15 Countries with Highest Economic Mobility in the World

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In this article, we will look at the 15 countries with the highest economic mobility in the world. We will also shed light on social mobility efforts of some companies. If you want to skip our detailed analysis, head straight to the 5 Countries With the Highest Economic Mobility in the World.

There are certain aspects of life that are beyond human control. When, where, and to whom you are born, is one such example. The innate stratification of classes within this world is yet another reality of life that determines to some extent most people’s journey on earth. However, we build our lives on the premise that not everything is predestined and hard work and dedication can play a significant role in goal achievement. It is this drive then that propels people to continuously improve themselves, whether it be to move up the socioeconomic ladder or some other loftier objective.

Economic mobility can be defined as the ability of people to upgrade their economic status over time. The concept of inter-generational move to a higher income bracket is especially relevant here. Nevertheless, the question that demands further clarification is that, can simply a desire for elevation to an upper class be enough? There are numerous other factors that must be accounted for before this objective is accomplished, thereby, rendering it with complexities that the world is still unraveling. Globally, people have been seen tethered to their parent's status and we find developed countries with higher economic mobility as compared to developing, low-income nations. Some of the countries found at the lower end of social mobility spectrum include Cote d'Ivoire, Cameroon, Pakistan and Bangladesh.

Furthermore, while richer economies are associated with higher economic mobility, this is not set in stone. Certain welfare states like Sweden, Norway, and Denmark etc. provide their citizens with many amenities of life with little or no cost as well as equal opportunities in education. They have low-income inequality and therefore, are among countries with high economic mobility. Interestingly, the United States -- a welfare state with an impressive economy -- has low social mobility as compared to other developed countries. Raj Chetty’s probing research in understanding low economic mobility for the US brings to the forefront the fact that there is much geographical dispersion within the country.

This was found to be especially true for children from poor households. The government, however, is aware of the need for constant efforts for uplifting the socioeconomic status of their people. The DollarWise Economic Mobility Campaign has distributed grants for economic and health well-being to their cities for a long time and continues to do so. It has also been ascertained that some factors like education, household structure, and savings can have an impact on economic mobility of  the Americans.