17 major European countries ranked by standard of living

Europe has a high number of countries that boast some of the highest standards of living in the world.Standard of living takes into account income, the cost of living, and purchasing power.However, according to Glassdoor's latest report entitled "Which Countries in Europe Offer The Best Standard of Living', Britain languishes in the bottom half of the country rankings due to the huge amount of money Britons spend on housing.When it comes to compensation, a larger pay packet isnt always better. What matters is the ability to afford useful things that enrich our lives, said Glassdoors Chief Economist, Dr. Andrew Chamberlain in the report. Average wages vary considerably from one country to another but the gap between take-home pay and price levels has more relevance to the man on the street. A low cost of living, as you would find in Greece and Portugal, doesnt count for much if average wages and purchasing power are similarly low.Business Insider took a look at the top 17 countries which have the highest standard of living in Europe:17. Estonia ' Glassdoor says in places like Estonia "the cost of living is relativelylow [but] average wages and purchasing power are amongst the lowest in the region."16. Greece ' The country is still beset with economic problems where high unemployment and low pay coincide with a period where taxes are rising.15. Portugal ' The country is still going through a raft of austerity measures after receiving a bailout from international creditors so the job market is tight and wages are constrained while taxes remain high.See the rest of the story at Business Insider
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