Iceland is known for having a high standard of living and a low poverty rate compared to many other countries.
There are several factors that contribute to the relatively low poverty rate in Iceland, among which the social welfare system, the equal distribution of income, the free market and a solid education are relevant.
Iceland has a strong social welfare system that provides benefits and services to its citizens. This includes health care services, free education, housing subsidies, social assistance and employment programs, among others. These programs help ensure that people have a minimum level of income and access to services.
Iceland has a more equal income distribution compared to many other countries. There are policies and measures in place to reduce economic inequalities, such as progressive taxes and a strong social security system.
This contributes to a smaller gap between the highest and lowest incomes of the population, a more equitable society.
Iceland places a strong emphasis on the education and training of its citizens. This helps ensure that people have the skills and opportunities to access well-paying and fulfilling jobs.
The main sources of income for Icelanders are varied and based on different economic sectors. Tourism has experienced significant growth in Iceland in recent years.
International visitors make an important contribution to the Icelandic economy through spending on accommodation, food, transportation, tourism activities, and souvenirs.
The fishing industry has historically been one of the main sources of income in Iceland. The country has abundant fish resources in its waters, and fishing and aquaculture remain a vital part of the Icelandic economy.
Iceland has access to a large amount of geothermal energy and hydroelectric resources. These resources are used to generate electricity and heating, and are also exported to other countries, generating revenue for Iceland.
The country also stands out in creative sectors such as music, film, literature and design. Icelandic artists, musicians and writers have gained international recognition, and the export of cultural products contributes to the country's economy.
Although to a lesser extent than other sources of income, the high-tech industry and information technology are growing in Iceland. Software companies, game development, IT services, and other technology-related businesses have sprung up in recent years.
It is important to note that these sources of income can fluctuate in importance and contribution to the Icelandic economy over time. In addition, other economic sectors and activities may also play a role in individual Icelanders' income, such as employment in the public sector, professional and financial services, and other jobs related to the local and regional economy.
The truth is that in Iceland the poverty rate is one of the lowest in the world and they can be proud of it.
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🔎 I am Gustavo Llusá, Argentine, after traveling for several years in more than 65 countries, I settled in Latvia where I married Dace and learned to know another way of life, on the other side of the map.
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