20 Countries that Spend the Most on Education
In this article, we will be taking a look at the 20 Countries that Spend the Most on Education. You can also take a detailed look at the 5 Countries that Spend the Most on Education.
Education plays a fundamental role in shaping the economic landscape of nations by influencing the skill levels, productivity, and innovation capacity of their workforces. Education serves as a catalyst for innovation and technological advancement, driving growth in industries such as information technology, biotechnology, and renewable energy.
Countries with well-educated populations tend to have higher levels of research and development (R&D) expenditure, patent filings, and technological innovation. For example, Finland, renowned for its high-quality education system, has fostered a vibrant technology sector, with companies like Nokia and Rovio Entertainment achieving global prominence. Data from the World Bank reveals that countries with higher levels of education attainment tend to have higher levels of innovation output, with patents per capita and research publications being key metrics.
In knowledge-intensive service industries, such as finance and consulting, highly educated workers are essential for delivering specialized services, analyzing complex data, and solving intricate problems. For example, Switzerland, with its high-quality education system and emphasis on vocational training, has developed a thriving financial services industry centered around Zurich and Geneva. Data from the World Bank and IMF shows that countries with higher levels of education attainment tend to have more dynamic and diverse service sectors, contributing to their overall economic resilience and competitiveness. The data highlights that high-education-attainment countries (HEACs) had an average service sector contribution of 70% to their GDP, while low-education-attainment countries (LEACs) had an average service sector contribution of 50% to their GDP.
Besides that, according to UNESCO, during the COVID-19 pandemic, approximately 1.6 billion learners worldwide were affected by school closures, which led to the creation of Edtech platforms. These provided a solution, with online learning becoming the primary mode of education for many. By the end of 2020, there were over 190 million new users on Coursera alone. Data shows that in 2020, the global e-learning market size was estimated to be $200 billion, with projections indicating growth to $375 billion by 2026.
However, it is important to note the landscape of education is changing with time with the introduction of various education-technology platforms that aim to provide online learning material for various subjects. One such example is the 2U, Inc. (NASDAQ: TWOU). 2U, Inc. (NASDAQ: TWOU) is an educational technology company that partners with colleges and universities to offer online degree programs and short courses. It is known for providing a cloud-based platform for delivering online education, including course content, learning management systems, and student support services. 2U's clients include prestigious institutions such as Harvard University, Yale University, and the University of Southern California, which adds to the credibility of their platform.
Similarly, another such popular platform is Chegg, Inc. (NYSE: CHGG). Chegg, Inc. (NYSE: CHGG) is a technology company that specializes in online textbook rentals, homework help, tutoring, and other student services, which are known to be very useful. The company's services include Chegg Study, Chegg Writing, Chegg Math Solver, and Chegg Tutors, among others. Chegg, Inc. (NYSE: CHGG)’s platform aims to support students throughout their academic journey, providing resources to help them succeed in their studies. It is important to note that despite such platforms many countries still continue to follow the traditional schooling methods and use such platforms to complement their existing systems.
Methodology
To shortlist the 20 Countries that Spend the Most on Education, we consulted the data from OECD and other sources to gain information on countries that spend the most on education and to learn about the expenditure per student. The list of the 20 Countries that Spend the Most on Education has been ranked in ascending order – from countries with lesser spending in USD to countries that spend the most.
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20. Slovenia
Expenditure per Student: $10,000
Slovenia's education system is characterized by its emphasis on equal access to education and student-centered learning. With an expenditure per student of $10,400, Slovenia invests in providing inclusive and high-quality education for its population. Education represents approximately 4.6% of Slovenia's GDP. The country emphasizes early childhood education and places importance on promoting digital literacy and innovation in its curriculum. Slovenia's education system also values multilingualism, with instruction in Slovenian and other minority languages.
19. Portugal
Expenditure per Student: $10,400
Portugal's education system is focused on improving educational outcomes and reducing disparities among students. At the primary and secondary levels, Portugal offers a comprehensive education system that includes both academic and vocational pathways. Students can choose between general education (ensino geral) and vocational education and training (ensino profissional), depending on their interests, abilities, and career aspirations. This diversity of educational pathways allows students to pursue the route that best suits their needs and goals.
18. Czech Republic
Expenditure per Student: $10,700
The Czech Republic's education system emphasizes academic achievement and lifelong learning. With an expenditure per student of $10,700, the Czech Republic invests in providing comprehensive education accessible to all students. Education represents around 4.6% of the country's GDP. The Czech Republic places importance on science, technology, engineering, and mathematics (STEM) education, aiming to prepare students for the demands of the modern workforce. The country also values creativity and innovation, encouraging students to pursue their interests and passions.
17. Japan
Expenditure per Student: $10,700
Japan's education system is renowned for its rigor and emphasis on discipline and academic achievement. With an expenditure per student of $10,800, Japan invests in providing high-quality education accessible to all students. Education accounts for approximately 3.8% of Japan's GDP. The country's education system focuses on fostering a strong work ethic, respect for authority, and a sense of responsibility among students. Japan also values traditional values and cultural heritage, integrating them into its educational practices.
16. Italy
Expenditure per Student: $10,800
Italy's education system is characterized by its diversity and regional variations. With an expenditure per student of $12,200, Italy invests in providing inclusive education and support services for students with diverse needs. Education represents around 4.1% of Italy's GDP. The country emphasizes a holistic approach to education, incorporating arts, humanities, and sciences into its curriculum. Italy also values experiential learning and encourages students to participate in extracurricular activities and community service.
15. France
Expenditure per Student: $12,200
France's education system is known for its strong emphasis on academic excellence and centralization. With an expenditure per student of $12,800, France invests in providing high-quality education accessible to all students. Education accounts for approximately 5.9% of France's GDP. The country's education system places importance on language learning, with a focus on proficiency in French and other foreign languages. France also values critical thinking and analytical skills, encouraging students to engage in debate and intellectual inquiry.
14. Canada
Expenditure per Student: $12,800
Canada's education system is renowned for its inclusivity and emphasis on diversity and multiculturalism. With an expenditure per student of $13,200, Canada invests in providing accessible and high-quality education for all students. Education represents around 5.5% of Canada's GDP. The country's education system emphasizes inquiry-based learning and critical thinking, aiming to develop students' problem-solving skills and creativity. Canada also values indigenous perspectives and incorporates them into its educational practices.
13. Denmark
Expenditure per Student: $13,200
Denmark's education system is characterized by its emphasis on student-centered learning and innovation. With an expenditure per student of $13,300, Denmark invests in providing inclusive and holistic education for its population. Education accounts for approximately 7.4% of Denmark's GDP. Their education system focuses on collaboration, creativity, and critical thinking, preparing students for active citizenship and lifelong learning. The country also values sustainability and environmental awareness, integrating them into its educational practices.
12. United Kingdom
Expenditure per Student: $13,300
The United Kingdom's education system is diverse, encompassing a range of educational institutions and approaches. With an expenditure per student of $13,600, the UK invests in providing accessible and high-quality education for all students. Education represents around 5.7% of the UK's GDP. In England, the education system is characterized by its emphasis on academic achievement, standards, and accountability. Students typically progress through primary and secondary education before pursuing further education or entering the workforce. The government has implemented various reforms, including changes to the curriculum, assessment, and accountability measures, to raise standards and improve educational outcomes.
11. Netherlands
Expenditure per Student: $13,600
The Netherlands is known for its high-quality education system characterized by inclusivity, innovation, and student-centered learning. The country invests in providing accessible and comprehensive education for all students. Education represents approximately 5.5% of the Netherlands' GDP. It's education system is renowned for its progressive approach, emphasizing creativity, critical thinking, and collaboration. One notable aspect of the Dutch education system is its early childhood education and care (ECEC) programs, which are designed to provide a strong foundation for children's development. These programs prioritise play-based learning and social interaction, fostering children's cognitive, emotional, and social skills from an early age.
10. Germany
Expenditure per Student: $13,700
Germany is renowned for its strong emphasis on vocational education and training (VET) alongside traditional academic pathways. The country invests significantly in its education system, allocating $13,700 per student. Germany's dual education system combines classroom instruction with practical training, allowing students to gain valuable work experience. Around 4.6% of Germany's GDP is allocated to education, reflecting the nation's commitment to providing quality education for its citizens.
9. Sweden
Expenditure per Student: $13,800
Sweden boasts a progressive education system characterized by a high level of autonomy for schools and teachers. With an expenditure per student of $13,800, Sweden places importance on individualized learning and student-centered approaches. Approximately 6.5% of Sweden's GDP is dedicated to education. The country emphasises creativity, critical thinking, and innovation in its curriculum, aiming to prepare students for the challenges of a rapidly evolving world.
8. Australia
Expenditure per Student: $14,100
Australia's education system is known for its diversity and inclusivity, catering to students from various cultural backgrounds and abilities. With an expenditure per student of $14,100, Australia invests in providing quality education accessible to all. Education accounts for around 5.8% of Australia's GDP. The country emphasizes a holistic approach to education, incorporating extracurricular activities and promoting well-being alongside academic achievement.
7. Belgium
Expenditure per Student: $14,400
Belgium's education system is characterized by its complex structure, divided along linguistic lines between Dutch-speaking Flanders and French-speaking Wallonia. Despite this division, Belgium maintains high standards of education, investing $14,400 per student. Education expenditure represents approximately 6.1% of Belgium's GDP. The country emphasises multilingualism and cultural diversity, reflecting its bilingual and multicultural society.
6. Iceland
Expenditure per Student: $15,200
Iceland prioritizes education as a key driver of social and economic development. With an expenditure per student of $15,200, Iceland invests in small class sizes and personalized learning experiences. Education accounts for around 7.1% of Iceland's GDP, demonstrating the nation's commitment to providing quality education for its population. The country values creativity, environmental sustainability, and social responsibility in its educational philosophy.
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Disclosure: none. 20 Countries that Spend the Most on Education is originally published on Insider Monkey.
