from individuals. With a GDP per capita of $52,120, Japan is one of the countries with highest income tax rates in the world.

2. Denmark

Individual Income Tax Rate (2022): 56%

GDP Per Capita: $74,960

Ranked second on our list, Denmark has an individual income tax rate of 56% and is one of the countries with highest income tax rates in the world. Denmark has a GDP per capita of $74,960.

1. Finland

Individual Income Tax Rate (2021): 56.95%

GDP Per Capita: $59,870

Finland is the country that has the highest individual income tax rate of 56.95%. It means more than half of an individual’s income in Finland goes to the government. 

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